Request for Expression of Commitment as “Promoter Investor”

Posted by Chinyere on Fri 22nd Feb, 2013 -

Please recall that on Tuesday February 5, 2013, the office of the Secretary to the Government of the Federation (OSGF) coordinated an investor Forum for potential investors interested in participating in the development of the Centenary City - one of the most outstanding legacy projects of Nigeria’s Centenary celebration.

At the Investor's Forum, the Secretary to the Government of the Federation (SGF) invited potential investors, willing to commit to an investment of not less than US$100 Million towards the development of the Centenary City, to express interest as “First Movers” to incorporate the Special Purpose Company (SPC) that will promote and drive the investment in the City.

One hundred and twenty four (124) potential investors and other professionals from eleven (II) countries (Nigeria, South Africa, Mexico, Italy, Serbia, USA, UK, UAE, Ghana. Turkey, and Ireland) attended the Investor’s Forum and twenty-nine (2) potential investor’s from nine (9) (including Nigeria) expressed strong interested as “Promoter Investors”.

The purpose of this publication is in addition to letters already sent to you in this regard to reconfirm your interest to be part of the “promoters” as indicated during the Investors Forum and to request those who did not have the opportunity to register their interest and commitment at the Investor’s Forum to express similar interest. For the avoidance of doubt, may I restate the implications of this commitment:
  • It is required that every member of this team must be willing to commit to an investment in the City of not less than US$100 Million;
  • Shall be willing to move to site within the next three months starting from May 1,
  • 2013;
  • Shall be willing to respond in an agreed initial Capital Call of the Company;
  • Shall be subscribers of the Company’s Articles and Memorandum of Understanding;
  • Note that the Company shall be a limited liability Company whose stock, in due time, will be quoted in both local and international stock exchanges; and
  • That the Company shall also offer a further percentage of its share capital to the public in due course.

We expect to hear from you within 28th February, 2013 after which it will be deemed that your interest at this level of commitment is vacated, if your interest is confirmed, you will need to attend a meeting of promoters on March 1, 2013 where the following Agenda shall be tabled:
  • Appointment of an external Legal Adviser to incorporate the Company;
  • Appointment of a Consulting Firm to work with the external legal Adviser to:
    • Work out the Share Structure and Corporate Governance Framework of the Company; and
    • Conduct the Feasibility Studies for the Centenary City;
  • To consider and perfect the Final Master Plan (especially the Final Engineering Design) for the Centenary City; and
  • Any Other Business.

Again, thank you for your interest in and commitment to the development of the Centenary City.

Anyim Pius Anyim, GCON
Secretary to the Government of the Federal

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