9 months ago

BusinessDay 06 Mar 2018


Tuesday 06 March 2018 30 BUSINESS DAY Richmond Gate 2 for completion in 2018 as Phase 1 leaves market Stories by CHUKA UROKO For home buyers with taste for luxury and classy neighbourhoods, good news is here. Haven Homes has begun construction work on the Phase 2 of its Richmond Gate Estate, having sold out the Phase 1 of the estate. The new project, according to the developers, is expected to be completed this year. Haven Homes is one of the old generation real estate investment and development firms in Nigeria which stands out as the country’s leading lifestyle living development connoisseur reputed for its Victorian designs with generous display of curve-architecture. The company, which has been in existence since 2006, is showing no sign of slowing down; instead, it seems intent on not just maintaining, but also raising its standards. Boasting a new money-client list that includes successful, classy celebrities and business people, Haven Homes is primed to retain its nickname as ‘The Beverly Hills of Lagos’ for years to come. Richmond Gate Phase 1 is nestled in an enclave near the 4th roundabout along the Lekki-Epe Expressway—a neighborhood where a visitor is likely to see the market- AMDC’s estate agents 5-Star partners programme empowers youth Alpha Mead Development Company (AMDC) has relaunched its estate agents 5-Star Partners programme as part of efforts at bridging the widening employment gap and empowering young Nigerians to create wealth for themselves. AMDC, a strategic business unit of the Alpha Mead Group and Nigeria’s first real estate development company certified to international ??????????? standards (ISO 9001: 2015) in the United Kingdom, is the developer of the upscale Lekki Pearl among other high end estate developments in Lagos. The 5-Star Partners programme is a sales network initiated by AMDC for real estate professionals, who are tired of doing things in the conventional way and seeking opportunity to try out new ideas and better ways of carrying out their L-R: Adetola Ajagunna, GM, sales & marketing, Green Park; Femi Akintunde, GMD, Alpha Mead; Kelechi Nwaorgu, 5-Star selling champion; Damola Akindolire, ED, real estate development, and Olusesan Ogunyooye, Head, marketing and corporate communications, both of Alpha Mead at the car presentation to the 5-Star selling champion in Lagos recently. day-to-day business transaction which will make them stand out in the marketplace. The re-launch event which offered new real estate agents and consultants the opportunity to sign up to the programme, having met the desired requirements, also provided the firm the opportunity to reward its best performing sales consultant of the year with a car as star prize. “Beyond providing housing solutions to meet the needs of middle income Nigerians, we are also very keen on empowering and helping young Nigerians create wealth,” Femi Akintunde, group managing director, Alpha Mead, said at the event. Akintunde noted that as real estate developers looked to respond to improving macroeconomic indices by exciting the market with new projects, it has become imperative to create opportunities like this to begin to inculcate the culture of real estate investment in young Nigerians. “It is clear to everyone that real estate is one of the most sustainable investments anyone can do. But most young Nigerians today can hardly afford to do that investment. So, what we have done is to create this vehicle called the 5-Star Partners to help these young Nigerians build equity to own their own land or home”, he said. Damola Akindolire, Executive Director Real Estate Development ing director of his favourite telecoms company, musician or actor pulling out of his driveway. This neighbourhood earned the nickname ‘The Beverly Hills of Lagos’ because about 10-15 top entertainment personalities, including icons like 2face Idibia,Tiwa Savage, AY Makun, Banky W and many more all own properties in the sprawling estate. When one thinks of luxury neighbourhoods in the Lagos metropolis, a few neighborhoods normally come to mind. On the island, most people will immediately think of Banana Island, Parkview Estate, Victoria Island, Old Ikoyi, and even Lekki Phase 1. But ‘The Beverly Hills of Lagos’ has quietly established itself as the latest, most-indemand, highly rated area for successful, upwardly mobile business people and celebrities alike. With ultra luxurious structures and airtight security where the guards would not let visitors in without appointment, Richmond Gate has become the neighborhood of