Connect with us

Markets

Lekki Gardens Repositions, Unveils new Technical Structure

Published

on

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/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Crude Oil

Oil Prices Slip as Japan’s Rising Inflation Signals Rate Hikes

Published

on

markets energies crude oil

Crude oil fell in early trading on Friday as concerns over sustained high interest rates in both Asia and the United States weighed on the outlook.

This trend is attributed to Japan’s increasing inflation, which is prompting expectations of imminent rate hikes by its central bank.

Brent crude edged declined by 11 cents to settle at $85.60 per barrel while the U.S. crude oil declined by 9 cents to $81.20 per barrel.

Recent data revealed that Japan’s core consumer prices rose by 2.5% in May compared to the same month last year. This increase marks a growth from the previous month, suggesting that the Bank of Japan is likely to raise interest rates in the upcoming months to curb inflation.

In the United States, data released on Thursday showed a decrease in the number of new unemployment claims for the week ending June 14, indicating continued strength in the job market.

This persistent robustness in employment raises the likelihood that the U.S. Federal Reserve will maintain higher interest rates for a longer period.

Higher interest rates typically have a dampening effect on economic activity, which can subsequently reduce oil demand.

The prospect of prolonged elevated interest rates in two major economies has therefore put downward pressure on crude oil prices.

Despite the downward trend, oil prices received some support from the latest figures from the Energy Information Administration (EIA).

The data showed a drawdown in U.S. crude inventories by 2.5 million barrels in the week ending June 14, bringing the total to 457.1 million barrels. This exceeded analysts’ expectations, who had predicted a 2.2 million-barrel reduction.

Also, gasoline inventories fell by 2.3 million barrels to 231.2 million barrels, contrary to forecasts that anticipated a 600,000-barrel increase.

“Gasoline finally came to life and posted its first strong report of the summer driving season,” remarked Bob Yawger, director of energy futures at Mizuho in New York, highlighting the surprising uptick in gasoline demand.

Continue Reading

Crude Oil

Nembe Creek Oil Field Halted After Leak, Impacting 150,000 bpd

Published

on

crude oil

Nigeria’s oil output has taken a significant hit following the shutdown of the Nembe Creek oil field due to a major oil leak.

The Nembe Creek oil field, responsible for producing approximately 150,000 barrels of crude oil per day (bpd), was forced to cease operations on June 17, 2024.

The leak occurred on the Nembe Creek Trunk Line (NCTL), a critical pipeline that transports oil from the Nembe Creek oil field to the Bonny Oil Export Terminal.

The operator of the pipeline, Aiteo Eastern Exploration and Production Company, confirmed the leak and the subsequent shutdown in a statement released yesterday.

Aiteo reported that the leak was discovered during routine operations in the Nembe area of Bayelsa State, located in Nigeria’s oil-rich Delta region.

This region is notorious for environmental degradation due to decades of oil spills, which have severely impacted local agriculture and fishing industries.

Following the discovery of the leak, Aiteo activated its Oil Spill and Emergency Response Team and shut down all production from Oil Mining Lease (OML) 29 as a precautionary measure to prevent further environmental damage.

“While we regret the production losses and the potential environmental impact, our current priority is to expedite an efficient spill management process in line with regulatory standards and collaborate with all stakeholders to restore production and mitigate associated risks,” said Victor Okronkwo, Managing Director of Aiteo Eastern E&P.

The exact cause of the leak remains unknown. Aiteo emphasized that the shutdown was a precautionary step to contain the spill and minimize environmental harm.

The company has notified its joint venture partners and relevant regulatory bodies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the National Oil Spill Detection and Response Agency (NOSDRA), about the incident.

This development comes as a setback for Nigeria, which holds Africa’s largest natural gas reserves and is a major oil producer.

The country’s oil sector has faced numerous challenges, including aging infrastructure, theft, and environmental issues, which have hindered its ability to maximize production and exports.

The Nembe Creek shutdown also highlights ongoing concerns about the safety and reliability of Nigeria’s oil infrastructure. The NCTL has been a frequent target of oil theft and sabotage, exacerbating the challenges of maintaining a steady oil output.

Energy analysts believe that the latest incident could impact Nigeria’s ability to meet its export commitments and exacerbate the country’s economic challenges.

The Nigerian government, under President Bola Tinubu, has been making efforts to attract investment into the energy sector to boost production and address infrastructure deficits.

“The government will hope this offers confidence not only in the quality of the Nigerian resource base, but also in the government’s pledge to improve ease of doing business,” said Clementine Wallop, director of sub-Saharan Africa at political risk consultancy Horizon Engage.

As Nigeria works to address the immediate spill and restore production, the broader implications for the country’s oil sector and its environmental impact remain to be seen.

Continue Reading

Crude Oil

Brent Crude Nears Seven-Week Highs as Market Eyes US Inventory Report

Published

on

Crude Oil - Investors King

Brent oil, the international benchmark for Nigerian crude oil, remained steady on Thursday, hovering just below seven-week highs as the escalating conflict in the Middle East raised concerns over potential supply disruptions.

At the same time, the market eagerly awaits U.S. inventory data for further indications of demand trends.

August Brent crude rose 28 cents, or 0.3%, to $85.35 a barrel while the U.S West Texas Intermediate (WTI) oil gained 13 cents, or 0.2%, to $81.70 a barrel.

“There was no WTI settlement on Wednesday due to a U.S. public holiday, which kept trading subdued,” noted Ricardo Evangelista, an analyst at ActivTrades.

“However, oil prices are likely to remain supported around current levels due to a growing geopolitical risk premium driven by conflict in the Middle East.”

Israeli forces have intensified their operations in the Gaza Strip, targeting areas in the central region overnight while tanks advanced into Rafah in the south.

The escalating violence has heightened fears of a broader conflict that could impact oil supplies from the region.

“Expectations of an inventory build appear to be overshadowing fears of escalating geopolitical stress for now,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Investors are keenly awaiting the release of U.S. inventory data from the Energy Information Administration (EIA) later on Thursday, delayed by a day due to the Juneteenth holiday.

An industry report released on Tuesday by the American Petroleum Institute (API) indicated that U.S. crude stocks rose by 2.264 million barrels in the week ending June 14, while gasoline inventories fell, according to market sources.

The summer season typically sees an uptick in oil demand due to increased refinery runs and weather-related risks.

“Ongoing production cuts by the OPEC+ group, combined with seasonal demand, should tighten oil balances and lead to inventory draws during the summer months,” J.P. Morgan commodities analysts wrote.

Refining margins have also improved, with the ICE gasoil futures premium to Brent crude jumping to $20.63 a barrel on Wednesday, a two-month high.

“Firmer fuel refining margins provide a healthy dose of encouragement for those expecting improvements on the demand side,” commented Tamas Varga, an analyst at PVM.

In other economic news, the Bank of England’s decision to keep its main interest rate unchanged at a 16-year high of 5.25% ahead of the national election on July 4 has been noted by market observers.

Higher interest rates generally increase the cost of borrowing, which can slow economic activity and dampen oil demand.

As the market braces for the upcoming EIA inventory report, analysts and traders are closely watching for any signals that could influence oil prices in the near term.

The delicate balance between geopolitical tensions and supply-demand fundamentals continues to play a critical role in shaping the oil market landscape.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending