19 October
Project proposal received
Outline Business Case
Social & Health
Lagos
Implementation
Federal Housing Authority
04-04-2018 16:10:20
FESTAC Town Phase I was designed and developed as a response to accommodation the needs of the participants in the World Black Festival of Arts and Culture that Nigeria successfully hosted in 1977. The Federal Housing Authority plans to reclaim the outstanding approximately 1,126 ha of swampy land referred to as FESTAC Phase II, to provide 7,000 additional plots. The plots will be provided with the requisite infrastructure and developed into a full-scale estate. The new FESTAC Phase II estate will be complimented with green areas, off-street parking, power supply, petrol, shopping mall, cemetery, hospital, places of worship, hospitality centers, incinerators, well-laid city roads, water works, street lights, and so forth, to create a comfortable and convenient living environment.
1,126 ha of swampy land located at FESTAC Town, Lagos, to be developed into a a national mass housing project.
Among other things, the concessionaire is expected to carry out: • Investigating in detail the type of soil in the area to be reclaimed, volume to be filled, and choice of borrow pits to be used • Providing schemes for grubbing and removal of mangrove vegetation in the entire area and filling the swamp with suitable fill • After sand filling, carrying out soil tests on the reclaimed area for the purpose of providing infrastructure and building structures • Providing a detailed design of the land use plan and the civil, mechanical, and electrical infrastructure for necessary approval • Providing and constructing all the physical infrastructure on the site, including but not limited to the erection of at least four concrete deck bridges and two large cell box culverts for linking roads, water, and electricity supply; drainage system; liquid and solid waste disposal systems; and so forth • Carrying out an environmental impact assessment study of the project • Providing facility management for the period of concession before reversion to FHA • Marketing and selling the plots of land created from the reclaimed land.
Information will be published as soon as it is available.
Stakeholder engagement sessions were carried out with key stakeholders, Including the FHA, host community, Lagos state, and regulatory authorities.
The project is currently stalled as a result of a court case. Efforts are being made to settle disputes with the community out of court.
19 October
Outline Business Case
9 May
Expression of Interest placed in National Newspapaer
25 May
ICRC received Proposal documents
1 June
No Objection Certificate issued
11 April
Concession Award letter
8 September
Contract Signing
30 October
REDACTED PPP AGREEMENT
| Type of risk | Description | Allocation | Mitigation |
|---|---|---|---|
| project risk | Risk associated with project preparation | Public Sector | Efficient and effective project plan management |
| Permit/approval risk | Public Sector | ||
| Provision of utilities risk | Public Sector | ||
| Construction risk | Private Sector | ||
| Completion risk | Private Sector | ||
| Cost overrun risk | Private Sector | ||
| Operating risk | Private Sector | ||
| Financial risk | Private Sector | ||
| Environmental risk | Public and Private Sectors | ||
| Termination risk | Public and Private Sectors |
| Events of Default | Brief description | Termination Payments | Documents |
|---|---|---|---|
| Event | An event of insolvency occurs in respect of the Concessionaire and the event of insolvency is not cured withion 180 business days fo teh Concessionaire receiving notice from the Authority requiring that it be cured | In the event of termination for the Concessionaire's default, the compensation payable to the Concessionaire pursuant to this agreement shall be zero providd clause 35.8.1 (b) shall apply | |
| Event | Is unable to achieve financial close within the stipulated period of 180 days of commencement of the agreement, it shall be further extended by a period of 180 days. | ||
| Failure to perform any other of its material obligations under the agreement |
| Events of Default | Brief description of events of default | Termination Payments | Documents |
|---|---|---|---|
| Event | An event of insolvency occurs in respect of the Authority or an order or resolution is passed for the dissolution of the Authority | In the event of termination for the Authority's default the Authority shall pay tp the Concessionaire an amount equal to the extent of the development duly quantified by both parties after due valuation and consideration to quality of materials used, wear and tear inclusive and upon the site being taken up by another concessionaire. teh parties agree that this represents a genuine loss that will be incurred as a consequence of termination fo rauthority's default. for the purpose of this clause 36, the project cost shall be the cost and expense incurred by teh concessionaire in carrying out the project as set out in schedule 4. | |
| Event | The Authority fails to grant the Concession Lease to the Concessionaire or its nominees | ||
| The Authority fails to approve the grant of any sub-lease or any other relevant legal title to any person nominated by teh Concessionaire | |||
| The Authority fails to register the Concession Lease free from any encumbrance within 30 business days of execution of the Concession Lease, and in either case fails to remedy such braech within 20 business days of receiving a notice from the Concessionaire requiring the Authority to remedy the breach |
Information will be published as soon as it is available.
