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Nairaland Forum / Nairaland / General / Travel / Eko Atlantic City. . Construction Update July 2010 (42945 Views)
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Re: Eko Atlantic City. . Construction Update July 2010 by Yinkaboy: 6:15pm On Jul 14, 2010 |
Kobojunkie CALL YOU FRIENDS IN LAGOS I AM NOT BEING RUDE. THEY WILL TELL YOU THAT THERE HUGE PROJECTS GOING ON AND ITS NOT WESTERN COMPANIES SPENDING THE MONEY. ITS INDIAN, CHINESE, RUSSIAN, LEBANESES, SOUTH AFRICAN, AND EVEN JAPANESE, NOT EXCLUDING THE NIGERIAN BASED ONES AS WELL. THERE HAS BEEN A MAJOR SHIFT AWAY FROM WESTERN ONLY COMPANIES. TO BE HONEST THE WESTERN COMPANIES ARE EVEN GETTING OUT BID ON PROJECTS OR SIMPLY CANNOT COMPETE WITH THE CHINESE. SOMEONE BACK ME UP? |
Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 6:16pm On Jul 14, 2010 |
No need for the bull . . I asked a question, and I prefer facts be offered and not ramblings. |
Re: Eko Atlantic City. . Construction Update July 2010 by SSaemoenl(m): 6:19pm On Jul 14, 2010 |
I love this Gesture, but my concern is HOW MANY AVERAGE NIGERIANS ARE GOING TO LIVE IN THIS CITY? They are just building a city for our thieving politicians |
Re: Eko Atlantic City. . Construction Update July 2010 by Princek12(m): 6:20pm On Jul 14, 2010 |
Kobojunkie: Eko Atlantic is not financed by any UK or NY financier(s). Many foreign investors in Nigeria are from China, Russia, Lebanon, India, South Africa. The days of western dominance in African investments are long gone. Go to Nigeria and other African countries to see for yourself, for many Chinese companies are flush with so much cash that they can easily outbid any western company. |
Re: Eko Atlantic City. . Construction Update July 2010 by babapupa: 6:22pm On Jul 14, 2010 |
GAR3TH: See what I mean? The person you quoted is one of the dumbest and ignorant people on NL. How do you exchange ideas with these kind of people? |
Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 6:23pm On Jul 14, 2010 |
Princek12: Oh!! So this was really just about you and western companies . . . you are not denying the fact that most of the projects in Nigeria are financed by institutions that are non-Nigerian then? Ok |
Re: Eko Atlantic City. . Construction Update July 2010 by babapupa: 6:25pm On Jul 14, 2010 |
SSaemoenl: Eko Atlantic is not a residential estate, it's a business and leisure city. Why is it so hard for some of you to read up on the project before opening your mouth. |
Re: Eko Atlantic City. . Construction Update July 2010 by GAR3TH(m): 6:26pm On Jul 14, 2010 |
SSaemoenl: How many average american can afford a condo or apartment in middle town or downtown Manhattan? answer not to many, probably only the top 3% of the population. But millions of people still flood to Manhattan every day because that is new York city's central business district. . .the driving force of the cities economy. |
Re: Eko Atlantic City. . Construction Update July 2010 by Yinkaboy: 6:31pm On Jul 14, 2010 |
THE PROJECT WAS FINANCED BY http://en.wikipedia.org/wiki/Eko_Atlantic_City NIGERIANS AND WE NEED TO BE PROUD. EKO ATLANTIC IS THE FUTURE AS EMERGING MARKETS BECOME THE CENTRE OF THE WORLD. http://bx.businessweek.com/emerging-african-economies/view?url=http%3A%2F%2Fc.moreover.com%2Fclick%2Fhere.pl%3Fr2934869638%26f%3D9791 AFRICA NEEDS A FINANCIAL HUB, AND LAGOS SHOULD BE IT. |
Re: Eko Atlantic City. . Construction Update July 2010 by paddylo1(m): 6:32pm On Jul 14, 2010 |
U need to go and take a basic course in Fixed-Income/ Debt Financing [b]Sigh u are talking BS. . . First of all,if anything this project is a Goldmine for the developers Secondly this has very little to do with New York or London as Majority of the funds come from Nigerian Banks Also your analogy to dubai is wrong,because the GOVT of dubai through its investment arms were the ones pushing most of the over development going on there Therefore when the dubai investment arm(Mubadala),and others,choked on its debts,it threatened to affect the whole of dubai if nothing was done. . . Thats why the Govt had to step in. . . Your analogy would be right if say the Nigerian Govt backed NNPC was issuing dollar bonds on the international markets to over invest on refineries/petrochemicals/oil exploration and so on and then if oil prices collapsed(hypothetically) NNPC and Nigeria would be on the hook for those over investments,as the yields on those bonds would rise sharply,making NNPC unable to service its dollar debts Now u may not be aware but Nigerias Financial landscape has changed tremendously, Local companies now issue local Naira denominated corporate bonds Nigerian banks are also large enough to finance huge projects on their own from their balance sheets. . . The Nigerian central bank,in consortium with 8 Nigerian banks also set up a brand new Investment bank(in 2007) with a dollar Balance sheet The African Finance Corporation has a $1billion dollar paid up capital,and does Its Financing in dollars of projects in Nigeria and West Africa click here to learn more about AFC. . . .http://www.africafc.org/ AFC can also utilize leverage so it can fund projects to the tune of $10billion The point is that Nigeria has the funds inside Nigeria to Finance its own development these days So dont come here spewing grammer like SOCIALIZED LOSSES as if u just learnt that yesterday [/b] |
