By Chinonso Alozie

After more than two decades of delays, Praco International Limited has begun issuing provisional allocation papers to investors and subscribers.

The event, held in Abuja last Tuesday, brought together investors, stakeholders, and company officials, marking the first physical commencement of activities on the estate and signaling a transition from planning to development.

Speaking to journalists 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 for the estate. He said the issuance of provisional allocation papers reflects the company’s commitment to transparency and ensures subscribers have a clear and documented interest in the project.

Chief Akagburuonye noted that the allocations are provisional and subject to final approval of the site plan by the relevant planning authorities in the Federal Capital Territory. This approval will determine the exact plot sizes and layout in accordance with regulatory standards.

He further explained that the estate, originally measuring 388 hectares, has been reduced over time due to government actions, and only a portion of the land is currently available. This has made it necessary to restructure allocations to accommodate subscribers within the available space.

The Praco boss commended investors for their patience and cooperation, particularly those who made concessions to enable broader participation. He encouraged subscribers to remain supportive as the process moves toward full documentation and development.

Several subscribers present at the ceremony expressed cautious optimism, highlighting the issuance of allocation papers and the project’s physical flag-off as signs of tangible progress.

Company officials advised allottees to document their allocations carefully and coordinate through designated representatives who will liaise with relevant authorities on approvals and compliance.

The groundbreaking ceremony is expected to pave the way for site planning approvals and infrastructure development, offering renewed hope that one of the Federal Capital Territory’s long-standing land projects is moving toward practical implementation.