Category: Business

  • A tale of waterfront home-owners

    In most countries, waterfront homes depict luxury, which only the super rich can afford. In Nigeria, the waterfront is synonymous with poverty and filth. It is an eyesore unbefitting of human habitation. The Lagos State Government is cleaning up the waterfronts to make them habitable and environment-friendly. OKWY IROEGBU-CHIKEZIE reports

    For some, living on the waterfront is a show of class and affluence.
    The environment is serene; beautiful and convenient. There’s ample space to connect with nature, and surf, especially for those who love water sports.

    For others, it translates to squalor, fifith and deprivation. Most waterfront homes in the United States (US), Britain, Spain, Amsterdam, Paris, Italy, Venice and others have every feature one could possibly “ever want including a clean beach, clean air and nice place to work out.”

    It also provides a source of inspiration for artists and writers, especially articles dealing with nature. Proximity to the waterfront also means easy access to water sports, some have linked it to wellness of the body and soul.

    But the above is certainly not the case in Nigeria. Here people are exposed to foul odour from debris washed out from the sea. It is often the abode of criminals and layabouts who use the waterfront as launch pads to attack residents and visitors alike.
    For those who desire to live by the sea side, realtors have advised them on some facts they should consider.
    Mr. Ugo Emechere, and Mrs. Evelyn Osita all realtors in Lagos spoke on the possibility of damage to homes from hurricanes and tropical storms and wash-outs by erosion. This they say may result in loss of lives as was witnessed at the Lagos Bar Beach some weeks back.

    In Nigeria, majority of those live on waterfronts not because of their love for nature per se but because they are ply their business on the water. The nation’s waterfront is inhabited by the urban poor who are united in poverty, sharing a kindred spirit of ‘hope for a better future’ that never materializes.

    Others live there because they cannot afford accommodation elsewhere in a decent environment; some take up abodes for economic activities like what obtained at the Kuramo Beach in Lagos before the residents were sent packing by the state government.

    The state government cited insecurity of lives and the fact that people simply formed colonies illegally without recourse to the laws governing the state waterfronts.

    Luck ran out on some of them when an early morning ocean surge sacked them, leaving several persons dead and others missing.

    The Commissioner for Waterfront Infrastructure, Mr Segun Oniru, while urging the residents to leave Kuramo Beach for their safety to avoid future disaster, argued that it was in their best interest and that of the government to tarnsform the beach fronts to what it should be as it is in advanced world.

    He said the government’s ongoing infrastructure plan for the waterfront has no place for shanties and riotous living that is seen on most of the beaches.

    Oniru said the residents didn’t secure government’s permission before settling down with their families to transact their businesses, which has lasted for years. He also ordered the relocation of residents of Badagry and Ojo waterfronts, Goshen Estate, Maiyegun and Alpha Beach to safer places.

    But an artiste, Nse Ekpenyong, said rather than criminalising those who live on the waterfronts, the government should be blamed for turning its eyes the other way while the communities grew not only on Lagos coastlines but on other coastlines of Port Harcourt and others, noting that nature abhors vacuum.

    She wondered why resorts could not be built along the sea coasts with deliberate plans put in place to develop waterfronts to aid what she called great works of arts against the poor story lines in most movies in Nollywood and novels. She regretted the poor infrastructure provision in Makoko/Iwaya, a waterfront community of about 30,000 urban poor families, who were mainly fishermen recently sacked by the governor after an eviction notice.

    She agreed the place was an eyesore that did not befit human habitation. Nse, however, asked the state government to transform the waterfront as: “There are fishermen in developed countries who live decently and not in filth and high grade limitattions, she added.”

    An environmentalist, Mr Silas Peters, accused the government of not preserving the waterfronts from natural and human destruction. He noted that aside the vagaries of nature on the coastlines, the inaction of successive government’s had made the waterfronts an eye sore.

    He stressed that while the waterfront is the exclusive preserve of the rich and powerful in developed countries, here, it represents the depraved and the very low in the income bracket who live by the day.

    He urged the government to muster the necessary political will and improve the façade to encourage tourism, which is a great income earner.

    On those who traditionally live around water and have been dislocated by the government, he asked that they be reoriented and encouraged to pursue other economic rewarding ventures and move on.

    He decried the negative activities associated with the waterfronts, noting that they are not only economically harmful but environmentally dangerous.

    The environmetalist insisted that except there was a positive change from the public and the government, the waterfront would remain in limbo.

