NNPC’s Subsidiary to Recover Landed Assets Worth N100bn


Chineme Okafor in Abuja
A subsidiary of the Nigerian National Petroleum Corporation, the NNPC Properties Limited (NPL), which manages the real estates of the NNPC on Tuesday said it has commenced the recovery of some NNPC’s landed property worth about N100 billion across Nigeria.

According to a statement from the Group General Manager, Public Affairs of the NNPC, Mr. Ndu Ughamadu, the asset recovery efforts were disclosed by the Chief Operating Officer (COO) Ventures of NNPC, Dr. Babatunde Adeniran, at a function in Abuja.

The statement said Adeniran stressed that the focus of the NNPC Properties Limited had shifted from the initial lease administration of collecting rents from its tenants to exploring all commercial opportunities available in the real estate market to efficiently position itself as one of the key players of repute in the industry.

Adeniran said in the statement that the current aggressive commercial drive by the NPL was yielding results as it had recovered a number of the corporation’s landed property which had been lying idle across the country.
He listed some of the recovered property to include a 92-hectre parcel of land on Chevron Drive in Lekki, Lagos Royal Grove Estate in Port-Harcourt, and others in Abuja and Kaduna.

He explained that all the recovered property would be developed for the benefit of NNPC staff.
Adeniran, it noted, commended the management of the NPL for developing a third-party home ownership scheme for NNPC staff, with competitive interest rates from reliable banks and affordable deals from credible developers.

The statement equally quoted the Managing Director of NPL, Mr. O. D Sokari-George, to have maintained that the company under his watch was determined to deliver quality and affordable houses with the best funding options for staff, but cautioned workers against frivolous spending to be able to acquire house with ease.

He said he was committed to turning the NPL into a revenue generating Strategic Business Unit (SBU) of the NNPC.