choice for prospective homeowners who want exclusive luxury accommodation at a price point that does not require them to be billionaires or politicians. The estate promoters say that all they require from prospective buyers is a 30 percent down payment to begin a flexible-enough payment plan. This, perhaps, explains why many artists, actors, and business people are flocking to this at Alpha Mead, explained that the programme was out to set milestone sales target for the 5-Star Agents where they earned attractive commission on every sale they made and build equity with the company to own their own homes. “Example of this is what you have seen here today, where we just presented a car to Kelechi Nwaorgu, who signed on to the programme six months ago. Let me quickly add that this car prize has nothing to do with Kelechi’s commission. He keeps earning his commission while we help him build equity to drive home this car today”, he said. Tola Ajagunna, general manager, sales and marketing at the company, also commended Nwaorgu for his dedication, hard work and commitment to the AMDC brand. She encouraged the sales consultants to emulate Nwaorgu’s marketing tact and approach to enticing homebuyers to AMDCs’ projects. Nwaorgu, thanked the management of AMDC and told his colleagues that what pushed him to always do more was the integrity that AMDC stood for. “I used to move from site-to-site trying to sell roofing sheets, but since I joined the 5-Star Programme six months ago, I gave it all my best because I know that AMDC doesn’t sell anything that is questionable. All my clients have been happy with their purchase and I have peace of mind selling for a company with integrity”, he added. Events Diary Apapa-Wharf Road section 1 opens this week—Contractor Respite is in sight for motorists on Apapa-Wharf Road as section 1 of the 2-kilometre road will be opened to traffic this week. Project Coordinator of AG Dangote, Tunde Jimoh, who announced this at the construction site last week, said however that the opening would depend on work progress, hoping that opening that section of the road would aid free vehicular movement. The N4.3 billion reconstruction project has been divided into four sections for easier management, but according to Jimoh, gas pipelines, internet cables, water lines, 11KVA and 33 KVA electric cables in the project’s right of way initially slowed down the pace of work. Emmanuel Adeoye, Director, South West, Ministry of Works, commended AG Dangote and Borini Prono, the contractors handling key projects in Apapa and Oshodi-Apapa Expressway for complying with local content directives. Adeoye, who led directors and officials of the ministry and other stakeholders on a tour of federal government’s projects in Lagos, expressed satisfaction with the number of Nigerians on the employ of the firms and the fact that over 90 per cent of the materials were sourced locally. Enugu bullish on infrastructure, seeks N801m debt The Enugu State House of Assembly has approved a request by Governor Ifeanyi Ugwuanyi, to borrow N801.04 million, from the Nigerian Infrastructure Bank. The money, when secured, would enable the state government carry out more development projects, especially in the rural communities. Leader of the State House of Assembly, Ikechukwu Ezeugwu, while presenting the request by the governor, implored his colleagues to approve the loan to enable the executive carry on with different infrastructure development projects ongoing in various parts of the state. He said that the importance of the loan could not be over-emphasised because it would bring a lot of development to the state. The Deputy Speaker, Donatus Uzogbado, in supporting the motion said that the loan would bring more developments to the state when accessed. Uzogbado described the governor as a good manager of resources, saying he would utilise the loan properly for the betterment of all.“This is a governor you can trust in managing resources. He is a financial guru who knows what to do to move the state forward,” Uzogbado said. Meanwhile, the House of Assembly has set up a six-man committee to look into allegations of extortion at the Institute of Management and Technology (IMT) Enugu, in which first year students are forced to pay accommodation fee of N40,000 whether offered hostel accommodation or not. Speaker of the House, Edward Ubosi, was forced to constitute the committee, following the non-acceptance of the report presented by the committee headed by House Committee Chairman on Education, Matthew Ugwueze, earlier set up to look into the saga.

