Echotitbits – Nigeria News

Tag: business

  • Kariya Energy Set to Acquire Oil & Gas Assets in Mozambique, Nigeria, Senegal, Others

    Kariya Energy Set to Acquire Oil & Gas Assets in Mozambique, Nigeria, Senegal, Others

    After spending 16 months reviewing data from various the International Oil Companies (IOCs), Kariya Energy Monday announced its readiness to enter into various definitive agreement to acquire upstream and midstream oil and gas assets in African countries.

    Kariya Energy would pursue profitable small-scale Liquefied Natural Gas (LNG) projects across Africa, a niche that its leadership has been skilful in building and making it profitable and scalable, boasting significant potential across the African market.

    With its technology, the company could turn around African small-scale LNG and work with partners in addressing off-grid power generation for industrial and residential needs in remote locations and deal with issues around energy poverty.

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    Kariya Energy’s technical and financial strength puts it in a position to bring Canadian and American ingenuity into the growing oil and natural gas market in Africa.

    The company and its management team’s engagements and experience with various deep and shallow water projects in Mozambique, Nigeria, Senegal, Congo DRC, Congo Republic and Gabon makes these countries great investment possibilities.

    It would be pursuing acquisitions of various exploration and development plays either through farm-in deals or operatorship through risk service contracts, or direct negotiations with sovereign governments.

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    Kariya Energy would continue with its current and ongoing support by providing technical, financial, and operational support for oil and gas companies currently operating in Nigeria, Congo and Gabon.

    The firm’s strategy has focused on the innovation and evaluation of new opportunities for resource extraction with great technology that has produced results.

    Idowu Sowunmi

  • Breaking News: Shoprite begins process to exit Nigeria

    Breaking News: Shoprite begins process to exit Nigeria

    One of Africa’s largest food retailers, Shoprite, has announced plans to exit the Nigerian market after posting continuous losses from its operations in the world’s populous Black nation.

    Shoprite, in a trading update filed at the Johannesburg Stock Exchange (JSE) on Monday morning, said it was planning to discontinue its operations in Nigeria.

    “Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.

    READ ALSO: Energy Poverty: African Energy Chamber makes key appointments into advisory board

    “As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time,” the update stated.

    It would be recalled that Shoprite launched its Nigeria operations some 15 years ago, by opening its first store in Lagos in December 2005.

    That chain has grown from one to more than 25 retail stores across Nigeria — including some of the biggest retail stores in West Africa region.

    Idowu Sowunmi

  • Company demands release of ‘wrongly’ seized estates by EFCC

    Company demands release of ‘wrongly’ seized estates by EFCC

    The Management of Trademore International Holding Limited has given the Economic and Financial Crimes Commission (EFCC) a 48hour ultimatum to unseal its property, which was ‘wrongly’ seized.

    In a statement issued on Thursday and signed by its legal representative, Nwoke Kalu, the company accused the EFCC of lacking due diligence in their operation that led to the sealing of its estates that include Luxury Apartments, Millennium Apartments, and Ogwumabiri Event center located along Bank Road and Finbars Road, Umuahia, Abia state.

    The company in its demand called on the EFCC to immediately remove the notice of seizure placed on all its estates.

    According to the statement, the Trademore estates are owned by a private businessman and have been wrongly marked as properties of a PDP chieftain under the agency’s investigation.

  • Nigeria to become world’s leading cement and clinker exporter as Dangote begins shipment

    Nigeria to become world’s leading cement and clinker exporter as Dangote begins shipment

    Idowu Sowunmi

    To reaffirm its status as the biggest cement producer in Africa, Dangote Cement has set the pace with the exportation of 27,800 metric tonnes of clinker to a neighbouring African country, Senegal.

    With this historic maiden voyage from its Export Terminal located in Apapa Port, Lagos at the weekend, Dangote has gradually made Nigeria, which until recently was one of the world’s largest bulk importers of cement, first self-sufficient in cement production, and now an exporter of cement clinker to other countries.

    The exportation of clinker from the Dangote Cement Export Terminal would also place Nigeria as one of the leading clinker exporters in the world. The company is expected to increase the quantity of clinker export to other African countries within the next few weeks.

    It said this development would enable Dangote Cement take advantage of the African Continental Free Trade Area, and by so doing contribute to the improvement of intra-regional trade within the ECOWAS region.

    Speaking during the departure of the ship conveying clinker from the Export Terminal at the weekend, Group Executive Director, Dangote Group, Alhaji Sada Ladan-Baki, said the increased exportation of clinker and cement to other African countries would not only place Dangote Cement among top clinker exporters in the world, but would also boost Nigeria’s foreign exchange earnings and reduce unemployment in the country.

