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Tag: fund

  • Africa Infrastructure Fund secures $100m loan from AfDB

    Africa Infrastructure Fund secures $100m loan from AfDB

    In a bid to reduce the huge infrastructure financing gap in Sub-Sahara Africa, the African Development Bank (AfDB) has approved US $100 million to the Emerging Africa Infrastructure Fund (EAIF), a Public Private Partnership (PPP) company, a statement has said .

    It will be recalled that EAIF granted credit facility to   Indorama Eleme Fertilizer and Chemicals Ltd (IEFCL) for  construction of its  new US$1.2 billion fertilizer plant in Port Harcourt, River State.

    Through a US$325-365 million debt raise, EAIF intends to develop the fund’s strategy of growing its loan portfolio over the next 3-5 years and to become a sustainable and concrete alternative to development finance institutions and commercial banks.

    Since its inception, the Fund has played a key role in the infrastructure landscape in Africa, investing in structuring and long-term infrastructure projects to the tune of over US$1.2 billion in about 70 transactions.

  • Chevron contributes $5m to Global Fund to reduce HIV infections in Nigeria

    Chevron contributes $5m to Global Fund to reduce HIV infections in Nigeria

    Chevron Nigeria Limited, (CNL), an affiliate of Chevron Corporation (Chevron), has announced the disbursement of $2.5 million to the Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund). The fund will also be used for the implementation of the Chevron-Global Fund Anti-Retroviral Treatment Service Maintenance Programme (ART Programme), in Delta, Bayelsa, Ondo and Lagos states. Next year also, a final installment of $2.5 million will be disbursed to support these HIV programmes, making the total  contribution to $5 million by Chevron.

    These funds are in addition to the $6.7 million earlier donated by Chevron for the Prevention of Mother-To-Child Transmission of HIV (PMTCT) in Bayelsa State.

    “The ART Programme will help bridge a critical national health gap and continue Chevron’s work in achieving an AIDS-free generation. The programne will help reduce new HIV infections and improve the quality of life for people living with HIV and other affected people in the communities of the targeted states.

    “Additionally, it will provide Nigerians with universal access to high-quality, patient-centered prevention, diagnosis and treatment services for tuberculosis, HIV and drug-resistant tuberculosis by 2020,” General Manager, Policy, Government and Public Affairs, CNL, Esimaje Brikinn, said.

    These disbursements are part of a nine-year, $60 million commitment from Chevron to the Global Fund. The Global Fund raises and invests nearly $4 billion a year to support programmes run by local experts to fight the three diseases in countries and communities most in need.

    The Global Fund is one of the world’s largest international financier of health care programmes fighting these three diseases.

    According to Brikinn: “Chevron has learned through decades of experience that our success is tied to the health and prosperity of the communities where we operate. Chevron’s social investments are developed through a participatory process and through partnerships not only with the communities, who are living in proximity to our operations, but also with other stakeholders, who share interests in common with our business (e.g., government, non-governmental organisations (NGOs), non-profits, development agencies, among others.”

    CNL has also committed substantial resources over the years in implementing initiatives aimed at combating several diseases in communities close to its operations and beyond. “The initiatives include River Boat Clinic, building of community health centres, donation of medical supplies and sponsorship of health campaigns,”Brikinn explained.

    The Minister of Health, Prof. Isaac Adewole, thanked Chevron for the gesture and noted that the efforts of the company over the years have exemplified the private sector support for health intervention programmes in Nigeria.

    “We are happy about what Chevron is doing to support government’s efforts in the fight of HIV and other diseases in Nigeria. That is what we have been advocating; that the private sector should show concern about public health issues. Government cannot do it alone, and this support is needed to achieve a healthy society” Prof. Adewole remarked.

    The Global Fund’s Strategy 2017-2022 outlines results targets for the partnership. Programmes supported by the Global Fund will save 14 million lives in the three-year period, beginning in 2017, bringing the total lives saved by the Global Fund partnership to 36 million by the end of 2019.

    Those programmes will also avert up to 194 million new infections or cases of HIV, TB and malaria

  • Germany’s €32.9m renewable energy projects fund coming

    The German Development Bank, and the African Trade Insurance Agency (ATI ) has announced a new instrument to support renewable energy projects that targets small- and mid-scale (up to 50 Mw) green power renewable energy projects in sub-Saharan Africa.

