A UB-GLOBECO PARTNERSHIP AGREEMENT
A Giant Step in Addresssing Student Accomodations.
The University of Buea and GLOBECO;a public private real estate company have signed a partnership agreement for the construction of a 5000 bed-hostel-complex on University land.
The signing took place recently in the board room of the central administrative building of the university between the Vice -Chancellor Professor Vincent P.K Titianji and the Managing Director of GLOBECO, Mr. Emmanuel Egbe Mengot in the presence of top UB officials including the Deputy Vice-Chancellor for Teaching,Professionalization and Development of Information and Communication Technologies, Dr. Nalova Lyonga, the Registrar, Chief Professor Samson Abangma as well as Deans and Directors.
According to the terms of the agreement,the University will lease 25 hectares of land for a period of 30 years for the construction of the hostel by the real estate company.This will be done with specifications agreed upon by the two partners.It is also stated that after renting the hostels at connvenient rates to students over the period stated above ,the company will hand over the hostels to the university in acceptable conditions.
It should be noted that, discussions that lead to the signing of the UB/GLOBECO partnership agreement started way back in 2006.The delay, both partners agreed was not of their making, but the non-existence of clear cut law guiding public-private arrangements of this nature at the initial stage of discussion. After meeting the complex conditions for obtaining legal and administrative clearances, therefore, and with the law haven been promulgated not long ago, GLOBECO was issued a letter of good intent by the government giving the company the go ahead to embark on the venture.