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Eko Atlantic City: The Making of a Smart City

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Technology is changing the way humans live and interact with things around them. However, cities have also adopted technology in the provision of infrastructure making them smart.

A smart city is an urban area that uses different types of electronic methods and sensors to collect data. Insights gained from that data are used to manage assets, resources and services efficiently; in return, that data is used to improve the operations across the city.

This represents what Eko Atlantic city stands for compared to other emerging cities in Nigeria. Eko Atlantic is located in Victoria Island at the side of reclaimed land of Atlantic Ocean.

David Frame, managing director, Eko Atlantic recently gave insight on the infrastructure provided at the city that makes is different from other cities in the country and compared to cities alike in Dubia and United States.

Reacting to issues around its status as wholly smart city, Frame said: “What we have installed on all the walk ways on either sides of the road is a network of ducts where we are installing fiber optic cable. What has been happening in the last five years in Lagos is where people are digging trenches and putting cables. We have fore seen that need and from the beginning when we were developing this infrastructure we were installing those ducts.

“On the main roads we have ducts of nine pipes 10cm down pipes you can put all telecommunications fibre optic cables within those ducts to connect every building to the network.

“That provides many opportunities to develop smart engineering especially for security. We have been in discussion with two major international companies that provide these kinds of facilities to their clients and these people have designed. For example, the smart network in Dubia, Singapore, various governments in Europe and United States. These are the calibre of people we are talking to.

“Once you have these fibre optic cables in place, there are mirage of opportunities to utilize those cables to create smart city concept. The more you talk to people the more magnetic concept they can come forward with, for the fact that we already have those cables in place what I called the infrastructure for the smart city concept there is no limit to what they can do.

All those cables are installed below ground, they are not above ground where they could be affected by storms, vandalism you name it. They are secured and fibre optic cables have a huge capacity for transmitting data, this is full proof system for development of smart city concept for many decades to come. David spoke further on some areas of concern to prospective investors in Eko Atlantic city:

The Possibility of Earthquake Occurring

We engaged with international consultants and there is one thing in particular that will never occur in West Africa and that is tsunami. If you study the concept of Tsunami you will be told about Pacific Rim.

Tsunami occurs in the pacific, 98 per cent of tsunami is generated in that region; you do not have tsunami at the Atlantic Ocean. And that is what we have out there and there has never been Tsunami in West Africa to eliminate any thought you may have on Tsunami.

In a similar way, earthquakes occur where you have what they called unstable taconic place which in turns generate Tsunami waves. There is no record of earthquakes occurring in West Africa and it is not likely to happen.

Deployment of Infrastructure at Eko Atlantic

The bulk of the work is done in installation of the facility in the first place; maintenance is a minor issue, once you have put in place a well -built system. From maintenance point of view, we have no issues. We have developed up to 50 per cent of the infrastructure for the entire city. We have completed roads or walk- ways, all those utility services are in-place already even now that development of the place is coming up.

Since the beginning of this year we have been witnessing increased interest from developers to physically come in to develop their lands. That is very encouraging. To develop a city of this nature takes a long time. Eko Atlantic is not a sprint; it is a marathon.

To develop a city of this size of 10 square kilometer of land which is 1 ½ times the size of Victoria Island is not easy. You don’t develop something of the nature in few minutes. We are still working through because we have a good financial model and have that commitment to finish this project.

A lot of the buildings under construction will be coming on stream by the end of this year. The Azuri project towers will be finished by the end of this year. We have couple of towers that are together; two of the towers have been completed and occupied. We have office towers the first building to be finished in Eko Atlantic, which is coming up to six years since completed. Things are happening in the City.

Distortions in the Master plan

We don’t permit any kind of distortion of the Master plan. We have developed planning regulations which are in-line with international standards. We looked at planning regulations from New York, Los Angeles, Sydney in Australia, UK and Singapore. And we put those ideas together and designed a well standard planning regulation, we then discussed it with ministry of Physical planning in Lagos state, and they have accepted the standard that we are imposing in the regulations which is even more conservative than their own.

They are happy with those regulations that we imposed. When those regulations are applied strictly, every development is built to international standard as well as designed to international standard, which is how we control the development.

We have business district known as Eko Bully bared which is the main street of the financial business district, it is equivalent of 5th Avenue in New York, it has five wider walk-ways than we have in 5th Avenue, on the other side, we are expecting structures of 30-35 storey buildings.

Eko Atlantic is designed to accommodate 300,000 permanent residents and 250,000 visitors. We have largest shopping hall project in sub-Saharan Africa. We have tree nursing in Lekki that can accommodate 250,000 trees; we grow them till they are 3 to 4 years old when we bring them and plant at the City. All the trees you see here were planted four years ago.

