Mshel homes unveils Lisa Suites in Abuja

By Abubakar Yunus, Abuja

Mshel homes has unveiled Lisa Suites in Asokoro, Abuja. The suites is a project established to help expand the frontiers suites and hotel in Nigeria and bridge the housing gap in the Federal Capital Territory.

Speaking with journalists on the sidelines of the launching ceremony, the General Manager of Mshel Homes and suites, Architecture Barka Umaru Mshelia said one key thing about business is that you must create a sustainable plan for every business.

He said one key thing we have put in place is to look at our furniture and all the things we have put in place to make sure that there is constant change when this item deteriorate and we have taken care of a very good customer care representative experts who are here to serve our customers with the highest level of customers service.

According to him,”Our own desires is to give you comfort and luxury, and we can not be able to achieve it except we are deliberate to make sure they all your needs as it concerns the accomodations is taking care of and that’s why we are championing the new movement of real estate and our houses are fully smart”

Speaking further,he explained that when you look at our class of finishing, you will really know that we spent time and energy to really give it the world class luxury accomodations for people to be able to live in the highest level of comfort they would ever aspire, adding that the project cost the company almost 2.5 billion naira to put this here.

Umaru Mshelia said there are a lot of opportunities in the hospitality industry in Nigeria, because it has a lot of potential where people are looking for a place where they can sit down, relax and have good opportunities. So for me I believe we are ripe in the market, we have come when a lot of opportunities reside here in Abuja

“Lately, I have seen in the news where the price of property and accommodations have grown. Why do they do that? It was because of the scarcity of quality accommodations and that’s why we distinguish ourselves to provide quality suites with that level of accomodations.

Speaking of the incoming government,he said “I believe the incoming president, Bola Ahmed Tinubu is a business man and I can tell you that the same way he reorganized real estate in Lagos State,he would replicate that in Abuja.

“My anticipation is that there will be a great opportunity in Nigeria for him to tap a lot of opportunities that will bring about foreign investment and will increase our economic activities in the city of Abuja and Nigeria at large.

AfDB President Akinwumi Adesina says fuel subsidy killing Nigeria’s economy

From Abubakar Yunusa, Abuja

Akinwumi Adesina, the President African Development Bank, AfDB, says Fuel subsidy is killing Nigeria’s economy, costing it 10 billion dollars alone in 2022.

Mr Adesina, who said this at a lecture in Abuja, said Nigeria’s fuel subsidies benefit the rich not the poor, fueling their government’s endless fleets of cars at the expense of the poor.

“Estimates show that the poorest 40 per cent of the population consume just three per cent of petrol.”

According to him, support should be given to the private sector and modular refineries to allow for efficiency and competitiveness to drive down fuel pump prices.

“The newly commissioned Dangote Refinery by President Buhari, the largest single train petroleum refinery in the world, and its Petrochemical Complex will revolutionise Nigeria’s economy.

“Congratulations to Aliko Dangote for his amazing 19 billion dollar investment,” he said.

Mr Adesina also said there was an urgent need to look at the cost of governance.

“The cost of governance in Nigeria is way too high and should be drastically reduced to free up more resources for development.

“Nigeria is spending very little on development.

“Today, Nigeria is ranked among countries with the lowest human development index in the world.

“This is with a rank of 167 among 174 countries globally, according to the World Bank 2022 Public Expenditure Review report.”

Mr Adesina said to meet massive infrastructure needs, according to the report, Nigeria will require three trillion dollars by 2050.

He said according to the report, it will take Nigeria 300 years to provide its minimum level of infrastructure needed for development at the current rate.

“Nigeria must rely more on the private sector for infrastructure development to reduce fiscal burdens on the government.

He further said there was the need to raise tax revenue, diversify the economy, tackle power challenge, revive rural areas, and invest in human capital among others.

“We must move away from the so-called “youth empowerment programmes as youths do not need handouts, they need investments.

“The current banking systems do not and will not lend to the youth.

“Special funds, with palliative in approach are not systemic and are also not sustainable.

“What’s needed to unleash the entrepreneurship of the youth in Nigeria are brand new financial ecosystems.

“Ecosystems that understand, value, promote and provide financial instruments and platforms for nurturing business ventures of the youth at scale.”

On AfDB contribution, Mr Adesina said through its partnership with Agence Francaise de Development and the Islamic Development Bank, 618 million dollars I-DICE programme was initiated.

He said it was initated to develop digital and creative enterprises, they will create six million jobs and add 6.3 billion, dollars to Nigeria’s economy.

“With the support of the African Development Bank, Kenya, under President Kenyatta, was able to expand electricity access from 32:per cent in 2013 to 75 per cent in 2022.

“Today, 86 per cent of Kenya’s economy is powered by renewable energy.

“In 2014, Egypt had electricity deficit of 6,000 megawatts, but by 2022 it had 20,000 megawatts of surplus power generation capacity,” he said.

African operations contribute

50% to UBA’s earnings – CEO

From Abubakar Yunusa

The United Bank for Africa (UBA) Plc on Thursday announced that all its African subsidiaries are now on firm footing as they have been contributing maximally to the group’s profit margin.

The bank said its African operations, specifically, have contributed close to 50 per cent of the group’s earnings, leveraging on digital offerings and products across the board to gain large market shares across the different regions of operations in Africa.

The Executive Director/Chief Executive Officer of UBA Africa, Abiola Bawuah, disclosed this while addressing journalists from across Africa during a hybrid media parley on Thursday.

She also highlighted the impact of devaluation and double digit inflation in Nigeria and a number of other African countries where the bank operates, adding that the subsidiaries have been performing well, contributing significantly to the growth and development of trade, infrastructure and finance on the continent.

“As of last month, none of our African subsidiaries is making a loss. They have all been turning in profits, this is a testament to the fact that they have navigated successfully and have all found their footing.

“And this extends to each and every one of them, even the ones in war-torn countries. Of course, we are aware that there is always room for improvement, but for now, we are glad that our 19 subsidiaries are out of the red zone,” Mrs Bawuah said.

In the area of infrastructure financing, she noted that the bank has been bullish in financing projects across Africa, which according to her is based on the conviction that the continent needs to bridge the infrastructural gap necessary for economic growth.

“UBA has proven expertise and capacity in key sectors of economies across Africa, especially in oil and gas, infrastructure finance, agriculture and commodity/export, and these have positioned it as a preferred partner for structured solutions to key governments and corporates operating in/into Africa,” she said.

She noted that in the last few years, the bank has invested heavily and supported key governments of various African countries with over $1 billion in infrastructural development, especially in roads, hospitals, health, power and other critical sectors.

According to her, the bank has contributed massively in promoting trade in Africa and