Tuesday 06 March 2018 BUSINESS DAY Energy Report C002D5556 31 Oil & Gas Power Renewables Environment Nigeria records appreciable reduction in barrel of crude oil unit cost Stories by Olusola Bello The minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, has said that the country has recorded an appreciable reduction in the unit cost of a barrel of crude oil. The minster, who did not state by how much percent the unit cost has lowered, stated this in his key note address at the Olobiri lecture organised by the Nigerian Society of Engineers in Abuja, disclosing that necessary steps have been taken to lower the cost of production The unit cost of a barrel of crude oil in the Nigerian oil and gas industry is one of the costliest in the world with the cost of a barrel going as high as between $25 and $30. The minister had been advocating that a unit cost of barrel should not be more than $15 at most. The reduction in the ac- tivities of the Niger Delta militants in the oil region may have been responsible for the lowering of the unit cost of a barrel. “Via our Big Win 5 (Transparency & Efficiency), we have successfully implemented necessary actions that have lowered the unit technical cost of production. A specific example is advocating for more collaboration across the entire value chain of our petroleum industry; this has resulted in elimination of duplicated efforts. Costs decline due to lesser capital that would have initially being expended in exerting single efforts,” he said. He also spoke about efforts being made at making the establishment of modular refineries a reality. Modular refinery he explained has garnered tractions in the country. “Modular refineries have also successfully garnered traction, with already established modular refinery equipment on their way to ports in the country . Institutional investors are portraying confidence in the productive engagements we have had with them in Niger Delta,” he said. According to the minister the efforts in Big Win 2 (Business Environment & Investment Drive) on improving our business environment have yielded positive results; as this has been able to attract investors into the entire value chain. He said the assiduous effort of the government towards reviving the refineries has resulted in an almostconcluded process that would stimulate the flow of private investments into the revamp the country’s three refineries. The minister who expressed appreciation to the association for its collaborative efforts for pushing improved transparency in the operations of the oil and gas industry said this concept is of great importance in all works of life. “Your inputs to our policies and frameworks are duly appreciated, as this ensures all stakeholders are considered in decisionmaking processes. The private and public sector all work towards the success stressing that the collective efforts of all stakeholders are what ensure continuity of our sector. “Our underlying agencies are also undergoing constant capacity development to ensure our technical abilities are apt. This has contributed towards our avoidance of HSSE-negative Issues. The costs associated with such issues extend to the Irreplaceable human lives; it is imperative we maintain our efforts”. The Nigeria Oil and Gas Industry mantra; the 7 Big Wins, he said, has been able to provide solutions to the various problems identified , with remnants that demand longer timelines, being on course to be achieved within the specific timeline. “ Our industry’s uniqueness lies in the fact that although, our ubiquity is never questioned, our gains could ultimately be losses. Everyone uses petroleum, but not everyone who produces it is assured of quantifiable profits”. He said although policies implemented by others could impact on the industry dynamics just as the inherent risks vary, adding that a nation’s ability to adequately prepare for the boom and bursts gives it adequate leverage when the market rollercoaster sets in. Emmanuel Iheanacho, Chairman, Integrated Oil and Gas Ltd., has appealed to the Federal Government has been urged to provide funding and enabling environment for entrepreneurs to establish modular refineries, to meet the nation’s refining capacity. Emmanuel Iheanacho, chairman, Integrated Oil and Gas Ltd and promoter of 20,000 Barrel Per Day (BPD) production capacity of Eko Refinery and Petrochemical, made the appeal in Lagos. He said the 250-million dollar (N90 billion) modular refinery at Tomaro Island Port, Amuwo Odofin Local Government Area, Lagos, would be a hub for the refinery industry. Iheanacho, however, appealed to the Federal Government to come up with a policy framework that will compel financial institutions to make funds available to indigenous players who might intend to Integrated oil seeks FG’s funding support for modular refineries build modular refineries. He says that when the 20,000 bpd refinery comes on stream it will address government’s frequent importation of refined petroleum products into