Re: Eko Atlantic City. . Construction Update July 2010 by paddylo1(m): 6:37pm On Jul 14, 2010 |
CEO of The African Finance Corporation Interviewed on CNBC July 2010 [flash=640,385] https://www.youtube.com/watch?v=Em53P6K49bo&hl=en_US&fs=1[/flash] Now how many Nigerians know that we pioneered this wonderful new Investment bank Focused on Infrastructure projects in Africa Financed soley by the CBN and Nigerian banks to the tune of $1billion dollars. . . . |
Re: Eko Atlantic City. . Construction Update July 2010 by Gbawe: 6:38pm On Jul 14, 2010 |
joeyfire: Please take it easy with praising those who are discredited/lacking in knowledge. You only discredit yourself , by association , with such actions. Your hero claims that Fashola has "forsakened" the mainland to build an "Island Paradise" , never mind that many intelligent mainlanders can debunk his lies easily . Why not ask him if there is any retail outlet on the Island to rival the new ultra-modern Tejuosho Market . The Palms shopping mall , on the Island, like many on the Lekki/Ajah axis, is entirely upmarket . The Tejuosho new market and many like it on the mainland , on the other hand , is a mix of upmarket shops and affordable shops in demonstration of how , depending on the particular area, Fashola tries his best to carry everyone along in development . I remember being especially proud of the UTC shopping centre, in Surulere , as a little boy . When it vanished its closure was a symbol of the fall from grace of Surulere because it indicated that , because of the ultra-corrupt nature of our leaders, we did not deserve good things others take for granted worldwide. Today , as we speak, there is an ultra-modern three story shopping mall being built where UTC used to be !!! Next to this new mall you have another shopping complex that has Shoprite (operational) and numerous other stores/banks (to open soon). I won't waste my time listing the many positives things mainlanders are seeing. I will ask you to ponder on why your hero is peddling falsehood merely for the sake of backing his stance/position. |
Re: Eko Atlantic City. . Construction Update July 2010 by Princek12(m): 6:41pm On Jul 14, 2010 |
Kobojunkie: Yes. Of course, my point all along is that the financiers in NY and UK, and even as far as maybe other European countries, no longer dominate investments in Nigeria, in light of the emergence of Lebanese, Asian and Indian companies, among other non-western companies, many of whom have keen interests in African investments. |
Re: Eko Atlantic City. . Construction Update July 2010 by babapupa: 6:43pm On Jul 14, 2010 |
paddy_lo: paddy_lo: Very well said. Sometimes I ask my self if some of these folks are for real. |
Re: Eko Atlantic City. . Construction Update July 2010 by Princek12(m): 6:44pm On Jul 14, 2010 |
Gbawe: you are a gem. |
Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 6:44pm On Jul 14, 2010 |
Princek12: But this particular project has been linked to the financiers in NY and UK . I mean it is no secret that Asian companies have invaded most of Africa. However, the financiers for this particular project is what I thought he was speaking of? |
Re: Eko Atlantic City. . Construction Update July 2010 by Yinkaboy: 6:45pm On Jul 14, 2010 |
The mainland has not been forgotten by a long shot, Ground breaking at Actis’s US$100m Ikeja City Mall site 8 June 2010 On Monday 7 June, Actis marked the start of construction at the US$100m Ikeja City Mall site in Lagos with a groundbreaking ceremony attended by representatives of HE Governor Babatunde Raji Fashola, Executive Governor of Lagos State, and project partners Paragon Holdings and RMB Investments & Advisory (‘RMBIA’). Actis and Paragon Holdings have been working on the planning of this world-class retail and leisure development for the last two years. Actis is the 60% majority owner; Paragon Holdings and RMBIA each hold 20% equity stakes in the project. Ikeja City Mall will be an international standard leisure and shopping centre with restaurants, a cinema and retail outlets; it has been designed to service the Lagos mainland and return Ikeja to its status as the traditional retail hub of the city. The project will initially develop 28,500m2 of leisure and retail shopping space; anchor tenants already secured include Shoprite and Silverbird. Speaking on behalf of Governor Fashola during the ceremony Ganiyu Abiodun Johnson, Special Advisor on Works and Infrastructure said: “Ikeja City Mall is a landmark project for Lagos. It will bring shops and services to the local community, it will boost the supply chain both locally and nationally, and it will bring significant direct and indirect job opportunities.” He continued: “This is the second project of its kind which Actis has led in Lagos and I commend Actis and Paragon for the vision and drive they have shown in getting this development off the ground. I am honoured to oversee the official start of construction; it is projects such as