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Tag: Oando Plc

  • No controversy over lifting Oando ‘s technical suspension, says SEC

    The Secuties and Exchange Commission ( SEC ) yesterday clarified that there was no controversy over the lifting of the suspension on trading in the shares of  Oando Plc.

    The SEC also explained why it directed the Nigerian Stock Exchange ( NSE ) to lift the technical suspension placed on the shares of Oando Plc. 

    There were reports that trading in the shares resumed on Wednesday, halted and then resumed this leading to confusion among capital market watchers.

    Trading on Oando shares had been frozen for six months after SEC ordered the suspension to probe alleged insider trading and the oil company’s shareholding structure. 

    However, the capital market regulator said it’s directive for trading to resume in Oando shares remained sacrosanct.

    Speaking to journalists on the development yesterday in Abuja, the Acting Director-General, SEC, Dr Abdul Zubair said that the suspension on the company’s shares was done in the interest of the market. 

    He said before the decision was reached, the management of Oando  as well as the umbrella body of all shareholders’ union in the company visited the commission and made written submissions for the suspension to lifted. 

    It said that the decision to lift the suspension was sequel to the withdrawal of all litigations by the company and shareholders challenging the suspension. The suspension of shares from trading on the floor of the NSE was usually for a short period, that of Oando extended beyond the normal period owing to litigations instituted by the shareholders and Oando.

    According to him, “as a result of the court cases, the commission as a law abiding agency of government was constrained to continue with the forensic audit or lift the suspension. However with the withdrawal of the suit in February, the forensic audit has resumed while the technical suspension has been lifted.”

    the independent forensic audit by Deloitte Dr Abdul Zubair said is ongoing and the preliminary result is expected any time soon. The presentation of the preliminary findings of Deloitte he said, will not be the end of the forensic audit as Deloitte is required to be independent and unlimited by time to carry out a thorough audit.

    “The shares of Oando Plc were placed on technical suspension in October 2017 upon the announcement of forensic audit which aimed to protect investors as a short term measure.  

    “Suspensions are typically intended for a short period to ensure market stability and thereafter lifted to allow market dictates. However, the suspension of the shares of Oando plc was prolonged due to several litigations by Oando and other shareholders contesting the propriety of the forensic audit and technical suspension. All “Litigations have now been withdrawn, 

    Zubair said contrary to speculations that there was a disagreement between SEC and the NSE in the process of lifting the suspension, the commission is not in dispute with any agency and that the Commission was aware that its letter directing the “immediate” lifting of suspension was subject to the 48 hours rules of the capital market.

  • SEC to resume forensic audit of Oando Plc

    SEC to resume forensic audit of Oando Plc

    Dr Abdul Zubair, Acting Director-General, Securities and Exchange Commission (SEC) says it will resume forensic audit to probe Oando Plc based on petitions received by the commission from shareholders of the company.

    He disclosed this during a news conference on Tuesday in Abuja.

    Zubair noted that a forensic audit was initiated in 2017, and preliminary investigation was carried out.

    He said that based on some of the findings from preliminary investigation, the commission took steps to preserve the shareholders value and protect the investing public.

    This, he said, led to the technical suspension of the shares of Oando Plc and the commencement of a forensic audit.

    He, however, said that the audit was suspended because of two lawsuits that were initiated to stop the process.

    “The two law suits were filed by Oando Plc and some shareholders of the company to restrain SEC and the Nigerian Stock Exchange (NSE) from effecting a technical suspension on the shares of Oando.

    “The lawsuits were also intended to stop SEC from appointing a team of forensic auditors to conduct a forensic audit of the company,’’ he said.

    Zubair, however, said that Oando Plc. had withdrawn the pending lawsuit against the commission by an application heard and granted by the Court of Appeal on March 5, 2017.

    He also said that the application for withdrawal by the shareholders was heard and granted by the Federal High Court on Feb. 21.

    According to him, following the dismissal and the striking out of the two suits, SEC would be proceeding with the forensic audit.

    “Following the dismissal and striking out of the suits, SEC has duly informed the firm of Deloitte to proceed with the forensic audit.

    “The commission is committed to its primary mandate of protecting investors and will take all necessary steps to fulfill that mandate and uphold the integrity of the capital market,’’ Zubair added.

