Tag: Towers

  • Investor holds Topping Out for Cornerstone Towers

    Investor holds Topping Out for Cornerstone Towers

    Cap Phoenix Cornerstone, a joint venture between African Capital Alliance and Cornerstone Insurance Plc, last week, held a topping out to celebrate the completion of Cornerstone Tower, a 12-floor office project, adjacent to the Four Points by Sheraton Hotel in Oniru, Lagos. With this, the Cornerstone Tower has now reached its full height and is scheduled to open for business in the second quarter of next year.

    With lettable space of 12,040 square metres, once completed, this Grade A, ultra-modern office building will boast of eight floors of flexible office space and meeting rooms; four floors of multi-level parking; a reception area and a ground floor café. Besides, the building, which has been certified as a “Green Building,” will rank as one of the country’s real estate developments to be proud of, considering its high technical specifications for installed building services, security and state-of-the-art finishes.

    Capital Alliance Chief Executive Officer, Mr. Obi Nwogugu, revealed that the office spaces are designed with high efficiency and flexibility, and are built with raised floors and suspended ceilings with impressive natural lighting and ventilated spaces, allowing for modular spaces ranging from 200 square meters up to 1,400 square meters on each floor. Besides, he noted that the building’s central location on Victoria Island will provide convenient private and public transport access with direct links to Lekki, Ikoyi and the Lagos Mainland.

    Describing the building’s features further, the Project Consultant, Mr. Roti Delano, said it boasts of secure parking for over 203 cars across the four multi level floors; this is aside the surface parking space, while drivers room is also provided for on every floor.

    Other features of the building, he noted, include two 1000 KVA and one 600 KVA Cummins diesel engine generators; 81 solar panels of 250 W each; two 1000 kva 11/0.415kv 3-phase indoor dry type cast resin step-down transformer with off-load automatic tap changer; energy efficient pumps; sensor motion  lights; four passengers Lifts; 14 passengers high speed elevators; including fire lift. The structure is also equipped with fire fighting systems like sprinklers, wet riser, fire hose reels; fire extinguishers; FM-200, and smoke detectors, among others.

    Also, Cornerstone Towers is fitted with modern security systems, which include 24/7 control centers; IP Closed Circuit Television System (IP CCTV); IP Access Control System and Building Management System (BMS).

    Similarly, in terms of information technology, the building is not lacking. For instance, BCL Construction and Civil Engineering Managing Director, Mr. Roda Fadlallah, explained that to service its telecommunications facility, a well structured cabling system is provided with general services network, including connectivity to the building services like IP CCTV, IP Access control, and Voice communication, Roof Aerial. The IT facilities, he noted, include fiber optic cable for fiber backbone across the various office spaces.

  • 11-storey Isale-Gangan Towers, Gardens ready

    11-storey Isale-Gangan Towers, Gardens ready

    The Lagos State Government’s urban renewal efforts received a boost  last week with the completion of an 11-storey Isale-Gangan Towers and Gardens – the first phase of the Lagos Island District regeneration.

    The journey to this stage began in August 2009, when the state government signed a contract/agreement with 12 families in Isale-Gangan to release their land for the development of the 11-storey building. The project extends to three streets: Isale Gangan, Isale Agbede and Binuyo.

    The Towers sits approximately on a 2311.55 square metre space, obtained through land pooling by the 12 families. Earlier, the state temporarily relocated the families, paid them compensation for unexhausted improvement on their land and promised to resettle them back into parts of the new development, which consist of 48 units of condominium.

    Under the scheme, three-bedroom apartments are being offered for sale at N50 million, while two-bedroom goes for N38 million. Amenities in the garden include four units of 120 litres overhead tanks; three industrial boreholes; water treatment plants; sewage treatment plants; combined 2000 KVA Generator and water sprinklers.

    Besides all the rooms being en-suite, other features include fitted kitchens, aluminum casement windows, 16 and 23 passengers elevators, car parks, community facilities, facilities management and transferable titles, among others.