We have canal channelled into the city which made it possible for water transport system in the city. There are more than 100,000 people using Lagos state water taxi scheme and it is expanding.

One thing about this location which is unique is that there is no landmass between Eko Atlantic city and Argentina which means there is no human living there, there is no pollution. This is clean fresh ozone reach air coming out from the sea. You can feel that breeze 24/7, 365 days a year. Any pollution in the air is blow away.

People who are living in the city of Eko Atlantic today who regularly walk around will tell you after a number of months sleeping here that they appreciate the clean fresh air.

Building in Eko Atlantic Compared to Banana Island

Development of residential towers in Banana Island for instance, a 12 storey building requires piling down to 58 meters, this is because Victoria Island and Ikoyi are reclaimed lands on swamp, and swampy material is the worst material for foundation.

In Eko Atlantic a 32 storey building requires 34 meters of pile; the saving in the pilling alone in Eko Atlantic is enough to compensate the difference in the cost of the land. We need to take those things into consideration.

The other thing is developing in Ikoyi and Victoria Island, you need standby generator, Bore hole, water treatment plant, septic tank all those cost don’t apply at Eko Atlantic.

We have what we call connect and play as we have a chamber where you can connect your cable, we have a chamber where you can connect for your water supply, we have another chamber where you can connect your swage another one for the storm drainage among others.

Your Fibre optic cable is all there at the edge of your block. You need to look at the big picture. The difference in the cost of acquiring land is only part of the equation you have to look at the other factors involved. When you factor all these add-on cost you have to pay in Victoria Island and Ikoyi, you actually find that cost of development in Eko Atlantic is actually cheap.

All the utilities you have to provide are already here, apart from the fact that your planning cost alone is considerable savings. 58 meters with 12 story building and 34 meters for 32 story building.

Electricity

At the moment we are working on a scheme that we are bringing power in through a power station at Lekki. More so, we have a license from Nigerian Electricity Regulatory Commission (NERC) to generate power and a license to distribute power within the city, so we are working on that also.

At the moment we are working on small generators when SAT comes into place we will have access to 75MW of electricity. The eventual plan is that at the end of the project in phase six we will have our own generating plant that is going to generate 750 mega watts or more that’s when the city is substantially developed.


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Court Freezes 21 Bank Accounts, Orders Holders’ Arrest over Alleged Money Laundering

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Justice Emeka Nwite of the Federal High Court, Abuja, on Friday, ordered the temporary freezing of 21 bank accounts domiciled in some commercial banks in the country.

Court Freezes 21 Bank Accounts, Orders Holders’ Arrest over Alleged Money Laundering

He also ordered the arrest of the account holders by the police.

The banks are – Access Bank Plc, Sterling Bank Ltd, Wema Bank Plc, Fidelity Bank Plc, Zenith Bank Plc, Union Bank Plc, Guarantee Trust Bank Ltd, the United Bank of Africa Plc, Stanbic IBTC Bank Plc, First Monument Bank Plc, Heritage Bank Plc, TAJ Bank Plc and Keystone Bank Plc.

The judge gave the order after counsel for the Inspector-General of Police, Ibrahim Mohammed, moved a motion ex-parte to the effect.

Justice Nwite also granted the order directing the banks to issue details of the account package(s) and to place a Post-No-Debit (PND) on the accounts, disable the Automated Teller Machines (ATMs) while allowing inflow into the said accounts pending the conclusion of the investigation.

He said: “I have listened to the submission of the learner counsel for the applicant and gone through the affidavit evidence.

“I am of the view that the motion ex-parte is meritorious.

“The application is hereby granted except that the period of the investigation can only last for 90 days.”

He adjourned the matter till April 3 for mention.

 


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Lassa Fever, Others Claimed 952 Lives in 2024 – NCDC

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No fewer than 952 Nigerians have been killed by Lassa fever, cholera, measles, diphtheria, and yellow fever in 2024.

Lassa Fever, Others Claimed 952 Lives in 2024 – NCDC

This is according to data from the National Public Health Institute, Nigeria Centre for Disease Control and Prevention (NCDC).

A breakdown of the data showed that as of week 52, the country recorded 9,685 suspected cases of Lassa fever, 1,187 confirmed cases, and 191 deaths across 28 states, and 138 local government areas.

As of October, the centre recorded 14,237 suspected cases of cholera, 378 deaths in 36 states, and 339 LGAs.

The centre also recorded 18,187 suspected cases of measles, 9,330 confirmed cases, and 73 deaths in 36 states and the Federal Capital Territory across 751 LGAs as of October 2024.