    He assured all stakeholders that following the removal of the legal impediments, the audit of Oando Plc, would proceed in a transparent and thorough manner.

    Zubair, however, did not give a time frame for the completion of the audit, but assured that it would be done in the shortest possible time.

    Zubair also assured that the commission would not interfere with the audit so that the outcome would be satisfactory.

    Read Also: SEC clears Deloitte to audit Oando

  • SEC clears Deloitte to audit Oando

    SEC clears Deloitte to audit Oando

    Following the dismissal and the striking out of the suits impeding the audit of Oando, the Securities and Exchange Commission (SEC) has informed the firm of Deloitte to proceed with the forensic audit.

    Addressing journalists on the development in Abuja on Tuesday, the Acting Director General of the SEC, DR Abdul Zubair, said “the Commission is committed to its primary mandate of protecting investors and will take all necessary steps to fulfil that mandate and uphold the integrity of the capital market.”

    He reassured the general public that “following the removal of the legal impediments, the audit of Oando Plc., will proceed in a transparent and thorough manner.”

    The forensic audit stated “will be completed within the shortest possible time and we have told the auditors to fast track the audit but do it in a professional way and deliver a neat job.

    Deloitte, he said has been given “their terms of reference and we expect that the outcome will be such that all will be satisfied.”

    The Securities and Exchange Commission (SEC) had in 2017 conducted a preliminary investigation of Oando Plc, based on petitions received from shareholders of Oando Plc., and a whistleblower.

    Based on some of the findings from the preliminary investigation, the Commission took steps to preserve shareholder value and protect the investing public.  Consequently the SEC placed the shares of Oando Plc on technical suspension and ordered a forensic audit of the affairs of Oando Plc.

    Read Also: Deloitte integrates practices

    Subsequently, two lawsuits were respectively filed by Oando Plc., and some shareholders of Oando Plc, mainly to restrain the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) from effecting a technical suspension on the shares of Oando Plc and the SEC from appointing a team of forensic auditors to conduct a forensic audit of the company.

    Oando Plc. has withdrawn the pending lawsuit against the Commission by an application heard and granted by the Court of Appeal on March 05, 2017.  Also the application for withdrawal by the shareholders was heard and granted by the Federal High Court on February 21, 2018.

     

  • SEC launches forensic audit, suspends trading on Oando shares

    SEC launches forensic audit, suspends trading on Oando shares

    Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator, has launched a forensic audit into the operations and governance of Oando Plc in furtherance of the Commission’s investigation into allegations of corporate governance abuse and improper dealings.

    SEC has also directed the Nigerian Stock Exchange (NSE) to suspend trading on the shares of Oando. In a notification of the suspension signed by General Counsel and Head of Regulation, Nigerian Stock Exchange (NSE), Tinuade Awe, SEC directed that the NSE should impose full suspension on the shares of Oando for 48 hours with effect from today October 18, 2017 to October 20, 2017.

    Also, with effect from October 20, 2017 and until further directive, the Exchange should implement a technical suspension in the shares of Oando Plc.

    A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.

    In the 48 hour period commencing today, there will be no trading in the shares of Oando Plc. Thereafter, effective October 20, 2017, investors will be able to trade in Oando’s shares but such trading will not result in any movement in the price of the shares.

    In an official circular on the suspension, SEC explained that the suspension and forensic audit were in relation to the two petitions from Alhaji Dahiru Barau Mangal and Ansbury Incorporated.

    According to the Commission, a comprehensive review of the petitions showed that there were breach of the provisions of the Investments & Securities Act 2007, breach of SEC Code of Corporate Governance for Public Companies, suspected insider dealing, related party transactions not conducted at arm’s length and discrepancies in the shareholding structure of Oando Plc among others.

    “The Commission’s primary role as apex regulator of the Nigerian capital market is to regulate the market and protect the investing public. The Commission notes that the above findings are weighty and therefore needs to be further investigated. After due consideration, the Commission believes that it is necessary to conduct a forensic audit into the affairs of Oando Plc. This is pursuant to the statutory duties of the Commission as provided in section 13(k), (n), (r) and (aa) of the ISA 2017,” SEC stated.

    The Commission noted that to ensure the independence and transparency of the exercise, the forensic audit shall be conducted by a consortium of experts made up of auditors, lawyers, stockbrokers and registrars.

