The Kano State Triumph Publishing Company, on Wednesday received 64 shops representing 25 percent share at the newly constructed ultra modern Bureau De Change market, located at the company’s former site in Fagge Local Government area of Kano state.
The shops were handed over to the state government by the developers of the market, Lamash Properties Limited at the market premises.
Daily Trust reports that on September 11, 2020, the Kano state government signed an agreement with Lamash Properties Limited Company, under Public-Private-Partnership (PPP) arrangement to develop an ultra modern Bureau De Change market at the then Head Office of the Triumph Publishing Company.
Part of the conditions in the signed agreement is to relocate the Triumph Company, a government owned coy, to a new location at Amana Housing Estate, which had already been completed successfully.
Speaking at the handing over ceremony, an official of the Lamash Properties Limited, Hadiza Abdulkadir expressed gratitude to see the handover of the shares to the company.
She explained that clause 7 in page 3 of the development agreement stipulates that the state government “shall be entitled to receive N1.04 billion worth of shops, comprising of N500m value of the land contributed to the project and N530.8 million, representing 25% profit share.”
“Today we are here by the will of Almighty Allah, to handover the completed shops and all their keys belonging to Kano state government in this project.
“Pursuant to the letter of directive given to us by Kano state government through the Technical Committee to handover the said Kano state government shops in this project to the management of Triumph Publishing Company, I have the honor to invite the management of the Triumph Publishing Company to come forward for the necessary process of the handover,” she said.
In his remarks, Lawal Sabo Ibrahim, Managing Director of Triumph Publishing Company expressed delight with the development.
The Managing Director explained that the 25 percent share represents 64 shops, which according to him if managed properly, would bring Triumph Company back to its glory days.
According to him, the publishing coy, within the short period of time, would start remitting revenue to the government ‘s treasury.
He noted that the acquisition of the shops would make the company buy more production machines and equipment, which according to him, “would translate into more revenues for the company and the state government.”