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We’ll Revolutionise Housing with 2,000 Units in 6 Months, Says Brains and Hammers

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  • 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.

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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Oil Revenue Decline Spurs South Sudan to Seek $250 Million IMF Assistance

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South Sudan is seeking $250 million in financing from the International Monetary Fund (IMF) to address its ongoing balance of payment challenges and stimulate economic growth.

The request comes in response to a significant decline in oil revenue, a crucial source of the nation’s income, following damage to a key pipeline.

The pipeline, which transports two-thirds of South Sudan’s crude oil, sustained damage in February.

Repairs have been delayed due to conflicts in neighboring Sudan, where the conduit passes through areas controlled by the army and the paramilitary Rapid Support Forces.

Also, a blockade on the Red Sea has further hampered oil exports, exacerbating the economic strain.

Bank of South Sudan Governor James Alic Garang, speaking at the African Development Bank’s annual meetings in Nairobi, emphasized the urgency of securing alternative financial support.

“We are facing severe challenges with our oil exports, which constitute about 90% of our revenue,” Garang said. “The impact on our economy is profound, reducing the volume of oil available for international markets and decreasing the hard currency inflow essential for meeting our obligations.”

Since 2020, South Sudan has received three rapid credit facilities from the IMF. These measures led to the initiation of a program monitoring with board involvement last year.

The first two reviews of this program were completed this month, with a third scheduled for November. After this, the government will seek the full quota of approximately $250 million.

Governor Garang highlighted that meeting the IMF’s policy requirements is crucial for securing the funds.

“We have already delivered an audit of the central bank’s financial statements for 2021,” he noted. “However, there are still areas where we need to intensify our efforts. With the IMF, there is no free lunch. We’re working very hard to meet those policy requirements.”

Efforts to increase non-oil revenue have been made, but they fall short of the country’s needs. The decline in oil production has significantly affected foreign exchange reserves, which can now only cover about two months of imports, compared to the IMF’s threshold of 3.5 months.

In addition to seeking IMF assistance, South Sudan is in discussions with Qatar for a resolution following a $1 billion court award to the Qatar National Bank over a defaulted loan. “We are negotiating to pay part of it, but we’ll still need to settle this debt,” Garang stated.

The $250 million from the IMF is expected to address several critical areas, including economic growth, inflation control, and the distribution of resources across the country.

It will also support essential sectors such as education and health, providing much-needed relief as South Sudan navigates through these economic challenges.

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Oil Prices Steady Ahead of Crucial OPEC+ Meeting on Output Cuts

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Oil prices stabilized in Asian trading on Monday as markets turned their attention to an upcoming OPEC+ meeting, where producers are expected to discuss maintaining voluntary output cuts for the remainder of the year.

This critical meeting, scheduled for June 2, will be held online following a brief postponement, OPEC announced last Friday.

The Brent crude oil, against which Nigerian crude oil is priced, stood at $82.36 a barrel, while the U.S. West Texas Intermediate (WTI) crude oil rose by 28 cents to $78 per barrel.

The stabilization in prices comes after a week of declines with Brent ending last week about 2% lower and WTI losing nearly 3%.

This downturn was influenced by minutes from the Federal Reserve’s recent meeting, revealing that some officials are open to further tightening interest rates if deemed necessary to control persistent inflation.

Market activity is expected to be relatively subdued on Monday due to public holidays in the United States and the United Kingdom.

However, anticipation is building around the OPEC+ meeting, where producers will deliberate on extending the current voluntary output cuts of 2.2 million barrels per day into the second half of the year. Sources within OPEC+ suggest that an extension is likely.

Sugandha Sachdeva, founder of Delhi-based research firm SS WealthStreet, expressed confidence in the potential extension, stating, “Oil futures are expected to maintain today’s gains due to expectations of the cuts being extended.”

She also highlighted the influence of upcoming U.S. Producer Price Index (PPI) data on market movements, which will shape the Federal Reserve’s approach to potential rate adjustments.

Combined with an additional 3.66 million barrels per day of production cuts valid through the end of the year, these measures account for nearly 6% of global oil demand.

OPEC remains optimistic about continued growth in oil demand, forecasting an increase of 2.25 million barrels per day for the year, while the International Energy Agency (IEA) anticipates slower growth of 1.2 million barrels per day.

