News

MD / CEO's Speech17th September 2022

Managing Director/CEO Tamar Nandul’s Speech at the Presentation of Mortgage Beneficiaries to His Excellency, Governor Nasir Elrufai

Good morning Your Excellency, The Governor, The Administrator,Kaduna Capital Territory Authority, Honourable Commissioners, Special Advisers, Members of the Sale of Shops Project Steering Committee, our development partners, members of various market unions, the media, ladies and gentlemen. We are pleased to be gathered today to signify the fulfilment of one of His Excellency, Governor Nasir Elrufai’s remarkable commitments to traders across Kaduna State. In 2019, traders in Sheik Abubakar Gumi Market were subject to a predatory gang of landlords, agents and other middlemen. Persons who were allocated shops on a temporary basis assumed illegal ownership of the shops and would sell them of as if the shops were their private property. While they were required to pay as little as N30,000 to the company, they would collect rents of up to N500,000 from the traders and in most cases would refuse to pay the company its due. Returns on the State Government’s investment in the market was just about 2% per annum. The company was earning revenues of only about N100m in 2016 when the value of the market is about N11bn. The market itself was in a poor state, it was congested and disorganised. It was for these reasons that Governor Nasir El-rufai decided to disrupt the dynamics of the market and set a vision for the market to become mutually beneficial for the traders, general public and the State Government. He directed the empowerment of the traders through the transfer of ownership of all 6546 shops in the market to traders on an owner occupier basis so that traders can own their business premises and free up more capital to boost their businesses. My predecessor, Muhammad Hafiz Bayero who is with us today took this vision and ran with it. It wasn’t easy at all, there were challenges every step of the way beginning with convincing our own Kaduna Markets team that it was not only the right thing to do but that it was also possible. We are here today because he succeeded in selling the vision and earning the support of the traders, Goverment MDA’s and the general public. At the same time, Governor Nasir El-Rufai recognised it was not sufficient to proclaim a policy but that measures and support structures had to be put in place to ensure the traders would actually benefit. So, we embarked on a long and comprehensive process to verify traders in the market and grant them the right of first refusal. Furthermore, to improve affordability of the shops, His Excellency secured a mortgage agreement with Sterling Bank for a single digit mortgage of 9% as well as a loan repayment period of 7 years. He also adopted the forced sale value of the market so that instead of a revenue target of N11bn, we expect only N7bn from the transaction. A new mortgage agreement has also been secured with Jaiz Bank to give the traders more options. Alongside our transaction advisers, PricewaterhouseCoopers and our legal advisers Dikko and Mahmood Solicitors we have taken significant strides towards achieving a fair and transparent sales process. We have conducted several verification exercises where we confirmed 7035 authentic traders in the market and have resolved over 300 petitions through the Dispute Resolution Committee. Through the sale of shops program, we have achieved financial inclusion, digitization of records across all our markets, formalization of businesses, women empowerment and wealth creation. We have been able to generate 3.7bn in revenue, our mortagage is the preferred payment option and the bank has processed mortgage applications totalling N2.9bn for 2439 traders at this time. The Kaduna Internal Revenue Service has earned 88.5m tax collections, 2000 new business premises registrations have been issued by the Ministry of Business, Innovation and Technology and 5900 new residency cards have been registered. Additionally, through another initiative of His Excellency, the Kaduna State Womens Entrepreneurship Fund (KADSWEF), we obtained N40m from the Ministry of Human Services and Social Affairs and have empowered women across several markets by providing soft loans to enable them pay their mortgage security deposits. We have disbursed over 8m from the fund so far and have supported women traders to own their business premises worth over N80m. The multiplier effect of this exercise has been comprehensive and impactful across several sectors and performance indices. You’ll recall that I mentioned earlier that the company earned only about N120m in 2016, this figure has been growing. By 2018, revenues increased to N350 and by 2021, the company earned over N1.5bn. We also have here with us today, various stakeholders from various markets including Kasuwan Bacci, Kabala, Sabon Gari, Ungwan Rimi, Kwoi and others. I want to specially recognise Alh, Ibrahim Daudawa the immediate past chairman of the Central Market. Traders have taken to calling me Maman Daudawa but we weren’t always friendly, we had to earn his trust and support. He was bold in his representation of the traders and we are thankful to him and several others for keeping us accountable. We sincerely extend our appreciation to everyone who has supported the implementation of this transaction, the Project Steering Committee for the Sale of Shops program, the traders, staff of KMDMC, Ministry of Business, Innovation and Technology, Ministry of Finance for realising N1bn for the mortgage with additional planned expenditure of N3.5bn, the Kaduna Internal Revenue Service, Kaduna State Residents Registration Agency, Kaduna Geographic Information Service and most importantly, His Excellency, Mallam Nasir Elrufai. Today we have here with us, 25 beneficiaries, 17 beneficiaries of the Sterling Bank mortgage for the Sheikh Abubakar Gumi Market as well as 8 beneficiaries of the Jaiz Bank mortgage and KADSWEF from Kawo Market, whose shops have been fully financed as promised by His Excellency, The Governor. I want to congratulate them, they are the latest property owners in Kaduna State. This process is being replicated across our markets and we will continue to ensure transparency and fairness in the sale of shops across markets in Kaduna State.

INSPECTION22nd July 2022

KMDMC officials inspects Kasuwan Barci

The AGM Projects and Procurement, Yemi Bakare. Company Secretary/Legal Adviser, Barr Muhammad Sani Suleiman & Manager Stakeholder Relations, Abdulaziz Umar inspected the ongoing re-construction of Kasuwan Barci Marker. It is one of our numerous market development projects in line with the states urban renewal agenda.

CONTRACT15th July 2022

KMDMC official handover of site

The Kaduna Markets Development & Management Company has officially handed over to contractors the site to build a Trailer Park, Grains Market,and Bus Terminal at Jere, Kagarko Local Government Area Kaduna State. The Project aims to boost the local agricultural market, provide a mordern system for bus transit services as well as an organized heavy duty truck parking system.

EVENT1st & 2nd July 2022

July Tradefair

KMDMC hosted the second edition of the #KMDMC Tradefair at Murtala Muhammed Square. The tradefair is in line with our commitment to provide safe and conducive commercial platforms for traders and business owners in Kaduna State. Side activities include a free enterprenurship and business workshop, Mini Football Tournament hosted by Kaduna United Football Club (KUFC), board games by Fasaha cafe, a picnic section, photobooth and kids playing area

SALES12 Jun 2019

KMDMC SALE OF SHOPS: Shiek Abubakar Gumi Market Phase 2

The Kaduna Markets Development & Management Company is delighted to notify the general public that Shops 54 & 56 Neighbourhood Centres are now available for sale.

EXECUTIVE ADDRESS12 Jun 2019

Gov. El-Rufai • Official speech

We Will Boost Economic Activities by Providing Modern Markets & Shopping Centres