    The facility  according to reports, is designed to provide a viable solution to one of the biggest challenges facing independent power producers (IPPs) operating in Africa, specifically the requirement to provide project lenders with a liquidity guarantee.

    The German Federal Ministry of Economic Cooperation and Development (BMZ) through KfW will provide funding of up to 32.9 million Euro to the facility, which aims to enable small-and mid-scale renewable energy projects in Africa to reach financial close by addressing liquidity requirements that lenders frequently require in order to fund such projects.

    The report further stated that the launch of the new facility is happening at an opportune moment when emerging markets are seeing record investments in the renewable energy sector.  It stated that the International Energy Agency (IEA) expects sub-Saharan Africa’s renewables capacity to grow by 73 per cent (24.4GW) over the period 2017-22.

  • ‘Pension fund key for infrastructure financing’

    The Infrastructure Concession Regulatory Commission (ICRC) has called for meaningful private capital fund to implement plans that will kick-start rapid infrastructure development in the country.

    The cocmmission’s Acting Director-General,  Chidi Izuwah, who made the call at the 2017 Institute of Directors (IoD) Fellows Investiture ceremony, said piecemeal funding of projects would not yield the desired infrastructure transformation for the country.

    Speaking on the theme: “Infrastructure for National Development and Economic Prosperity”, Izuwah said provision of adequate infrastructure such as power, roads, trains, hospitals, schools and others need meaningful investment, which can only be brought about with meaningful private capital fund.

    Izuwah mentioned some of the successful Public Private Partnership (PPP) projects in the country to include the concession of the Nigerian Ports, Murtala Mohammed Airport and Garki Hospital, Abuja.

    “Nigeria’s huge infrastructure deficit is an opportunity to partner on a win-win basis with the private sector in virtually all economic and social infrastructure space,” he added.

    According to Izuwah new regulatory framework is now in place to foster seamless private involvement, security of investment, affordability, public interest and investors’ protection under the Federal Government’ Public Private Partnership (PPP) scheme.

    He hinted that the commission was looking at improvement on infrastructure financing through funds, which according to him, is a good private capital fund that should be invested in infrastructure for better turn over.

    He explained: “First, it is important that we need to put forward bankable projects because the private sector is interested in bankable projects. Bankability requires that if the private sector invests, there must be returns on investment. We are looking for the right mechanisms for these projects, and provide the right frame work that can attract investors.”

  • Oyo gets fund to rebuild dilapidated schools, others

    Oyo gets fund to rebuild dilapidated schools, others

    The Oyo State government has unfolded a plan to establish its Education Trust Fund (Oyo ETF) for rebuilding schools with dilapidated facilities and training of teachers.

    The chairman of the fund, Mrs Onikepo Akande, told reporters at the Ministry of Information, Culture and Tourism in Ibadan, the state capital, that the fund would be primarily applied to schools with dilapidated buildings and other facilities to complement the job of the School Governing Boards (SGB).

    Mrs Akande said the state of education in Nigeria was appalling, adding that Oyo ETF would revive quality education to meet global standards.

    The agency chief said the fund would assist the state in the financing of education and oversees the prudent management of the fund as well as other related matters.

    According to her, the fund will be applied to education at all levels and ensure completion of intervention projects.

    An amount equivalent to five per cent of the Value Added Tax (VAT) accruing to the state and its local governments would go to the fund.

    One per cent of Internally Generated Revenue (IGR) of public institutions in the state as well as any other fund appropriated by the House of Assembly would also go into the fund.

    These would be in addition to donations and grants by organisations and charitable individuals, she said.

    Mrs Akande said schools in need of urgent intervention were being collated for consideration, adding that many public and private schools had also been responding positively to the call to pay their statutory dues to the fund.

    She added that the work of the fund would complement those of OYOMESI and SGBs for overall improvement in public education across the state.

  • Disquiet over plans to withdraw N18b from N45b IDPs fund

    •N5b for ‘retraining’ of security personnel
    •We followed due process, says minister

    There is disquiet over the request to deduct N18,227,065,037.50 from the N45 billion approved by the National Assembly in 2016  for the Presidential Committee for the Northeast Initiative (PCNI).

    Of the targeted N18.2 billion, N5 billion is being proposed for the “retraining of security personnel” in the Northeast under a project called the “Bama Special Squad”.

    The National Assembly had, in December 2016, approved the N45 billion for the rehabilitation of millions of Internally Displaced Persons (IDPs) and rebuilding of the six Northeastern states ravaged by the Boko Haram insurgency.