    As part of the compensation, the affected families were offered two bed-room condo unit each. The gesture is believed to serve as encouragement for other families whose land government may have to redevelop in future as part of the redevelopment of the state.

    The Special Adviser to Governor Akinwumi Ambode on Urban Development, Mrs. Yetunde Onabule, said Lagos State Urban Renewal Agency (LASURA), the government agency responsible for urban renewal, has paid N28.22 billion to date as rent to all the affected families since inception of the project, the state has also approved N360. 8billion to be paid to all the affected families as compensation for their right of occupancy in respect of their properties, which were revoked for the project.

    To stakeholders in the industry, the completion of the first phase of the 11-floor building represents an addition to the state’s housing stock requirement.

    LASURA General Manger, Lateef Sholebo, reveled in the beauty of the building, describing the luxury apartment as “beautifully finished development with intelligent designs that meet aesthetics to give a luxurious sturdy structure.”

    The lease hold title on the building for buyers is 99 years.

  • Folorunsho Alakija set to complete towers

    Folorunsho Alakija set to complete towers

    Folorunsho Alakija has expanded the frontiers of success by constantly challenging herself and beating her own records. Proceeding on the principle that only those who attempt the odd can achieve the impossible, Alakija has pushed herself to the point of becoming one of Africa’s richest women.

    What many do not know about Alakija is that she is a big player in the property and real estate sector in Nigeria. Having hit it big in the oil sector, she has invested a lot of her wealth in real estate in Nigeria and London. She also has investments in the Middle East.

    Right now, this pretty billionaire is building her dream home at Modupe Alakija Crescent, a highbrow street named after her in Ikoyi, Lagos. The street was formerly called Ikoyi Crescent. The dream house is being built by Julius Berger. So huge is the project that Julius Berger had to first build a mini-construction site before commencing work. The project is being handled by her property company, Dayspring Property Development, a construction company co-owned by her husband, Modupe Alakija. The construction is a three-floor residential building with a 16-floor mixed use tower beside it.

  • Why Ghana towers over Nigeria in WASSCE Award

    Why Ghana towers over Nigeria in WASSCE Award

    The rivalry between Nigeria and Ghana did not start today. They compete in almost everything, including sports, movies, business and education. In the West African Senior School Certificate Examination (WASSCE), both countries dominated the best students’ prizes. But Ghana is now having an edge over Nigeria. Why?. KOFOWOROLA BELO-OSAGIE examines stakeholders’ reasons for the dominance.

    Last Thursday was a special day for three Ghanaian teenagers who excelled in the May/June 2014 West African Senior School Certificate Examination (WASSCE).  They were rewarded with the WAEC International Excellence Awards during the council’s 63rd yearly meeting at its international office in Agidingbi, Ikeja, Lagos.

    The awards are presented to candidates with the best Total Scores (T-Score) in eight subjects in the examination.  If they wrote nine subjects, their best eight subjects are chosen for assessment.

    The trio of Hasan Mickail (Ghana Secondary Technical School, Takoradi), Kenya Blaykyi (St Augustine’s College, Cape Coast), and Archibald Enninful (Mfantsipim School, Cape Coast) made A1 in (Mathematics [core], Integrated Science, Biology, Chemistry, English Language, Social Studies, Physics and Mathematics [elective]).  Hasan had a T-Score of 682.0933, compared to Kenyah’s 680.4287, and Archibald’s 676.9348.

    With their performance, they led 2,018,497 candidates who sat for the examination in The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone.

    Since the establishment of the WAEC Endowment Fund, which has been sponsored by the Sir Augustus Bandele family in the past 29 years, the contest for the coveted award has been between Nigeria and Ghana.   However, Ghana has dominated.  Since 1984, Nigeria has won the top three prizes eight times (1986, 1999, 2000, 2002, 2003, 2004, 2005, and 2006), while Ghana has won it nine times (1990, 1992, 1993, 1994, 2008, 2009, 2012, 2013 and 2014).  In the eight years where the prizes were won by candidates from more than one country (1985, 1987, 1988, 1989, 1991, 2001, 2007, and 2011), Ghana has featured more than Nigeria.