    “To further ensure that the interests of all shareholders of Oando Plc are preserved during the course of the exercise, the Commission directed the Nigerian Stock Exchange to place the shares of Oando Plc on technical suspension,” SEC stated.

    Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator, has launched a forensic audit into the operations and governance of Oando Plc in furtherance of the Commission’s investigation into allegations of corporate governance abuse and improper dealings.

    SEC has also directed the Nigerian Stock Exchange (NSE) to suspend trading on the shares of Oando. In a notification of the suspension signed by General Counsel and Head of Regulation, Nigerian Stock Exchange (NSE), Tinuade Awe, SEC directed that the NSE should impose full suspension on the shares of Oando for 48 hours with effect from today October 18, 2017 to October 20, 2017.

    Also, with effect from October 20, 2017 and until further directive, the Exchange should implement a technical suspension in the shares of Oando Plc.

    A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.

    In the 48 hour period commencing today, there will be no trading in the shares of Oando Plc. Thereafter, effective October 20, 2017, investors will be able to trade in Oando’s shares but such trading will not result in any movement in the price of the shares.

    In an official circular on the suspension, SEC explained that the suspension and forensic audit were in relation to the two petitions from Alhaji Dahiru Barau Mangal and Ansbury Incorporated.

    According to the Commission, a comprehensive review of the petitions showed that there were breach of the provisions of the Investments & Securities Act 2007, breach of SEC Code of Corporate Governance for Public Companies, suspected insider dealing, related party transactions not conducted at arm’s length and discrepancies in the shareholding structure of Oando Plc among others.

    “The Commission’s primary role as apex regulator of the Nigerian capital market is to regulate the market and protect the investing public. The Commission notes that the above findings are weighty and therefore needs to be further investigated. After due consideration, the Commission believes that it is necessary to conduct a forensic audit into the affairs of Oando Plc. This is pursuant to the statutory duties of the Commission as provided in section 13(k), (n), (r) and (aa) of the ISA 2017,” SEC stated.

    The Commission noted that to ensure the independence and transparency of the exercise, the forensic audit shall be conducted by a consortium of experts made up of auditors, lawyers, stockbrokers and registrars.

    “To further ensure that the interests of all shareholders of Oando Plc are preserved during the course of the exercise, the Commission directed the Nigerian Stock Exchange to place the shares of Oando Plc on technical suspension,” SEC stated.

  • Oando Foundation, Fashion Vie raise N43.8m for girl-child education

    Oando Foundation (OF), the Corporate Social Responsibility arm of Oando PLC, has partnered with Fashion Vie New York to raise funds towards the education of the Nigerian ‘girl child’ last Thursday.

    Fashion Vie, an annual charity fashion show which runs alongside New York Fashion Week, is the brain child of Chuks Collins whose fashion designing career began in Nigeria.

    A statement by the Foundation noted that it is the first Africa entity to receive proceeds from The Dream: Fall 2017 Benefit Fashion Show and Silent Auction organised by Fashion Vie, where it successfully raised N43,800,000 for the education of the girl-child.

    Over the years the foundation has focused its ‘Adopt a School’ initiative towards providing access to improved quality education, especially for girls in Northern Nigeria.

    By providing hygiene and sanitary facilities, scholarships to brilliant girls for secondary education, mentorship programmes, training of female teachers, and partnerships with international development organisations in the schools, the foundation said it had succeeded in increasing enrolment of girls.

    Speaking at the event, Adekanla Adegoke, Head, Oando Foundation, said the funds would be channeled towards making girls more comfortable in school.

    “The partnership with Fashion Vie comes at a critical time when Oando Foundation is scaling up its Girl Child intervention under the Adopt-A-School Initiative. The funds raised will directly support the educational and social needs of girls in our adopted schools, providing them opportunities for a better future.”

    He said the Foundation will use proceeds to provide potable water and sanitation in public primary schools, information and communication technology (ICT) education, scholarships, and safe spaces for girls.

    Oando Foundation has 80 public primary schools it adopted in 23 states of Nigeria – 30 of which are under the infrastructure development component.  It has established 17 ICT centres and three Early Child Care Development Education (ECCDE) centres in these schools.

