A Chief Lecturer at the Department of Building Technology, Yaba College of Technology, Dr Olufemi Akinsola, says the Federal Government would need up to N2.03tn to revive the Nigeria Social Insurance Trust Fund abandoned building in Okokomaiko, Lagos.
Akinsola disclosed this recently at an inaugural lecture organised in his honour.
According to him, the building was valued at N50bn when it was conceived in 1979, wondering if the government would be able to complete it.
He said, “If you look at the abandoned NSITF building in Okokomaiko since 1979, it was valued at N50bn at the time it was conceived. To revive the building, the Federal Government would need N2.03tn. If they cannot afford N50bn, can they afford N2.03tn? It means the building has to be demolished or they will sell it to a buyer or continue to abandon it.
“Currently, it is a haven for armed robbers, kidnappers, and prostitutes, who are hardened people in that area, and it cannot continue like that. I arrived at the N2.03tn by assigning a task to estate surveyors and valuers to revalue the N50bn using future costs. That is, if it was N50bn in 1979, what is it now? That was how the figure was arrived at.”
The Chief Lecturer asserted that the NSITF was experiencing a delay in the construction process, adding that the National Assembly has begun an investigation into the abandonment of this project.
According to him, the culture of waste that has recently dotted Nigeria’s landscape continues to take its toll on properties and infrastructure.
“The edifice valued approximately at N50bn by the experts, has remained idle for over 40 years. Located on approximately two acres of land, on Essume Street, the over 18-floor controversial building with other adjoining structures has become a safe den for smokers, criminals, and an abode for miscreants daily.