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 Dipo Olowookere
The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Thursday, plunging the bourse deeper by 0.05 per cent at the close of transactions.
Yesterday’s downfall of Customs Street was mainly caused by profit-taking in the banking sector, leaving its index in red by 0.43 per cent.
It was observed that the consumer goods space and the insurance counter appreciated by 0.39 per cent and 0.13 per cent, respectively, but they could not save the market from going down.
However, the energy, industrial goods and commodity indices closed flat when the closing gong was beaten at 2:30 pm.
The All-Share Index (ASI) went down by 56.36 points to 104,858.77 points from 104,915.13 points and the market capitalisation declined by N36 billion to N65.754 trillion from N65.790 trillion.
At the trading session, investors bought and sold 310.5 million shares valued at N6.3 billion in 10,182 deals compared with the 1.4 billion shares worth N12.4 billion transacted in 12,012 deals at midweek, indicating a decline in the trading volume, value, and number of deals by 77.28 per cent, 49.19 per cent and 15.23 per cent apiece.
Fidelity Bank topped the activity chart with 40.0 million equities worth N672.8 million, Veritas Kapital sold 37.2 million shares for N42.4 million, Nigerian Breweries transacted 27.0 million stocks valued at N890.1 million, Zenith Bank traded 22.9 million shares worth 1.1 billion, and Access Holdings exchanged 21.0 million equities valued at N464.0 million.
The heaviest price loser was Livestock Feeds, which shed 9.57 per cent to trade at N7.65, Royal Exchange lost 8.24 per cent to settle at 78 Kobo, Custodian Investment depreciated by 6.98 per cent to N20.00, UPDC contracted by 6.23 per cent to N2.86, and Chams deflated by 5.16 per cent to N2.02.
On the flip side, CWG recorded the biggest price addition with 9.64 per cent to sell for N9.10, Veritas Kapital expanded by 8.41 per cent to N1.16, Deap Capital rose by 7.61 per cent to 99 Kobo, Coronation Insurance surged by 4.26 per cent to N2.45, and Wema Bank climbed by 2.37 per cent to N10.80.
By Adedapo Adesanya
The Naira appreciated by 2.3 per cent month-on-month against the US Dollar, averaging N1,500.97 per Dollar in February compared to N1,535.95 per Dollar in January 2025.
This is according to recent data from the Central Bank of Nigeria (CBN), which showed that the Nigerian currency strengthened against major currencies last month at the official market.
Similarly, the Naira strengthened by 1.8 per cent against the Euro, averaging N1,562.35/€1 versus N1,590.72/€ and by 0.65 per cent against the Pounds Sterling at N1,882.0/£1 in February 2025 compared with N1,894.2/£1 in January 2025.
This improvement in the value of the local currency came on the heels of a series of strategic policies implemented by the CBN to stabilize and strengthen the domestic currency.
These key measures included the introduction of the Electronic Foreign Exchange Matching System (launched on December 2, 2024), the Nigeria Foreign Exchange Code (January 28, 2025) and selective intervention in the foreign exchange market.
The apex bank also helped quell Naira volatility by clearing a backlog of orders to sell Naira for foreign currency and boosting dollar supply to the Bureau de Change (BDC) operators by extending its access window.
However, Nigeria’s foreign reserves witnessed constant drops to a month low of $2.2 billion in February, since hitting a $40.92 billion high on January 6.
Market analysts noted that it would be imperative to sustain and build on this momentum with further efforts needed including support of local businesses to produce substitutes for imports, through improved access to credit and technology.
In addition to domestic support, critical investments in the health and education sectors are essential to reduce the demand for foreign services, such as medical and health tourism.
In another set of data, currency outside banks surged by 44.5 per cent in January 2025 to N4.7 trillion by January 2025 up from N3.3 trillion in January 2024, according to the latest data from the Money and Credit statistics of the apex bank.
Meanwhile, currency outside the bank represents 12.8 per cent of narrow money in January 2025, an increase from 10.4 per cent in January 2024.
Also, currency outside banks as a percentage of total money supply (M3) increased in January 2025 to 4.3 per cent from 3.5 per cent during the same period last year. Thus indicates a growing preference for cash-based payments and an expansion of the informal economy.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange suffered a 0.26 per cent decline on Wednesday March 19 after the two securities closed lower and one appreciated.
Afriland Properties Plc depleted by N1.67 to trade at N19.52 per unit compared with the preceding day’s N21.19 per unit and Food Concepts Plc dropped 12 Kobo to close at N1.55 per share versus Tuesday’s value of N1.67 per share, while Geo Fluids Plc added 10 Kobo to trade at N2.85 per unit, in contrast to the preceding session’s N2.75 per unit.
At the close of transactions, the NASD Unlisted Security Index (NSI) went down by 8.74 points to 3,377.98 points from the previous trading day’s 3,386.72 points, and the market capitalisation contracted by N5.05 billion to settle at N1.951 trillion compared with the preceding day’s N1.956 trillion.
During the trading day, the volume of securities bought and sold at the bourse fell by 55.8 per cent to 31.3 million units from the 195,796 units recorded on Tuesday, the value of securities traded shrank by 551.4 per cent to N33.3 million from the N5.1 million quoted at the preceding session, and the number of deals executed declined by 20.7 per cent to 23 deals from 29 deals.
Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units valued at N359.0 million.
Also, Impresit Bakolori Plc was the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units worth N23.7 million and Geo-Fluids Plc traded 44.0 million units sold for N88.9 million.
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