Connect with us

Business

Nestoil, Julius Berger Sign N24bn Contract

Published

13 years ago

on

An indigenous oil firm, Nestoil Plc, has awarded the contract for the building of its new ultra-modern office headquarters to Julius Berger Nigeria at a whopping cost of N24 billion and a completion time frame of 25 months from date of signing. The office building is to be located on Akin Adesola Street, Victoria Island, Lagos.

In October 2010, the Nestoil Group entrusted ACCL Ltd in cooperation with JBN/Bilfinger Berger Nigeria on the basis of a preconstruction agreement with a design conception of a combination use development of offices, parking and living.

The approximately 75 meters high building offers Nestoil a gross floor area of 32.300m2. The site is located in the centre of Victoria Island, at the junction of Akin Adesola Street, which connects Bar Beach in the South with Falomo Bridge in the North, and Saka Tinubu Street.

The Lagos Nestoil Tower is based on a combined pile raft foundation bored piles with a maximum depth of 54 meters and a foundation slab with a thickness of 1.8 meters.

Due to the high ground water level a secant bore pile wall and a jet-grouting plug are necessary to prevent the building pit from flooding.

The 15 floors provide 9 stories of parking, 19 apartments on 5 levels and 14 office floors including one executive office floor all topped by a helipad and a building crown, which turns the highrise- building to a real landmark in the Victoria Island skyline.

The Nestoil Group wants to achieve a LEED certification for the Nestoil Tower. This will increase the attractiveness especially for international tenants as the LEED certification brings the sustainability and awareness of responsibility for the present but also for the future generations to Nigeria.

The President/ Chief Executive Officer of Nestoil, Dr Ernest Azudialu, and the Managing Director of Julius Berger Nigeria, Wolfgang Goetsch, formerly signed the contract at the Julius Berger headquarters in Abuja.

In his brief remarks before the signing of the contract papers, Azudialu revealed that the idea of building a befitting headquarters for Nestoil started many years ago but never really took off until a few years ago when the idea began to take form.

“The board of Nestoil decided to build something different and befitting, a building that will show the Oil & Gas industry in Sub-Saharan Africa in a different perspective.”

According to him, in the quest to get the best, the company went to great lengths “from what we can see from the model of the building it took a lot for us to get to this level and even to the construction stage where it is today. It took a lot of trips to Wiesbaden Germany for reviews, to choose materials and also to examine what it takes to build a Leadership in Energy and Environmental Design, LEED certified structure (LEED is an internationally recognized green building programme).

“Today is a signing ceremony and is not going to be a speech making day but for us on the Nestoil side this is a very big milestone to have been able to get this project to this stage. We are looking forward to making sure that at the end of the day this building is delivered both on schedule and to world-class standards.

“From the construction work progressing on site which has been visited by other directors and shareholders of Nestoil, we can say that we are very pleased and we commend Julius Berger having done a good job so far to continue in that line for the next 20-25 months when the building should be completed. We expect that the building we be completed by the 1st quarter or before the middle of 2015”.

Related Topics:
Continue Reading

Business

Association Woos Govt, Coys On  Boat Operators  Employments

Published

1 week ago

on

June 12, 2026

By

The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
Continue Reading

Business

FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

Published

1 week ago

on

June 12, 2026

By

The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
?
“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NIWA Harps On  Avoidance Of Leaking Boats

Published

1 week ago

on

June 12, 2026

By

The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
Continue Reading

Trending