    He said: “Our waterfronts have no reason not to be as economically rewarding as the city of Florida in the United States and others in major cities of the world because the economic potential of our waterfronts is still untapped.”

  • Surveyors get 17 Fellows

    The Nigerian Institution of Surveyors (NIS) has elevated 17 members to Fellows.
    The new Fellows, according to a statement, were administered with the oath of office at an investiture last month, in Ibadan, Oyo State capital.

    NIS President Hon Bode Adeaga, in a remark, said the members admitted Fellows were worthy of the honour.
    Adeaga charged them to maintain the “highest moral standard and untainted integrity”, as well as “uphold a strict code of personal and professional conduct at all times.”

    In a message on the occasion, Governor of Oyo State Senator Abiola Ajimobi challenged the surveyors to contribute to efforts that will make a difference in the economy and also “play by the rules”.

    Speaking on the theme “Explaining the Security Challenges in Contemporary Nigeria,” the guest speaker, Prof. Isaac Olawale Albert, said surveyors had a key role in the overall security of the country.

    The professor of Peace and Conflict Studies, at the University of Ibadan, charged them to contribute to efforts to bring lasting peace to the polity, as professionals cannot practise in an atmosphere of crisis and violence.

    On the rising campaign of violence by the Boko Haram sect, Albert advised the government to dialogue with the extremist sect which is the greatest threat to the country’s corporate existence. He argued that the “use of force” would not solve the long-drawn crisis.

    Aside the 17 Fellows, the professional body also bestowed awards of “distinguished fellows” on 27, some of them elderly members for their “passion, commitment and contribution” to uplifting the institution.

  • New Petroleum Industry Bill – An analysis

    The draft revised version of the Petroleum Industry Bill has finally been presented to the National Assembly and will hopefully be passed into Law without the necessity of any further amendments.

    The process was started in 2007 by the government of former President Olusegun Obasanjo on a realization that there was an urgent need to completely overhaul the oil and gas industry given the wanton ineptitude and gross inefficiency inherent in the system and especially in the operations of the Nigerian National Petroleum Corporation (NNPC), which rendered it incapable of meeting the aspirations for which it was set up.

    It is pertinent to note that the NNPC’s broad objectives included amongst others; participating in all stages and areas of the upstream and downstream energy sector; participating on behalf of the Federal Government in petroleum activities; performing regulatory functions; engaging in activities to enhance the petroleum industry with an overall mission to drive Nigeria’s economic and technical advancement, leveraging the country’s valuable petroleum resources.

    The NNPC became a hydra headed monster, performing the roles of regulator, operator, buyer and seller of oil and petroleum products and also a service provider. The consequence is an oil and gas industry that is bogged down by excessive government interference, bureaucracy, non-market pricing regimes, gross corruption and poor management.

    The former President Obasanjo set up the Oil and Gas Reform Implementation Committee (OGIC) to make viable proposals on how to overhaul the system with a view to making NNPC more efficient in its operations as a commercial entity. The findings of that committee were not implemented to the letter.

    The administration of former President Musa Yar’Adua continued this process by setting up the Lukman panel to address the plethora of issues that plagued the industry and importantly to define the legal regulatory and institutional framework that will govern activities in the industry especially the operations of the NNPC with a directive to maximise Nigeria’s interest. The report formed the basis of the first Petroleum Industry Bill of 2008.

    On coming to power, President Goodluck Jonathan followed the footsteps of president Yar’Adua to drive the reforms in the sector and create an industry that will usher Nigeria as one of the most industrialized countries in the world by the year 2020. The policy objective is to create an industry whose operations are transparent, highly efficient, corrupt free, competitive and in conformity with international best practice. There is also a policy goal to maximise Nigeria’s interest from the exploitation of its hydro carbon resource.

    The draft PIB repeals all existing laws and regulations governing the industry and is a comprehensive law governing all aspects of the oil and gas industry enshrining the principles of transparency, efficiency, competition and above all national interest.

    The first part of the Act deals with objectives which are stated as follows:
    •Create a conducive business environment for petroleum operations;
    Issues:
    This objective captures the need to create an enabling environment for investors and investments in the country. It is pertinent to point out that this will only be actualized when the current security challenge in the country is effectively contained.

