British High Commissioner Andrew Pocock said at the signing that the 2050 Calculator will provide valuable evidence, which the Nigerian government and members of the public alike will be able to use, to better understand how Nigeria might meet its future energy needs. “I’m very pleased that the UK and Nigeria are able to work together on such an important project.”
Nigeria and the United Kingdom have signed an agreement to implement the 2050 Pathways Calculator in Nigeria. The 2050 Calculator is a modelling tool that allows users to look at the potential effects of different scenarios for energy supply and demand within a country over the next 40 years.
28/11/2013
Nigeria Breweries Plc to Commission Aba Can Line
The can line is one of the projects being executed in the ongoing expansion of the plant, which is expected to scale up the production capacity of the plant from 1.2 million hectolitres (HL) to 2.4 HL per annum in 2014. The project is estimated to gulp about N17 billion.
Ukeje Udah, Aba brewery manager in an interview with BusinessDay in Aba, revealed that the plant will start producing can products before the end of this year (2013). Also ready for commissioning is a new water treatment plant.
27/11/2013
ZIMBABWE PRESIDENT TO SENT OUT ALL FOREIGN BUSINESS OWNER IN THEIR COUNTRY, INCLUDING NIGERIANS
According to news
reports, starting from January next year, Nigerians trading in Zimbabwe will no
longer be allowed to. Zimbabwean authorities said they have given foreign
shop-owners, mostly Chinese and Nigerian nationals, an ultimatum to shut down
their businesses by January. 1, 2014.
From Integrity Reporters
From Integrity Reporters
A top official of the black empowerment ministry said only Zimbabweans had the right to run shops that have sprung up across the country and are termed foreign businesses targeted under the nation’s black empowerment laws, the state-controlled Herald newspaper reportedFriday.
Those laws, passed in 2007, demand foreign businesses to cede 51 percent control to local blacks. The foreign shop owners have been criticized for taking retail trade opportunities from Zimbabwean traders by selling cheap imports.
Poor townships and city flea markets have in recent years been inundated by shops run by foreigners. According to state media, shop owners who fail to comply will be arrested
Late MKO Abiola's wife, the Director of Integrated Microfinance Bank Arrested for Fraud
According to a report by Sahara Reporters, one of late MKO Abiola's wife, and former MD of the defunct Concord Newspapers, Dr. Doyin Abiola has been arraigned before the Federal High Court, Lagos, for fraud.
A statement signed by Police Public Relations Officer DSP Ngozi Isintume-Agu said that the Financial Malpractices Investigation Unit (FMIU) of Special Fraud Unit (SFU) said that between 2006 and 2008, as a Director of the Integrated Microfinance Bank, Dr. Abiola granted to herself without collateral and approval from the Management, the sum of N26,611,246.48. Read more...........................
Dr. Abiola, of 42/46 Moshood Abiola Crescent, Ikeja, Lagos, and wife of the late Chief Moshood Abiola, is one of four Managing Directors or Directors of Integrated Microfinance Bank (IMFB) located at 6A Adeniyi Jones Avenue, Ikeja, who were arrested and charged by the SFU.The others are Akinteye Simon Ademola, Dr. Jerry Orimovuohoma and Oladapo Bello.
The SFU said the four officials of IMFB unauthorized credit facilities to the tune of N327,566,000 to themselves and other related companies without collateral and that the loans are still outstanding. In the forensic investigation conducted by FMIU of SFU, the Directors were found wanting in the discharge of their duties while on the Board of Integrated Microfinance Bank (IMFB).
· Ademola of Plot 7, block 90, Mobolaji Ogunde Crescent, Magodo GRA Phase 2, Lagos converted the sum of N131.176 million to his personal use without approval.
· Orimovuohoma of 129B Oba Ladejobi Street, GRA, Ikeja granted unauthorized credit facility to the tune of N29,200,000.00 to himself without collateral.
· Bello of 23/25 Ijora Causeway, Ijora, Lagos recklessly granted the sum of N3,200,000.00 to himself without collateral.
“The bank liquidity was greatly affected with the sum the directors took,” the statement said. The case comes up at the Federal High Court on December 10.
Culled from Sahara Reporters
26/11/2013
ETISALAT is 5..... hurray, launches GEM Loyalty Program
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From Left: Tolu Ogunkoya, MD,
MediaReach; Matthew Willsher, Acting CEO, Etisalat Nigeria; Enitan Denloye,
Director, Brands & Communication, Etisalat Nigeria; and Chris Ubosi, CEO,
Megalectrics.
