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 duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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