NNPC Moves to Recover N100bn Landed Property

…Rolls out Third Party Home Ownership Scheme for Staff

The NNPC Properties Ltd (NPL), the real estate management company of the NNPC, has commenced the recovery of the corporation’s landed property worth N100b across the nation.

This was disclosed by the NNPC Chief Operating Officer (COO) Ventures, Dr. Babatunde Victor Adeniran, at the maiden edition of NPL Property Festival which held today at the NNPC Towers, Abuja.

Dr. Adeniran stressed that the focus of the NNPC Properties Ltd had shifted from the initial lease administration of collecting rents from tenants of the NNPC Properties to ‘’exploring all commercial opportunities available in the real estate market to efficiently position itself as one of the key players of repute that fits the NNPC brand’’.

According to him, the current aggressive commercial drive by the NPL was yielding results as the company 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, Lekki, Lagos; Royal Grove Estate, Port-Harcourt, and others in Abuja and Kaduna.

He said all the recovered property would be developed for the benefit of NNPC staff.

Dr. Adeniran commended the Management of the NPL for developing the Third Party Home Ownership Scheme for staff with competitive interest rates from reliable banks and affordable deals from credible developers.

In his keynote address, the Managing Director of the NNPC Properties Ltd, Arch. O. D. Sokari-George maintained that the company under his watch was determined to deliver quality and affordable houses with the best funding options for staff, but cautioned staff member against frivolous spending to be able to acquire house with ease.

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

Also speaking at the event, officials of Access Bank and Infinity Trust Mortgage Bank assured staff of friendly packages with low interest rates for property acquisition.