Yemisi Izuora
Oando has once again recorded another milestone with the commissioning by the Minister of State for Petroleum, Hon. Dr. Emmanuel Ibe Kachikwu of its new office space, the Wings Office Complex, strategically located on Ozumba Mbadiwe, Victoria Island.
Four years after the ground breaking ceremony of Wings, Oando has surmounted all odds to complete the world class office complex which gives credence to the Company’s resilient and audacious spirit. Considering the skepticism associated with investing in Nigeria, more so the Oil & Gas sector in recent times, Oando commendably scored the trust and support of two South African companies RMB Westport and Redefine Properties, who put equity in the project. This is the first time that both companies are investing in commercial property in West Africa; to do so shows the level of faith they have in the vision for the Wings project and Oando’s management team.
In addition to RMB Westport and Redefine, Oando received financing from local and international banks specifically RMB Bank and Standard Bank in South Africa and Stanbic IBTC in Nigeria to create this world-class office building that encompasses panoramic views of Lagos from every floor. The modern structure also boasts of 24-hour power, central cooling with noise minimizing building acoustics and external cladding designed to limit direct solar gain.
The Wings Office Complex is home to leading brands such as Ericsson and RMB Bank and Oando employees. It was built with the intention of accommodating all our Lagos based staff, to act as our new Head Office, enabling us finally relinquish leased space in Lagos.
Speaking at the commissioning event, Wale Tinubu, the Group Chief Executive, Oando PLC said: “At Oando, passion is not only one of our core values, it drives our ambitions. The idea for the Wings Office Complex was conceived in 2009 and the build kick-started in 2013. At the time it seemed a lofty dream; both in terms of size and the type of structure we envisaged. We commenced the construction of Wings at a time when the price of oil was around $100; despite the 2014 crash in oil prices to $23 per barrel, the 60 per cent devaluation of the naira and the 13-month long economic recession, we pushed on. Today the two towers stand tall as testament to indigenous companies like Oando who continue to lead and set the standard for excellence. The project signifies the end to a series of capital projects that we have pioneered, invested in and built.”
Oando embarked on this journey in 2013, when the price of oil was around $100 per barrel. A year later, in 2014, they experienced both macro and micro environmental challenges; a global recession that saw the value of oil fall as low as ~$23 per barrel; the devaluation of the naira and a 13-month long economic recession. The assumption would be that the Company would give up with all the economic and sectoral challenges faced within the period of construction, but they didn’t. Despite these headwinds, they remained focused on their vision and forged on with the construction, successfully completing the building within budget and on time in 2017.
The Minister of State for Petroleum, Ibe Kachickwu who commissioned the building commended the company’s fete. He said: “Oando has shown uniqueness as a Nigerian oil company showing support to the Government and the Nigerian populace. The building has been developed using water, sand, cement, bricks, steel, concrete, wood and glass, all are elements attributable to transparency and strength. The future is very demanding, I urge you to continue to inspire and be creative in the solutions that you proffer in your sector and for the nation.”
Commenting further Funso Akere, CEO, Stanbic IBTC Capital representing the CEO for Stanbic IBTC said: “Stanbic IBTC Bank PLC together with Standard Bank of South Africa is proud to have supported the completion of this landmark real estate project in Nigeria, which would catalyze the development of similar ground-breaking real estate projects and serve as a benchmark for investment grade office buildings in Nigeria. It will also enhance the economic landscape and support the creation of the creation of world class business infrastructural development drive of the Lagos State Government. We take this opportunity to commend the management and staff of Oando and the entire project team who worked tirelessly in driving the successful completion of the project. We look forward to additional opportunities to partner with the sponsors in developing other iconic projects.