the country. “Financial support is one major area we need government’s help, if government realises that there is need to have a lot of the small scale refineries to turn around the economy. “We can now start exporting more refined products than we are currently importing. “Government should make provision for financing because it is key requirement to do 20,000 barrels per day. “It requires an investment of millions of dollars. We need government to assist modular refinery operators. “We are not asking to be given grants and handout but to be assisted in the process of being able to secure financing in major finance institutions,” he said. Iheanacho also explained that if government could assist the operators to secure finance, it would go a long way to assist them realise some of the benefits that would drive the country’s economic growth. According to him, his 250 million dollars proposed refinery will be a reference point in Nigeria when completed. He said the 20,000 refinery was coming at a period when stakeholders had faulted the move by government to colocate refineries, rather than support holders of modular refinery licences. The Tomaro refinery he said is expected to begin production with Automated Gas Oil (AGO) known as diesel, Dual Purpose Kerosene (DPK), export quality aviation fuel, Naphta and fuel oil. He explained that the plant would be upgraded to produce Premium Motor Spirit (PMS) also known as petrol, as operations progressed. “The facility is designed as one-stop shop comprising refinery plant, storage facility, flour mill, ship repair yard, helipad for aviation operations to offshore platforms and resort centres”.he said. He said the project would also create massive employment for the teeming youths of the country. The Chairman, said that the detailed analysis of supporting technologies and engineering works at its $250 million (about N90 billion) refinery has commenced. He said that the 20,000bpd crude oil refinery project site at the Tomaro Industrial Park and Free Trade Zone in Lagos was designed to boost refining capacity in the country. According to him, the United States Trade Development Agency (USTDA) had provided $797,343 as initial funding for the take-off of the Refinery project for its detailed engineering design. The grant is for feasibility studies, supporting technologies and development of an implementation plan for a modular refinery on Tomaro Island in Lagos. “The Eko Petrochemicals and Refining Company selected Texas-based VFuels, LLC to advance the 20,000 barrels per day modular refinery. Eko Disco gets Army support against energy theft, vandalism and attack on officials The campaign by Eko Electricity Distribution Company, against energy theft, vandalism of its equipment and violent attack and harassment of its staff has received a big boost following promise of support for the campaign by the Nigerian Army. Giving the promise of support on behalf of the army was the General Officer Commanding (GOC) 81 Division of Nigerian Army in Lagos, Major General Enobong Okon Udoh when the management of Eko Disco led by the MD/ CEO of the company Adeoye Fadeyibi paid him a courtesy visit in his office at Kofo Abayomi, Victoria Island, Lagos. According to Gen. Udoh, though the responsibility of protecting electricity equipment and staff of the distribution company against violent attack and harassment does not primarily belong to the army, the army could still support the campaign by facilitating synergy between the company and other security agencies especially the Nigerian Security and Civil Defence Corps and the Nigerian Police. Speaking further, Maj. Gen. Udoh said although EKEDC is now a private company, the services it renders is public oriented adding that protecting electricity facilities against vandalism is for the socioeconomic development of the country and as such a task to be taken serious by all patriotic citizens. Commenting on the debt owed by the army in respect of electricity bills, the army chief said the army, not being a profit generating outfit, depends largely on funding from the Federal Government to meet its financial obligation. He further disclosed that a committee to review electricity bills owed by military formations nationwide had been set up and assured that every debt owed by the armed forces would eventually be settled. Major Gen. Udoh also assured that EKDC officials would be allowed free access into the barracks to carry out their official duties without any fear of harassment or molestation. While advocating for bulk metering of residential quarters and offices within the barracks, Maj Gen Udoh said mammy markets and other commercial concerns should be supplied with pre-paid meters to make operators of such commercial ventures pay for energy consumed. Olusola Bello, Team lead, Analysts: Kelechi Ewuzie, Isaac Anyaogu, Graphics: Fifen Famous. Email:, Tel: +234-8023020011; +234-7037817378; +234-8036534708

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