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Nestoil, Julius Berger Sign N24bn Contract

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13 years ago

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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”.

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Boat Mishap Kills Pastor, Wife And Church Members  In Brass Water

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5 days ago

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May 18, 2026

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A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways
The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and  members of his church were in a programme.
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?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet  to be recovered
as search party are still ongoing.
Although the real cause of the boat Mishap is not yet known as at the time of this report,  our Correspondent gathered  that the identities of the Pastor, wife and church members were not disclosed to the public.
The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit
The Bayelsa State government and the state police command are yet to issue official statement’s  on the sad accident
By: CHINEDU WOSU
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Rivers Workers Seek Scrapping Of Contributory Pension Scheme

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5 days ago

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May 18, 2026

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The Rivers State Council of  Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.
Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt,  recently.
Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.
He noted that  the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.
According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.
He also  informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.
“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.
Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.
The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.
He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.
Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.
The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.
He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.
Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.
By: King Onunwor
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FG Begins South-West Tour To Promote New Cooperative Bank

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1 week ago

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May 13, 2026

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The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
 Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted  the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
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