Eko Atlantic City, a brand new city being built from reclaimed land adjacent to Victoria Island, is set to become West Africa’s new financial hub, accommodating the headquarters of the sub-region’s leading banks, financial institutions and international corporate companies.
According to the developers and promoters of the multi-billion naira project, South Energyx Nigeria Limited, a subsidiary of the Chagoury Group, a part of the new smart city has been reserved for the development of a business district.
This Business District will be approximately 650,000 square metres and will feature the Eko Boulevard, a two-kilometer long, 60 metre wide central boulevard similar in size and look to New York’s Fifth Avenue and Paris’ Champs-Élysées.
During a visit to the city by a business delegation from the United Kingdom, Mr. Pierre Edde, Development Director, South Energyx Nigeria Limited, said the Business District is designed to play host to a multitude of headquarters for companies within Nigeria.
Mr. Edde said “The Eko Atlantic City Business District is a strategic and prestigious location for offices, with a state-of-the-art 24/7 infrastructure network, including 21st century communications, smooth transport system and uninterrupted electricity, making it a compelling place to work.
“Upon completion of the city, Eko Atlantic will be home to 500,000 residents with an expected commuter volume to exceed 300,000 people”, he noted. One of the delegates, Akin Thomas, Chief Executive Officer of AKD Solutions Ltd, described Eko Atlantic City as an amazing project, and commended the developers for their passion and commitment to Nigeria’s economic development.
Another delegate, Eisen Chok, Director, Synergict Connect Ltd expressed delight at the progress made so far on the project. Speaking in the same vain, Fatai Amoo, Head of Sales and Marketing, Chris Joe Energy, said he was highly impressed with the vision behind the Eko Atlantic project.
“This project is indeed revolutionary and the innovative approach used to construct such city is a true testimony to future human habitat development not only in Lagos Nigeria but across the globe”.
Union Bank creates pension account for informal sector
As part of its effort to bring the informal sector into the banking system, Union Bank Nigeria Plc unveiled a new product known as Union Future, which enables both existing and prospective customers to save for retirement period.
Speaking at the unveiling ceremony, Mr. Sheahan Arasaratnam, Head Retail Products of Union Bank Nigeria Plc said “Union Bank has come of age as it is 99 years and by next year will be 100 years. We have been weathering the storm because of our customers.
Majority of our traders and businessmen do not have pension; majority of Nigerians are self employed and do not have pension. All that is needed for this category of people is to open an account with the bank to have future.”
While explaining the features of the product, Arasaratnam said “ What is needed to key into the pension account is for a person to open a saving account with a minimum of N2,000.00. From the savings account, the bank will withdraw N2,000.00 and pay into the Future Account, which represents pension fund. So, every month the bank will be removing N2,000 from the customers savings account into the Future Account.”
Continuing on the product, he said “The bank pays seven per cent interest for the Union Future Account every month. This savings will continue until the person attains minimum of 60 years old. The person may choose to save for more than 60 years of his or her life time, but the interest payment will continue until the person decides to retire finally.”
He encouraged both existing and prospective customers who are not in the formal sector to key into this product as it will go a long way to help them when they become inactive. Beside, the regular seven per cent interest on every month, Arasaratnam said “ When a customer saves up to N100,000.00, Union Bank will provide an Insurance cover up to N100,000.00.
This is to encourage them to continue and add as an additional benefit. Speaking as well during the launch, Mr. Ayuba Isaya, Group Head, Union Bank said “ The bank started what it called transformation journey some years ago. The transformation of the bank is a response to customers’ desire and the bank’s commitment to serve its customers better.
The bank offer simpler and smarter package that will afford their customers quality, reliable, secured and effective services. The bank identified six critical pillars and this includes quality of innovation, quality of service, quality of clients, quality of professionals, quality of banking , quality of platform and quality of earnings.
So , we believe that critical milestones we have achieved in the past few years have laid a solid foundation for us as a bank. The launch of this product signals a new phase in Union Bank’s transformation as we set our sights on attracting a new base of customers while remaining focused on providing simple and smart banking solutions to all our customers.”
