ABUJA, Nigeria (VOICE OF NAIJA)- A Chief Lecturer at the Department of Building Technology, Yaba College of Technology, Dr Olufemi Akinsola, has stated that the Federal Government requires approximately N2.03 trillion to revitalize the abandoned Nigeria Social Insurance Trust Fund building in Okokomaiko, Lagos.
Akinsola made this announcement during an inaugural lecture held in his honor.
He noted that the building was valued at N50 billion when it was initially proposed in 1979, questioning whether the government would be able to see the project to completion.
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.
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“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 emphasized that the Nigeria Social Insurance Trust Fund (NSITF) is facing significant delays in its construction, noting that the National Assembly has initiated an investigation into the project’s abandonment.
He pointed out that the pervasive culture of waste currently affecting Nigeria is severely impacting properties and infrastructure across the country.
“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,” he said.