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From Stanley Uzoaru, Owerri
After more than two decades of legal battles and uncertainty, Praco International Limited has commenced the issuance of provisional allocation papers to investors and subscribers.
The event, which took place in Abuja, brought together investors, stakeholders and company officials, to mark the first physical commencement of activities on the land and signalling a transition from dispute to development.
Speaking to newsmen after the event, the Managing Director and Chief Executive Officer of Praco International Limited, Chief Obioma Success Akagburuonye, described the ceremony as a defining moment in the estate’s history.
He said the issuance of provisional allocation papers underscored the company’s commitment to transparency and its determination to ensure that subscribers have a clear and documented interest in the project.
He explained that the allocations remained provisional, subject to the final approval of the site plan by the appropriate planning authorities in the Federal Capital Territory.
This, he noted, would determine the exact plot sizes and layout in line with regulatory standards.
The Praco boss reiterated that the estate, originally measuring 388 hectares, had been significantly reduced over the years due to government actions.
He added that only a portion of the land has been restored, making it necessary to restructure allocations to accommodate subscribers within the available space.
Despite these constraints, he commended the patience and cooperation of investors, particularly those who made concessions to enable others to benefit from the limited land.
He urged subscribers to remain supportive as the process advances toward full documentation and development.
Some subscribers present at the ceremony expressed cautious optimism, noting that the issuance of allocation papers and the physical flag-off of the project represent tangible progress after years of uncertainty.
Company officials also advised allottees to properly document their allocations and work through designated representatives who would liaise with relevant government agencies on approvals and compliance matters.
