Hammed Shittu in Ilorin

President/Chairman of Council, Chartered Institute of Project Managers of Nigeria (CIPMN) Chief Bode Afolayan has said the recent plan to review the contract value of the ongoing rehabilitation of Kwara Hotel, Ilorin is inevitable in view of the fact that in the last two to three years, prices of building materials had gone up by 400 per cent.

Afolayan who is also former president of Real Estate Developers Association of Nigeria(REDAN) Chief Bode Afolayan stated this in Ilorin over the weekend during a chat with newsmen.

Afolayan spoke on the sidelines of the recent comment of an Ilorin based anti corruption group, Elites Network for Sustainable Development (ENetSuD) where the organisation alleged that state government had concluded plan to spend N10 billion on rehabilitation of Kwara Hotel in 2025 after spending N13 billion in 2024.

He explained that, “the review of the cost of rehabilitation of the project in question became inevitable in view of the fact that in the last two to three years, prices of building materials had gone up by 400 per cent.

“If you look at it very carefully, you’ll agree with me that over the years, particularly in the last 2-3 years, the cost of things have gone high to almost 400% increment.

“Look at it from the exchange rate column, I remember vividly 2-3 years ago when I was on a project in Kwara, the exchange rate then was 540 but now it’s over 1600, that’s about 300%, this on its own has given leeway to increase in cost of construction related materials that are mostly imported”.

He said, “Some years ago, in one of my estates in Kwara, we sold a 3-bedroom bungalow for 4 million, but now the cost of roofing alone is that same 4 million, not to talk of doors and windows which are over 4 million.”

“The need to review the costs of projects rehabilitation became inevitable in view of increasing costs of building materials, and rates of inflation as it concerns the materials that would be imported.

“One also has to factor in the quality of works to be done. You can’t just be throwing up figures with the deliberate intention of creating bad image, that’s not fair.

“I am a businessman and a developer, I’m not holding talk for the present administration in Kwara state but I’m only addressing or contributing my own quota to the cost of development.

“When you talk of Kwara Hotel, now let me go to the issue of publication, somebody said 10 billion naira is being spent on the development of an hotel.

“Ask yourself, what level of finishing are you looking at? What is the scope of work? And at the end of the day, you’ll just discover that you cannot criticize except you know the volume of work to be done and the quality of standard of work expected to be delivered.

“So from my own end, with due respect to people reporting, I think they need to visit and see what and what needs to be done and on the strength of it , you can say how much does it cost for a 1km road, which by the way cost about 4 billion naira. Look at the infrastructure that is expected to be provided within the hotel.

“These services are allocated in the contract, then you just put your mind at rest, some of the insinuations are next to nothing but most times, journalism and reporting of activities in Nigeria, sometimes tends towards being sensational and political, not addressing the real issue.

Afolayan who condemned the claims by ENetSuD stressed that the group has failed in its subjective assessment of the issue it knows little or nothing about.

He however cautioned organisation to stop misleading the public in a matter they don’t know anything about.

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