Analysts at ANZ noted that they will be closely monitoring gasoline usage as the Northern Hemisphere enters summer, a peak season for driving holidays.

They commented, “While U.S. holiday trips are expected to hit a post-COVID high, improved fuel efficiency and EVs could see oil demand remain soft,” but added that this could be offset by rising air travel.

This week’s market dynamics will also be influenced by the U.S. personal consumption expenditures (PCE) index, due to be released on May 31.

The PCE index is regarded as the Federal Reserve’s preferred measure of inflation, and its findings could provide further indications of the central bank’s interest rate policies.

In a related development, Goldman Sachs has revised its forecast for 2030 oil demand upwards to 108.5 million barrels per day from the previous 106 million barrels per day.

The investment bank also projects peak oil demand to occur by 2034 at 110 million barrels per day, followed by a prolonged plateau until 2040.

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Nigeria’s Oil Sector Sees $16.6bn Investment Boost, Plans $20bn Expansion

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Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, announced on Monday that approximately $16.6 billion in investments have been committed over the past year.

This significant influx of capital marks a period of rejuvenation for the oil sector following years of stagnation caused by policy inconsistencies and the delayed passage of the Petroleum Industry Act.

Lokpobiri shared these updates during a briefing in Abuja, where he highlighted the achievements in the oil sector since President Bola Tinubu assumed office on May 29, 2023.

The minister emphasized that the government’s efforts to create a more investment-friendly environment have paid off, attracting substantial foreign and domestic investments.

Rekindling Investor Confidence

“One of our main objectives has been to create an environment where investments can thrive,” Lokpobiri stated. “Today, I am pleased to announce that our efforts have rekindled investor confidence in the sector.”

He pointed to notable investments, including $5 billion and $10 billion commitments in deepwater offshore assets, and a $1.6 billion investment in oil and gas asset acquisition.

The surge in investments is attributed to a series of roadshows in the United States and Europe, which successfully showcased Nigeria’s potential and the government’s commitment to sectoral reforms.

This renewed global interest is also evident in the ongoing bid rounds for new assets.

Production Increase and Strategic Initiatives

A significant achievement since President Tinubu took office is the increase in crude oil production.

“When we took office, production was at approximately 1.1 million barrels per day, including condensates,” Lokpobiri reported. “Today, I am proud to report that we have increased our production to approximately 1.7 million barrels per day, inclusive of condensates.”

To achieve this increase, the government has undertaken several strategic initiatives.

These include revamping redundant oil assets, continuous engagement with international oil companies, and resolving industry disputes.

Efforts to protect critical assets and reduce oil theft have also been intensified, with collaborations between private security firms and government agencies leading to a sharp decline in crude oil theft.

Upcoming $20bn Expansion Deal

In addition to the recent investments, Lokpobiri revealed that the Federal Government is on the verge of finalizing a $20 billion deal aimed at further boosting oil and gas production.

During a meeting with Olivier Le Peuch, CEO of Schlumberger Limited, Lokpobiri disclosed that negotiations with major investors are nearing completion. “Investments of over $20 billion are coming. One company alone will invest $10 billion,” he noted.

This deal, once consummated, will represent one of the largest single investments in Nigeria’s oil sector in recent history, promising to significantly enhance the country’s production capacity and economic growth.

Ongoing and Future Projects

Lokpobiri also highlighted the commencement of production from Oil Mining Leases (OMLs) 13 and 85, managed by Sterling Exploration and First E&P respectively.

These projects are expected to produce an average of 20,000 and 40,000 barrels per day, further bolstering Nigeria’s output.

This period of renewed investment and increased production is a testament to the government’s commitment to optimizing the nation’s oil and gas assets.

President Tinubu’s administration aims to sustain this momentum, ensuring continued growth and stability in the sector.

Government Transparency and Accountability

In line with President Tinubu’s directive for transparency, all ministers have been tasked with presenting their performance reports to the public.

The Minister of Information and National Orientation, Mohammed Idris, announced that the first-anniversary celebrations will include sectoral media briefings by the 47 federal ministers, starting on Thursday.

These briefings are designed to keep Nigerians informed about the government’s achievements and ongoing initiatives.

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