    The N45 billion was meant to address humanitarian crises in the 112 local governments in the six states – Borno, Yobe, Adamawa, Bauchi, Gombe and Taraba.

    The N18. 2 billion is meant to go into a special account, the “Northeast Intervention Fund”, which has been placed under the control of Minister of State for Budget and National Planning Mrs. Zainab Ahmed and Chief of Staff to the President Abba Kyari.

    Kyari is the chairman of the Bama Initiative. He also chairs the Procurement Committee. Zenaib Ahmed chairs the Project Committee of the Bama Initiative.

    Responding to The Nation’s inquiries on the project, the minister said there was no wrong doing in the steps taken so far, insisting that due process was observed in setting up the Bama Initiative.

    Speaking through Mr. Akpandem James, an aide of the Minister of Budget and National Planning, Senator Udoma Udo Udoma, the Minister of State said the project was part of the intervention programme for the Northeast.

    The minister’s response, which came through an email questionnaire sent to her by The Nation, confirmed the request, but stated that the N18.2 billion had not been released .

    She insisted that the fund was not being diverted, adding that the Bama Initiative was conceptualised to address the development of the Northeast as a focused intervention that concentrates on providing a holistic solution.

    The minister said: “First of all, the word diversion is inappropriate here. The assumption may stem from the lack of understanding of the essence of the Northeast Intervention Fund and the role of the Presidential Committee on Northeast Initiative (PCNI).

    “Both have to do with interventions in the Northeast rehabilitation programme. A representative of the PCNI is a member of Presidential Steering Committee, the Implementation and Procurement Committees of the Bama Initiative (TBI); so the question of diversion does not arise.

    “The Northeast Intervention Fund is a Service Wide Vote, which has a budgetary provision of N45 billion. Expenditure from this vote can be approved by the President for the development of the Northeast. PCNI is funded from the vote, so is TBI.

    “The Bama Initiative was conceptualised to address the development of the Northeast as a focused intervention that concentrates on providing a holistic solution; an improvement on the fragmented approach in the past few years.

    “TBI is meant to be a pilot that can be replicated in another town that has been devastated by the Boko Haram insurgency.”

    She added: “TBI is to be made operational to coordinate and support the security and humanitarian activities of the Federal Government, the Borno State Government (BOSG), the Nigerian Armed Forces (NAF), the Nigerian Police Force (NPF), the Nigeria Security and Civil Defence Corps (NSCDC) and the National Emergency Management Agency (NEMA).

    “That vehicle, which is a pilot phase of the Northeast rehabilitation programme, starting with Borno State, is The Bama Initiative (TBI). There is already a provision of N45 billion in the 2017 Budget for Northeast intervention. The N18,227,065,037.50, when approved, would be ring fenced in a Special Project Account to be used exclusively for TBI.”

    The N45 billion PCNI is set aside for the rehabilitation of 21 local governments spread across six states in the Northeast. The N18.2 billion is being proposed for Bama Local Government, which is only one out of the 21 local governments devastated by insurgency.

    On why Bama was singled out for the project, the Minister said: “The choice derives from the fact that Bama is the second largest town in Borno State. It also has the second largest number of displaced persons.

    “Bama also has a strong military presence, a helipad, good logistics and a location where a number of people have already moved to. It was, therefore, ideal that the programme is adapted to Bama.”

    Mrs. Ahmed justified the involvement of the Bama Initiative in the retraining of security agencies with N5 billion, saying the security personnel so trained will constitute what she described as the “Special Bama Squad (SBS)”.

    She said: “The Special Bama Squad (SBS) would be made up of 1,500 men of the NPF and 1,500 men of the NSCDC that will relieve the Nigerian Army in Bama and five other nearby towns and its environs.

    “The SBS will be trained to fit into their expected role. The Nigerian military is to conduct the training of the 3,000 men. TBI intervention is designed to ensure that, as the Nigerian military reclaims territories held by or under threat from the Boko Haram insurgency, these territories are secured by the Police and Civil Defence formations, enabling the armed forces to advance and secure other operating theatres.”

    Mrs. Ahmed said her position as chairperson of the Project Implementation Committee would not lead to any conflict of interests with her role as Minister of State.

    Asked to defend the Bama Initiative and speculations that it was one of the many scandals being perpetrated under the present administration, the minister said such speculations were borne out of ignorance.

