Kano Chamber of Commerce, Industries, Mines and Agriculture (KACCIMA) has demissed reports that the land housing Ado Bayero Mall in Kano had been put up for sale.

KACCIMA president, Usman Darma, who addressed journalists in Kano at the weekend, described the claim circulating on social media as false and misleading, insisting that the chamber had not authorised anyone to sell the property.

“There is information going round that the land housing Ado Bayero Mall is for sale. We are very surprised. The land belongs to the chamber and we have never mandated anybody to sell it,” he said.

He explained that the chamber leased about 11 hectares of land to Alpine Investments under a Build, Operate and Transfer agreement for 35 years, adding that the arrangement has lasted about 18 years.

According to him, while Alpine developed and operates the structures on the site, ownership of the land remains with KACCIMA, noting that the certificate of occupancy is in the chamber’s custody.

Darma, however, raised concerns over the lease terms, disclosing that Alpine pays N5m annually for the 11 hectares, while an additional one hectare used as a playground attracts N1m yearly.

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“You cannot have over 10 hectares of land in a prime area generating between N500m and N1bn annually and the landlord receives only N5m yearly. There is need to review the agreement,” he said.

The KACCIMA president said the chamber was open to renegotiation or arbitration where necessary but would not tolerate misinformation capable of causing confusion within the business community.

He added that investors in Alpine include the Kano State Government, the Emirate Council, former governor Sani Bello and retired General T. Y. Danjuma, among others.

Darma warned that the chamber would take legal action against anyone found responsible for spreading the alleged false report.

“The land belongs to the entire business community of Kano. It is not for sale,” he stressed.