    In addition, the Foundation has donated over 5,000 books and learning materials across intervention communities, supported community involvement by strengthening the capacity of over 300 School Based Management Committee (SBMC) members, awarded scholarships to 907 pupils and facilitated training of 1,700 teachers.

    Chuks said the foundation was selected because of its laudable work in education.

    “This year, Fashion Vie has chosen to return to Nigeria, where my story began. We are inspired by the important work of the Oando Foundation, providing interventions for marginalized Out-Of-School-Children and those unable to cry out for the justice of accessible education in Nigeria,” he said.

     

  • EFCC recovers N328.9bn from Total, Mobil, Conoil, six others

    EFCC recovers N328.9bn from Total, Mobil, Conoil, six others

    The Economic and Financial Crimes Commission (EFCC), Kano Office, has recovered a total sum of N328, 988,296,990.62 from nine major oil marketers across the country.

    The retail marketers are – NNPC retails, Conoil Plc, Total Plc, OVH Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc and NIPCO Oil Plc.

    The recovery followed a petition against the leadership of Nigeria National Petroleum Corporation (NNPC) and its subsidiary, Pipelines and Product Marketing Company (PPMC).

    According to a statement issued by the Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, the breakthrough was the consequence of an investigation into alleged diversion of N40 billion by the affected marketers.

    The statement said: “The petition alleged that a whooping sum of N40 billion had been diverted by the major oil marketers in connivance with the leadership of the NNPC and PPMC.

    “The EFCC in a swift reaction referred the petition to a special task force who swung into action by conducting discrete investigation.

    “Findings by the operatives of the EFCC revealed that the oil marketers were actually indebted to the Federal Government of Nigeria to the tune of N91, 519,485,204.44 between 2010 and 2016.

    “Further investigation into the allegation also revealed that the oil marketers had continued to obtain petroleum products from the government without proper payment, in violation of the NNPC/PPMC credit facility regulations.

    “The probe further led to the discovery of N258,928,926,351.93. Following the latter discovery, the total amount of debt stands at N349,818,411,556.37.

    “Upon the conclusion of the preliminary investigation, officials of NNPC/PPMC and all the managing directors of the concerned companies which are NNPC retails, Conoil Plc, Total Plc, OVH Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc, and NIPCO Oil Plc were invited to the Kano Zonal Office of the Commission where their statements were recorded following which the recovery process commenced.

    “So far, a sum of N328,988,296,990.62 has been recovered from the major oil marketers.

    “The outstanding debt now stands at N20,765,919,869.”

  • Shareholders approve Oando’s N80b rights issue, restructuring

    Shareholders of Oando Plc have approved extensive restructuring plan by the company, which include rights issue of N80 billion and full or partial divestments of its midstream and upstream services businesses as the energy group seeks to deleverage its balance sheet and attract additional capital to fuel the company’s growth initiatives.

    Oando’s share price rose by 1.53 per cent to N5.90 per share yesterday at the Nigerian Stock Exchange (NSE), more than a double of the 0.73 per cent recorded by the market benchmark, the All Share Index (ASI) of the NSE.

    At its annual general meeting at Eko Hotels and Suites yesterday in Lagos, shareholders approved six key resolutions under a special business segment. The meeting increased the company’s authorised share capital from N7.5 billion of 15 billion ordinary shares of 50 kobo each to N15 billion of 30 billion ordinary shares of 50 kobo each. Shareholders unanimously approved a resolution empowering the board of directors of Oando to undertake a rights issue of N80 billion.

    Besides, the meeting approved the group’s divestment plans for its downstream business, gas and power business and energy services business. Shareholders also approved a N40 billion debt conversion programme involving convertible note purchase agreements (CNPAs) with two major shareholders- Ocean and Oil Development Partners (OODP) and QPR Limited.

    Group chief executive, Oando Plc, Mr. Adewale Tinubu, said the recapitalisation and divestments were part of growth initiatives and key drivers aimed at creating consistent shareholder value going forward.

    According to him, the sale of 60 per cent of the group’s downstream business is in line with its strategic goals of placing fundamental growth expectations in the upstream, and the cash proceeds of the divestment will be utilised towards debt reduction to shore up balance sheet in these challenging times.

    “Our strategic focus is to increase our operational efficacy across our subsidiaries, deleverage our balance sheet, and return the company to profitability, whilst creating the necessary platform to be the partner of choice to the international oil companies (IOCs) as they continue their divestment programmes,” Tinubu said.