    “The beauty of what we have done is that we are going to be generating foreign exchange for the country in terms of dollars and Euros. For every batch of clinker we export, the money comes back to Nigeria. The amount we are talking about is not small.

    “Presently, Dangote Cement should either be number one or number two exporter of cement in Africa and the revenue we have generated in the form of foreign exchange is running into millions. Today, we have formally launched the Dangote Cement Export Terminal. We are still going to do another major launch when the second ship is going out of the country,” he added.

    Alhaji Ladan-Baki recalled that only a few years ago, Nigeria was one of the world’s largest bulk importers of cement, saying that “Dangote has gradually made Nigeria self-sufficient in cement production as well as an exporter of clinker to other countries.”

    He disclosed that the company would also be launching its export terminal in Onne in the next few days, adding that the export terminal would enable the company export clinker, initially to its grinding facility in Cameroon and then to new grinding plants the company is building across West Africa.

    Ladan-Baki explained that not only would this generate useful foreign currency for Dangote Cement to support other expansion projects outside Nigeria, it would also help to increase the output of the Nigerian plants, saying these would help to improve job creation and increase prosperity in Nigeria.

    According to him, “This terminal will assist Dangote to actualise the full potential of the company’s investment in cement. You know as usual, when the rain comes, sales decline, but not clinker export. This feat by Dangote is going to generate a lot of jobs because the Export Terminal has already created jobs to many Nigerians.

    “As at now, the numbers of employed Nigerians at the terminal have reached 100. We are targeting about 200 to 300 workers in Lagos Terminal alone.

    “But, apart from job creation opportunities, the exportation of clinker by Dangote will position the country to participate fully in the Africa Free Trade Liberalisation Agreement when it comes into being, so that Nigeria will be protected against foreign products. It will also help the country compete effectively with every country that are in the business of exportation of clinker. At Dangote Cement, we are going about it aggressively and we are seeing it as an opportunity.”

    Alhaji Ladan-Baki said the company has also concluded plans to increase its clinker and cement export to other countries. “This vessel, being the maiden ship is exporting 27,800 metric tonnes to Senegal and this is just a tip of the ice-berg as to what we have in plan. What we have in plan is to send clinker from Nigeria to Ivory Coast, Cameroon and Ghana. Cameroon as an example, takes about 82,000 metric tonnes every month. Our target is to export at least 4 million metric tonnes of clinker annually to various parts of Africa.

    “That is our target that we hope to achieve within the next one to two years. This particular voyage is going to our sister company in Senegal. We have an integrated plant of 1.5 million tonnes and this one is expected to give the plant additional clinker that is required for the plant to sustain production. In the next one week or two, we are going to be shipping 82,000 metric tonnes to Cameroon in batches of about 25,000 to 29,000 metric tonnes per voyage,” he added.

    The Manufacturing Association of Nigeria (MAN) has commended Dangote Cement for leading the way for Nigeria to become one of the biggest cement and clinker exporter in the world.

    Speaking on Dangote’s achievement, MAN Acting Director-General, Chuma Oruche, praised the wealthiest man in Africa, Alhaji Aliko Dangote, for leading the way in the export of product from Nigeria to other countries.

    According to him, this feat by Dangote Cement is capable of boosting Nigeria’s foreign earning and reduce unemployment in the country.

    He said: “The export of clinker by Dangote Cement at the weekend will definitely be beneficial to Nigerian economy in terms of export earnings, job creation and wealth creation for families connected with these achievements.”

  • Akinwummi Adesina: Sierra Leone President, ex-US AfDB representative strengthens support base

    Akinwummi Adesina: Sierra Leone President, ex-US AfDB representative strengthens support base

    The support base of embattled President of the African Development Bank (AfDB), DR. Akinwunmi Adesina has been strengthened by two top level individuals, Sierra Leone President, Julius Maada Bio and Harold Doley, the first United States representative to the AfDB. They are the latest joining in with their voice.

    In a message posted on twitter last Sunday, President Bio expressed solidarity to the man that is widely referred to, across the continent as Africa’s Chief Developer.

    Adesina, the 2013 Forbes Africa Person of the Year awardee did not only appreciate President Bio throwing his weight behind him, he also expressed gratitude to other African leaders who had spoken in his favour over controversies generated by some whistleblowers and fanned by the United States, a non-regional member of Africa’s multi billion dollar development bank.

    “Thank you very much Your Excellency President Bio of Sierra Leone for your heartwarming confidence and support and that of the good people of Sierra Leone. I am humbled and grateful. @CyrilRamaphosa (President Cyril Ramaphosa of South Africa), @MBuhari (President Muhammadu Buhari of Nigeria) @AUC_MoussaFaki (Chairperson, African Union Commission)”, Adesina wrote.

