By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- The entirety land, and all the built structures of Jake Memorial Baptist College Monrovia, has been leased by the administration of the college for $ 250,000,000 to a private institution thus ‘increasing threat from sea season’ authorities said.
Reverend John K. Sackie -the President of the Jake Memorial Baptist College said this, while giving a brief summary of the lease agreement and a new campus during recent graduation exercises on the Old Road.
Rev. Sackie who did not disclose the name of the leaser, however said; since 2016 the college so it Board of Directors and leadership have been discussing possibility of leasing the current college property, was eventually leased to a private company for $ 150,000,000 per annual.
He said the decision to lease the property is as a result of threat from sea erosion and high cost in maintaining the beachside property.
According to him, the college is planning to acquire a ‘decent property’ for future development.
He said following negotiation between the board of directors, leadership and the undisclosed leaser, the parties agreed the$ 150,000,000 per annual will increase after five to seven years, in keeping with terms and condition of the lease agreement.
Rev. Sackie continued the leaser will also take five to eight years to construct a new campus on a land already acquired along the Monrovia-Robertsfield highway in accordance with the agreement.
Rev. Sackie added that, the leaser will construct a dormitory, offices, students’ center, classrooms and library at the cost of $ 250, 000,000, noting that the college will still operate at the 11th Street property, pending completion and official turnover of the new college campus.
The mission of the college is to glorify God by providing biblically-based educational environment that will develop servant-leaders in honesty, obedience, wisdom, and service while teaching students to live Jesus Christ with all their hearts, souls, and minds, including living by the principles of God’s word and to equip learners for service and leadership in their churches, communities, and vocations.
United States $1.00 = 211.50 Liberian Dollar- 10/21/ 2019
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent