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Lekki Gardens Repositions, Unveils new Technical Structure

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Lekki Gardens
  • Lekki Gardens Repositions, Unveils new Technical Structure

Lekki Gardens Estate Limited, has strengthened its technical team to ensure timely delivery of quality and affordable housing to its esteemed clients.

To achieve this, the company has engaged topnotch consultants and contractors in different aspect of the construction value chain as work recommences across all its project sites after carrying out due system and process overhauling.

Speaking at a special media parley held in Ikeja GRA, recently, the Managing Director/Chief Executive Officer, Lekki Gardens Estate Limited, Mr. Richard Nyong disclosed that the company embarked on a strategic overhauling of its business, processes and people to enable it deliver a better housing experience to its clients.

“In the last six months, we have taken time to review and strengthen our technical structure, today Lekki Gardens now boasts of a solid technical team with qualified and experience professionals to deliver a world-class housing experience to our clients. Also, Lekki Gardens now works with the ‘best in class’ among building and construction consultants and contractors in Nigeria” he said.

While assuring the clients and stakeholders of the company that their investment is safe and appreciating in value in spite of the current economic downtown, Mr Nyong revealed that despite the temporary setback, the company remains economically viable and liquid without any form of indebtedness to any bank. He revealed that the accounts of the company have been audited and certified satisfactory by Ernst &Young – a global auditing firm.

Richard Nyong used the medium to announce the appointment of Mr. Andrew Jibunor, a seasoned and experienced building and construction expert with experience spanning decades working with the biggest players in the industry as the Chief Technical Officer (CTO) for Lekki Gardens. He also stated that the company has made other key appointments in other departments of the company.

He explained that while work has started in some of Lekki Gardens sites, he stated that work would commence fully across all project sites by the end of October. He appealed to the clients for their understanding as the delay in delivery is warranted by the restructuring which would ensure that the company deliver world class quality housing.

Also speaking at the event, the new Chief Technical Officer (CTO), Mr. Andrew Jibunor stated that the company has put in place some policies including Quality Management, Planning & Coordination as well as Health, Environment and Safety all in the pursuant of the global best practice.

Jibunor said “In line with the mandate of the technical team, we are leaving no stone unturned in ensuring best quality standards at every stage of the building process. Our new process ensures that every project passes through a more rigorous procedure of monitoring, supervision and approval to ensure that we deliver a unique housing experience for our clients.”

He stressed further that Lekki Gardens has raised the bar in terms of the requirements for consultants and contractors in qualifying to work with the company noting that by so doing, the company now works with the very best in the industry.

Highlighting some of the milestones achieved by the company, Jibunor stated that the new technical team has introduced a new health, safety and environment regime which is mandatory for all Lekki Gardens facilities, workers, contractors and visitors to comply with. He noted that this includes; Personal Protective Equipment (PPE), Signages, training and deployment of safety representatives/officers across all sites as well as safety induction for all visitors.

In ensuring a technically sound building and construction, he added that the technical team has carried out a condition survey for sites, building and structures to ensure the quality of work in terms of existing design information appraisal, visual appraisals and inspections as well as other appraisals like soil tests/CPT, NDT, pile loads, Perimeter Survey, Confirmation of Topographical & Spot levels and M&E installation tests and integrity tests.

Jibunor added that the new technical team has integrated the use of information technology in their systems with the introduction of the builders’ trend to provide a bird’s eye-view of all their projects on one mobile platform for all stakeholders. The builders’ trend communication platform equips all the company’s stakeholders, marketers and subscribers, with an easier mode of tracking and follow-ups as well as updates on all ongoing projects.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

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Crude oil - Investors King

Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

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Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

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power project

Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

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Crude Oil

Again NNPC Raises Petrol Price to N897/litre

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Petrol - Investors King

The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.

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