The truth about PLSG, JAIZ Bank and the Jos Market
(CANcer of Nigeria, CAN)
By LINUS YILTUK
“”Everyone” on the Plateau wanted this market rebuilt. However, every other deal and/or negotiations with many greedy investors fell flat like a pack of cards. Then came JAIZ to the rescue. A fine deal, more rewarding to the government and the people of the State but why JAIZ?”
JAIZ Bank and the Plateau State government came into a beneficial understanding over the rebuilding of Jos Main Market. This was an ultra modern market located at the city center but gutted by fire under suspicious circumstances some 21 years ago.
“Everyone” on the Plateau wanted this market rebuilt. However, every other deal and/or negotiations with many greedy investors fell flat like a pack of cards. Then came JAIZ to the rescue. A fine deal, more rewarding to the government and the people of the State but why JAIZ?
Remember the furore that greeted the emergence of JAIZ during the time of Sanusi Lamido Sanusi in the Central Bank! I recollect that time, as he majestically entered the Senate hallowed chambers on invitation. And with his characteristics eloquence and king’s english language, Sanusi demolished the naysayers and doused the tension.
I thought everyone then understood the meaning, operations and purpose of the non interest banking which JAIZ now represent. I thought we all caught the drift and allowed this ignorance drifted away from our hearts .
I thought that much, until the recent noisy and overexcited reaction over the reconstruction of Jos Main Market by Jaiz. I followed the rowdy trends especially on the social networks and I have seen posts, comments, reactions and counter reactions. Some of them were ridiculous, some ludicrous, some frivolous, many others vexatious and provocative.
In all this, one thing was common in most! The heightened fusses or concerns were based on gossips, idle talks, rumours, imaginations or hearsays. Even without checking, I knew the opponents of the proposed agreement were absolutely wrong but still decided to check.
I then asked for a copy of the agreement, painstakingly went through the document and found the opposite of their hues and cries therein. The market wasn’t handed over to Jaiz for 40 years as propelled. No Islamisation agenda whatsoever as claimed! No plan to cede the market to settlers however called. Jaiz only takes 60% of the proceeds at a go, but has no control over who gets what shop, when, why, where and how!
The deal is simple. Plateau State government provides the land while Jaiz Bank invests 100% of its own money, estimated at about 9-10 billion naira to reconstruct the market. Upon completion, the constructed shops shall be shared at 40/60, wherein Plateau State takes 40% and Jaiz 60%.
Now Plateau State government (not Jaiz) enters into a 40 year lease agreement with interested lessees (if you like call them buyers), take 40% of the proceeds while Jaiz takes 60% of the proceeds. At this stage Jaiz recover its invested capital and earn an estimated 3 billion Naira in profit then vamoose.
JAIZ will not retain a single shop in its name. The shops will be retained for the period of 40 years by the lessees under the management and control of the Plateau State government. AND that’s it!
*Linus Yiltuk is a bonafide indigene of Plateau State.
