There is a budding melting pot of business and investment activities in Asaba, Delta State capital that will seemingly dwarf the Main Market in Onitsha when it finally turns into a reality, although according to investigations carried out recently, the facilitators of the Asaba International Market project are losing sleep over a number of factors militating against the project’s take-off after many years of conceiving the idea.
Findings revealed that a notable challenge has to do with renewal of the C of O for the designated and allocated land space (allocation letter REF No. LB/A.6807/24) to accommodate this long overdue “Mother of All Markets” as it is popularly called, destined as it were, to serve as a unique legacy project when completed.
The Pointer investigation recently discovered the Asaba International Market project, which upon inquiry, was said to be “a mammoth developmental vacuum waiting to be filled and an opportunity to create an unbeatable legacy project in the state amidst search for investors to come and invest in the state.
The C of O is required to enable the development partners to source for funds. The
projected net income is $25,085,362 for the first year, $25,251,501, for the second year,
$31,004,227, for the third year, $36,2756,907, for the fourth year and $41,121,234 in the
fifth year.
Further findings showed that the Asaba International Market (AIM), later renamed Delta International Commercial City (DICCA), has been on the drawing board for almost two decades. The suffocation of the project was due to enormous but surmountable wrangling and other bottlenecks involving foreign and local partners, while anxious investors stood by.
This massive market project cited just across the River Niger from the bustling Onitsha market was supposed to be the first and biggest of its kind in West Africa, perhaps even the biggest in Africa, the modeling being championed mainly by experienced professionals from Italy and particularly Dubai, where the most modern of similar commercial cities now exist, attracting millions of local and international visitors for shopping and recreational activities yearly, providing much needed boost to their economy and a catalyst for improved standard of living, massive and gainful youth employment, all of which are a panacea for fighting endemic poverty and crime.
It was gathered that the first C of O for the 310 hectares gigantic project was approved by His Excellency, former governor Emmanuel Uduaghan as far back as in 2015, the cancellation of which was followed by the approval of another C of O by His Excellency, the immediate past governor of the state, Senator (Dr.) Ifeanyi Arthur Okowa in 2017 and was cancelled again, prompting a request for renewal of the C of O for the designated and allocated land space (allocation letter REF No. LB/A.6807/24) to accommodate this long overdue “Mother of All Markets” as it is popularly called, destined as it were to serve as a unique legacy project when completed.
Nigeria is the largest of 15 member countries of ECOWAS with a population of over 230
million and a population growth rate of over 2.5 per cent. This makes the projected plan for
a market of this size and sophistication very realistic. Most investors are confident and comfortable with its long-term prospects, given that the joint venture real estate project has consequential individual, state and national income boosting potentials.
Investigation estimated that it is worth $1.83 billion, so Asaba International Market project, or DICCA, could compete with many other projects by the Delta State Government which have successfully boosted employment and commercial activities, and these include the $20 billion Gas Industrial Park covering 2,700 hectares of land, the Delta Leisure Resort and Wild Life Park, The 186 hectare Leisure facility at Oleri and others.
The Asaba International Market, or Delta International Commercial City as it has come to be called, will accommodate 130,282 units of lock up shops (wholesale and retail), warehouses, abattoir and lairage, banks, offices, department stores accommodated on 7 floors of space, with hotels and other hospitality facilities on the 8th floor. There will be an industrial sector with small and medium scale industries, equipped with fuel service stations, Police station, Trade exhibition center, 250 bed 5-star hotel, Schools, hospital.
The project sponsors as constituted are Delta State Government, Al Huda Property &
Contracting Services Limited, affiliated with Al Huda Dubai. Expected list of products and wares to be sold is virtually endless, including Building materials, IT products, Assorted hardware, etc.
The Market is expected to provide International standard facilities to complement the aging, over-crowded Onitsha Market on the opposite side of the Niger. It is expected to transform Asaba/Onitsha axis into a first class business zone. Onitsha market is presently the largest in West Africa with over 100,000 traffic of persons daily, to and fro.
There is a huge demand from Onitsha traders for spaces in the new facility of Asaba International Market, or DICCA, and a large number have already expressed written interest in relocating or expanding to the new facility at Asaba. Also a large number of entrepreneurs in the Diaspora, from Atlanta, Houston, New York, and Paris have expressed interest to locate businesses in the Asaba ‘Mother of All Markets. These will all pay in hard currency such as dollars, pounds and Euros.
Indeed, as it was discovered, Asaba International Market, or DICCA, has no competitor within 60 kilometers of Asaba, with the target customers as the trade and business sectors of Onitsha. DICCA has already received indication of interest letters from thousands of traders, including Onitsha Electronics traders’ Association with membership of thousands of traders.
The strategy is to build and sell 80% of the commercial spaces and retain 20% on rental basis. Also, it is intended to transform the market into a prime tourism, entertainment, hospitality, commercial, and industrial location in Nigeria.. It is expected to create a hub for development of Industrial Parks along the shores of the River Niger on the Delta State side
DICCA or Asaba International Market will be a place where people want to live, work, play and invest. Sandwiched between two states, Delta and Anambra, with cumulative over 15 million people, it is located on a site that serves as gateway to the South East, with its attendant high commercial activities The Delta International Commercial City will become a model in Africa having seen what Dubai represents to the world with unrivaled
facilities for tourism and commerce.
The Asaba international market will host 130, 282 lockup shops in a 3-floor complex of international standard shopping malls, department stalls, on a seven-floor complex, 5-Star hotel (250 Bedroom of suite), Trade exhibition Centre, School, Bank, Hospital, Police Station, Recreation Park, fuel service stations abattoir, lairage, industrial warehouse, Residential apartment and houses within the city.
An important element of the construction work is Land Preparation and Dredging. In view of the fact that the land is generally low-lying and requires more than an embarkment for protection against flooding, there is need to raise the level of the land. This will be achieved through dredging, leveling of the land and installation of a most appropriate drainage system.
The AIM, or DICCA, project owners and sponsors, allied in a private sector venture, are the Delta State Government and Oshimili South Local Government, in partnership with AL HUDA Property and Contracting Services Ltd. AIM is a special purpose vehicle to exercise legal and corporate ownership of the project.
Board of AIM (Asaba International Market) was originally headed by late Chief Joe Bardi, (of Umuezei qtrs, Asaba) as Managing Director/ Chief Executive Officer, then succeeded by Barr. Olawale Rhodes-Vivour as head of AL HUDA Property and Contracting Services Ltd., and a major player in DICCA. While there is Ogbueshi Ike Ebube as a director.
As things stand, the fervent wish of the facilitators/contributors is to meet with the Delta State Government to work out ways to give birth to this enormous project after years of gestation, so that at last, while it becomes a huge legacy project for the Sheriff Oborevwori administration, the people will be better for it with its immediate and long-term benefits.