Ikeja City Mall which will help us secure a better future for the citizens of Lagos.” Ngozi Edozien, CEO, Actis West Africa said: “Ikeja City Mall builds on the success of Actis’s pioneering Palms Mall in Lekki and stands as testament to Actis’s strong and long-term commitment to Nigeria and West Africa.” Michael Chu’di Ejekam, Actis Director, Real Estate said: “The Ikeja City Mall heralds the beginning of a retail and leisure revolution in West Africa; there are 3.9 million potential customers within an 8km radius of the site but in addition to the local impact, we expect the Ikeja City Mall to become a hub for visitors from across the region, and further afield. We would like to thank the Governor and Lagos State for their support so far and for taking the time to attend the ceremony today.” Speaking about the project Afolabi Toyo, Executive Director of Paragon Holdings said: “We are committed to developing a sustainable retail and leisure centre that benefits the local community. There will be significant employment opportunities during the construction and operation phases, and we look forward to bringing this world-class real estate project to fruition.” The project is financed by a mixture of debt and equity, with a debt facility of US$48.6m secured from Stanbic IBTC Bank Plc, and Standard Bank of South Africa Limited. The project has enjoyed the full support of the Lagos State Government and His Excellency Babatunde Raji Fashola, in line with the government’s strategy to develop infrastructure and services. A large portion of the available space has already been let, but limited space remains for high quality tenants. Construction at the mall is due to be completed by the end of 2011. The Ikeja City Mall development follows Actis’s successful investment in Nigeria’s first modern style shopping mall, The Palms; as well as Junction Mall in Nairobi, and Accra Mall in Ghana. h |
Re: Eko Atlantic City. . Construction Update July 2010 by SSaemoenl(m): 6:46pm On Jul 14, 2010 |
babapupa: |
Re: Eko Atlantic City. . Construction Update July 2010 by Yinkaboy: 6:48pm On Jul 14, 2010 |
kobojunkie Eko altantic was financed by financial partners Guaranty Trust Bank, First City Monument Bank and First Bank, US$400 million were lent, all nigerian banks |
Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 6:52pm On Jul 14, 2010 |
GAR3TH:That you already knew that does not mean all others knew that !! So, good for you!! GAR3TH:Do you know what the word "glorified" means? GAR3TH:What does the word estate mean again? the project is privately funded and controlled. Is that not what an estate means again? An estate can be a city ! GAR3TH: FROM THE DEVELOPER |
Re: Eko Atlantic City. . Construction Update July 2010 by omoabike: 7:05pm On Jul 14, 2010 |
Guys Why is my post seem to be deleted? Am I doing something wrong or something. Thanks |
Re: Eko Atlantic City. . Construction Update July 2010 by paddylo1(m): 7:07pm On Jul 14, 2010 |
Oh!! So this was really just about you and western companies . . . you are not denying the fact that most of the projects in Nigeria are financed by institutions that are non-Nigerian then? Ok And what is this really about for u?. . If the project is mostly Nigerian Financed(Domestic funds),then martinosi's premise about NY/LONDON financiers pulling their funds is clearly wrong Are u denying the fact that this particular project is financed mostly by Nigerian banks?. . . .If not then the basis for having the discussion is moot |
Re: Eko Atlantic City. . Construction Update July 2010 by paddylo1(m): 7:09pm On Jul 14, 2010 |
Guys If u are copy pasting a very long article,then break it into 2 |
Re: Eko Atlantic City. . Construction Update July 2010 by GAR3TH(m): 7:12pm On Jul 14, 2010 |
[qoute]That you already knew that does not mean all others knew that !! So, good for you!![/qoute] NO, I even told you its was an infrastructure project in a different thread. Do you know what the word "glorified" means?Yea I dont know how "over" got in there. . .and I was asking a question. What does the word estate mean again? the project is privately funded and controlled. Is that not what an estate means again? An estate can be a city ! Thats why I put estate in qoutes. . .When people say estate. . .they usually think of family size houses/property. . .instead of High Rises. . . FROM THE DEVELOPER Um I didnt really get were you where going with this but. . .If you are saying the developer can build what ever they want that false because there will be zoning law( height limits) in each district and zone. |
Re: Eko Atlantic City. . Construction Update July 2010 by Gbawe: 7:13pm On Jul 14, 2010 |
omoabike: Try not to quote articles without including a linked internet source. |
Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 7:17pm On Jul 14, 2010 |
GAR3TH:Dude, I read that from the projects website . . . you did not have to tell me that on the other thread, sorry! Plus, like I said, NOT everyone knows it. That you do, good for you!! GAR3TH:Well, now you know it is an estate! GAR3TH:That piece I put in quote was not from me . . . it was from Marc Chaghouri himself in response to my question on the estate.
