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Work Set to Begin on New Lagos Business City

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UK Construction PMI Growth Hits Seven-month High
  • Work Set to Begin on New Lagos Business City

The promoters of Imperial International Business City, a new joint venture development between Channeldrill Resources Limited and the Elegushi Royal Family of Lagos, have said that work will soon commence on the city.

The Managing Director, Channeldrill, the lead JV partner, Mr. Femi Akioye, said the development of the 200-hectare city commenced in August 2016 and would last for five years, ending in 2021.

He said the city would be built from the scratch on reclaimed land from the Lagos lagoon, stretching from Freedom Road in Lekki Phase 1 to the end of NICON Town.

Akioye stated, “Nigeria has massive housing deficit and whatever the figure is, a sizeable percentage is in Lagos with its growing population, which creates opportunity for real estate.

“The Lekki-Epe corridor is reputed as the fastest growing not only in Nigeria, but in the whole of West Africa, with the biggest seaport, airport, refineries and other infrastructure coming up. The people, who will work there, must live somewhere, and this is a motivation for developers. The future demand of the Lekki Free Trade Zone will only increase demand for comfortable homes within the metropolis.”

He said the Elegushi family got permission from the Lagos State Government to further extend the Ikate Kingdom by 200 hectares into the lagoon through reclamation, adding that the city would correct some of the mistakes recorded in the development of the Lekki Phase 1.

Akioye added, “We are building a city from the scratch and this gives us the opportunity to build smart and go green for the future. The city is going to be planned with distinct zones of commercial and residential made up of low, medium and high density areas with water view.

“The city has been planned to be dredged two metres to 2.5 metres above sea level to avoid flooding, which is common in the Lekki axis.”

According to him, the city will have lakes and waterways within, as well as underground drains, the first smart shopping mall in the country and the first six-star hotel in Africa to be built by investors who have already indicated interest in the project.

He added that the project would be handled by world-class organisations, including Dredging International, Royal HaskoningDHV for civil engineering, Gensler and Kedari Capital Limited, among others.

The Project Coordinator and Adviser to the Elegushi Family, Benson Evboren, said all necessary approvals for the project had been obtained.

He said reclamation would take two years, while the actual construction would last for three years, adding, “It will be a sight to behold when completed and will also stand the test of time. It is also designed to take pressure off Lekki Phase 1.”

The Director, Maritime Projects, Royal HaskoningDHV, Ronald Stive, said 60 per cent of the world population lived in coastal areas, hence the need for safe and resilient coastal development, which the city would offer.

The General Manager, Dredging International, Stefaan Van Velthoven, said dredgers had already been positioned in the lagoon for the project.

The Group Chief Executive Officer, Kedari, Mrs. Ife Fashola, said the city would be sustainable and in line with the initiative of the government on building climate resilient cities

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.

Business

Sterling Homes Plans To Reduce Housing Deficit

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Sterling Homes Limited has said it is committed to working with the government through private public partnership to reduce housing deficit in all the geo-political zones in the country.

The Managing Director, Mr Kunle Adeyemi, said this during an event on the company’s rebranding organised as part of its 10th year anniversary in Lagos on Friday.

During the event, the company while expressing commitment to excellence and customer satisfaction, unveiled its new logo with colours to define its mission and objections.

We want to be present in all the six geo-political zones on Nigeria by providing affordable luxury homes, excellent torch. So for us, there is a need for us to rebrand and have a new direction and vision.

“We want to partner with the government on the present housing deficit; we want to embrace a public, private partnership with the government to reduce the deficit in every geo-political zone.”

The managing director said that one of its unique selling points was its after sales services which was top notch.

He said it ensured that its customers were taken through the journey of actualising their dreams of becoming home owners.

While noting that everyone deserved to have a comfortable home despite the economic situation, he said it had designed a structure payment plan with zero interest in some cases to help intending home owners.

He said it also had provisions for high breed options and developing areas to accommodate various income levels.

Before the end of the year, he said, Sterling Homes would be establishing new presence and projects in other regions.

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Mutual Benefits Drives Financial Inclusion

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Mutual Benefits Assurance Plc says it is committed to deepening financial inclusion and creating easy accessibility for insurance in the country.

A statement from the firm on Friday said it expressed this commitment when it inaugurated its South-West region franchise operations in Ibadan, Oyo State.

The Managing Director, Mr Femi Asenuga, said this was part of its efforts to develop the insurance business and create values.

He said, “The role we all have to play is to be ambassadors of Mutual Benefits.

“A franchise is a well-known word and the way Mutual Benefits practices franchise is in our normal style of creating and adding value; we never rest.”

Asenuga said that the firm was working with stakeholders to increase awareness and take its message to the grassroots.

In developed economies, he said, insurance firms owned banks. He regretted that this was not the situation in Nigeria.

He said the firm would provide stakeholders with the platform and support to make them excel as a member.

The Managing Director, Mutual Benefits Life Assurance Limited, Mr Ademola Ifagbayi, appreciated the stakeholders and urged them to take advantage of the franchise.

The Group Managing Director, Odua Group, Mr Adewale Raji, in his address, advised stakeholders to be committed and showcase good character and integrity.

He said, “The Odua investment is owned by the six South-West governments and it is in our interest when economic, businesses and investment spreads across the South-West states.

“This is an opportunity for us to strengthen insurance penetration within the South-West states.”

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Business

CAC Sets Three-Hour Circle For Company Registration

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Corporate Affairs Commission

The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021.

Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki.

The commission disclosed this in series of tweets posted via its Twitter handle on Sunday.

“To achieve the target, the registrar-general said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.

Abubakar noted that the challenges of COVID-19 pandemic had adversely hampered CAC’s delivery timeline.

He, however, said the CAC was resolutely committed to serving its customers despite being forced to operate with less than 50 per cent of its workforce.

While bidding farewell to Seriki, the registrar-general said he received the news of his appointment with mix feelings as CAC was going to miss his tremendous support and guidance.

The Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.

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