Economy
Kachikwu Commissions New Oando Wings Office Complex in Lagos
By Dipo Olowookere
Minister of State for Petroleum Resources, Mr Ibe Kachikwu, on Tuesday commissioned the new office building, the ‘Wings Office Complex’ of Oando Plc, Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange.
The event took place at the new office located at 17a, Ozumba Mbadiwe Avenue, Victoria Island, Lagos.
Present on the occasion were top members of the oil firm as well as stakeholders in the oil and gas sector in the country.
The Wings Office Complex consists of two 12-story buildings – 27,000m2 of lettable office space, an in-built 3-floor car park, 4 high-speed 12 person passenger lifts per tower, retail space and a waterfront.
The property was constructed by Cappa D’Alberto, one of the oldest building and civil engineering firms in Nigeria and the name behind notable buildings such as The Civic Centre, GT Bank Head Office, Mobil House and Citibank Head Office.
The edifice offers a world-class indoor event space, a one-of-a-kind space that can hold up to 300 people, with floor to ceiling windows which provide a scenic view of the waterfront and allows maximum natural daylight. Wings also has an outdoor waterfront area with a hosting capacity of 200 people and overlooks Lagos State’s waterway.
In his short address, Mr Kachickwu commended the management of Oando for erecting the structure, pointing out that the company has shown “uniqueness as a Nigerian oil company showing support to the government and the Nigerian populace.”
He explained that, “The building has been developed using water, sand, cement, bricks, steel, concrete, wood and glass, all are elements attributable to transparency and strength.
“The future is very demanding, I urge you to continue to inspire and be creative in the solutions that you proffer in your sector and for the nation.”
On his part, Group Chief Executive of Oando Plc, Mr Wale Tinubu, stated that, “At Oando, passion is not only one of our core values, it drives our ambitions. The idea for the Wings Office Complex was conceived in 2009 and the build kick – started in 2013.
“At the time it seemed a lofty dream; both in terms of size and the type of structure we envisaged. We commenced the construction of Wings at a time when the price of oil was around $100; despite the 2014 crash in oil prices to $23 per barrel, the 60 percent devaluation of the naira and a 13 month long economic recession, we pushed on.
“Today, the two towers stand tall as a testament to indigenous companies like ourselves who continue to lead and set the standard for excellence.
“The project signifies the end to a series of capital projects that we have pioneered, invested in and built.”
For Funso Akere, CEO, Stanbic IBTC Capital representing the CEO for Stanbic IBTC, “Stanbic IBTC Bank Plc together with Standard Bank of South Africa is proud to have supported the completion of this landmark real estate project in Nigeria, which would catalyse the development of similar ground-breaking real estate projects and serve as a benchmark for investment grade office buildings in Nigeria.
“It will also enhance the economic landscape and support the creation of the creation of world class business infrastructural development drive of the Lagos State government.
“We take this opportunity to commend the management and staff of Oando and the entire project team who worked tirelessly in driving the successful completion of the project. We look forward to additional opportunities to partner with the sponsors in developing other iconic projects.”
The company followed the international and more progressive model for office buildings by incorporating space for amenities such as restaurants and retail outlets. It is also one of a few prime locations in Lagos with waterway accessibility giving its inhabitants and guests a fuller experience during their time on the premises. The Wings is a smart and energy efficient building that regulates its internal temperate to acclimatize with the outdoor temperature.
It also uses energy efficient and smart lighting systems with occupancy and daylight sensors to make sure office lights are only on as they are needed; specifically when occupants are in a room and sunlight is diminishing. The deliberate use of floor to ceiling windows in the 4 corners of the building ensures that 100% of occupants are always within 12 meters of natural light.
Other building features include: filtered fresh air supply at a minimum rate of 8 litres per person/second, 24 hour power, external cladding designed to limit direct solar gain, noise minimizing building acoustics, central cooling, panoramic views of Lagos from every floor .
In addition to being office space to leading brands such as Ericsson and RMB Bank, the Wings Office Complex is now home to Oando employees. It was built with the intention of accommodating all the company’s Lagos based staff and act as our new Head Office, enabling us finally relinquish leased space in Lagos.
By Adedapo Adesanya
The federal government is looking to remedy discrepancies in fiscal data across government institutions, which have affected Nigeria’s credit ratings and borrowing capacity.
This came as the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has spearheaded a high-level Fiscal Data Harmonisation Meeting (FDHM).
The meeting was part of a bold move to revolutionize Nigeria’s economic landscape, marking a significant milestone in the country’s quest for economic stability and transparency.
The meeting which was held in his office in Abuja, brought together key stakeholders, including the Honourable Minister of State for Finance, Mrs Doris Uzoka-Anite; the Accountant General of the Federation, Mr Shamsedeen Babatunde Ogunjimi; and the Director General of the Budget Office, Mr Tanimu Yakubu.
