TheCable

Maryland Mall, Maryland, Lagos launched on Tuesday after 20 months of construction and $25 million in capital investment.

The mall, which boasts of the largest LED screen in Sub-Saharan Africa, was funded by Stanbic IBTC and Axa Mansard, and the construction executed by Purple Capital Partners Limited.

Sola David-Borha, chief executive office (CEO) of Stanbic IBTC, who represented Atedo Peterside, CEO of Stanbic IBTC Holdings PLC, praised the “discipline, focus and resilience of indigenous financial industry firms like Purple Capital” as worthy of emulation.

“This successful delivery of the Maryland Mall project showcases the fact that domestic investment fuelled by the indefatigable spirit of Nigerian entrepreneurs is key to driving social harmony and national economic growth,” he said.

Tosin Osinowo, the architect who designed the mall, expressed pride in being part of the indigenous mall called ‘the big black box’.

She said “the screen which is 60 metres long is the longest in west Africa, also ensures revenues opportunity” for the mall, and is unconventional with no windows, yet adequate lightning.

Tosin Osinowo, Maryland Mall Architect

Omotola Mobolurin, chairman, Purple Capital Partners Limited and chairman, Capital Bancorp Ltd, expressed his delight with the safe delivery of the facility.

“I am delighted about the safe arrival of this new retail, lifestyle and entertainment infrastructure, with the capacity to provide merchants and shoppers with amenities and services that befit the state’s mega-city status,” he said.

“It is particularly gratifying that the construction and financing for this retail development is being concluded on time and within projected funding estimates.”

Located where the defunct Maryland Shopping Centre was once located, Maryland Mall sits on one of the most important arterial routes in Lagos today, with an estimated 5,000 cars passing through every hour.

The mall sits on a total land size of 7,700sqm and will have the first dedicated underground car park within any mall in Nigeria.

It will play host to a mix of local and international brands anchored by Shoprite, The Place restaurant, Stanbic IBTC Bank, amongst other retail, hospitality and entertainment brands.

The exterior of the mall will be a 550 square metre LED screen, the largest in Sub-Sahara Africa. This unique feature will set it apart from any other retail complex in Africa’s most populous nation.

Currently, only 2% of Nigerians shop in formal retail supermarkets compared to 60% of South Africans, 30% of Kenyans, 4% of Ghanaians and 2% of Cameroonians.