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Things you should know before Investing in Aba Mega Mall


Spokesman of the contracting firms, of  the Aba Mega Mall, Mr. Willie Ureki has said a lot about the Aba shopping mall where the Abia State government wants lots of Aba marketers to invest on, especially those occupying the St. Micheal's electronic market Aba.

Recalled that the Aba mega mall was executed as a Private Public Partnership (PPP) project between the Abia State Government, Greenfield Assets Limited and First City Monument Bank (FCMB) on a tripartite arrangement with the Abia State Government providing the land at Osissioma Park, Aba, while the Greenfield Assets Limited is the developer and the FCMB the financier.



But, Mr. Willie Ureki, being the Spokesman of the contracting firms, has warned traders to steer clear of the structure until alleged fraudulent payments that trailed the projects are addressed and their contract sum paid to them in full.

Addressing journalists in Asaba, Mr. Ureki revealed that contractors may resolved for a court action as recent development indicated that the developer had a game plan to defraud them of more than 80 percent of their investment in the project.

According to him, the 10 contractors that executed 92 shops each at the sum of N128.4 million, have received just paltry sums, adding that the Group Managing Director of Greenfield Assets Limited, Mr. Paul Obanua, was allegedly informing the public that the company was not owing the contractors.

He explained that the Abia State Government has initiated moves to give out the shops on the strength of the information from Greenfield Assets Limited and warned that the contractors would frustrate plans to sell the shops.

The spokesman revealed that at the onset of the contract work, payment milestone for cash disbursement in advance was agreed upon with the contractors, stressing that as soon as construction works started at the site, Greenfield unilaterally altered the terms of payment from the first initial cash payment of N24.1million to mere N7million.



“Not too long, the contractors began to smell a rat when invoices were submitted and no payment was forthcoming”, he stated, adding that the contractors were also reduced to mere labourers as Greenfield Management allegedly stopped them from bringing materials to site as all materials were to be supplied by them.

He said it has been proved that management of FCMB has recently released the entire funds to Thomclem Limited’s Account from where it was transferred to Greenfield Assets Limited, alleging that some top management staff of FCMB was part of the fraud as they kept mute and failed to respond to the complaints of the contractors who had alerted them of the fraudulent intentions.

Mr. Ureki used the medium to appeal to Abia State Government, who is asking traders to take up the shops, to investigate the alleged fraud and step in and ensure that the contractors are paid to avoid litigation that would mar efforts to occupy.

2 comments:

  1. Replies
    1. Thanks for the question,

      The truth is that the Engineer didn't give us the exact date for the completion of the place.

      But, base on what he told us about owing the workers and the contractors, the completion isn't something that will be done in time soon.

      Delete

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