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Eko Atlantic Completes 14 Bridges

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eko atlantic city
  • Eko Atlantic Completes 14 Bridges

The promoters of Eko Atlantic City, one of the world’s most advanced new cities being built on the shores of the Atlantic Ocean in Lagos, said they have completed 14 bridge structures in just two years.

According to a statement released recently by the developers, the bridges extend over five million square metres, representing half of the entire planned city development.

The completion of these bridges, they said was “a hugely significant progress,” adding that they were built to international standards.

Work on the bridge project, they said started in December 2014 when the first bridge deck was cast and project completed on schedule in December 2016. The city, which is divided into 8 districts (Harbour Lights, Business Districts, Eko Drive, Marina, Ocean Front and Avenues), is planned for mixed-use with commercial, residential, entertainment and leisure activities to make the city a 24/7 lively environment.

The statement said, “With the new bridges all the districts are now accessible by road. The bridgeworks have formed a major element of the works and it has also enabled all major avenues to overpass the canal system running through the spine of the project.

“All bridges are between 2-6 lanes. For instance, Bridge 7 comprises a six-lane carriageway and is located on Avenue 1, thus defining the western boundary of the Business District, the commercial heartland of the city.

Spanning 52 metres overall in three sections, Bridge 7 is typical of the design utilised throughout all bridges and comprises a reinforced concrete cast in-situ deck with concrete piers and abutments. Also post-tensioning techniques were employed on the horizontal deck to achieve the span required.

“The last bridge was deliberately constructed to overpass the canal entrance to the South West Marina, defining the marine access to the Atlantic Ocean.”

Mr. David Frame, Managing Director of South Energyx Nigeria Limited (SENL), a subsidiary of the Chagoury Group said, “We are fully committed to ensuring that the project is completed on schedule. With the successful completion of all the bridges, all the major avenues within Phases 1 and 2 of the City are now fully interconnected, with the comprehensive road network of the city defined and all zones accessible.” He hinted that the company has a lot of announcements planned for the year as it achieves more key milestones in the project.

It would be recalled that the city in November last year unveiled the first of the Eko Pearl Towers, a residential building in its Marina District. The commissioning of the Tower which was done by the Lagos State governor, Akinwunmi Ambode came just a few months after the commissioning of the city’s Eko Boulevard, Nigeria’s first eight-lane city road.

Eko Atlantic City is arguably the single most ambitious and comprehensive mixed-use development plan to come on stream in the West Africa sub-region in recent times. Modeled after the skyscraper District of Manhattan Island in New York City, it is expected that the new city will be home to no fewer than 450,000 residents, with commuter volume expected to exceed 300,000 people daily. Self-sufficient and sustainable, it includes state-of-the-art urban design, its own power, clean water, advanced telecommunications, spacious roads and 110,000 trees.

The uniqueness of the initiative is that the residential units will be constructed as vertical high-rise apartment towers due to limited space for the traditional single family detached units.

According to data released by Residential Auctions Company (RAC), there are already over 1,000 units of apartments of various room sizes ranging from one bedroom to four bedroom penthouses already under construction. High- rise developments will provide just slightly over 560 apartment units with one tower completely sold out and the first set of units will be delivered as early as 2016.

Eko Atlantic is a planned residential and commercial city located on reclaimed land in Lagos. The project began in 2003 as a permanent solution to protect Bar Beach in Victoria Island from the effects of severe coastal erosion, and to safeguard Victoria Island from the threat of flooding.

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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Axxela Limited Raises N16.4bn in Oversubscribed Bond Issuance

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Bonds- Investors King

Axxela Limited, a leading sub-Saharan African gas and power company, has successfully completed its N15 billion Series 1 Bond Issuance.

The company raised N16.4 billion due to oversubscription and investor confidence in the company’s financial strength and strategic direction.

Bolaji Osunsanya, Axxela’s Chief Executive Officer, expressed his satisfaction with the outcome, highlighting the bond’s oversubscription of 109%.

Despite challenging economic conditions marked by rising interest rates and limited market liquidity, Axxela’s bond offering attracted strong interest from a diverse group of investors, including pension fund administrators, asset managers, and high-net-worth individuals.

Osunsanya explained that the proceeds from the bond issuance would play a crucial role in funding the company’s long-term capital expenditures, managing its weighted average cost of capital, and diversifying its funding sources.

The funds will support the completion of ongoing gas pipeline projects across Nigeria, aligning with the company’s commitment to enhancing energy infrastructure and contributing to the country’s energy transition agenda.