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Re: Eko Atlantic City. . Construction Update July 2010 by GAR3TH(m): 7:19pm On Jul 14, 2010 |
okay |
Re: Eko Atlantic City. . Construction Update July 2010 by babaowo: 7:55pm On Jul 14, 2010 |
so ikorodu,epe,badagary are not part of lagos anymore?why people keep saying there is no more land in lagos state?or those who said it are morons ? |
Re: Eko Atlantic City. . Construction Update July 2010 by paddylo1(m): 7:56pm On Jul 14, 2010 |
okay@GARTH. . . Pls dont be so quick to agree with someone who doesnt like facing reality. . . This very Kobojunkie was first questioning if the project was fraudulent in another thread we had Now he she doesnt want to uderstand that the project has zones,some for high rises,some for low rises. . . Now i have been communicating with Mr Marc Chagouri for a while now,below are some of our correspondence FROM ME PADDYLO(sent june 27) Thank you. . i reside in the USA but will be moving back to Nigeria soon I just need a few info on how soon there will be plots available to be sold If i can make downpayments now? Are there any High rise condo Apartments planned,or is it just duplexes? When will infrastructure be completed? and is the banking credit crunch in Nigeria not affecting your finances in other words is it going to be completed according to schedule. . Thank u once again Patrick THE RESPONSE I GOT(MARC CHAGOURI TO ME,SENT JULY 1st) Hi Patrick, I'm glad to hear that you are moving back to Nigeria. Sorry for the late reply, I was travelling. Plots are currently available for sale. Plot sizes start at 2000 square meters and up, and have a starting price of $825 and go up to $1660 per square meter (please note we do accept the equivalent in Naira). Price are determined by where your land is in location to water. Yes you can make down payments. Our payment plan is simple and straight forward. In Phase 1, which is expected to be sand filled by the end of this year or beginning of next, is 50% down payment and 50% when you receive your land. In phase 2 and on, it is 25% down payment, 25% at the 1 year and 2 year anniversary, and the last 25% when you receive your land. [size=13pt]We expect developers to build up in Eko Atlantic. Taller building serving the needs of residential, commercial, retail, and office space. The city is zoned mixed use. Developers can build to their plan, so as long as it adheres to the rules of our planning deparment. [/size] Basic infrastructure will be ready by the time developers begin building. I would like to add that we are providing the infrastructure, and that you will not need to provide your own. The project is proceeding as planned, and we are on target to meet our goals. If you have any further questions Patrick, please feel free to let me know -Marc - Show quoted text - -- Marc Chaghouri South Energyx Nigeria Limited 10 th Floor, 1684 Sanusi Fafunwa. Victoria Island, Lagos state. Nigeria |
Re: Eko Atlantic City. . Construction Update July 2010 by IbBoy1: 7:59pm On Jul 14, 2010 |
omoabike:The moderator should note that I am the same person as omoabike I have been banned. There is no need to do this as it seems I was banned for posting a reply to the topic here and it did not show and I posted it again. Gbawe: Also, my comment is not an internet link but rather my own reply to discussions here. Unless there is a limit to what the length of a post should be. I wish that I could be "unbanned" so that my post could be shown. I resolve to create another account when there was no way for me to contact the moderator to call his/her attention to the mistake in deleting my post. I will suggest that moderators have some sort of moderator email address through which they could be contacted in situations like this. Thanks |
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