    On his part, Doley did not fail to emphasise Dr. Adesina’s impressive feat as head of the AfDB in an open letter to US President Donald Trump.

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    Doley stressed that Adesina, since he assumed office in 2015, has rapidly restructured the bank refining its focus through a High-5 strategy, driven by strategic investment in energy, and electricity, agriculture, technology that significantly improved food security, access to private sector finance, improved transport infrastructure, water and sanitation, which has directly impacted the lives of many Africans.

    While he noted that it is profitable for America to support the AfDB, Doley said: “In 2019, with US support, the AfDB stakeholders approved a general capital increase of 115 billion dollars, the largest in the bank’s 56 years history. The increase more than doubled capital from 93 billion dollars to 208 billion dollars.

    “Also in 2019, the bank’s concessional window, the African Development Fund, received a 35 percent replenishment with donor contributions.

    “US shares of $499,695,200 represents 7.81 percent of total subscriptions are a critically needed resource for low-income countries and transition states.

    READ ALSO: AfDB: Obasanjo knocks US over flagrant ridicule, rallies support for Adesina

    “Ultimately, supporting Africa’s private sector is critical for social and economic development. In 2018, Adesina led an unprecedented effort to attract global investment into Africa through the inaugural Africa Investment Forum”, Doley’s letter read in part.

    In separate statements written to the Ethics Committee and Board of Governors of the AfDB to register their support for Dr. Adesina, the Nigerian Government through the office of the Minister of Finance, Budget and National Planning, Zainab Ahmed, and 14 former African presidents and prime ministers led by Nigeria’s ex-President Olusegun Obasanjo including ex-President Goodluck Jonathan affirmed that an independent probe is stretching the matter too far since the Ethics Committee had cleared the Bank’s president of wrongdoing according to the governing procedures, to which an external independent probe is alien.

  • Dangote, GTBank emerge most admired African brands

    Dangote, GTBank emerge most admired African brands

    Idowu Sowunmi

    For the third time in a row, Dangote Group has emerged as the most admired brand of African origin by consumers.

    Also, GTBank has emerged as the most admired financial brand in Africa and the United Kingdom’s BBC retained its media category ranking as the most admired media brand in separate category sub-surveys.

    This was disclosed in a survey of 100 Africa best brands announced in a novel global virtual event that incorporated the market openings of Kenya, South Africa and Nigeria.

    African brands only occupy 13 of the 100 entries, seven less from last year.

    The consumer-led survey sought to establish brand preferences across Africa. The survey was conducted among a representative sample of respondents 18 years and older, in 27 countries which collectively represent 50 per cent of the continent, covering all economic regions and accounting for an estimated 80 per cent of the population and the GDP of Africa.

    The 2020 survey was conducted between February and April 2020 and yielded over 15,000 brand mentions and over 2,000 unique brands.

    Established 10 years ago, the Brand Africa 100: Africa’s Best Brands survey and rankings have become the most authoritative survey, analysis, and metric of brands in Africa.

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    Founder and Chairman of Brand Africa and Brand Leadership, Thebe Ikalafeng, during an online interactive session via Zoom, said: “African brands have an important role in helping to build the image, competitiveness and transforming the continent’s promise into a real change.”

    He expressed concerns that 10 years after “the triumphant FIFA World Cup in South Africa which globally highlighted the promise and capability of Africa, and despite the vibrant entrepreneurial environment, Africa is not creating more competitive brands to meet the needs of its growing consumer market”.

    Global Client Development Manager, GeoPoll, Caitlin van Niekerk, in his remarks, said: “The reach and accessibility of mobile across the continent enabled us to survey respondents across a representative sample of countries quickly and effectively, giving us vital and timely results at a critical time. Kantar has been the insight lead for Brand Africa since inception in 2010.”

    In his reaction, Group Chief Corporate Communication Officer of Dangote Group, Anthony Chiejina, said the management was not unexpected of the ranking because the company has a long standing reputation for quality, relevance compliance and social stewardship.

    According to him, “Our mission and vision engage and inspire us to by extension connects us with both our internal and external stakeholders.

    “We fervently believe that only Africans can develop Africa, and this gives us stronger sense of relevance in all the countries where we have our operations.

    “We are touching lives by providing their basic needs and empowering Africans more than ever before; creating jobs reducing capital flight, helping government conserve foreign exchange drain by supporting different industrial infrastructural projects of African government.”

    Chiejina noted that Dangote Cement has been producing high quality and affordable cement, reducing poverty, engaging in unprecedented philanthropy and above all respecting the laws of the land where we operate.

    He said: “All these are our credo and we do not compromise it, it is our way. And the ranking is just an acknowledgement of all these by our stakeholders, We keep our brand promise and stay authentic.”

