KDSG transfers shops to Sheikh Gumi Market Traders

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KDSG transfers shops to Sheikh Gumi Market Traders

Kaduna State Government has decided to give traders in Sheikh Abubakar Gumi Market the opportunity to purchase the shops to which they currently hold temporary titles.

A statement issued by Muhammad Hafiz Bayero, the Managing Director of Kaduna Markets Development and Management Company(KMDMC), on Tuesday said that the State Government will also assist the traders with access to mortgage in order to pay for the shops.

The Managing Director further stated that the governor, Malam Nasir El-Rufai, has granted approval for the immediate revocation of all temporary titles in the central market.

‘’The titles will be temporarily transferred to KMDMC and then transferred directly to the traders on a long lease sales agreement. This would be done through a transparent sales process, with PriceWaterhouseCoopers as transaction advisers,’’ he added.

Bayero disclosed that 6,546 units of shops at Sheikh Abubakar Gumi Market (Central Market), will be transferred to the traders, many of whom currently rent shops from middle men, on an owner-occupier basis.

He also announced that KMDMC has appointed PriceWaterhouseCoopers as transaction advisors and Dikko and Mahmoud as legal advisors for the sales process.

According to him, both PriceWaterhouseCoopers and Dikko and Mahmoud ‘’will provide an additional layer of efficiency, transparency and accountability to ensure the exercise is carried out without fear or favour.’’

Explaining further, Bayero said that only traders who are up to date in paying their rent and service charges are eligible to participate.

‘’All current traders who have paid their rent and service charge on or before the 31st of December 2019 automatically qualify to exercise their right of first refusal during the application process,’’ he added.

The Managing Director further indicated that traders who are in default of their obligations will lose this right to purchase their shops if rent is not offset on or before the 31st of December 2019.

He also revealed that the traders will be assisted to secure mortgage at 9% interest from Sterling Bank to pay for the shops.

Bayero said that the entire transaction is expected to be concluded by August 2020, adding that the Governor has approved that a steering committee, chaired by Idris Nyam, the Commissioner of Business, Innovation and Technology, who will coordinate the sales process.

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