Developers of abandoned Living Spring Business City (LSBC) Project in Osun State, has revealed that the major reason for dumping the project despite the level of progress achieved was the reoccurring diplomatic row between South Africa and Nigeria.
The initiator of the project, Dr. Kehinde Abiola, said that the South Africa financiers were considering the environment unsafe, hence the partnership was stopped. The period, 2018/2019 was the height of xenophobic attacks between Nigeria and South Africa, which led to a spike in tension on both sides with mobs attacking foreign-owned businesses in the two nations.
The Living Spring Business City was planned as a mix of international market and residential estates, with different types of models all functioning on a major national transit route centrally located in popular Ibadan-Ife-Abuja highway, Osun State, close to Oduduwa University.
The project occupies 38-hectares of land, comprising 1,128 suites, shops and 228 apartments. The planned delivery date for phase I was slated for 2018 while Phase (II) was slated for 2019.
It was to serve as a strategic investment opportunity for investors, business owners and boasts of one commercial bank, three health centres, five eateries/restaurants, seven sporting facilities, two event centres, six police stations, 24-hours electricity, four educational centres, eight community halls, transit trailer parks for goods, corporate inter-state transport water facilities, nine large parking areas, filling stations, green areas as well as childcare centre.
Abiola said, a total of N8 million naira was spent on the preparatory phase of the project which was prior to the xenophobic attack, upon escalation of the attack, the project came to a halt. He added that by the time the crisis settled down, the Global economy was plunged into recession which most financial institutions could not recover from.
LSBC Project Manager, Mr. Richard Bamiduro, had earlier explained that the total land area, which is provided by the Osun State Property Development Corporation is about 38-hectares, noting that it also comes with a Certificate of Occupancy (C-of-O) and a letter of allocation.
“Our plan was to build 25 per cent of the total market store at Phase (one) and as the demand increases, we hope to keep expanding. We had already mapped out our prices, which would be very affordable compared to any market in the country.”
