An all-inclusive plan to enhance the status of Nigeria's independence day landmark, the Tafawa Balewa Square complex in Lagos, popularly referred to as TBS, is about to be effected by the new manager of the complex, TBS City Limited, a project development consortium.

The scheme is coming three months after the Federal Government, through the Bureau of Public Enterprises (BPE) - which implemented the privatisation drive of the government - officially handed over the complex to the concessionaire, Messrs BHS International.

BHS, is managing the property through TBS City Limited, a property development consortium and special purpose vehicle set up for the exercise.

The deal, which is renewable, will in the first instance last for 30 years, though the projects will run for the next five years, currently, the historic edifice is undergoing a major refurbishment exercise, which upon completion will cost a total of about N48 billion.

Though efforts have been made to maintain its original architectural design, fresh projects are to be introduced with a view to making the property more commercially viable, especially for a mega-city like Lagos. The N48 billion bill will cover developmental projects, staffing and other administrative issues that bother on the management of the complex.

Shortly after the take over, renovation work began with the painting of the exterior of the complex and provision of new amenities.

New projects to be undertaken under the new drive include construction of1000 additional shops and offices, and two high capacity conference halls. Also, a multi-storey automated car park building, which would serve all tenants and patrons of the new complex would be provided.

There will also be a 20-floor multi-purpose recreational and sports complex with shopping malls similar to Sandon City, South Africa. A five-star hotel with up to 500 rooms and a block of 200 luxury flats are also lined up for construction, too.

The plan will also include another multi-storey structure, which would house a gallery, museums, cinema, theatre, and other facilities to enhance tourist activities. And to curtail criminal activities, within the area, a structure to house the Police would be built.

Addressing the press last week, Adeyemi Ibironke of the TBS, Corporate Affairs Department said his firm has commenced sourcing for finance from both local and foreign investors. For instance, he said the new managing company is negotiating with both local and international financial institutions.

"While we are yet to conclude arrangements with local professionals, we have chosen a foreign partner, IRK, from Germany, to work with us," Ibironke said.

"Under our proposed plan, we hope to retain the current Federal Government subsidised rent regime to all tenants under a 29-year mortgage arrangement on the one hand whilst ensuring that there are visible improvements with regards to service delivery, business expansion, and structure and environmental aesthetics", he added.

He said that renovation work had already commenced, starting with the refurbishment of the existing structure. He stated that the blocks of offices and would be constructed before the consortium will take on the construction of flats and hotels.

Tafawa Balewa Square Complex was built in 1976 and was open to business early in 1978 to serve as a national edifice and commercial hot spot at the same time. It covers approximately 14.375 hectares comprising 374 shops/office premises, a main bowl of approximately 3.6 hectares wide capable of sitting 58,000 people and two pavilions with an additional sitting capacity of 5,500 people, four car parks, and a 1,000-seater capacity multi-purpose hall, amongst others.

Hitherto, under the management of the Federal Government the complex was managed solely by the Tafawa Balewa Square Investment Limited (TBSIL).