Oil
New Oando head office heralds new frontiers
LAGOS – Oando PLC has broken ground on the proposed site for its new head office along Ozumba Mbadiwe Drive in Victoria Island, Lagos.
Dubbed “The Wings Project,” Oando envisions a monolithic, but innovative 21st century structure strategically positioned along the highly sought after Victoria Island waterfront, which will comprise of two identical 15 storey glass towers sitting on a plinth that houses several car park floors, restaurants, gymnasiums, and a jetty.
The building facade will also consist a modern anodised aluminium curtain wall system with blue reflective tempered glass panels. Ozumba Mbadiwe Drive already boasts several contemporary office buildings, and Wings is seen as a welcome state-of-the-art structure expected to measure up to 25,769 sqm in total office space.
The structure will comprise of two towers; with one tower occupied entirely by Oando personnel, while the other tower will be partly utilised by Oando’s joint development partners in the project; Standard Bank PLC/ Stanbic and Rand Merchant Bank (RMB). Each tower will comprise of 13 leasable floors, including 2 penthouse floors, and have approximately 900sqm in leasable space available per office floor.
Oando-towerAs early equity investors in the project, Oando seeks to benefit immensely from the current project structure with Rand Merchant Bank Wesport and Stanbic IBTC both providing long term debt funding. The project also showcases the value of partnerships as Oando continues to execute key projects across the country, and the resounding success of these relationships has brought to fruition the realisation of an idea that was conceived over half a decade ago.
Commenting on the project, Oando Chief Group Executive, Wale Tinubu, said: “Seven years ago we envisioned the Wings project as a further testament to our aspiration to conduct our corporate operations from an ultramodern edifice which exemplifies the desire, dedication, and intrinsically the overall growth of our people and our company. We acquired the land to start that journey, and today we stand here to begin a transition that will provide a home away from home for our employees, provide much-needed job opportunities for the populace of Lagos state, while also beautifying the Lagos waterfront and skyline. I also applaud all the partners involved for their patience and belief in the viability of the Wings project.”
The addition of a corporate head office of this magnitude equally underscores the inherent value of Oando’s asset base, as the Wings project is another valuable addition to its equity portfolio.
To ensure all fiscal procedures were adhered to, Argentil Capital Partners, a Nigeria-based energy and infrastructure advisory firm with in-depth knowledge and understanding of the regional energy, infrastructure and capital markets provided specialised financial services addressing Wings’ commercial due diligence, project valuation and structuring, and capital raising.
– BUSINESS DAY
Oil
FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
Business
Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
Oil
ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.