    • Enhance exploration and exploitation of petroleum resources in Nigeria for the benefit of the Nigerian people;
    Issues:
    This objective makes the exploitation of the hydro carbon resource for the benefit of the Nigerian people a cardinal principle given the fact that the Nigerian people have not derived any significant benefit from oil operations since commercial discovery in 1950. It is hoped that the structures and institutions put in place in the new law will drive this objective.

    •Optimise domestic gas supplies particularly for power generation and industrial development;
    Issues:
    This is in line with government’s interventionist approach to stimulate gas supply obligation to ensure that there is supply to meet growing domestic demand projected to grow to 2 billion cubic feet per day of gas by the end of 2011.

    •Establish a progressive fiscal framework that encourages further investment in the petroleum industry whilst optimising revenues accruing to the Government;
    Issues:
    This seeks to strike a balance between investor and host government interest, given their diametrically opposing interests. For the investor, a fiscal regime that guarantees rewards commensurate with risks is vitally important while the host government seeks to maximize its revenues from oil and gas operations.

    •Establish commercially oriented and profit driven oil and gas entities;
    Issues:

    This is in line with the full commercialisation of NNPC to operate as a limited liability company with a profit driven mandate which will lead to good governance and high efficiency
    • Deregulate and liberalise the downstream petroleum sector;

    Issues:

    This is a welcome development to rid the downstream sector of government interference, stem fraud and corruption and introduce competition. It is hoped that government will demonstrate the political will to completely remove subsidy.
    •Create efficient and effective regulatory agencies;

    Issues:

    The bane of the industry includes gross inefficiency, weak regulatory institutions, endemic corruption and overall poor management. A new face of the industry with high efficiency and effectiveness of its regulatory institutions is certainly welcome. It is hoped that the institutions created under the Act will deliver on this objective.
    •Promote transparency and openness in the administration of the petroleum resources of Nigeria;
    Issues:

    This objective if implemented will institutionalize international best practice and boost investor confidence.
    • Promote the development of Nigerian Content in the petroleum industry
    Issues:

    As I stated in my recent analysis of the Nigerian Content Act, the PIB is a superstructure upon which the Nigerian Content Act is based. The PIB and LC Act are therefore mutually inclusive and coterminous. The PIB in supporting the Act confers the same benefits as the NC Act and provides for those categories of contracts which now fall within the domain of Nigerian indigenous companies and also for the training and participation of Nigerians in all aspects of the oil and gas industry.
    • Protect health, safety and environment in the course of petroleum operations;
    Issues:

    The protection of health, safety and the environment has become a central focus of oil and gas operations globally and continues to be on the front burner. There is provision for the early remediation of health, safety and environmental problems and an obligation on all operators to develop environmental management plans as well as pay compensation for damage to the environment.A very welcome development that will check environmental degradation especially in the Niger Delta.

    •Attain such other objectives to promote a viable and sustainable petroleum industry in Nigeria.

    Part 11 of the Act establishes key institutions.

    • Petroleum Technical Bureau – Section 9.
    This is a special unit in the office of the Minister and shall consist of professionals with expertise in the upstream and downstream sectors of the petroleum industry. It replaces the former Frontier Exploration Services of NNPC. Functions include: to provide technical and professional support to the minister on matters relating to the petroleum industry amongst others.

    • Upstream Petroleum Inspectorate – Section 13.
    This replaces the former DPR, with the objectives to promote the efficient safe effective and sustainable infrastructural development of the upstream sector of the petroleum industry amongst others.

    Its functions include: to administer and enforce policies, laws and regulations relating to all aspects of upstream petroleum operations which are assigned to it under any law. It is also to enforce compliance with the terms and conditions of all leases, licences, permits in respect of upstream petroleum operations amongst others.

    Issues:
    This function clearly overlaps with the functions of the Nigerian Content Development and Monitoring Board and may result in conflict in carrying out their duties. It is hoped that the two institutions will work harmoniously.
    • Downstream Petroleum Regulatory Agency – Section 43
    It takes over the functions of the Petroleum Pricing and Regulatory Agency and the Directorate of Petroleum Resources. Its main function is to administer and enforce policies, laws and regulations relating to all aspects of downstream petroleum operations as may be assigned it by law.

    • Petroleum Technology Development Fund – Section 73.
    S. 76 states that the purpose of the fund shall be for training Nigerians to qualify as graduates, professionals, technicians and craftsmen in the fields of engineering, geology, science and other related fields in the petroleum industry and in particular and without prejudice to the generality of the foregoing, the funds shall be utilized inter – alia to (a) provide scholarships and bursaries, wholly or partially in universities, institutions and in petroleum undertakings in Nigeria or abroad.
    Issues:

    Note that this law is saved in the new Act. Its key function is to apply the Development Funds for development of petroleum technology, capacities and capabilities or the training and education of Nigerians in the petroleum industry.