    Inaugurating the PCNI in October 2016, Buhari had directed all government agencies involved in humanitarian efforts in the Northeast to collapse into PCNI, which he mandated to coordinate all intervention activities in the zone.

  • SEC launches capital market development fund

    Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator, has established a Nigerian Capital Market Development Fund (NCMDF) to foster the development of the capital market through promotion of innovative products, inclusive participation and investor education.

    Speaking at the inauguration of the board of NCMDF in Abuja, former chairman of the board of SEC and former Director General of SEC, Dr. Suleyman Ndanusa  commended SEC on its efforts at discharging its primary mandate of regulating and developing the Nigerian capital market particularly in the area of investor protection.

    Ndanusa noted that the apex regulatory organization in recent times has been unrelenting in its efforts at implementing numerous initiatives aimed at developing the market.

    He highlighted some of the initiatives to include the launch of the National Investor Protection Fund, a trust scheme established to compensate investors who incurred losses arriving from insolvency and bankruptcy as well as dematerialization of share certificate, direct cash settlement system, and the on-going e-dividend registration.

    Ndanusa said the primary focus of NCMDF is to fund relevant market development initiatives that will spur growth of the market and the Nigerian economy.

    According to him, the fund seeks to facilitate the introduction of proper understanding of new products to deepen the market, provide capacity building to tackle emerging challenges and create an industry wide synergy through partnership with government and non governmental agencies and corporate bodies with similar objectives.

    He noted that considering the dynamic nature of the global economic system particularly the financial sector, regulators worldwide continue to seek relevant initiative to create opportunities and tackle emerging challenges.

    “The lunching of the Nigerian Capita Market Development Board is therefore expected to contribute greatly towards the developmental efforts of the SEC to grow the market, enhance financial inclusion and regulatory visibility. I am glad to note that the board members chosen have impressive pedigree and were selected on account of their proven integrity, wealth of experience and unrelenting contributions towards the development of the Nigerian capital market,” Ndanusa said.

    In his remarks, Director General, Securities and Exchange Commission (SEC), Mounir Gwarzo said the NCMDF was part of the Commission’s mandate to deepen the market and enhance the socio economic development of the country.

    He noted that SEC developed the 10-year Capital Market Master Plan (CMMP) as a blueprint for the development of a vibrant capital market in Nigeria, adding that the Commission has been putting all its energy, resources and time into implementing the master plan.

    “The Commission has provided the initial takeoff grant for the Fund but going forward the entire capital market community should come together to discuss details of how we can all contribute to the continued funding for this critical market vehicle. The board appointment is a call to service as a crucial enabler in the industry which will require total commitment and dedication of the highest standards, attributes which I am confident that the board members epitomize individually and collectively. The Commission has played its part and will continue to take its market development mandate with all seriousness. We shall ensure that the fund immediately gets down to the important business of facilitating capital market development in accordance with the rules guiding its operation,” Gwarzo said.

    The NCMDF was incorporated on August 7, 2017 and the composition of the board was approved by the Minister of Finance, Kemi Adeosun on October 9, 2017. Members of the board include Mounir Gwarzo  – Chaiman, Non executive Commissioner of SEC – Vice Chairman, Executive Commissioner of SEC, Mrs Olubunmi Siyanbola – Director, Home Finance, Ministry of Finance; Dr. Faruk Umar – Chairman, Association for the Advancement of the Rights of Nigerian Shareholders; Mr. Sunny Nwosu – Independent Shareholders Association of Nigeria, Mr. Bayo Olugbemi – President, Institute of Capital Market Registrars – Represented by Walter Oghogho and Ify Ejeizie – Association of Stock Broking Houses of Nigeria.

     

  • Fund health insurance with call tariff, FG told

    The federal government has been advised to use call tariff to fund National Health Insurance Scheme (NHIS) for Nigeria to achieve Universal Health Coverage (UHC).

    A former Executive Secretary of the scheme, Dr. Dogo Mohammed, argued that deducting one kobo from airtime of telecoms subscribers would go a long way to make funds available to cover the vulnerable and those below poverty lines.

    Mohammed spoke at a workshop by the Global Alliance for Universal Health Coverage in Africa.

    He said: “I realised that we all have phones and we are addicted to phones. We buy airtime upfront and when GSM came in, we were being charged a huge amount of money per minute.

    “Even when you spend a second on the phone, money would be deducted as if you had spent a whole minute.

