Business
Why Rayfield Gardens City Estate Ibadan is adopting Solar Power – Fendini Homes MD Reveals
The MD/CEO of Fendini Homes, Prince Laja Adeoye, has disclosed the idea behind the adoption of solar energy to power the Rayfield Gardens City Estate in Ibadan.
Adeoye, the developer of Rayfield Gardens City Estate, Christopher Adebayo Alao Akala GRA, Wofun, Akobo Extension, Iwo Road, Lagelu Ibadan, explained this in an exclusive interview with Journalists in Ibadan, Oyo State capital.
According to him, he said that for any modern estate to function and to have near constant electricity, they must be able to provide residents with constant power, which has made Rayfield Gardens City to switch all the street light in the estate to 100% Solar power.
Laja further averred that, Fendini Homes is out to give their subscribers a whole new living experience, in a more serene environment, with modern Architectural smart home designs, and quality construction aimed at creating lasting impression for the subscribers.
He noted that Fendini aim is to ensure that at no point the Estate is in darkness, because they cannot control the government generated electricity but with Solar, their subscribers can be assured of effective Estate lighting at night, which will enhance liveliness, visibility and security of residents.
He said: “As you can see in our proof of concept, we have had street lightning on for the past one year in the Estate, as there is no night you come here to our Estate that you won’t see light.”
“In addition to perimeter fence lighting units in every homes, each of the houses will have solar light pole installed to them, to ensure that the entire Estate is well illuminated at every point in the night.”
“Renewable sustainable Energy is the game changer and for us, we are out to ensure that we provide all our residents with quality Infrastructures, such as solid paved roads, drainages, multi-layer power (Grid and Solar Power) and Security, treated water plants, fiber optics fast internet penetration/5G Network and smart homes automation technology.”
“We carefully and painstakingly designed each of the houses to have at least 10-20KVA of solar power installed on them, depending on energy needs of the residents, to phase out generators in order to achieve Zero Noise Estate.
“To us, the beautiful and esthetics environment matter so much to us, as there will be clean air, clean environment, flowers and Gardens.
“Again, we are also trying to achieve Zero noise, away from from fossil fuel powered Generator, which comes with carbon emissions, but Solar Lights on the Streets and those installed in each units of the houses will mitigate against air and noise pollution in the Estate.
“We are also going to have centralized treated water plants, which will be piped and metered to each units of the houses. All of these will be handled by the Facility Management department of the Estate, thereby creating good services and value to all the Subscribers.
Laja also briefly spoke about funding and investment opportunities of the project, and according to him, he said interested Sub-developers, who wants to invest to develop some of the units of the Estate are allowed to join as they already have a template for investors, who wants to do business with the company.
“We have designed a master plan, which fits for everyone who wants to do business with us, and interestingly, we have landed spaces in our commercial wing for those who wants to invest and build Standard Hotels, Primary and Secondary school, Office complex/ Banking Hall/Show Rooms, Amusement Park, Hospital/Pharmacy Complex, Conference Center, gym house and more.
“The idea is to have a one stop shop Estate, first of it’s kind in Oyo State, where you can simply walk into Shopping Complex in the Estate to buy groceries, visit gym to exercise your body for fitness, take your kids to school without hassles, host your friends in the Hotels, or take your kids to amusement park for holidaying, he said.
Development of Rayfield Gardens City Estate, which situated at Christopher Adebayo Alao Akala GRA Ibadan is a Public Private Partnership (PPP) initiative between Oyo State Government and Fendini Limited, to provide about 400 housing units to residents and interested prospective home buyers across the world.
The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.
This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.
According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.
This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.
“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.
“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.
“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.
The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.
The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.
With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.
The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.
“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.
“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”
The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.
Business
FG borrows N13.21trn from World Bank in 20 months
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).
The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months,
Daily Trust analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).
The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.
Business
Women make up 15% of 288 new billionaires in 2025
One of the most striking trends among the newcomers is the high percentage of self-made billionaires.
The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.
Forbes’ 2025 World’s Billionaires list has welcomed a record 288 new billionaires, pushing the total number of billionaires to 3,028 globally.
This group, which includes entrepreneurs, investors, and heirs, is collectively valued at nearly $680 billion, averaging $2.4 billion per person.
The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.
The United States remains the dominant force, contributing the most new billionaires with 103 additions this year.
Among the top names is Marilyn Simons, widow of quantitative hedge fund founder Jim Simons, whose net worth is estimated at $31 billion.
She stands alongside Lyndal Stephens Greth, the daughter of oil magnate Autry Stephens, who holds $25.8 billion following her father’s passing in 2024.Germany ranks second in terms of new entries, with 37 individuals joining the list, including Johannes von Baumbach. At 19 years old, he becomes the youngest new billionaire globally, with a fortune of $5.4 billion.
Along with von Baumbach, 14 other heirs to the Boehringer Ingelheim pharmaceutical empire also made their debut on the list.China and Hong Kong together contributed 32 new billionaires, with jeweller Xu Gaoming being one of the notable additions, valued at $8.2 billion. India saw 17 new billionaires, while Russia accounted for 15.
One of the most striking trends among the newcomers is the high percentage of self-made billionaires.
Of the 288 newcomers, 196 (approximately 70%) built their wealth from the ground up, rather than inheriting it.
The wealthiest self-made newcomer is Saudi Arabian entrepreneur Sulaiman Al Habib, whose fortune stands at $10.9 billion. Al Habib’s success is a notable achievement as Saudi Arabia has seen a resurgence of billionaires on the list for the first time since 2017.
Alexandr Wang, the 28-year-old co-founder and CEO of Scale AI, is the youngest self-made billionaire this year, valued at $2 billion.
(BusinessDay)
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