    It is hoped that there will be a transparent, equitable and just system that ensures access of qualified Nigerians to the Fund. Equally, it is expected that the Funds will drive Research and Development and capacity building in the industry and Nigeria as a whole thereby serving as a catalyst for Nigeria’s technological and economic development. The Nigerian Content Development and Monitoring Board must of necessity work closely with the Fund to ensure maximum success.

    •Ms Obua, a solicitor with over 20 years experience, is from the University of Dundee. She practices in the UK and also a partner at EN&N Legal Practitioners Victoria Island Lagos and can be reached at efuru@ennlawfirm.com/ eobua@hotmail.com

  • GMS for Lagos planning agencies

    Lagos State Government has appointed Messers Rotimi Toyin Abdul and Mr Kehinde Benedict Olawunmi as the General Managers of Lagos State Physical Planning Permit Authority (LASPPPA) and Lagos State Urban Renewal Authority (LASURA).

    Abdul until this appointment , according to a statement, was the Director, Transportation Policy and Co-ordination Department, Lagos Ministry of Transportation. He is a member of the American Planning Association, Nigeria Institute of Shipping, Nigeria Institute of Town Planners, Institute of Transportation Engineers and Town Planners Registration Council of Nigeria.

    He attended the Molusi College, Ijebu Igbo between 1966 and 1970 for his secondary education before proceeding to Yaba College of Technology, Lagos for his National Diploma (OND) and Higher National Diploma in Town Planning.
    He thereafter proceeded to University of the District of Columbia, Washington D.C, United States for his Bachelor of Science (BSc) programme in Urban and Community Planning and later Lagos State University, Ojo, Lagos, where he bagged a Master Degree in Transportation Planning in 2003.

    He joined the service of Lagos State Government on 6th March, 1978 and rose to the post of full Director Grade Level 17 in 2007.

    Abdul since employment has worked in virtually all Urban Planning departments and agencies of the state, some of which include: Deputy Director, Ministry of Transportation (2003 to 2007) etc

  • Yaba College honours NIQS boss

    President of the Nigerian Institute of Quantity Surveyors (NIQS ) Mr Agele Alufohai has been honoured with a special award for professional excellence.

    The award, according to a statement was given by the School of Environmental Studies, Yaba College of Technology, Lagos at the fourth edition of the school’s Lecture/Award ceremony.

    The event, which was hosted by the School of Environmental Studies and held at the College Hall, had as its theme: The role of good governance in national development.

    Speaking the Chairman and Dean, School of Technology, Mr Adigun, said that the award was given toAlufohai in recognition of his contribution to the industry in the past three decades.

    He advised Alufohai and other awardees to consider the honour bestowed on them as a fresh call to contribute more to the growth and development of the Building/Construction environment and the nation at large, adding that the world is aware of their excellent performance and that posterity will never forget them.

    The Chairman used the occasion to advise students to continue with their quest for the top as they are the future of this great nation and the Environmental Society at large.

    In his lecture delivered at the event, Dr. G. S. Mmaduabuchi Okeke of the Department of Political Science, University of Lagos, said that good governance requires continued support for a strong and vibrant civil society that would engage the government in a constructive manner to bring about accountability and transparency in governance, and ultimately engender meaningful development.

    He further urged the gathering to build a strong education sector with enlightened citizenry which will aid building a strong economy for the people.

    In his speech, Alufohai thanked the Dean, Staff and Students of the school for the award. He added that the Quantity Surveyors Board remains committed to assisting the nation and citizens in the development of the country’s landscape especially in advocating for an effective economic policy framework that will channel the government’s energy towards ensuring proper project management. He therefore urged students to develop self-confidence and position themselves as prized asset to their employers.

    In appreciation of the award, Alufohai instituted the Agele Alufohai Academic Excellence Endowment, which will provide scholarship to cover school fees, accommodation and feeding for the best overall Quantity Surveying Student studying for National Diploma (ND) 1 & 2 and Higher National Diploma (HND) 1. Akintunde Oyewale subsequently emerged
    successful as the first candidate to win the award. Similarly, the best overall student in HND 2 category will henceforth win N100, 000 annually under the endowment. He assured that the scholarship will last for as long as there is life, noting that this will encourage students to put in their best to academic performance.