    Out of the top 100 brands in 2010/11, only half still appear in this year’s list due to mergers, acquisitions and the obsolescence of many brands.

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    The most prominent changes are in the technology category with the demise Blackberry (#32 in 2010/11), the consolidation of Vodafone (#54 in 2010/11 and now #13 in 2020) which acquired Vodacom in 2008 and re-branded in 2011, Etisalat (#40 in 2010/11) re-branding to 9 Mobile in 2017 and Motorola (#39) being acquired by Lenovo in 2014.

    A Chinese brand, Tecno, has raced up the ranking from #33 to #5 in the rankings – a dominant performance for one of China’s premier global brands that are not even sold in China.

  • Governor Fayemi okays N145 per metre for broadband deployment

    Governor Fayemi okays N145 per metre for broadband deployment

    Ekiti State has now become the cheapest state for broadband investment in Nigeria following an Executive Order signed by the State Governor, Dr. Kayode Fayemi today, May 14, 2020, which brings the Right of Way charges down from N4500 to N145 per metre.

    In a statement, the Governor who stated that the Executive Order is part of ongoing efforts to reform the Ease of Doing Business in the State, affirmed that Ekiti is ready to attract broadband investments having now complied with the approved charges by the National Executive Council (NEC).

    “Ekiti is the first state in Nigeria to comply with the NEC approved Right of Way charges for broadband thus becoming the cheapest state for broadband infrastructure investment as 1km of cable will now cost just N145,000 as against N4.5m previously.

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    “This decision will ensure Ekiti achieves full broadband penetration by 2021 to attract new businesses, create jobs, improve access to quality healthcare and digital education while improving internally generated revenue”, the Governor noted.

    He added that the decision on reducing charges on broadband deployment in the state aligns with the ongoing development of the Ekiti Knowledge Zone, designed to be Nigeria’s first service based innovation park.

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    Last year, Governor Fayemi inaugurated reforms initiatives to improve Ease of Doing Business and indices that will make Ekiti State an attractive destination for national and international investments within a 5-year term.

    Page 1 of Executive Order reducing broadband deployment charges by Ekiti State Governor Kayode Fayemi
    Page 2 of Executive Order reducing broadband deployment charges by Ekiti State Governor Kayode Fayemi
  • PPLD International to train 1 million young graduates in 2019

    PPLD International to train 1 million young graduates in 2019

    By Tobiloba Kolawole

     

    A training and development organization, Purpose Power and Lifestyle Design (PPLD)  International is set to train young graduates through its Prep for Success (PFS) programme.

    According to the Chief Inspiration Officer of the organization, Tunde Makun, the PFS will hold for two days, Thursday 24th and Friday 25th.  

    The Prep for Success programme, which is in its 13th edition, is the company’s initiative to breeding a new crop of business and thought leaders who will drive the emerging African continental growth.

    Makun said: “Our young graduate population continues to grow rapidly in the job market. And while that’s going on, confusion and disenchantment deepen. For the few who are lucky to be invited for interview, most employers aren’t pleased with the quality of the interview candidates. Clearly, we have a duty to not only provide for them, but also to guide them.

    “That’s why we created the hugely experiential graduate Prep for Success

    PFS training program to help Young Graduates lay an amazing foundation for a fast-track into the future; securing and growing in a choice career or business”, Makun noted.  

    Some of the facilitators and sponsors that will attend the training are Mrs Gbemisola Adetola, a Public Relations Consultant; Mrs Adebola Fashaun, a retired Judicial Officer and Mrs Bioye Animashaun, a Legal Practitioner.

    Makun added that, “The truly transformational 2-day PFS program is the code you need to navigate the future with confidence. Now in its 13th class, the testimonials from this program have been phenomenal.

    Tunde Makun, a successful entrepreneur in the oil and Gas marketing industry also expressed regret that the country is not thinking much about the young ones. He noted that in 2019, PPLD will do a lot to deepen its connection with the youth especially, helping them to navigate through tortuous environment to attaining successful careers.  

    He said: “Our connection with the youth this year is very ambitious. We are looking at reaching to as much as a 1 million youth. The idea is to make sure that there are some key deliverables. Leadership is one of them, and helping them to redefine how to live in a community.

    “We want to train the youth to lead themselves in a community where they live according to rules of engagement that works for communal living rather than individual living”, Makun said.

    Notable past facilitators and mentors at PPD training programmes include Prof. Pat Utomi, Dr. Doyin Abiola, Mr Leo Stan Ekeh, Dr. Christopher Kolade and many others.

    The internationally certified coach said he is collaborating with partners in the United States of America, who would become mentors and share resources to help PPLD achieve its goal of catapulting young graduates to success in Nigeria.