NASSIT ranks top in investment in Sierra Leone
The National Social Security and Insurance Trust (NASSIT) on Wednesday 30th took journalists on a conducted tour of various investment projects in the country in a bid to discredit baseless claims by some section of the local media. (Photo: NASSIT Director-General, Sam Bangura)
Among the various investment projects visited were the Kimbima Hotel, Bintumani Conference Centre, Mammy Yoko Hotel and Sea View Estate at Goderich.
At Kimbima Hotel, Tejan Kellah, the Project Officer in the Investment Division, said NASSIT has 60% shares of the business while the remaining 40% are privately owned. He revealed that his institution’s drive is to expand the hotel in terms of competition, thus extending the building to 4m towards the sea thereby increasing the rooms to 66. Mr. Kellah assured that the timeline for this project will span over three years, amounting to a total of $US 5 Million for the entire project.
Also at the Bintumani Conference Center, Kellah recalled that the building was abandoned and NASSIT took over the refurbishment and poured a whopping $8.2 million and the project is now at the completion stage. “This conference centre is being face lifted to match up with international standard and this has shot up the project budget to $10 million,” he confirmed and revealed that the project was to have lasted for ten months but it will now be completed by June this year.
At Mammy Yoko Hotel, the team met with Roger Crooks who is the Project Officer and a shareholder from West Africa Holding with 20% of shares in the investment with NASSIT holding 80% shares. Roger Crooks described the new face of Mammy Yoko Hotel as a five star hotel now with 171 rooms.” This project will be completed in six months,” Crooks assured.
At the Sea View Estate in Goderich, journalists were privy to the glamorous and lavishly constructed apartments with swimming pool, tennis court, bedroom and sitting room. The excitement left an indelible print in the minds of the visitors who thought that the trust has taken the right move in the right direction.
A press conference was held at the Club House where NASSIT’s Director of Investment and Projects, Idris Turay explained about NASSIT’s investment project and disclosed that Sea View Estate is a joint venture between NASSIT and Regimanuel Gray Limited.
Mr. Turay pointed out that NASSIT is a Public Limited Company, thus making it a profit making organization with harmony in the public interest. “As an institution, we intended providing affordable and suitable homes. Furnished houses for rental cost $30,000 per annum and unfurnished houses cost $15,000. The furnished apartment rental costs $20,000 per annum and an unfurnished apartment costs $15,000 per annum. Since August 2011, we started renting the houses and apartments and now NASSIT can boast of $1,300,000 million for the houses and apartment rental. Sea View Estate is one of our best investments as it is socially targeted”, Turay highlighted.
In Makeni, two bedrooms for renting yearly cost $4,000 and three bedrooms cost $6,000 and have been occupied by Addax Bioenergy. The Makeni Plaza will be completed by the end of March with 77 shops.
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