    Alufohai is a Fellow of the Nigerian Institute of Quantity Surveyors and Member of the Royal Institution of Chartered Surveyor of United Kingdom and Ireland and a graduate of Yaba College of Technology.

  • Shell to construct world’s first oil sands CCS project

    Shell Company has said it would go ahead with the first carbon capture and storage (CCS) project for an oil sands operation in Canada. The Quest project will be built on behalf of the Athabasca Oil Sands Project joint venture owners (Shell, Chevron and Marathon Oil) and with support from the Governments of Canada and Alberta.

    In a statement issued by the company, its Chief Executive Officer, Peter Voser, explained that CCS is critical to meeting the huge projected increase in global energy demand while reducing carbon dioxide (CO2) emissions. “If you want to achieve climate change goals, CCS has to be part of the solution. We are helping to advance CCS technology on a number of fronts around the world, but Quest will be our flagship project,” he added.

    Alberta’s oil sands are a secure, reliable source of energy and an economic engine which drives employment, training and business development across Canada and beyond.“We will need all sources of energy to meet world demand in the coming decades,” Voser noted adding that lower CO2 energy sources will grow, but even by 2050 at least 65 per cent of our energy will still come from fossil fuels, so CCS will be important to manage climate impacts.

    The Athabasca Oil Sands project produces bitumen, which is piped to Shell’s Scotford Upgrader near Edmonton, Alberta. From late 2015, Quest will capture and store deep underground more than one million tonnes a year of CO2 produced in bitumen processing. Quest will reduce direct emissions from the Scotford Upgrader by up to 35 per cent – the equivalent of taking 175,000 North American cars off the road annually.

    “Quest is another example of how we are using technology and innovation to improve the environmental performance of our oil sands operations,” said Shell Executive Vice President of Heavy Oil, John Abbott. “The opportunity Quest provides to reduce emissions from our upgrading activities is an important achievement in itself, but the project’s technical and strategic value reaches beyond the emissions it will capture.”

    “Quest is important because it is a fully integrated project that will demonstrate existing capture, transportation, injection and storage technologies working together for the safe and permanent storage of CO2. The knowledge it provides will help to enable much wider and more cost-effective application of CCS through the energy industry and other sectors in years to come.”

    Both the Canadian federal and Albertan provincial governments have identified CCS as an important technology in their strategies to reduce CO2 emissions. The Alberta government will invest $745 million in Quest from a $2 billion fund to support CCS, while the Government of Canada will invest $120 million through its Clean Energy Fund.

    “We will continue to invest in innovative clean energy technologies such as the Shell Quest project to help support high-quality jobs and responsible development of Canada’s energy resources,” said the Honourable Joe Oliver, Minister of Natural Resources. “Carbon capture and storage has the potential to help us balance our need for energy with our need to protect the environment.”

    “Today’s announcement reaffirms Alberta’s position as a global leader in carbon capture and storage,” said Energy Minister Ken Hughes. “Technologies like CCS will play an instrumental role in helping to lower greenhouse gas intensity from the oil sands and demonstrate to the world Alberta’s commitment to responsible energy development,” he added.

    The International Energy Agency (IEA) calls CCS “a crucial part of worldwide efforts to limit global warming” and estimates that it could deliver about one-fifth of necessary worldwide reductions in greenhouse gases by 2050. Shell is also working with governments and experts to help the development of CCS in other countries, including projects in Norway and Australia.

     

     

  • Management changes at LCC

    The Managing Director/CEO of Lekki Concession Company Ltd (LCC), Mr Opuiyo Oforiokuma, has been appointed Managing Director of the Asset & Resource Management Company Ltd (“ARM”) Infrastructure Fund (ARM Infrastructure), with effect from October 1, 2012.

    In a statement, MD/CEO of ARM, Mr Deji Alli, said Oforiokuma’s move was an important step to ARM’s infrastructure strategy,
    “Developing and managing infrastructure in West Africa, and in Nigeria in particular, have long been an integral part of ARM’s vision and long-term strategic plan. We have steadily and purposefully pursued our infrastructure strategy from as far back as 2000, evidence of which is our successful achievement of financial close of the Lekki Toll Road transaction in 2008″, he said.

