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



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.

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

Crude Oil

Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked




Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities

Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.

On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.

One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.

It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.

Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.

Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.

However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.

Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.

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Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site



Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.


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Crude Oil

Brent Crude Oil Approaches $70 Per Barrel on Friday



Crude oil

Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension

Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.

Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.

Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.

While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.

According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.

“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”

Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.

The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.

I do believe we’re headed for a much healthier supply and demand environment” she said.

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