    He outlined that company would adapt to the extended period of lower oil prices through a proactive growth strategy, which include aggressive debt reduction, financing through partial divestments, and further diversification into the higher margin upstream.

    According to him, by ensuring a reduced overhead at the group-level and to optimise performance, Oando seeks to drive focused, independent subsidiaries, which can raise stand-alone capital to exploit clear market opportunities.

    He noted that Nigeria holds Africa’s largest gas reserves of more than 180 trillion cubic feet, and an estimated $55 billion in investments is required to spur its gas infrastructure development, adding that Oando is adjusting its gas-centric midterm growth strategy which will integrate gas production with supply.

  • Oando to raise N80b, sell subsidiaries

    Oando to raise N80b, sell subsidiaries

    Nigeria’s Oando Plc plans to seek shareholders’ approval next month to raise up to N80 billion ($402 million) through a rights issue and spin off its power and gas subsidiaries, the energy firm said yesterday.

    Oando, with dual listings in Johannesburg and Toronto, will also seek approval on Dec. 7, to issue new shares in lieu of convertible debt owed to two shareholders.

  • Oando’s rights issue opens amid optimism

    Oando’s rights issue opens amid optimism

    Oando Plc will today open application list for its rights issue as the integrated energy group seeks to raise new equity funds from existing shareholders to deleverage its balance sheet and rebalance its assets position with its long-term growth outlook.

    Oando is offering new shares to shareholders in its book as at July 25, 2014 on the basis of one new share for every four shares held as at the qualification date. In a show of confidence, the rights issue is being offered at N22 per share, some seven per cent more than the current market price of the stock. Oando opens today at the Nigerian Stock Exchange (NSE) at N20.39 per share.

    The application list for the offer will close on December 19. The NSE at the weekend confirmed the details of the rights issue, including the opening and closing date for the application list.

    A source in the know said Oando was expecting full subscription to the rights issue noting that the company has secured key endorsements from several important individual and institutional shareholders.

    According to the source, the current market price does not truly reflect the intrinsic value of the energy group, especially in the light of recent milestones and earnings.

    In similar issuance, Oando had in 2013 raised about N55.2 billion from a rights issue, slightly above the initial target of N54.6 billion. The company had issued 4.548 billion ordinary shares of 50 kobo each to existing shareholders at N12 per share between December 2012 and February 2013 with the intention of raising N54.6 billion. Allotment approved by the Securities and Exchange Commission (SEC) however showed that Oando succeeded in raising N55.2 billion, which many had said indicated the high level of investors’ confidence in the company.

    Third quarter report of Oando indicated that the company optimized its bottom-line performance as significant improvements in top and midline costs moderated decline in turnover and returned higher earnings to shareholders.

    “The group is making solid progress in achieving a more robust financial performance despite the current industry trend and 30 per cent decline in global crude prices year to date. Our conservative nature ensures that we apply risk mitigating processes, by implementing hedging tools in the upstream on our future crude production, $100/barrel for 3 years. We also fixed our gas prices through long term contracts with our customers in the midstream sector and have taken advantage of the lower prices in landing our refined imported products, resulting in improved pricing efficiencies. As we wrap up 2014, we look forward to a full quarter’s production contribution from our newly acquired NAOC JV assets, which have steadily increased our current output above 50kboepd, as well as achieving diversity in earnings via our increased upstream contribution,” group chief executive officer, Oando Plc, Mr. Wale Tinubu said.

    Key extracts of the interim report and accounts of Oando for the nine-month period ended September 30, 2014 showed that while turnover dropped by 12.5 per cent, the group drew on improved input and marketing costs to grow gross profit and operating profit by 70.4 per cent and 97.3 per cent respectively. Net profit after tax rose by 75.7 per cent.

    Group turnover stood at N338.11 billion in third quarter 2014 compared with N386.25 billion in corresponding period of 2013. Gross profit meanwhile rose from N70.4 billion in 2013 to N79.60 billion in 2014. Operating profit also nearly doubled at N36.25 billion in 2014 as against N18.37 billion in 2013. Profit before tax rose marginally from N9.76 billion in third quarter 2013 to N10.18 billion in third quarter 2014.