    Alli added: “Establishing LCC, and demonstrating the possibilities in the infrastructure space, was the first stage of implementing our vision and strategic plan. We believe that we have done this over the last six years with Opuiyo Oforiokuma at the helm of LCC.

    “The next stages for us now are to develop a broader infrastructure platform, with a focus that goes beyond Toll Roads. The vehicle for that is ARM Infrastructure.

    We already have a number of new infrastructure deals under development within the ARM Infrastructure pipeline, and are observing an increasing momentum in the pace of development in the infrastructure sector within our target geographical zone.

    We, therefore, believe that it is the right time to ask Mr Oforiokuma, who has 25 years of international experience and a proven track record in infrastructure development and management, to take on the responsibility for leading the next stage of implementation of our vision and strategy in this space.”

    Reacting to the announcement, Mr Oforiokuma said: “It has been my privilege to have led the multi-talented, passionate, and highly committed group of individuals that have made LCC what it is today, and to have enjoyed tremendous support from our PPP partner, Lagos State government, our bankers, shareholders, and various key stakeholder groups interested in the project, these past six years.”

    He noted: “ While there were challenges at times, and that there are some still to overcome, we are pleased that we have made visible progress to date.

    Being in a position to now develop a broader range of Infrastructure opportunities through a credible group such as ARM, is a tremendous opportunity and natural next step. There’s a lot more to do in the infrastructure space in Nigeria and West Africa, and we believe that ARM has a lot to offer.”

    Mr Oforiokuma was appointed by ARM as LCC’s first Managing Director/CEO, in 2006, and has led the Company from inception to the present time, steering the Company along its pioneering journey as Nigeria’s first-ever Public-Private-Partnership (“PPP”) Toll Road Concession.

    This journey according to the statement, has included the achievement of financial close of LCC’s N50 billion long-term financing package, on ground-breaking terms for Nigeria; gaining several prestigious local and international awards; execution and delivery of the first two road sections of the new Eti-Osa Lekki-Epe Expressway; and building strong brand name recognition for LCC locally and internationally; amongst several other notable achievements.

    ARM’s shareholding in LCC according to the statement now falls within the ARM Infrastructure portfolio.

    “Therefore, Mr Oforiokuma, who will remain on the Board of LCC as a non-executive Director, will continue to provide advice to the Company, as well as exercise oversight over ARM’s investment in LCC. Furthermore, to assist with the Company’s transition to new management, and to ensure continuity while new developments such as the commencement of the next stage of direct tolling of the expressway are implemented, Mr Oforiokuma will remain the Company’s chief media and public relations spokesman for some time,” the statement added.

    While recruitment of LCC’s next substantive Managing Director/CEO is ongoing, the statement said Mr Mike Edington, currently Head of Asset Management at African Infrastructure Investment Managers (“AIIM”), and a Board Director of LCC, will take on responsibility for the day-to-day running of all aspects of LCC in the capacity of Acting Managing Director/CEO. AIIM, the official representative of the foreign shareholder in LCC, is a 50:50 Joint Venture between Macquarie Bank Group of Australia and Old Mutual of South Africa. Mr Edington has a long and distinguished career spanning more than 40 years in infrastructure development and management.

    His previous roles include Head of Project Finance at Nedbank, one of South Africa’s largest and most reputable banking institutions, and Head of Concessions at Aveng Grinaker LTA, one of South Africa’s largest multi-disciplinary civil engineering and construction contracting companies.

    Further changes that are being implemented at LCC include the appointment of Mr Benson Ajayi and Mr Jobalo Oshikanlu, currently LCC Head of Finance and LCC Head of Legal, respectively, and both of whom have been members of LCC’s senior management team for the last six years, as Acting Executive Directors on the Board of LCC.

    ARM Infrastructure is set up to manage the new US$250 Million specialist infrastructure equity fund being established by ARM, with a focus on developing and managing a broader portfolio of infrastructure assets throughout Nigeria and West Africa, including power, transport, and water.

    ARM, a leading diversified financial services institution with businesses focusing on Traditional Asset Management and Specialised Funds, within which various products and bespoke asset management services are offered to its diverse clients, is LCC’s founding shareholder and co-sponsor of the pioneering Lekki Toll Road Concession, currently being implemented by LCC under a 30-year mandate from Lagos State Government.

  • Entries for young architects’ competition close

    Nigerite Limited, the manufacturers of NIT fibre cement roofing and ceiling sheets, has announced the closure of entries for 2012 Young Architects and Students Competition.

