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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.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

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Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.

OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.

Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”

Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.

Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.

Experts have started predicting $75 a barrel by April.

“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”

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Gold

Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin

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Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges

Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.

The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.

The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.

We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.

Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.

Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.

In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.

The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.

 

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Crude Oil

Oil Prices Extend Gains to $64.32 Ahead of OPEC+ Meeting

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Oil Prices Rise to $64.32 Amid Expected Output Extension

Oil prices extended gains during the early hours of Thursday trading session amid the possibility that OPEC+ producers might not increase output at a key meeting scheduled for later in the day and the drop in U.S refining.

Brent crude oil, against which Nigeria oil is priced, gained 0.4 percent or 27 cents to $64.32 per barrel as at 7:32 am Nigerian time on Thursday. While the U.S West Texas Intermediate gained 19 cents or 0.3 percent to $61.47 a barrel.

“Prices hinge on Russia’s and Saudi Arabia’s preference to add more crude oil production,” said Stephen Innes, global market strategist at Axi. “Perhaps more interesting is the lack of U.S. shale response to the higher crude oil prices, which is favourable for higher prices.”

The Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, are looking to extend production cuts into April against expected output increase due to the fragile state of the global oil market.

Oil traders and businesses had been expecting the oil cartel to ease production by around 500,000 barrels per day since January 2021 but because of the coronavirus risk and rising global uncertainties, OPEC+ was forced to role-over production cuts until March. Experts now expect that this could be extended to April given the global situation.

“OPEC+ is currently meeting to discuss its current supply agreement. This raised the spectre of a rollover in supply cuts, which also buoyed the market,” ANZ said in a report.

Meanwhile, U.S crude oil inventories rose by more than a record 21 million barrels last week as refining plunged to a record-low amid Texas weather that knocked out power from homes.

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