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Elegushi Imperial Smart City’s $300 Million Project Broaches New Housing Deal in Lagos

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Elegushi Imperial
  • Elegushi Imperial Smart City’s $300 Million Project Broaches New Housing Deal in Lagos

A comprehensive new plan unveiled last week to reverse the growing decline in the nation’s housing stock in the Lagos area, is promising an ambitious new deal for a fresh town project within the Lekki -Epe corridor.

The scope of the scheme is massive and breathtaking, as it anticipates to utilise 200 hectares of sand filled land for a site and services scheme. Other major details are still sketchy, but the promoters disclosed that construction works would start in the second quarter of next year with land reclamation.

Dubbed as the first eco-friendly smart business city in Africa, the project known as Imperial International Business City (IIBC) is promoted through a joint-venture between the Elegushi Royal Family and a private developer, Channeldrill Resources Limited.

The proposed scheme could be accessed through three locations: Freedom road through Lekki Phase 1 (Lekki Third Roundabout); Kunsenla Road by fourth Roundabout of Lekki-Epe Highway and Oba Saheed Ademola Elegushi Road by spare supermarket before Jakande. Another access road is being planned through Femi Okunu by Jakande roundabout.

Specifically, IIBC will be bankrolled through British Foreign Direct Investment of about $300 Million and off plan sales. The city will be zoned into residential, mixed used and commercial areas. Each zone will have low, medium and high density area as well as lagoon/water view area.

About 60 plots are now in the market. The first sets of investors are buying 65,000 per square metres (sqm)plot at N42 million. The project offers different plot sizes. The minimum plot size is 650 sqm.

“The project is the vision of the royal father, Oba Saheed Elegushi to create an international business city which will incorporate the work, live and play theme. The IIBC will expand the Ikate kingdom and also extend Lekki Phase 1. We are making use of the best dredging and architectural companies in the world to accomplish this feat,” according to the managing director, Channeldrill Resources Limited, Mr. Femi Akioye.

The new city plans to integrate smart technologies and distinctive features, which will make it, first self-sustaining eco-friendly smart business district. For instance, real data of traffic flow within the city, the traffic light are connected to sensors that matched the surface traffic congestion (loads on surface transport) to free roads and the sensor also give active surveillance, monitoring and alerts at vantage points within the city (real time adaptive traffic management).

Similarly, smart emergency response, crime prevention (data centre) on demand clique of a bottom availability of emergency support; electricity – smart meters, smart grid and for energy optimization –meters is connected through the home area network (HAN) to advance metering infrastructure (AMI) with wired thermostats that’s connected to the grid.

The technology will help with adjusting electricity to buildings based on consumptions at different time of the day and it helps eradicate blackout or brownout. The conditions of utilities are monitored by sensors.

United Kingdom-based multi-disciplinary firm, Messrs Gensler Associates is executing the town and regional planning aspect of the job, while dredging will be handled by two Belgian companies – Jan De Nul, currently building Dangote Refinery and Dredging International Limited. The reclamation work will take about two years and on completion; the land will be two metres above sea level.

Other consultants are Royal HaskoningDHV (marine engineer and reclamation consultants) and Mott Macdonald (infrastructure engineering consultants) while BAUER Spezialtiefbau GmbH of Germany will build the Shoreline protection.

Proposed amenities include; roads with walk and bicycle way, waterways and lakes, underground drainage, sewage treatment, water and water treatment plant, 1-independent gas fired electricity and cooking gas piped to every house, fibre optics cable, cloud enabled Communication network and smart city/house infrastructure for willing subscribers, an mini golf course and shopping mall.

Meanwhile, the developers have launched Imperial City promo as part of its Corporate Social Responsibility (CSR) and awareness campaign, expected to produce seven land winners every week till December 29 and many other consolation prices in cash.

Akioye said: “We want those on minimum wage, the working class men and women, your hardworking social worker, civil servants, teachers and all other citizens who have been putting in their fair share into commonwealth to be part of this future we talk about.

“For the very affordable fee of N500, you can become a part of the future by buying a raffle ticket for our special draws, which has been approved by the Lagos State Lotteries Board,” he said.

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.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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