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Eko Atlantic Completes 14 Bridges

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  • 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.

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

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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