The Palms Shopping Mall Has Finally Opened

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.