AIBEN group unveils Multi-Billion Naira Citi Mall, urges FG to invest in infrastructure to support Real Estate

A real estate firm, AIBEN Investment and Properties Limited has unveiled a multi-billion naira commercial complex, CitiMall, in Lugbe, Abuja, aimed at boosting economic activities, creating jobs, and providing a one-stop hub for shopping, business, and leisure.

Speaking at the unveiling ceremony, Chief Executive Officer of AIBEN Properties, Chief Dr Andy Elerewe, urged the Federal Government to prioritise infrastructure development to attract more private investment into Nigeria’s real estate and commercial sectors.

The facility features over 60 retail outlets, premium office spaces, restaurants, and the Bourdillon Hotel with 60 elegantly furnished suites.

While pledging to stimulate economic activities, create jobs, and provide residents with a one-stop destination for shopping,
Elerewe lamented the burden placed on private developers who often have to shoulder the costs of basic facilities in order to deliver projects.

He noted that with the right infrastructure in place, investments like the newly unveiled complex could multiply, creating jobs and reducing the strain on city centres.

He said: “We are diversifying and to come up with something like this in this area is very gratifying. Particularly I’m very satisfied and I’m happy because we now have results. It’s always very easy to start something but you need a lot of courage to finish..

“I have to be honest with you. It’s not so easy because the infrastructure is not there to support things like this. But I don’t think it’s that bad. So, we need to also learn what we can do to support the government. The government is seriously overwhelmed.

“I’m not trying to speak for them. But for us, we’ll continue to do the best we can do to support the government and then to get the service across to the people. That’s the most important thing for

He argued that Nigeria’s market potential remains enormous despite perceived challenges, adding that Nigeria presents a vast market with immense opportunities, depending on the perspective from which one views it.

According to him, his team was pleased to embark on this project, expressing confidence that with proper management, it would deliver significant results.

He said the most important aspect of the initiative was service to the people, particularly residents of Lugbe, who now have access to a facility that caters to their basic needs.

Elerewe explained that the project was designed to provide convenience and improve the quality of life for the community.

The developer called on private investors to look beyond Abuja’s saturated city centre and channel investments into satellite towns with growing populations and untapped potential.

He further stated that rather than residents traveling long distances to access such services, the facility has brought them closer to their doorstep.

Elewere described it as a one-stop destination, comprising a mall, a hotel, restaurants, and other outlets, which would help residents save money and time by meeting multiple needs in one location.

He advised policymakers to introduce and implement policies that would support the establishment of such developments across the country, ensuring they are well maintained and accessible to the public.

“Nigeria is a huge market. With good management, ventures like this will yield results. What people need is access to services close to them. This project saves residents money and time because they no longer need to travel far to meet their basic needs”, he added.

Elerewe further advised Nigerian youth to embrace resilience and hard work rather than seeking quick wealth.

“This rich-quick syndrome shouldn’t be there. Everything takes time. Be ready to stay on course, and the results will come,” he added.

Former member of the House of Representatives and Chairman of the occasion, Emmanuel Ekon, reinforced the call for improved infrastructure, stressing support for by the federal government with the necessary basic infrastructure in place

Ekon, who represented Abak/Etim Ekpo/Ika Federal Constituency of Akwa Ibom state, noted that in advanced economies, taxes fund essential amenities that, in turn, create fertile ground for private sector investment.

He said: “We have people that are just there just to cause all kinds of trouble but Andy is one such Nigerian that I know that is focused and upright and that is doing the right thing to survive.

“The truth of the matter is, for me, I will encourage governments to provide the necessary infrastructure to enable businesses like this to thrive. I live in the U.S. I own dual citizenship and I know what it means outside the country, that you cannot do anything without tax.

“You can’t buy water, you can’t buy drinks, you can’t buy anything outside these countries without paying taxes. So, I don’t see taxes as a kind of punishment by the government. But what I will advise the government is when they are charging taxes, they should do things to better the life of Nigerians.

“They should use that money to put the necessary infrastructure so that young Nigerians like this that want to venture out on their own can take advantage of that and do what Andy is doing here or even more.