Comparatively, suspected cases of cholera in the current year increased by 220 per cent compared to what was reported as of week 39 in 2023. Likewise, cumulative deaths recorded have increased by 239 per cent in 2024.

As of September, the NCDC recorded 12,085 suspected cases of diphtheria, 7,784 confirmed cases, and 309 deaths in 21 states across 170 LGAs.

The NCDC also recorded 1,484 suspected cases of Mpox, 124 confirmed cases, across 28 states, and the FCT as of November 3, 2024.

As of September, the country recorded 2,248 suspected cases of yellow fever, 18 confirmed cases, from 592 LGAs in 36 states and the FCT, and one death.

 

 

 

 


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90 Percent of Workers to Pay Lower Taxes in Tax Reforms-  PACFTR

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Taiwo Oyedele, chairman, Presidential Advisory Committee on Fiscal Policy and Tax Reform (PACFTR) has said that contrary to speculations, individuals earning about N1.7 million or less per month will pay lower Pay as You Earn (PAYE) tax under the proposed Tax Amendment Bills before the National Assembly.

90 Percent of Workers to Pay Lower Taxes in Tax Reforms-  PACFTR

Besides, workers earning the new minimum wage and slightly more will also be fully exempted from tax obligations.

Addressing various tax issues on X, formerly Twitter, Oyedele said these thresholds will result in over 90 per cent of workers in the public and private sectors paying lower taxes while high income earners will pay slightly more in a progressive manner up to 25 per cent for the ultra-high net worth individuals.

His explanation came against the backdrop of general concerns that workers might pay more under the proposed tax reform initiatives of the federal government.

According to him, planned changes to the current tax table of personal income brackets and rates was to discourage arbitrage in some cases between the two income tax regimes.

He said the current tax table was introduced in 2011, stating that due to high inflation and lack of review, the structure has resulted in “fiscal drag” where many low income earners have been pushed to the top tax bracket over time.

This, he said, meant that an individual earning just N400,000 a month was paying the same top marginal income tax rate as a wealthy individual earning about N20 million per month.

“Therefore, the tax table has become regressive rather than progressive, as it was originally designed.

“Also, the current personal income tax regime does not encourage formalisation given that the effective top tax rate on companies is nearly double that of enterprises, which also encourages arbitrage in some cases between the two income tax regimes.

“Hence, the proposed changes seek to address these issues and simplify the system by incorporating current reliefs and allowances into the bands and rates to achieve an overall lower effective tax rate for the majority of workers,” Oyedele said.

Further addressing concerns over taxation of workers’ income in the proposed regulation, he  clarified that apart from the N800,000 per annum, which was exempted from tax, there was a rent relief of up to N200,000 per annum, which together will exempt individuals earning up to N1 million per annum (about N83,000 per month).

He said: “This is particularly beneficial to low income earners. Also, the new tax bands and rates have been designed to avoid a situation where individuals earning slightly more than the exemption threshold are taxed to an extent that makes them worse off than a person whose income is within the exemption threshold.

“For example, a person earning N30,000 per month is exempt from tax while a person earning N30,001 per month will pay about N500 leaving the latter with a net of N29,500 which is N500 worse than the person earning N30,000.

“Under the tax bills, this problem has been addressed, as everyone will be eligible to the first tax-free bracket.”

He also revealed that  statutory deductions, including pension and National Housing Fund contributions, were still applicable under the new tax bills.

According to him, “These are contributions under the National Housing Fund, National Health Insurance Scheme, Pension Reform Act, interest on loans for developing an owner-occupied residential house, annuity or premium paid for life insurance, and rent relief up to N200,000 per annum.”

He said while part of the objectives of tax reforms was simplification, the impact of the Consolidated Relief Allowance (CRA) and Personal Relief had been incorporated into the tax table such that the overall goal of exempting low income earners and reducing taxes for middle income earners was achieved.

Addressing worries over the removal of CRA and personal relief, which seemingly amounted to giving a relief with one hand and taking it back with the other, Oyedele pointed out, “By integrating the reliefs into the tax brackets and rates, many taxpayers with basic education would be able to calculate their taxes with little or no assistance thereby achieving the dual objectives of lower tax burden and tax simplification.”

On suggestions that the tax rate for the second band seemed quite steep, moving from zero per cent to 15 per cent, he said, “By comparison, the second band under the bills, which is to be taxed at 15 per cent, is currently being taxed at a marginal rate of 21 per cent even after all reliefs and allowances.

“So, while the 15 per cent may appear steep from zero per cent for the first band, it is lower compared to the current tax table.

“The real impact for a person earning about N3 million per annum equivalent to the aggregate of the first and second brackets is a lower effective tax rate of 10 per cent compared to about 12 per cent under the current tax table.”

 

 

 


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