    “Then it changed to per second billing and it kept reducing from 40k to 30k and then 20k. So, instead of making it 20k, let the cost be 21k or instead of making it 10k, let it be 11k per second. Let that extra one kobo be used for health.

    “Let’s assume every Nigerian spends 10 minutes making phone calls a day. That would translate to N6 going to the health fund a day.

    “Today the number of active telephone lines is 150 million and if everybody can contribute N6 a day, that will translate to N900m a day and nobody would feel it.”

    He added: “In a month it would translate to N27bn and in a year, it would translate to N324bn. This is enough to offset all our health bills.

    “And we are saying universal coverage but before there can be universal coverage, there must be a universal contribution.

    “It is easy, sustainable and guarantees everyone free health.”

  • Pension fund hits N7.094tr

    Despite the adverse effects of recession  on businesses in the country last year, Pension fund assets under the  Contributory Pension Scheme (CPS) hit N7..094 trillion as at August 31, 2017 from the N5.904 trillion recorded in the same period of 2016.

    This represents a remarkable growth when compared with the amount recorded in August, 2016.

    This was made known in the Summary of Pension Fund Assets Report released by the National Pension Commission (PenCom).

    The report showed that as at January 2017, the fund grew from N6.255 trillion and increased to N7.094 in August.

    The investment of the pension fund in the report further showed that Federal Government Bonds took the larger chunk of the fund in August 2017 with N3.792 trillion investment representing 53.46 per cent.

    Treasury bill received  the second largest chunk of the fund with 18.59 per cent resulting to N1.318 trillion in the period under review.

    State government bonds however got 2.24 per cent or N159.178 billion, Agency Bonds (NMRC and FMBN) got 0.04 per cent or N3.058 billion, Corporate Debt Securities got 3.70 per cent or N262.659 billion and Supra-National Bonds got 0.16 per cent or N11.029.

    In all, Federal Government Securities has received 78.19 per cent of the total pension as at August, 2017.

    The pattern of investment shows that Pension Fund Administrators (PFAs) have great confidence in FGN Securities.

    Only 21.8 per cent was invested in other areas which include Domestic Ordinary Shares, Foreign Ordinary Shares, Local Money Markets, Mutual Funds and Real Estate Properties.

    Domestic debt securities is the third largest area where the fund was invested with N632.46 billion, representing 8.91 per cent in August 2017. Foreign Ordinary Shares on the other hand received only 1.37 per cent.

    The sum of N501.43 billion representing 7.06 per cent of the fund was invested in Local Money Market Securities. The fund was invested in banks as fixed deposit and commercial papers. The percentage invested this year in this area dropped from 7.5 per cent to 7.06 per cent between August 2016 and August 2017.

    Real estate properties received 3.6 per cent of the  fund  which is N212.915 billion.

    Recall that the Federal Government has been clamouring that the amount invested in this area should be increased so that there may be housing for all Nigerians.

    Investigation by The Nation shows that although the fund is not growing as projected by the commission owing to recession, the pension fund may in few years reach N10 trillion mark going by the projected average growth of N30 billion.

    Acting Director General PenCom, Mrs Aishat  Dahiru-Umar  in a paper presentation in Abuja said the number of registered contributors grew to 7.4 million as at March, 2017.

    This, she stated, represents about 7.45 per cent of total labour force in Nigeria and 3.95 per cent of total population.

    She said: “The total pension fund assets grew to N6.42 trillion as at  March, 2017 with an average monthly contributions about N30 billion. The total pension assets were equivalent to about six per cent of the Nigerian rebased GDP. The pool of pension fund generated by the Contributory Pension Scheme has aided the deepening of Nigeria’s financial sector and provided a platform for attaining strategic programmes of government in the areas of infrastructure, housing and the development of the real sector of the economy.

    “The CPS has simplified the process of payment of retirement benefits through the issuance of effective regulations and guidelines for accessing such benefits. Over 184,979 had retired under the Scheme as at March 2017 and are currently receiving pensions as and when due with an average monthly pension payment of N6.7 billion as at the same period.

    “The pension reform has gained public confidence and acceptability within the short period of its implementation. The private sector, which hitherto was apprehensive of the CPS as a ploy by the public sector to raise funds to address its huge pension liabilities, has come to accept and is religiously implementing the reform. To date, about 200,000 private sector employers of labour are implementing the CPS and have contributed about 60 per cent of the total pension fund assets.