    With Nigeria producing the largest share of candidates (and funding) for the examination annually (about 80 per cent of the candidates for 2014 WASSCE were Nigerians, the natural question on the minds of many Nigerians would be why Nigeria cannot produce the winners, if not all, most of the time.

    That question was what the Registrar of WAEC, Dr Iyi Uwadiae, said all stakeholders need to ponder on when asked to give reasons for Nigeria’s lukewarm performance.  Uwadiae, who was head of the WAEC Nigeria National Office before he was appointed Registrar, said that Nigerian parents, students and their teachers have important roles to play in reversing the domination of Ghanaians in the examination.

    He said: “What we should do as Nigerians is that we should go back to the drawing board and ask ourselves that years ago we used to have – at least one – on many occasions, we had two Nigerians out of three. What is happening now that the three positions, none is Nigerian?  And this has happened for about three years now.  So we should ask ourselves what is happening.

    “There are so many factors.  We as parents must play our parts; students must play their parts.  Parents should take the trouble to ask their wards what they did in school, monitor their academic work, that is the first thing we should face.  Education starts from home; we don’t leave everything to the teachers.  The children themselves must be interested.

    And of course those who teach them must impact knowledge.  Facilities are necessary.  But there are times you improvise.  And that is why there are some schools that are not the best but yet are able to bring out students that win our awards. That is to say that if parents play their roles, students play their role, and teachers also play their roles, with or without those facilities, students would perform.”

    A public school teacher, Mrs Juli Orukpe, also thinks parents and pupils must do more.  She said pupils are not focused on their studies because they are easily distracted, and blamed parents for not calling them to order.

    “We have to put in more efforts; and our students have to be counseled.  Our students are not serious.  There is a lot of distractions and parents are not even helping matters because they do not provide materials for their children.  If you tell them to buy textbooks, it is wahala,” she said.

    However, Principal of King’s College, Lagos, Otunba Dele Olapeju is not quick to conclude that Nigerian candidates are inferior to their Ghanaian counterparts.  He said since the examination scripts from the five-member countries are not inter-changed for grading, Nigeria should not feel bad for losing the prizes to Ghana.  He also said the Ghanaian education system has its own problems.

    “There is nothing that has gone wrong.  You lose some, you win some.  You cannot win all the time.  It does not mean Nigerians are not good.  Ghana also has challenges with its system.  That is why they have increased schooling at senior secondary level to four years.  Their SS3 is the fourth year.

    “Also, the markers of the examination are different.  We do not send scripts to Ghana and Ghana to Nigeria.  Nigeria marks Nigerian scripts and Ghana marks Ghanaian scripts – so there is no issue.  We are not necessarily declining in performance,” he said.

    Nevertheless, for the founding chairman of the Examination Ethics Marshal International (EEMI), Sir Ike Onyechere, Nigeria can learn some lessons from how Ghana runs its education system and has instituted a culture of ethics.

    Onyechere said WAEC Ghana, for instance, named and shamed examination cheats in 2010, which sent strong signals to the citizens that integrity of the examination is important.  However, he said WAEC Nigeria has failed to do so, despite announcing each year that there were cases of examination malpractices.

    “Years ago, I think in 2010, some students were caught perpetrating examination malpractice.  The society condemned it strongly and insisted that they be named and shamed.  Since then, Ghanaian parents and candidates have learnt that the fear of examination malpractice is the beginning of wisdom.