Etisalat
is 5! And in celebration of its anniversary the telco launched a new high value
proposition tagged “Etisalat GEM”. The event which held at the pool side of
Radisson Blu, Victoria Island had in attendance over 200 of its High Value
customers as well as celebrities, staff, partners and friends of the company.
Continue..
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Introducing Gloo.ng …Nigeria's biggest online supermarket
Gloo.ng is a pure-play electronic retailing service dedicated to delivering direct to the doorsteps of her clients, on a same-day basis and at very affordable prices, a wide variety of high quality brands of grocery and living essential items. Continue...
25/11/2013
Education: Transparency International, SERAP Want to Audit Nigeria Account
Transparency International and Socio-Economic Rights and Accountability Project today called on the government of President Goodluck Jonathan to “account for the huge sums of money that are invested in the education sector and be serious about teaching children the value of honesty.”
The organizations also warned that “corruption in education threatens children’s prospects in Africa,” and called on “governments to tackle the problem without further delay.”
At the media launch of the report Global Corruption Report: Education, today in Abuja the organizations said that, “corruption has a devastating impact on developing nations, particularly in Africa, hindering progress towards the Millennium Development Goals and jeopardising social and economic development.” Read more
By Jan. 2014, Dangote subsidiary Sephaku cement to start production
Dangote Cements 64 percent owned South African subsidiary sephaku cement is to start production at its new cement plant in early 2014, as first half profits rose to R40 million ($4 million).
The group achieved revenue of R301.6 million from no revenue for the comparative period in 2012.
Commenting on the period under review, Lelau Mohuba, chief executive officer said, “I am pleased with the results indicating our initial reporting period of positive earnings and revenue as a result of the strategic acquisition of Metier.”
“The significant construction progress at our associate company Sephaku Cement’s plants has firmly positioned the company as a new entrant into the cement manufacturing industry in South Africa since 1934.I would like to commend our highly experienced operational team for attaining to date the key milestones towards starting cement production in January 2014.”
Copyright Infringement: Samsung to pay Apple $290m
This verdict comes after a previous jury found Samsung owed Apple $1.05bn for copyright infringement.
However, US District Judge Lucy Koh ordered a retrial because she said that jury miscalculated the amount Samsung must pay.
Samsung is expected to appeal.
Apple said in a statement: “For Apple, this case has always been about more than patents and money. It has been about innovation and the hard work that goes into inventing products that people love.
“While it’s impossible to put a price tag on those values, we are grateful to the jury for showing Samsung that copying has a cost.”
The jury’s ruling covers 13 of the 26 Samsung devices that Apple had argued copied its technology. These are mostly older Samsung tablets and smartphones, BBC reports.
The $290m figure comes on top of the $550m Samsung owes Apple as a result of the initial verdict. In total, Apple has now been awarded close to $930m in the case.
Apple shares traded slightly higher on the news. Samsung closed down slightly earlier in the day.
Tech: China Construct their first stealth drone
China successfully flew a stealth drone for the first time on Thursday, state media said, citing eyewitness reports.
A drone, called "Sharp Sword" by the media, made a test flight for around 20 minutes in Chengdu, reports said.
China has been developing stealth aircraft in recent years, including J-20 and J-31 stealth fighters.
In September, an unmanned drone flew close to a group of disputed islands in the East China Sea, raising tensions with Japan.
"The successful flight shows the nation has again narrowed the air-power disparity between itself and Western nations," state-run newspaper China Daily said on Friday.
22/11/2013
Nigerian businessman Tony Elumelu makes $123million in 3 weeks frm Transcorp PLC
According to Forbes Africa, former United Bank
for Africa (UBA) Managing director, and chairman of Heirs
Holdings, Tony Elumelu made $123million in just three weeks. Wow!
From Forbes: Read below...
21/11/2013
Google Launches Prepaid Card
The tech giant announced the launch of a physical prepaid card on Wednesday. The new Google Wallet Card will be tied to a customer's Google Wallet account and can be used to make purchases and withdraw money from ATMs.
Google Wallet, which has been around since 2011, is a virtual wallet that is funded by transfers from other Google Wallet users or money transferred from other bank and credit card accounts. You can then use that balance to pay with a mobile phone at certain retailers.
The venture hasn't really taken off, however -- iPhones haven't adopted the technology necessary to use the in-store payment feature, and many retailers don't have the appropriate point-of-sale equipment to process the transactions.
In India: Two bags containing 24 gold bars were found on a Jet Airways plane
Airline staff conducting a maintenance check on the plane discovered an "unidentified object" in a bathroom and alerted security. Bomb disposal and detection squads arrived on the scene on fears the suspicious package may contain an explosive device.