    The competition, which is being organised in conjunction with the Africa Union of Architects (AUA) will have jurors reviewing entries from today to Thursday at its head office in Lagos.

    According to a statement by Nigerite’s Communications Manager, Mr Dapo Ajayi, “winners will be announced at a media parley on Friday at the company’s premises in Lagos.”

    The Managing Director of Nigerite Limited, Mr Jean Luc Viatour, and other top management staff of the company are expected to attend the event.

    Ajayi said that winners will be invited for the grand finale of the award which will come up in Accra, Ghana on October 5, 2012.

    Nigerite has over the years continued to lend support to educational institutions at all levels from primary through secondary and tertiary institutions.

    It has been vibrant in the area of capacity building by providing outstanding platforms for Nigerian youths to develop their minds and body towards influencing a new and rewarding society.

    The company has been carrying the flag on youth leadership and change through ‘Youth our Future’ programme which was put together for all round development of the Nigerian youth.

    It has forged partnerships with individuals, organisations and all levels of governments that share the vision of a bright future for the Nigerian youths.

    Nigerite Limited is a member of Etex Group; the largest company in Africa which engages in the manufacturing of NT fibre cement roofing and ceiling sheets, concrete roofing tiles and vinyl floor tiles.

    It was incorporated in Nigeria in 1959 and started operations in 1961. Awarded the NIS ISO 9002 (Certificate of the quality management system for the manufacture, sales and installation of fibre-reinforced building materials and PVC floor tiles), NIS ISO 14001 (Certificate of the Environmental Management Systems) and NIS ISO 9001:2000 Certificates in March 1998, September 2002 and December 2002 respectively.

    Nigerite Limited is a venture between Odua Investment Corporation Limited and Etex Group of Belgium.

  • Lagos builds three housing estates

    The effort of the Lagos State Government to provide decent housing for its teeming population is yielding fruits as three new projects will be handed over to subscribers soon.
    They are a block of luxury flats at Parkview Ikoyi, Maisonette duplex at Ikeja and Gbagada Housing schemes, expressed satisfaction with the rate of completion of the luxury flats at Parkview, Ikoyi.
    He praised the contractors for a job well done and for striving to deliver within the time frame.
    The six units of three-bedroom flats sit on 2,100 square metres in the highbrow area. Its facilities include swimming pool, lawn tennis court, adequate parking space, water treatment plant and others.
    Gbagada has 11 blocks of 88 units of three and four-bedroom maisonettes on a 3.262 hectares of land.
    Ikeja has 76 units of four-bedroom maisonettes in the GRA. The estate has the accompaniment of paved roads with parking lots; mini-water works and independent power supply.
    Jeje expressed satisfaction at the pace of work done and promised that the project will be delivered as at when due.

  • Suspected stolen tokunbo vehicles flood market

    Hundreds of used vehicles, popularly known as tokunbo, believed to have been stolen abroad, have found their way into the country, according to security reports.

    A syndicate, which specialised in the importation of such vehicles from the United States (US), has been smashed by the American police, it was learnt.

    A top security official said most members of the syndicate were from the Middle East and Lebanon, adding that they have collaborators among importers and auto traders in West Africa.

    Our investigation, showed that there are ships which freight stolen cargoes to West Africa. Majority of the cargoes berth at the ports of some neighbouring countries.

    On arrival at those ports, they are cleared and sold to Nigerian traders, who offload them on buyers in Lagos, Abuja, Kano and Port Harcourt.

    A used car trader in Lagos, Mr Frances Okuwdili, said some traders buy from those in Cotonou and sell to buyers in the country.

    Okuwdili denied the allegation by American security and judges that stolen vehicles are shipped to Tin Can Port, Lagos.

    He alleged that dealers in stolen vehicles operate from other ports in the sub-region.

    A senior Customs officer at Tin-Can Port, said people whose cars were stolen abroad know their vehicles are in Nigeria. He said the cars enter through the porous borders.

    He said: “I can tell you that majority of those stolen vehicles are not shipped directly to Lagos ports as some people are claiming.They first ship the vehicles to ports in neighbouring countries. From there, the vehicles are taken by road through bush paths to the Nigerian market.

    “One of the ports in our neighbouring countries handles between 80 and 90 per cent of stolen imported vehicles, while Lome Port of Togo and the Tin Can port in Lagos receive about five per cent each. But, the Americans believe such vehicles come in through Tin Can Island Port; that is not true.”