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OPIC Set to Redevelop Isheri

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U.S. Housing Starts Fell 9% in September - investorsking.com
  • OPIC Set to Redevelop Isheri

The Ogun State Property and Investment Corporation says it has commenced the re-development of Isheri, a boundary community between Ogun and Lagos states, along the Lagos/Ibadan Expressway.

The Managing Director of OPIC, Mr Jide Odusolu, said the area would be turned into a mixed-used development where people could live and work.

He said the corporation had reviewed the entire scope of the area and had commenced putting in place roads in preparation for the changes that would take place.

Odusolu said, “We are re-developing the event centre in the area into a major entertainment centre, we are building three additional office complexes there. We are also putting in place, a mall and a hotel to support it but the first step is infrastructure which is what we are putting in place now with the construction of over 1.5 kilometres of road networks around this neighbourhood.

“The whole concept around it is to show the new face of Ogun State that we are ready to compete favourably with the very best that Lagos has to offer in terms of luxury living.”

He stated that to take care of the residential aspect of the area, OPIC had been working on MTR Gardens, an upscale development of over 180 two and three-bedroom apartments.

He said, “MTR Gardens is a major statement; it started in 2015 as a concept. When we first came here, this place was a swamp. What led to the project was that the community wrote to the governor complaining that the whole area had become like a den of armed robbers and it was creating chaos for them. We then decided we wanted to create a new place with a mall, commercial area and residential buildings, we saw the potential of the place.

“The first thing we did was reclamation, the soil here is worse than Lekki, it was a low land and there was nowhere for the water to go out. It was all sludge, meaning there was a lot of soil to be removed. In Lekki, you just fill and start construction but here we had to remove soil because without that nothing can settle. We started with a process of reclamation, resettlement and infrastructure.

“This is just the first phase; the second phase we will do about 600 houses. We are planning a commercial city which will have a mall and commercial centre with broadband Internet service. The idea is to create a holistic community where people can live and work. People here have no business shuttling between here and Lagos.”

According to him, the vision is to recreate the quality of life, to enable people invest more in Ogun State, saying, “we do not just want people to invest in Ogun State, we want them to live, play and thrive in Ogun and just know that it is their home.”

He explained that to address flooding in the area, the corporation had created a one kilometre channel taking water from the major road into the canal.

He added that to also complement the development in the area, OPIC was working on residential estates in Warewa and Magboro.

“In Warewa and Magboro, we are doing a lower-middle model of what we have here while in New Makun City, we have low to lower middle housing, which is exclusively for affordable housing and everything about it is done through mortgage. You can’t create exclusively upscale communities, at the same time, you can’t create exclusively lower scale communities, it is not viable. You must have a blended development that gives the robust answer to Nigeria’s housing needs,” he said.

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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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Business

Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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