Polaris Bank Provides N5bn Funding to Relocate PH Electrical Appliances Dealers
Members of the Electrical Materials Dealers’ Association in Port Harcourt, Rivers State who presently operate in the Okija area of the Garden City, are set to relocate to their permanent site/market at Iriebe, Port Harcourt.
The relocation is being promoted and marketed by M. I. Okoro & Associates, a firm of Estate Surveyors and Valuers, and the new market is being developed by Revelation Paints Limited.
Interested members of the association are to benefit from a N5 billion mortgage facility that Polaris Bank Limited is providing the electrical dealers to assist prospective shop owners purchase the 1720 lock-up shops located along KM 17, Aba-Port Harcourt Road.
Speaking at a joint press conference in Lagos by M. I. Okoro & Associates and Property Writers Association of Nigeria, PEWAN, a sub-group of the Nigeria Union of Journalists NUJ, Chief Meckson Innocent Okoro, Principal Partner, M. I. Okoro & Associates, said presently, 600 lock-up shops have been developed out of 1720 lock-up shops to be developed in the market.
Okoro disclosed that business activities can commence on the readily available shops while the developer continues to develop more shops on a planned phased location model to enable the electrical materials dealers to settle down fully for business in the new site which the Association has tagged “Promised Land”.
Okoro said, “In addition to the 1,720 lock-up shops being developed, traders will also be privileged to have massive warehouses where their goods will be stored for easy distribution to their customers while many of their visiting customers could load and off-load goods within the warehouses and transport to different parts of Nigeria.
“There will also be Restaurants located at various convenient points within the market so that traders and their visiting customers will find it easy to eat and save time. There also well managed toilets in place while electricity supply in the new electrical market will be a combination of solar and independent energy supply from private sector driven arrangement”.
Explaining that provisions have been made for banking halls and other offices to support business operations in the new market that are currently lacking at Okija location, he said the size of each lock-up shop is 14.3 square metres and is developed on the ground and first floor only, pointing out that each shop on the ground floor costs N4.5 million on the average while the first floor shops cost N4 million and these prices are just promotional that can last up to the end of April 2023. He said the prices are expected to be reviewed upward after April.
He stated that Polaris bank decided to partner his firm because the firm is a leading professional firm in the country with the specialty in market relocation in Nigeria in addition to being a household name in the real estate industry in the country having being in the business of real estate consulting for over 33 years without any blemish.
“Polaris bank decided to provide mortgage funding arrangement as a deliberate policy of the bank to support small and medium scale businesses to succeed in Nigeria and at the same time empowering the youths in business in order to reduce youth restiveness and crime rate in Nigeria,
“That is the major reason Polaris bank partners M. I, Okoro & Associates to ensure that the movement of electrical dealers to their permanent site becomes a reality.
“The president and executive committee of the association, Mr Elvis Asamonye are excited with their permanent site, and they are collaborating with our firm and Polaris bank to ensure they get the best deal for members of their association and they have made it public that once the election in Nigeria is over, activities will be in top gear towards their movement to the site.
“To this end, the market association leadership, M. I. Okoro & Associates, the developer and Polaris bank have resolved that any trader who had earlier made payment towards the purchase of shops in the past will not lose his money, instead that part part payment will become the person’s commitment towards purchasing the shops as what the person will now pay is the difference between the new price of shop and the amount already committed by him or her. The decision was reached to ensure transparency in the shop acquisition by traders.
“Polaris bank, leadership of electrical dealers, M. I. Okoro & Associates, Osas & Oseji & Co will be organising a golf tournament in PortHarCourt Golf Club on April 1, 2023 at 8 am as a way of sensitising the investing public to buy into the available lock-up shops at the new market while on March 30, 2023 at 11 am, the General Overseer of OPM, Apostle Chibuzor Gift Chinyere, will be featuring a one-day crusade following the request by electrical dealers in order to sanctify the new market before their relocation to the market.
Welcoming guests, Chairman of PEWAN, Mrs. Okwy Iroegbu-Chikezie described M. I. Okoro as a well-rounded estate surveyor and valuer whom PEWAN has partnered at different times in the past.
She said, “Before now, M.I. Okoro decided to chose a segment of the real estate market where he played the role almost unchallenged, and I believe even now, very few will dare to challenge him that sector. We are aware that his firm, M. I. Okoro & Associates marketed the Trade Fair Spare Parts market, Trade Fair Complex, Lagos-Badagry Expressway, Lagos, Tejuosho market, Yaba, Lagos.
“Today, we are here to celebrate another milestone with him in PortHarCourt, Rivers State capital where a specialised electrical and building materials market has just debuted with his firm as the marketer.”