    “The Contributory Pension Scheme has also introduced transparency and integrity in the pension administration system in Nigeria. From inception of the reform to date, there had not been a single incidence of fraud or mismanagement of the pension funds and assets under the Scheme”, she added..

  • Post recession: ‘Fund repatriation injurious to economy’

    Post recession: ‘Fund repatriation injurious to economy’

    Fund repatriation by  foreign construction firms has been identified as a major disincentive to the economy. If the trend is unchecked, the economy will continue to suffer, even in post-recession.

    This was the submission of practitioners and experts at the annual lecture of the Property and Environment Writers Association of Nigeria (PEWAN), at the LCCI Conference Centre, Alausa, Lagos.

    Speaking on the theme: “Economic recovery: The role of  construction sector in post-recession Nigeria,” Chairman on the occasion Dr. Meckson Okoro lamented that foreign firms, usually the beneficiaries of most contracts awarded in the country, repatriated the funds, including profit, to their countries.

    Okoro said this was injurious to the economy.

    President, Building Collapse Prevention Guide (BCPG) and First Vice President, Nigerian Institute of Building (NIOB), Mr. Kunle Awobodu, listed the government’s lack of commitment as a factor militating against the growth of the industry in Nigeria. This, he explained, is caused by the government’s continued patronage of, and support for, foreign firms over indigenous ones. He said it was a disservice to the economy.

    Construction, Awobodu noted, is a determinant of development, warning that if the government’s policies were not tilted to favour construction, the nation might slip back into recession.“Many nation’s development is tied to the construction sector; this sector is the determinant of development in any nation. Government should take investments into construction industry serious, recession can re-occur due to our human errors,” he said, adding that the sector may not record significant growth until the citizens and government learn to use of local construction operators, fearing that recession might return if we failed to do the right things.

    The  Nigerian Society of Engineers (NSE) President, Mr. Otis Anyaeji, who was represented by the Ikeja Branch Chairman of the society, Mr. Akintayo Akintola, also regretted that most projects had become ‘processes’ because of lack of adherence to completion dates. He said conditions for award of contracts were usually and deliberately made difficult to eliminate local engineers, thereby making nonsense of the Local Content Law.

    In his submission, President, Nigeria Institute of Quantity Surveyors (NIQS), Mrs. Mercy Iyorta, represented by the Executive Secretary, Mr. Jide Oke, said the political class’ attitude and other challenges faced by the country were responsible for the recession.

    Oke noted that the infrastructure deficit was huge, adding that the private sector must drive the sector to speed up development.

    Construction is very important, it is the barometer to measure the growth of any nation,” he said.

    Okoro, who commended PEWAN for setting the agenda on issues of economic growth and development, tasked the Federal Government to show more commitment to the sector. He, however, expressed disappointment at the absence of the guest speaker, Minister of Power, Works and Housing Mr. Babatunde Fashola, and Governor Akinwunmi Ambode at the event, .

    “I think it’s not good enough that the invited guest speaker, in the person of Minister of Power, Works and Housing, Mr. Babatunde Fashola, nor the host, the Governor of Lagos State, Mr. Akinwunmi Ambode were neither here, nor represented, knowing full well that the organisers of this event are the message carrier of their activities. Considering Fashola’s portfolio as housing minister, and this being a housing event, he should have at least sent a representative if he cannot be here.I think it’s quite unfair that they were not part of this event,” he lamented.

    In his goodwill address, the Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, expressed optimism that the country would get it right as long as the citizens joined hands with the government in its policies.

    Ooni, who was represented by- Oba Adebanjo Adedinni, the Asoya of Isoya, Ile Ife, and Oba Adetokunbo Awosunle, the Elejesi of Ife Kingdom, assured the organisers of the Ooni’s commitment to the construction industry, especially infrastructure provision and housing delivery.

    “I’m happy with what PEWAN is doing. Without you, the Property and Environment Writers, most of the success we recorded in the sector would have been possible; I thank you. Your continued advocacy on industry matters,” the Imperial Majesty said.

    Other dignitaries at the event were representatives of professional bodies such as the Nigerian Institute of Architects, the NSE, NIQS, the Nigerian Institution of Surveyors (NIS), BCPG, Nigeria Institution of Estate Surveyors and Valuers (NIESV), among others.

    Students from the Technical College, Agindingbi were also in attendance.