    With tax gain of N523.4 million, group net profit rose to N10.70 billion in 2014 as against N6.09 billion in comparable period of 2013. Earnings per share meanwhile improved from 93 kobo to N1.26.

    Oando recently distributed a total of N2.4 billion as cash dividends to shareholders, consisting of a final dividend of 30 kobo per share for the 2013 business year financial year and an interim dividend of 70 Kobo per share for the six-month period ended June 30, 2014, bringing total dividend per share to N1.

    Oando has, this year, recorded several milestones, including the successful acquisition of ConocoPhillips, the largest acquisition by an indigenous player in Africa; in the upstream, OML 125 production increased by 17 per cent to 651,000 bbls, while OML 56 production increased by 30 per cent to 171,000bbls compared to prior comparative period; in the midstream, Oando Gas and Power is extending its natural gas distribution network by 8.0km from Ijora to the Marina business district in Lagos state, positioning the company to benefit from the growing demand for gas and power infrastructure in the country while in the downstream, the completion of the Apapa Single Point Mooring (ASPM) Jetty, a first in Africa; with expected demurrage cost savings and additional income streams.

    On the impact of Oando’s $1.5 billion acquisition of ConocoPhillips Nigeria which has transformed the company into Nigeria’s largest indigenous oil and gas producer, it is expected that there would be further improvements in the company’s performance as the acquisition is set to increase daily oil production exponentially by 600% equivalent to 45,000 boe/d, annual revenue of over US$600 million, and annual free cash flows of $150 million.

  • ‘Wings Towers will lure multinational business’

    Multinational businesses are set to get more attraction to site their activities in Lagos as Wings, a brand new office complex is expected to berth in the bustling Lagos Island.

    According to the investors and development managers of the Wings office complex located on Ozumba Mbadiwe Avenue in Lagos, RMB Westport, Stanbic Bank, Argentil Asset Management, and Oando Plc, the development will have a two 12-storey Towers resting on a four-storey parking and reception platform will cost $180 million.

    Conceived over five years ago, the Wings office complex being built by Cappa and D’Alberto,has a 32-month construction period and is expected to be completed by November 2016. It comprises 27, 000m2of lettable space, and upon completion, the complex will feature meeting rooms, jetty, public lobby, Porte Cochere, a waterfront restaurant, bank, and function deck for social events and corporate get-togethers. The building which also features a 700-bay parking lot is also accessible by boat via the Five Cowrie Creek.

    “It’s an iconic building,” said Mr JubrilAdewaleTinuubu, Group Executive Officer of Oando Plc at the market launch of Wings last Tuesday in Lagos. “I think it’s a testimony that whatever we do in Oando, we do in a special way.”

    BidemiFadayomi, Head Asset Development of Argentil Asset Management, financial advisor of Oandoin the transaction, said the coming of the Wings will be setting the stage for a global type of business.

    “I think one of the challenges of international businesses when they look to come into Nigeria is the availability of good quality real estate not just from an office perspective where they can run their business but also residential where they can house their employees,” Fadayomi said. “We saw that there was a gap between the expectation of the tenants and the reality on ground. So, I think that this building is the start of what would be in Nigeria or Lagos State’s response in meeting international demand for real estate. It also sends the right signal to the international world that Nigeria is ready to play to international standard.”

    Though, it is not definite that the office units are going to be cold or leased, for returns, Fadayomi said the consortium hopes to realise between 35 to 40 percent of the ROI.

    “Rental levels are obviously under pressure,” Roy Hamlyn, development manager of RMB Westport, said. “We try to achieve a most competitive rental and we also try to achieve a rental that is comparative in the market.”

    Each floor offers about 1000 square metres let on a single, dual, triple, or quadruple tenancy. According to Fadayomi, “the rent is roughly about a$1,000 per square metre.”

    Already, one of the investors, Oando Plc, an indigenous oil company has signed an agreement to lease one of the Towers while the other tower is open for commercial lease.

    “We believe the building would be offering our tenants the service that will be unmatched within the industry,”Fadayomi said. “In terms of returns, we do believe from the investor’s side, it would be offering us above market returns.”

    ChinweAjene-Sagna, regional director of Jones Lang Lasalle Nigeria, one of the leasing agents harped on the flexibility payments for tenants. “You can pay for the sites quarterly,” she said, “before or on the date of your quarterly payments.”