The President of the Kano Chambers of Commerce, Industries, Mines and Agriculture (KACCIMA), Usman Darma, on Saturday dismissed reports alleging that Ado Bayero Mall in Kano has been put up for sale, describing the claim as false and misleading.
Darma, who addressed journalists in Kano, said the land on which the mall is built belongs to the chamber and has not been offered for sale to any individual or organisation.
“There is information circulating on social media that Ado Bayero Mall is on sale. We are very surprised. The land belongs to the chamber and we have never mandated anybody to sell it,” he said.
He explained that KACCIMA leased about 11 hectares of land to Alpine Investments under a build, operate and transfer arrangement for between 30 and 35 years, noting that the agreement has run for about 18 to 19 years.
According to him, while Alpine developed and operates the structures on the property, ownership of the land remains with the chamber, adding that the certificate of occupancy is in its custody.
Darma also raised concerns over the lease payments, disclosing that Alpine pays N5m annually for the 11 hectares, while an additional one hectare used as a playground attracts N1m yearly.
He said the chamber had begun moves to review the lease terms, describing the current payment as inadequate in view of the commercial value of the property.
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“You cannot have over 10 hectares of land in this area generating between N500m and N1bn annually and the landlord is paid only N5m yearly. There is need to look into the agreement,” he said.
The KACCIMA president stated that the chamber was open to renegotiation and arbitration if necessary, stressing that it was not out to liquidate any business.
He added that investors in Alpine include the Kano State Government, the Emirate Council, former governor Sani Bello and retired General T. Y. Danjuma, among others.
Darma warned that the chamber would take legal action against anyone found responsible for spreading false information about the alleged sale.
“The land belongs to the entire business community of Kano. It is not for sale,” he said.