Stanbic IBTC Capital, serving as the lead issuing house alongside seven joint issuing houses, played a pivotal role in facilitating the transaction, with Stanbic IBTC Bank acting as the transaction bank.

The successful bond issuance reflects Axxela’s strategic positioning as a key player in the region’s energy sector and its ability to leverage strong investor confidence to drive growth and innovation in the industry.

As Axxela continues to expand its presence and strengthen its operations, the oversubscribed bond issuance serves as a testament to the company’s resilience and its commitment to delivering value to shareholders and stakeholders alike.

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Company News

Dangote Refinery Continues Price Slashing: Diesel Now at ₦940/Litre, Aviation Fuel at ₦980/Litre

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Dangote Refinery

Dangote Petroleum Refinery has once again sent ripples through Nigeria’s fuel market by further reducing the prices of diesel and aviation fuel.

In a bid to alleviate economic hardships faced by Nigerians, the refinery has lowered the price of diesel to ₦940 per litre and aviation fuel to ₦980 per litre.

This latest move comes on the heels of the refinery’s recent price reduction to ₦1,000 per litre for diesel, which was celebrated across the country.

The decision to slash prices further underscores Dangote Refinery’s commitment to providing affordable fuel to consumers.

Anthony Chiejina, the Head of Communication at Dangote Petroleum Refinery, announced the development.

He revealed that the new prices are part of a strategic partnership with MRS Oil and Gas stations to ensure accessibility and affordability of fuel across all major locations, including Lagos and Maiduguri.

The refinery’s management expressed optimism that the price reduction would significantly ease the financial burden on consumers, particularly amid rising inflation and energy costs.

They also hinted at extending the partnership to other major oil marketers to ensure uniform pricing and prevent retail buyers from purchasing fuel at exorbitant prices.

This marks the third major reduction in diesel prices in less than three weeks, signaling Dangote Refinery’s proactive approach to addressing economic challenges.

The move has garnered praise from various quarters, with Nigerian President Bola Tinubu commending the refinery for its efforts to support the economy.

Industry experts, including Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria, lauded the refinery’s initiative, highlighting its potential to stimulate economic activities across critical sectors such as industrial operations, transportation, logistics, and agriculture.

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First Bank of Nigeria Appoints Olusegun Alebiosu as Acting CEO Following Resignation of Dr. Adesola Adeduntan

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Olusegun Alebiosu

First Bank of Nigeria Limited, a subsidiary of FBN Holdings PLC, has announced the appointment of Mr. Olusegun Alebiosu as its Acting Chief Executive Officer (CEO).

This decision comes in the wake of the resignation of Dr. Adesola Adeduntan, who has led the bank for the past nine years.

The appointment, which takes immediate effect, is subject to the approval of the Central Bank of Nigeria (CBN), reflecting the bank’s commitment to regulatory compliance and governance standards.

Mr. Alebiosu, a seasoned banking professional with over three decades of experience, is well-prepared to take on the responsibilities of leading First Bank Nigeria during this transition period.

Having served as the Executive Director and Chief Risk Officer, he played a pivotal role in the transformation and growth of the institution over the past eight years.

His extensive experience spans various aspects of the banking and financial services industry, including credit risk management, financial planning, corporate and commercial banking, and project financing.

Before joining First Bank Nigeria in 2016, Mr. Alebiosu held key positions in renowned financial institutions such as Coronation Merchant Bank Limited and the African Development Bank Group.

Expressing gratitude for Dr. Adeduntan’s exemplary leadership, the Board of Directors acknowledged his significant contributions to the bank’s growth and success during his tenure.

Dr. Adeduntan’s departure marks the end of an era characterized by remarkable achievements and milestones for First Bank Nigeria.

As Acting CEO, Mr. Alebiosu is poised to build upon the bank’s legacy and steer it towards continued growth and profitability. With a strong focus on strategic objectives, he aims to uphold First Bank Nigeria’s reputation as a leading financial institution in Nigeria and beyond.

In his new role, Mr. Alebiosu will work closely with the Board of Directors and management team to ensure seamless operations and uphold the bank’s commitment to delivering exceptional services to its customers.

As the banking industry undergoes rapid transformation and evolving regulatory landscape, First Bank Nigeria remains committed to maintaining its position as a trusted financial partner for individuals and businesses across the country.

With Mr. Alebiosu at the helm, the bank looks forward to a new chapter of innovation, resilience, and sustainable growth.

The appointment of Mr. Olusegun Alebiosu underscores First Bank Nigeria’s commitment to continuity and stability amidst leadership changes, signaling confidence in his ability to lead the bank through its next phase of growth and development.

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