The Nigerian Youth Project (NYP), which aims to empower about 70 million youths in the provision of affordable homes, and mechanised agricultural businesses says it has received a boost from a foreign investor, HP Kapital to the tune of $500 million.
Chairman, FHT Ventures Plc, the initiators of the project, Olubunmi Adewa-Faboro, while unveiling the new partners stated that the project will kick off with foundation laying ceremony on January 27, 2022.
Conceived by an indigenous company, FHT Ventures Plc, a real estate firm based in Abuja, Nigeria, over a year ago, floated the project, promoted along with overseas partners, seeking to bring investors from all over the world, to explore Nigerian potential and provision of mortgage based affordable homes, and agriculture using the country’s 70 million youths.
Apart from HP Kapital, Adewa-Faboro, said a partner has also joined from the Middle East in the name of Omene Group, adding that a local partner, Possibility Specialists Global Resources, had also been admitted to the project with FHT Ventures ceding 10 percent of its shares to new local partner.
Flanked by Prof. Mary Nwoye, a Consultant for the project, Mr. Egona Abraham, the Lead of Possibility Specialists Global Resources, among other representatives, Adewa-Faboro disclosed that a comprehensive documentary is being put in place to further highlight the profiles and achievements of the all the partners.
“We are happy to announce to the whole world that we have made presentation to the Federal Ministry of Industry, Trade and Investment and they are positive in encouraging this project.
“This partnership is unique in the sense that our overseas partners who are going us on this project will have the rest of mind that despite the security challenges in the country, they will be protected. And that the foreign direct investments they are bringing into this country will be such that they will be able to repatriate their profit without any hitch.
“The other thing that we have been able to do is to get the cooperation of a global finance company from the United States, called HP Kapital, HP Kapital is going to start us off with a foreign direct investments to the tune of $500 million within the next six months. And we are starting the foundation laying ceremony of this project by January 27, 2022.
In his remarks, Abraham, the Lead of Possibility Specialists Global Resources, said his company was bringing 23 years experience to bear on the project.