- We’ll Revolutionise Housing with 2,000 Units in 6 Months, Says Brains and Hammers
In a major announcement to reaffirm its commitment towards realisation of a landmark housing development, the management of Brains and Hammers Limited, a leading Nigerian real estate and infrastructure development group, has assured subscribers and interested members of the public of its readiness to deliver 2,000 homes comprising two bedroom and three bedroom apartment, terraces and semi-detached buildings in the next six months at its Life Camp site in the Federal Capital Territory (FCT), Abuja.
Popularly called Brains and Hammers City, the expected construction of the new housing development in a record time of six months will go down as an unprecedented achievement in the history of construction of mass housing in Nigeria.
Speaking with journalists at a meeting in Lagos, the Chairman of the company, Mr. Adebola Sheidu, said he was particularly proud that the feat was being achieved by a team of young Nigerian professionals including architects, quantity surveyors and engineers who had made marks of distinction in their various disciplines. He allayed fears that the speedy conclusion of the project may jeopardize safety.
“We’ve managed to incorporate international building codes and standards with mid-to-high end features while maintaining a safe community for living and entertaining. This estate will set the tone for every new homeowner to experience an enhanced quality lifestyle as we have the capability to customise any feature for your new home.”
He said all the building materials and accessories used in the construction of the homes are manufactured in Nigeria by Nigerian companies.
Explaining his company’s decision to patronize made-in-Nigeria products, Sheidu said, “we are going through a very challenging period in the history of our country. However, I believe this is the best time for any enterprising individual or company. There are so many opportunities, particularly in the area of provision of housing and infrastructure.
There is no part of the country that does not have a huge need for housing and infrastructure. But the degree and type of housing and infrastructure solutions required are different from one part of the country to another.”
Sheidu further spoke on his company’s self-imposed task of delivering 2,000 homes between November, 2016 and May, 2017. “We have it all worked out. Part of what we are set to deliver is a 12 kilometre dual carriage road, leading in and out of the estate, with complementary street lighting. We have started work on it already.
Construction of the road and housing are going on simultaneously. This is in collaboration with the FCT. We have tremendous support from the FCT minister to ensure that this road is completed.
The Chairman of Brains and Hammers Limited commended both the Minister of Housing, Works and Power, Mr. Babatunde Fashola, and the FCT Minister Alhaji Mohammed Bello, for their support. “We have enjoyed very good and cordial relations with the honorable minister of Housing and his team. He gives us a listening ear and is always ready to facilitate the processes that will ensure speedy completion of the project.”
Mr Sheidu was also full of praises for the minister of the FCT, in whose domain, Brains and Hammers is executing this current project and its previous achievements in provision of housing which has given the company a good reputation. He was commended for creating an enabling environment for developers in the FCT, by removing bureaucratic bottlenecks that was hitherto a nightmare for developers.
“The Honourable Minister has been so kind in taking a special interest to give us all the encouragement we need.”
“The Brains and Hammers City will be the ultimate live, eat, work and play environment but more importantly, we want to also provide affordable homes for working Nigerians who hitherto thought owning a home was beyond their reach.”
In making homes affordable, Brains and Hammers is offering the opportunity to own a home to every working class Nigerian. It has several home ownership programmes and mortgage routes to ensure the dream of home ownership is realized.
The 72-hectare Brains and Hammers City at Life Camp, Abuja consists of one bedroom apartments, two-bedroom flats, three-bedroom flats, four-bedroom terraces, four-bedroom semi-detached and five-bedroom fully detached modern homes. The Brains and Hammers City will feature infrastructure like 24/7 electricity, a water treatment plant, gymnasium, jogging track, schools, hospital, swimming pool, mini-theme park for kids, a spa, restaurants, cinema, parks and gardens, etc.
In addition, the commercial area will consist of major branded retail supermarkets, office spaces, schools and clinics. The city will cater to mid and high-level residents at affordable prices. Brains and Hammers has positioned itself as a leader in the real estate and infrastructure industry. It has completed over 1,000 residential homes across Nigeria and work is currently ongoing for over a 1,000 more. By the time the company finishes this 2000 in six months, it would have built 4000 units.
Its current development portfolio consists of residential projects within Lagos and Abuja. The sites include Life Camp, Galadimawa, Gwarimpa, Apo I, Apo II, Apo III, Apo IV, Apo V, all in Abuja and along the Lekki corridor in Lagos.
Brent Crude Oil Approaches $70 Per Barrel on Friday
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.
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
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.”
Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin
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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