UI: Investors start the construction of a new private hostel

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[Ibadan]–A group of investors under the name of CMF ANGELS LTD have kick started the construction of a new private hostel in the University of Ibadan under its Public Private Partnership Scheme.

This was revealed in an address issued by the Vice Chancellor of the University, Professor Idowu Olayinka and delivered at the Ground-Breaking Ceremony of the new hostel.

The VC lamented that the University could only accommodate only 8% out of the currently enrolled 14,000 postgraduate students and that this informed the university’s commitment to the provision of hostel accommodation by the private sector.

He also stated that many of the companies that originally showed much enthusiasm in the BOT Scheme have up till now been unable to commence serious operations on the parcels of land allocated to them and he attributed this partly on account of the high cost of fund, and an increase in the cost of building construction in the country.

He further expressed optimism that the first phase of this project will be concluded in the next six months to allow students to move in at the beginning of 2017/2018 academic session in February 2018.

“It is a great pleasure for me to be here this afternoon at the Ground-Breaking Ceremony of the construction of a private hostel for students of the University of Ibadan by CMF ANGELS LTD under the auspices of our Public Private Partnership Scheme.

“The University of Ibadan, which commenced operations with 104 students in January 1948, was originally conceived as a fully residential university. However, as far back as 1973, increase in student enrollment had started to make it difficult for the university to have a full realization of this noble idea. It was about that time that the University began to operate off campus accommodation for students. Moreover, undergraduate students then were expected to live off campus during their second year of studentship here.

“There are currently about 28,000 registered students at the University of Ibadan. There are twelve Halls of Residence, with about 8,300 bed spaces. Invariably, the majority of our students now live off-Campus with the attendant security, sanitary and cost implications.

“The oldest of the Halls, Mellamby, was constructed nearly 70 years ago while the newest, AbduSalam Abubakar was built in 1998/1999. It is obvious that the quality of services in these hostels would have deteriorated over the years and we would require a massive injection of funds in order to upgrade them.

“In spite of the current challenges of funding for an economy in recession, we are committed to providing an environment conducive to teaching and learning as part of student’s experience while here. This is one of the ways in which our students can be at their best. We are convinced that the private sector can collaborate with us in the provision of decent hostel facilities at affordable prices.

“The University of Ibadan has elected to be a postgraduate university in which the undergraduate: postgraduate enrolment will be 40:60. A main attraction of the University for prospective postgraduate students over the years, most of whom completed their first degrees in other sister universities in Nigeria, has been the availability of hostel accommodation for them.

“We currently have about 14,000 postgraduate students. However, we are currently able to accommodate only about 8% of our postgraduate students. It is in this respect that we are committed to the provision of hostel accommodation by the private sector. We are very optimistic that the collaboration would be mutually beneficial to both the University of Ibadan and the private sector operatives.

“Adebayo Akande Hall, which was opened about four years ago, is the first private hostel on this Campus. We are very keen on encouraging private sector participation, under the Build Operate and Transfer (BOT) Scheme in the provision of hostel facilities. We advertised for expression of interest from reputable companies who are prepared to partner with the University of Ibadan under this scheme. Inavariably, about six companies signed Memorandum of Understanding with us, after due diligence by our Physical Planning Unit and the Legal Unit.

“Partly on account of the high cost of fund, and an increase in the cost of building construction not many of the companies that originally showed much enthusiasm in our BOT Scheme have up till now been able to commence serious operations on the parcels of land allocated to them. It is in this respect that we are glad that CMF Angels is demonstrating seriousness in constructing a private hostel at the University of Ibadan. Two of the promoters of the company- Dr Abiola Familusi and Engr Deji Familusi, are alumni of our College of medicine and the Department of Civil Engineering.

“Both of them and I were on board the same flight from Abuja to Lagos in March 2016 and in the course of our discussions I got to know that they are deeply involved with private hostel development in a sister federal university. I wondered aloud why they could not replicate same at their university. I am delighted that they have taken the bull by the horn by signing the relevant papers, including the Memorandum of Understanding and relevant engineering drawings have now taken physical possession of the parcel of land allocated to them by our Physical Planning Unit.

“I would be very happy if the first phase of this project can be concluded in the next six months or so such that the first set of occupants can move in at the beginning of our 2017/2018 session in February 2018. Knowing the diligence and dexterity of the promoters of CMF Angels, I believe this task is achievable.
I wish to acknowledge the contributions of the Directorate of Physical planning under the able leadership of Prof C. O. Olatubara and the Legal Unit under the able leadership of Barrister A. S. Ajayi for all their hard work over the past 18 months on this BOT scheme.

“I assure the Management of CMF Angels and all other private sector participants of our commitment to the success of this Public Private Partnership. We will do all that is within our powers to ensure the success of this initiative,” he added.




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