By Amin Kef (Ranger)
FEMAB Properties Limited has reaffirmed its commitment to completing the Institute of Public Administration and Management (IPAM) Bureh Campus project in response to a statement made by the University of Sierra Leone (USL) on September 4, 2024.
The Nigerian real estate developer, in a press release, acknowledged the transparency of USL and assured that it remains fully committed to finishing the long-awaited state-of-the-art campus, despite ongoing financial challenges.
FEMAB’s involvement in the project supports President Maada Bio’s agenda for educational development, a key pillar in his government’s priorities. Over the years, FEMAB has collaborated closely with USL and other stakeholders to establish this new residential campus at Bureh Town. However, delays in securing financial guarantees have posed significant obstacles to progress.
USL’s statement detailed the extensive due diligence, appraisals, and negotiations that have been conducted, involving the Ministry of Finance and other governmental bodies. According to the release, FEMAB has diligently fulfilled its obligations in resource mobilization, site preparation, and initial construction efforts. These efforts were made even during the global COVID-19 pandemic, which further complicated the financial landscape for large-scale projects like the IPAM campus.
In light of the current challenges, FEMAB is now engaged in discussions with USL to finalize a new financial model that can facilitate the project’s completion.
The new model under consideration includes a Build, Operate, and Transfer (BOT) structure, which is expected to address financing gaps and align with the long-term vision of both FEMAB and IPAM. FEMAB expressed optimism about these negotiations, stating that they will result in an agreement that supports the goals of both institutions.
“We assure all stakeholders—government, university, and the public—that FEMAB remains fully committed to the IPAM Bureh Campus Project. We are determined to deliver a facility that will serve as a beacon of educational excellence in Sierra Leone,” the release signed by Sina Aguda, Corporate Communications Department at FEMAB, stated.
The announcement has been met with optimism by both staff and students at IPAM. The need for a new campus has been felt acutely due to the congestion at the current Tower Hill location in Freetown. The overpopulation of students has led to daily struggles for classroom space, which hampers the university’s ability to deliver quality education. The construction of the new Bureh campus is seen as a solution that will ease these challenges and expand opportunities for students and faculty alike.
An insider at IPAM indicated that although the university initially committed to a $12.5 million payment to FEMAB, only a partial payment of $4.5 million was made, which allowed the project to begin. The insider noted that hopes had been high for securing a Sovereign Guarantee from the Government of Sierra Leone to fulfill the remaining financial obligations outlined in the $50 million contract. However, this guarantee has not yet been secured, leading to a temporary halt in the project.
Nonetheless, both IPAM and FEMAB have continued to engage in high-level discussions, with meetings as recent as August 2024 in Nigeria, where both parties expressed optimism about moving the project forward. FEMAB’s willingness to re-engage and explore alternative financing options, such as the BOT model, has been seen as a positive step in overcoming these financial hurdles.
For students, alumni, and staff of IPAM, the completion of the new campus would not only alleviate the overcrowding at Tower Hill but also enhance the university’s capacity to contribute to human capital development in Sierra Leone.
“It will also add value to President Bio’s agenda of free quality education and be a win-win situation for all parties involved,” a government source familiar with the project remarked.
As discussions continue, there is widespread hope that the Bureh campus project will soon be back on track, providing a modern, spacious facility that will elevate the standard of education at IPAM and contribute to the broader development goals of Sierra Leone.