Mr Edun emphasised the need for synergy between agencies such as the Budget Office, the Accountant General’s Office, and the Debt Management Office (DMO).
“Delivering accurate and comprehensive fiscal data is critical to economic stability and investor confidence,” he stated.
According to a statement, attendees agreed on the establishment of a Fiscal Data Coordination Framework, which includes a main committee, a subcommittee, and technical teams dedicated to standardising fiscal reporting methodologies and economic assumptions.
Mr Edun reaffirmed that Nigeria must take ownership of its fiscal data credibility, reducing dependence on external institutions.
The meeting concluded with a firm commitment to implementing the framework, reinforcing transparency, strengthening investor confidence, and enhancing Nigeria’s economic outlook.
By Adedapo Adesanya
The Senate has directed the Bureau of Public Procurement (BPP) to halt the planned sale of Lafarge Africa to Chinese cement maker, Huaxin Cement.
The legislators made the move on national security and economic sovereignty grounds.
“The Senate notes that discussions are underway regarding the divestment of Lafarge Cement Plc, with reports indicating potential Chinese investors. This has sparked concerns over the possibility of foreign dominance in a key sector of the Nigerian economy,” the motion stated.
It further observed that Holcim AG, the majority shareholder, is planning to offload its 83.8 per cent stake in Lafarge Africa to Huaxin Cement Co., a Chinese cement manufacturer.
The $1 billion deal is expected to be finalized in 2025, pending regulatory approval.
“The cement manufacturing industry is vital to national security due to its role in infrastructure projects, including roads, bridges, housing, and public works,” the motion continued.
“Excessive foreign control in this sector could pose risks to Nigeria’s economic sovereignty and security interests.”
Some of the senators who backed the call included Mr Shuaib Afolabi Salisu, who said, “We cannot afford to wake up one day and realise that our cement industry, one of the backbones of our economy, is entirely in foreign hands. We must ensure that strategic assets like Lafarge Africa remain in the hands of those who have the country’s best interests at heart.”
On his part, Mr Olamilekan Adeola said, “The company is about to be divested and the transaction has been shrouded in secrecy. What the motion is simply asking for is that we want this transaction to be as transparent as possible. By the time the eventual sale of this company is done, we will be fully satisfied that Nigeria’s economy will be protected.”
Concerns have reportedly been raised that the deal could lead to capital flight, job losses and reduced regulatory oversight over a sector vital to national development.
Mr Jimoh Ibrahim cautioned against using the Senate to obstruct the federal government’s efforts to attract foreign investment.
He argued that investors should not feel restricted when they decide to exit or divest from their holdings.
His sentiment was echoed by Mr Sunday Karimi, advising against any legislative action that might hinder the sale.
By Adedapo Adesanya
Five stocks kept the NASD Over-the-Counter (OTC) Securities Exchange in the negative territory by 0.14 per cent on Thursday, March 27.
When the alternative stock exchange ended trading activities for the day, the NASD Unlisted Security Index (NSI) was down by 4.70 points to 3,310.51 points from the previous trading day’s 3,315.21 points.
In the same vein, the market capitalisation of the bourse fell further by N2.72 billion at session to settle at N1.912 trillion compared with the preceding day’s N1.914 trillion.
The volume of securities traded at the bourse yesterday rose by 2,272.7 per cent to 712,439 units from the 30,026 units recorded on Wednesday just as the value of securities traded went up by 728.2 per cent to N30.5 million from the N3.7 million quoted at the preceding session, with the number of deals executed at the Thursday session increasing by 253.9 per cent to 46 deals from 13 deals.
Okitipupa Plc lost N16.00 to sell at N240.50 per unit versus Wednesday’s value of N256.50 per unit, Afriland Properties Plc dropped 58 Kobo to trade at N18.92 per share compared with the previous day’s N19.50 per share, FrieslandCampina Wamco Nigeria Plc depreciated by 27 Kobo to N36.73 per unit from N37.00 per unit, Geo-Fluids Plc crashed by 15 Kobo to trade at N2.50 per share versus N2.65 per share and Food Concepts Plc fell by 5 Kobo to N1.30 per unit from N1.35 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc improved by N1.68 to N25.21 per share from N23.53 per share and Nipco Plc gained 70 Kobo to settle at N200.50 per unit, in contrast to the previous rate of N199.80 per unit.
FrieslandCampina Wamco Nigeria Plc became the most traded stock by value (year-to-date) with 13.7 million units valued at N528.90 million, Impresit Bakolori Plc followed with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units valued at N364.2 million.
However, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million followed by Industrial and General Insurance (IGI) Plc with 70.0 million units worth N23.8 million and Geo-Fluids Plc with 44.0 million units valued at N89.0 million.
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