Nigeria: Obasanjo Commissions Palms Mall, Says Govt Will Introduce Credit Cards

Vanguard (Lagos)

April 21, 2006
Posted to the web April 21, 2006

Franklin Alli
Lagos

PRESIDENT Olusegun Obasanjo says the Federal Government will soon introduce a new economic reform policy that will transit the country from cash to credit card economy, even as Former Heads of State, Gen. Ibrahim Badamosi Babangida, Chairman of Transcorp, Mr. Fola Adeola, President/ CEO, Dangote Groups, Alhaji Aliko Dangote, graced The Palms Mall commissioning ceremony.

Other dignitaries on the roll call were MD/CEO, Zenon Oil, Femi Otedola, Chairman of PPPRA, Rasheed Gbadamosi, Deputy Governor of Lagos State, Femi Pedro, and the Oba of Lagos, Rilwan Akiolu, among others.

Speaking off-handedly after he has formally declared open The Palms Mall, a shopping and entertainment Centre situated on the Lekki Expressway way, Victoria Island Lagos, President Obasanjo, while commending owners of the Property (Persians Properties Ltd, a joint venture between Actis UK, and Tayo Amusan, a Nigerian property developer), said apart from the ongoing or concluded reforms in the economy like the Pension, Ports, Banking, NEEDS reforms, etc, very soon the economy will be transformed from cash to credit card economy.

Said he: "Very soon, we are going to have consumer credit card. With it, Nigerians won't be carrying money in "Ghana must Go" bags. All they need to do is to use their credit card for transactions where they go. When that happens that will be another feather to our cap."

While urging owners of the facility to establish more of this across the country, Obasanjo noted that the project was dividend of democracy and economic reforms.

He, therefore, called on Nigerians, home and in diaspora for support to sustain democracy and the ongoing reforms programme by the government.

Speaking, Managing Partner Africa, Actis, Dr. Nkosana Moyo, noted that the mandate of Actis is to promote economic development in emerging markets, especially in Africa.

The company, he said, invests globally in many emerging markets, however, it is most active in Africa, China, Malaysia and South Asia. The company invests and manages capital on behalf of over 70 investors, and currently has about US$2.7 billion of funds under management.

He urged Nigerian businessmen in different sectors of the economy like Real Estate, Oil and Gas, Mining, Manufacturing, etc, to think about partnering with Actis.

"We will do for you what we have been able to do for Tayo in bringing this project to completion," he assured.

Tayo, in an address, stated that the project, which cost about US$5O million (equivalent to N6.8 billion), has created employment for more than 500 Nigerians, and 5,000 jobs indirectly.

Located on a 44,000m2 site, the Palms is predominantly a single storey structure, with off-road parking for approximately 720 vehicles. It is the first and largest centre of its kind in Nigeria and is on par with similar shopping centres anywhere in the world.

The mall provides a mix of merchandise, fashion, services, health, food, sports, IT and interior decorations stores that are very much top of the line.

With a capacity to accommodate about 62 shops and cinemas, the shopping centre is now home to some of South Africa's largest retailers - Shoprite, a grocery store of huge proportions selling fresh foods and household goods and Game, a subsidiary of Massmart, a discount retail chain that offers customers products ranging from household electronics to jewelry and beauty products.

Also at the mall are Nu Metro which comprises a six screen cinema complex and a multimedia store for books, magazines, DVDs and music; Montaigne Place, owners of the Clarins franchise in Nigeria, Twice as Nice, a shirt and accessories shop, Konica photo shop, a digital studio and Wrangler, a casual clothing outlet.

http://allafrica.com/stories/200604210148.html

PS: AS I AM NOT LIVING IN NIGERIA (Diaspora Nigerian) I would just love to see some photos of the place. Has anybody been to this place? How´s it like? Ca anyone post some pictures so that we Nigerians currently abroad can also see the development. Please do so.

can anyone help us with some LIVE pictures?

got this


http://www.thepalmsshopping.com/

nice

this is wonderful!!!!!!!! i'm so happy for nigeria o!!!!!!!!

this is nice o!!!!!

Hey

I would try get some live pix as soon as I go out today

Finally I was driving while I took these snap shoots attached

That is a very good one.I can't believe that can ever happen in nigeria, whao,that's promising. I hope that won't be the end. Good start

@ babybee.
It definitely won't be the end.I think it is the new trend now.There is a smaller mall opposite the MUSON too. Not as big as this but I also read that the guys behind this are thinking of building more.

A lot of things are changing about Nigeria cos business people are now being allowed to take charge of things. A few years ago,this kind of project will be driven by the government.Today, young and not so young Nigerians are reshaping the economy in a vital way.

i really pray it won't be. Tell me, you know that second picture, is it the picture of the place or somewhere else? It looks too good to be true.

In Lagos right now,

We got Lots of Nice Malls


City mall at onikan, Close 2 muson center,

The Palms Mall Along Lekki Expressway

Cannan Mall Along Lekki Expressway

Then We Got Wool worths Plaza.

I will get the live pics of all these Places ,When ever am free, passing by.

Saddam:

In Lagos right now,

We got Lots of Nice Malls


City mall at onikan, Close 2 muson center,

The Palms Mall Along Lekki Expressway

Cannan Mall Along Lekki Expressway

Then We Got Wool worths Plaza.

I will get the live pics of all these Places ,When ever am free, passing by.

where are their websites? I want to go home now,

cant really wait for those pictures.

That tight for naija o,

But seems to me like they got the name from rite aid in america.lol

Love it!. Gotta go see it on my next visit to nigeria.

I am yearning to see more pics, please!

That tight for naija o,

But seems to me like they got the name from rite aid in america.lol Grin Grin Grin

its a south african company, not nigerian,. i hope at some point we can develop our own brands

By the way, has anybody noticed that cute little "bonjour" store at Total´s filling station. It is cool and I like it. The days of shabby filling stations are gone. Hurrahhh!!!

wow.

Saddam thanx for the pics

what about a some live pics of the products and maybe take a quick tour inside

with ur camera

Nice development, an ultramodern shopping mall in lagos can do lots for the local economy. I doubt though that young people and working class nigerians will be spending much time there though, especially with high unemployment rate and other negative economical factors which I don't need to get into right now.

The whole point of a shopping mall is to promote economical and social activity in a given neighbourhood/community and it looks like that shopping mall was put there not for all the right reasons. afterall there's nothing wrong with the markets already in place in lagos and other parts of naija, (read ariaria, onisha international market etc). As long as its accessible to all nigerians and nigerian traders/businessmen its cool, otherwise i'm not bothered.

O ga di mma, (thats a promise)

The generator was badly positioned. Causing the paint to black already,

Inside, I think

got this

hey constantin are you mathiaas

nicked this pic of someones set

also got these

and,

Some more Pictures

Day time


Night Time

those pics are really nice. Thanks

I have created a wikipdia article on the Palms Shopping Centre ;
http://en.wikipedia.org/wiki/Palms_Shopping_Mall

I'll create and update more articles on Nigerian Retail faclites and across the whole of Africa

hmm impressive

Inside the place

And--

After viewing those pics, you'd think those are shopping malls based in America.

Nigeria is going places.