The Chief Group Executive, Oando Group, Wale Tinubu, has said that the company’s ground breaking ceremony at its proposed site in Victoria Island would provide jobs for the unemployed.
Tinubu who was quoted in a a statement signed by Dr Alex Irune, Head, Corporate Communications of Oando, said that “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.
“It will also provide much-needed job opportunities for the populace in Lagos State and beautify the Lagos waterfront,’’ he said.
The statement, said that Oando Plc’s new head office at Ozumba Mbadiwe Street in Victoria Island, Lagos was scheduled for completion in 2015, according to the 30 month construction plan developed by its contractor.
“In the Wings Project, Oando envisions a monolithic, but innovative 21st century structure strategically positioned along the highly sought after Victoria Island waterfront.
“It will comprise of two identical 15-storey glass towers sitting on grounds that house several car park floors, restaurants, gymnasiums, and a jetty,’’ the statement added.
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 two penthouse floors, and have approximately 900sqm in leasable space available per office floor.
As 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.
Tinubu said that the company, seven years ago, 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.
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.