In a historic move that promises to reshape the commercial landscape of the metropolitan area, the Executive Chairman of Jos South Local Government Council, Hon. Silas Patrick Dung, has signed a Memorandum of Understanding (MoU) with New Heroes Properties Development Company Limited for the development of a modern market.

The signing ceremony, which took place at the Council Secretariat, marked the formal end of a nearly seven-year journey to provide traders in the area with a world class commercial hub. The agreement, structured as a Build, Operate, and Transfer (BOT) model, will see the developers construct a befitting market on land provided by the local government.

Addressing stakeholders and development partners at the event, Hon. Silas who doubles as ALGON Deputy Chairman, extended his sincere appreciation to everyone who remained committed to the project through its prolonged gestation period. He acknowledged that the realization of the project was a collective effort that preceded his administration, noting that the journey had begun almost seven years ago, long before he assumed office as Chairman just over a year ago.

Under the terms of the MoU, the Jos South Council retains a significant stake in the project. The Chairman explained that the land provided by the local government would serve as the council’s equity in the business. While the dividends from that equity may not materialize immediately, he noted that the fact that the market would stand on their land and primarily serve people from Jos South was already a source of joy for the council.

The Chairman urged the developers to keep to time and ensure the project suffers no setback on their part. He assured them that where government assistance was needed, they should not hesitate to reach out so the council could provide the necessary support to make the project a reality.

He further revealed that other developers were also planning to come into the local government, and reiterated that the council’s doors are open to anyone willing to do business in the area, as they welcome such partnerships.

Clarifying the nature of the agreement for the public, the Chairman explained the Build, Operate and Transfer model. Under the arrangement, the developer will build and operate the facility for a period of time to recoup their investment. After that period, the government, if it so wishes, can either renew the business terms with the developer or take ownership. However, he suggested that a continued partnership might be more beneficial, referencing the global understanding that government is not always the best businessman. He expressed confidence that whoever is in leadership at that future time would have the wisdom to prioritize sustaining the partnership over taking over and risking the facility’s decline.

In his remarks, the Managing Director of New Heroes Properties Development Company Limited, Mr. Dan Audu, who was present at the signing, expressed profound gratitude to the Council Chairman and his management team. He described the realization of the project as a dream come true. He recounted that the journey had begun in 2019 and noted that the signing marked both the final stage of that long process and the beginning of a new chapter. He sincerely appreciated the opportunity and honor given to them by the Chairman and the council.

Christy Pam Makut
Press Secretary to the Executive Chairman, Jos South Local Government Council.