    “But come down to Nigeria.  Every year, WAEC, NECO, NABTEB announce that thousands of candidates were caught in examination malpractices.  But that is where it ends.  They will even go ahead to announce that so-and-so number of invigilators, supervisors, examiners and others were involved.  But when we meet them to give us their names, they say ‘no, we have reported them to their employers.  Most times these employers are the ministries of education and the cases are swept under the carpet,” he said.

    Onyechere also said the politicization of the free education policy practiced by many states has not helped the proper running of the education sector as well because quality is compromised.

    “Free education is politicized.  Quality is not there.  It takes a minimum of four years for the impact of politics in education to show.  If you take a bad decision, you do not see the effect until about four years later, which is dangerous.

    “For the new government coming in, the change or transformation we desire in Nigeria must seriously start from education so that when we say something is black, it is black.  Invigilators, supervisors, others should be made to understand the seriousness of education.  Ethics must be instituted,” he said.

    National President of the Association for Formidable Educational Development (AFED), a group of private school owners, Mrs Ifejola Dada said government must also put the right people in education.

    “The fault has been from our leaders.  The round peg must be put in round holes.  People are not put in the right places.  This is the only sector I discover that professionals are not allowed to work.  By the time we allow the right people to perform, we will recover.  If we are all professionals, we will all sit down and discuss how we can elevate quality above quantity,” she said.

     

  • NDIC appeals bank’s sale of ‘Fortune Towers’

    The Nigeria Deposit Insurance Corporation (NDIC) has urged the Court of Appeal in Lagos to nullify the sale of “Fortune Towers” by Union Bank Plc.

    It said the building on 27/29 Adeyemo Alakija Street in Victoria Island forms part of the assets of defunct Fortune International Bank Plc.

    NDIC, which is Fortune Bank’s liquidator, appealed against a ruling by the Federal High Court in Lagos which dismissed its suit which sought to invalidate the sale.

    It had urged the lower court to nullify the sale because it was done while winding up proceeding was pending.

    The appellant said Union Bank sold the building to Cowrie Business Solutions Ltd on July 27, 2007.

    However, Justice Okechukwu Okeke (now retired) dismissed NDIC’s suit, holding that it was an abuse of court process.

    The judge said the suit “is a clever attempt to circumvent the import of the decisions of courts of co-ordinate jurisdiction.”

    According to the judge, the plaintiff’s suit sought the same reliefs as contained in two other related cases.

    Dissatisfied, NDIC, represented by Chief Emeka Ngige (SAN) appealed on three grounds.

    Ngige said the reliefs sought in the suit before Justice Okeke were not the same as those in two other cases.

    Besides, the appellant’s counsel said it is not the law that once a party files another suit before another court on the same subject matter, it amounts to an abuse of court process.

    “An act can give rise to different suits. A subject matter may activate different rights of action.

    “Different suits can originate from the same subject matter, but with different right, reliefs and parties,” NDIC said.

    Ngige argued that there is abuse of court process when there is a multiplicity of suits between the same opponents on the same subject-matter and on the same issues.

    In the suit numbered, FHC/L/CS/1321/2005, the parties were Fortune International Bank vs Union Bank; the second suit, with no. ID/1098/2007, had Fortune International Bank vs UBN Property Company Limited, Union Bank and Cowrie Business; while in the suit before Justice Okeke, the parties were NDIC vs Union Bank and Cowrie Business.

    Besides, the appellant said the judge erred in law in failing to consider documentary evidence before him.

    NDIC is urging the appeal court to set aside Justice Okeke’s order dismissing its suit; an order restoring the appellant’s suit to the cause list, and an order directing that the suit be heard on merit by another judge.

    However, Union Bank is urging the appeal court to dismiss NDIC’s appeal.

    It said NDIC’s appeal is in bad faith “as the intended outcome is to undermine existing orders of competent courts.”

    Cowrie Business is also urging the appeal court to dismiss the appeal because NDIC failed to disclose valid ground for setting Justice Okeke’s ruling aside.

    Justice Amina Augie reserved ruling, saying parties would be informed when a date is fixed.