Polaris Bank Plc has announced an N5-billion mortgage support for Okija Electrical Material Dealers Association in Port Harcourt, Rivers State.
The support, in partnership with M.I. Okoro & Associates, Lagos, is to facilitate the relocation of over 2000 members of the association to their permanent site at Iriebe, KM 17 Aba-Port Harcourt Road in Port Harcourt, River State.
Already, 600 lock-up shops have been developed out of 1,720 shops in the market, while Polaris Bank is supporting the association with N5 billion mortgages
The size of each lock-up shop is 14.3 square meters and is developed on the ground and first floors only.
In addition to the 1,720 shops, the traders will have warehouses where their goods will be stored, while restaurants will be located at various convenient points within the market.
Speaking to newsmen in Lagos, Principal partner M.I Okoro, Associates, Dr. Meckson Okoro, said electricity supply in the market would be a combination of solar and independent energy supply from private sector driven arrangement.
According to him, provisions have been made for banking halls and other offices to support business operations in the market described as a promised land.
He said: “Polaris Bank Limited 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 to reduce youths restiveness and crime rate in the country.
On his part, the President of the association, Mr. Elvis Asamone, who spoke on behalf of the executive committee, said he was excited about the move.
Director General on Strategy and Operations in M.I.Okoro & Associates, Chief Chinedu Mbakwe said he will liaise with the businessmen for comprehensive reconciliation of the process for easy flow of movement by the traders to their new site and acquisition of shops.
To ensure an effective takeoff, Polaris Bank Ltd, Executives of Electrical Materials Dealers Association, M.I.Okoro & Associates, Osas & Oseji & Co, will be organising a golf tournament in the Port Harcourt Golf Club on April 1, 2023, as a way of sensitising the investing public to buy into the available shops, while on March 30, 2023, the General Overseer of Omega Power Ministries (OPM), Chibuzor Chinyere, will be featuring a day crusade to sanctify the market.
On the micro-macro economics implication of the relocation, Dr. Okoro said the project will generate pressure on demand for complementary land uses, which will translate to more income to their pockets because the request will be more than the supply of the existing real estate in that neighborhood.