NNPC Recovers N100bn property

The Nigerian National Petroleum Corporation Properties Limited, the real estate management company of the NNPC, has began to recover the corporation’s landed property worth N100bn.

The Chief Operating Officer, Ventures, NNPC, Mr. Babatunde Adeniran, said this at the pioneer edition of the NPL Property Festival in Abuja.

He said the focus of the NNPC Properties Limited moved  from the previous lease administration of collecting rents from tenants to exploring all commercial opportunities available in the real estate market to efficiently position it as one of the key players of repute.

In a statement on Tuesday, Adeniran noted that the current 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-hectare 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 the NNPC employees.

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.

The Managing Director, NNPC Properties Limited, Sokari George, said the company was determined to deliver affordable houses with the best funding options for staff, but cautioned employees against frivolous spending to be able to acquire the houses with ease.