BusinessDay 17 Aug 2017

Thursday 17 August 2017
34 BUSINESS DAY
C002D5556
NEWS
Eko Atlantic City, Fine & Country partner
to showcase Nigeria in London
CHUKA UROKO
South Energyx Nigeria
Limited, the developer
and planner of Eko Atlantic
City, Nigeria’s premium
smart city situated adjacent
to Victoria Island, has partnered
Fine & Country West Africa to
showcase Nigeria as a viable real
estate investment destination leveraging
Refined Investors Series
2017 scheduled for October 6 and
7, 2017 in London.
The event, a leading premium
real estate forum with
the theme, ‘Taking Nigeria to
the World,’ is targeted at Nigerians
in Diaspora and other
international investors.
The event is focusing on
unique real estate opportunities
in Nigeria that are safe,
secure and highly sustainable.
It also targets affluent and high
net-worth individuals and astute
investors in the Diaspora.
The series also aims to celebrate
the best of Nigerian real estate.
During the forum, Eko Atlantic
City will be exhibiting
to showcase the expertise that
ELIZABETH ARCHIBONG, Abuja
HARRISON EDEH, Abuja
have been put into building of
the global city of world class design
which has been predicted
to be the next financial capital of
Africa. Also, a documentary video
that depicts milestone of the
city as a blend of infrastructure,
engineering and technology
will be shown to the audience.
Ronald Chagoury Jr, vice
chairman of South Energyx
Nigeria Limited, observed in
a statement obtained by BusinessDay,
“Eko Atlantic City is
excited to be part of the Refined
Investors Series in the United
Kingdom. The road show will
grant investors in Diaspora the
opportunity to invest directly
in Eko Atlantic City. The road
show will certainly restore the
confidence of Nigerians in
Diaspora who are unwilling
to invest in the country’s real
estate sector.”
Eko Atlantic’s smart planning
showcases the best in
urban design and is divided
into 10 districts, for phases 1
and 2 only, and connected
with modern and efficient
transport systems integrated
… insists universities will not be exempted from TSA
Federal Government
on Wednesday admitted
that it failed in
not keeping its own
side of the bargain in agreements
with the Academic
Staff Union of Universities
(ASUU), causing them to
embark on industrial action.
It however insisted that it
would not exclude universities
in the country from it
Treasury Single Account
(TSA) as requested by the
Union.
This was disclosed by the
minister of education, Adamu
Adamu, while briefing
newsmen after the weekly
Federal Executive Council
meeting, at the State House
Abuja, saying the tertiary
institutions would only be allowed
to spend directly from
their endowment funds collected
from the government.
The government also
awarded a $122 million rail
with the Lagos waterways. The
Business District is home to the
future financial hub of Africa,
and covers 700,000 square
meters of prime real estate.
The city will fulfil the residential
needs of Lagos state,
while also catering to her commercial
needs. Other highlights
of development in the
city at the moment include the
completion of 14 bridges, the
Great Wall of Lagos, which has
reduced the ocean surge into
Victoria Island and environs,
and the completed Eko Pearl
Towers, amongst others.
The City has a state-ofthe-art
24/7 infrastructure
network, including 21st Century
communications system,
quality road network and uninterrupted
electricity supply,
making it a compelling place
to live and work.
Upon completion, Eko Atlantic
will accommodate about
300,000 people as residents
while 200,000 individuals are
expected to commute to the
city on a daily basis either for
work or business transaction.
ASUU strike: We failed on our part, FG admits
Nigeria’s oil production cost down 70.5% to $23/barrel
… saves $3bn annually as NAPIMS inaugurates anti-corruption committee
Nigerian National
Petroleum Corporation
(NNPC)
says it has driven
down the cost of crude oil
production from $78 per barrel
as of August 2015 to $23
per barrel, representing 70.5
percent reduction.
Group general manager of
National Petroleum Investment
Management Services
(NAPIMS), a unit of NNPC,
Dafe Sejebor, who disclosed
this in a statement during
the inauguration of the Anti-
Corruption Committee of the
unit, said the move had saved
a minimum of $3 billion per
annum for the nation.
Sejebor said NAPIMS ar-
contract to China’s CCECC
for the rehabilitation of
Itapke-Ajaokuta rail line.
Track laying and permanent
way works and railway
ancillary facilities area. The
government also assured
that by October this year new
locomotives would be in use
to remove at least a million
tons of goods from the road.
Briefing alongside the
Minister of Information and
Culture, Lai Mohammed, the
minister was speaking on the
heels of the ongoing strike
action by the ASUU grounding
academic activities in the
country.
According to Mohammed,
the ASUU had made
some eight demands that the
government were working
on. The union, on Monday
embarked on an indefinite
industrial action citing government’s
refusal to meet its
demands and subsequent
agreements reached with the
government.
ing at the difference between
the $78 and $23, which represent
the old and new cost of
production in relation to the
present daily average production
in the country.
“If you knock down your
cost of production from $78
per barrel to $23, take the
difference and multiply by
the average daily production,
you will discover that
we are saving a minimum
of $3billion in the upstream
for both Production Sharing
Contracts (PSCs) and Joint
Ventures (JVs),” he said.
The GGM informed that
the target was to bring the
cost of production to between
$17 and $19 for onshore and
offshore production respectively.
“It is very sad that I am
here and ASUU is on strike,
late last year we had a meeting
because ASUU gave one
week notice of strike and
we were able to work out
some agreement. I must
confess government has not
fulfilled its part of the bargain,
even though we are
unhappy that ASUU went on
this strike without following
due process and giving us
good notice, we realised that
we promised something
and we didn’t fulfil it,” he
said, adding that he hoped
that after negotiations later
today the union would call
off the strike.
“They have requested
that they should be allowed
to stay off TSA and I think
government will not do this
but there are some peculiar
funds in the university like
endowment which are monies
kept and all the interest
they generate, prices and so
on are given.
Federal Government for its
support to the NNPC management
in tackling the
challenges in the petroleum
industry, especially the cash
call exit agreement signed
in 2016 and the reduction of
contracting circle from three
years to six months.
On the new Petroleum
Policy, Sejebor said it was
necessitated by the increasing
difficulty in operating
the petroleum industry
within the framework of
the old Petroleum Act in the
face of the delayed passage
of the Petroleum Industry
Bill (PIB).
He said the policy would
restore investors’ confidence
in the industry pending the
full passage of the entire PIB