Business
Historic Partnership Announced Between Smith Choates Holdings And Urban Icon International
Smith Choates Holdings, LLC, and Urban Icon International have announced a groundbreaking partnership to develop state-of-theart sports arenas and hotels across several key African cities. This historic merger is poised to revolutionize the entertainment and hospitality industries in Africa, while promoting community engagement and economic growth.
The partnership brings together two industry leaders committed to advancing technology and infrastructure in Africa. Smith Choates Holdings, a renowned construction and development company, and Urban Icon International, a cutting-edge design and architecture firm, will combine their expertise to create world-class sports arenas and
hotels that showcase African culture and excellence.
The initial phase of the project will focus on developing six luxury hotels in Tanzania, Kenya, Mozambique, Uganda, and other countries, with a total investment of $812 million. The hotels will feature state-of-the-art amenities, including conference facilities, spas, and restaurants, and will be designed to meet the needs of business travelers and tourists alike.
The partnership is a testament to the power of collaboration and the shared commitment of both companies to driving economic growth and community development in Africa. The project is expected to create thousands of jobs
for locals and will contribute to the growth of the tourism industry in Africa.
“We are thrilled to partner with Urban Icon International to bring this vision to life,” said Maniish Thakrar, CEO of Smith Choates Holdings. “Together, we will create iconic landmarks that showcase African excellence and provide world-class entertainment and hospitality experiences.”
“We are proud to join forces with Smith Choates Holdings to develop infrastructure projects that will have a lasting impact on African communities,” said Elton Moodley, CEO of Urban Icon International. “This partnership demonstrates our commitment to advancing technology and infrastructure in Africa.”
The project is expected to break ground in the coming months, with the first hotel expected to be completed within the next 18 months. This historic partnership is poised to leave a lasting legacy in Africa and cement the continent’s position as a hub for entertainment, tourism, and economic growth.
Business
Nigerian Banks’ Upgrade Chaos: A Call for Customer-Centric Solutions
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
Read Also:
Oando PLC Makes Historic Acquisition Of Nigerian Agip Oil Company, Reshaping Nigeria’s Oil And Gas Landscape
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Business
Echoes Of Unfulfilled Promises In Nigeria’s Journey
As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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Business
Global Competition Claims Scotland’s Oldest Refinery: Grangemouth To Close In 2025
In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.