It turns out, the black pouch contained 12 gold bars. Inspectors discovered a second package with 12 gold bars on the aircraft.
The haul is believed to be worth around $1.2 million (Rs. 7.22 crore). The bullion was said by customs to have "foreign markings."
Close Up Celebrates Brand of the Year Award ...............
Close Up, Nigeria’s favorite toothpaste, recently won the coveted Brand of the Year award at the ADVAN Awards for Marketing Excellence which held on Saturday, October 30, 2013. The ADVAN Awards is to acknowledge and reward marketing professionals as well as celebrate marketing achievements across a range of Industries. Close Up celebrated this great achievement by hosting a select group of people from across different industries to a cocktail event at the Oriental Hotel, Lekki Lagos.
CASH in a carton promo: Idee's 100% natural powdered stew
20/11/2013
Happy birthday to Nigeria’s President, Goodluck Ebele Jonathan!!!
President Jonathan born today was today in 1957 to what is now Bayelsa State to a family of canoe makers.
Jonathan holds a PhD degree in Zoology from the University of Port Harcourt. Before he entered politics in 1998, he worked as an education inspector, lecturer, and environmental-protection officer.
Apple Acquire Israel’s Prime Sense for $345 million
Apple Inc. has bought Prime Sense, an Israeli maker of chips that enable three-dimensional (3D) machine vision, for $345 million, the Calcalist financial newspaper reported on Sunday without citing sources.
Prime Sense has raised $85 million from Israeli and the US venture capital funds such as Canaan Partners Global, Gemini Israel and Genesis Partners, Calcalist said.
NRC, Chinese firm sign N650m railway upgrade deal
The Nigerian Railway Corporation (NRC) has signed a N650million agreement with the Shanhaiguan Bridge Group Company Limited of China. The deal involves the procurement of twenty brand new pressurised tank wagons; delivery of tank wagons alongside its spare parts, testing; training of NRC engineers in utilization and maintenance.
This hint was dropped by the Adeseyi Sujiwade, managing director Nigerian Railway Corporation during the commissioning of 20 pressurized oil tank wagons inside Apapa Wharf, Lagos.
According to the managing director, the wagons will enhance the provision of haulage services to oil marketers. Nigeria Railway Corporation he pointed out is working assiduously with Total Plc in developing a MoU to be signed by both parties on the movement of Total petroleum products by rail.
Oando constructs jetty in Apapa port
Oando Terminals Ltd. on Wednesday said it had started constructing a jetty in Apapa to provide a more efficient platform to deliver petroleum products to oil marketers.
The company said in a statement in Lagos issued by its spokesman, Johnson Azuara-Kelvin, that the jetty would serve oil marketers currently using Moman Jetty.
It said that work on the facility was nearing completion, the News Agency of Nigeria (NAN) reports.
The statement said that the jetty would have a half-kilometre sub-sea pipeline and a 16-inch three-kilometre onshore pipe to deliver more than three million tonnes of petroleum products a year.
History as Nigerian becomes first African president of ICAO
A Nigerian and aviation expert, Olumuyiwa Bernard Aliu, was on Monday unanimously elected president of the International Civil Aviation Organisation (ICAO), the world aviation standards body.
Aliu’s term is to commence on January 1, 2014 through December 31, 2016.
Stakeholders, who commented on the development, hailed the election, saying it will in no small measure raise Nigeria’s aviation bar in global market.
Nnamdi Udoh, managing director of the Nigeria Airspace Management Agency (NAMA), said that it signals the approval rating of all the efforts put in place by the Federal Government to improve air transport in Nigeria.
World Bank is committed to supporting Nigeria’s data system
Alain Gaugris, a Senior Statistician at the Bank, said this on Monday in Abuja at the 2013 African Statistics Day celebration, which had as its theme ‘Quality Data to Support African Progress’.
He said the bank was partnering the National Bureau of Statistics (NBS) because of the importance of statistics to development and poverty reduction.
GDP: Cross River drops to N1.28tr in 2011
The National Planning Commission (NPC) has said that Cross River State’s Gross Domestic Product (GDP) dropped to N1.28 trillion in 2011 from N1.32 trillion achieved in 2010.
The supervising Minister for NPC, Bashir Yuguda, attributed the dip in GDP by N40 billion to the drop in the state’s 2011 oil revenue.
The statistics also showed that the state’s industrial sector declined by 66 per cent in the period under review as against an earlier fall of 70 per cent recorded in 2009.
“Agriculture grew from 20 per cent to 23 per cent within the same period while other services sector grew from 10 per cent in 2009 to 11 per cent in 2011,” he said.
18/11/2013
Glo takes new Fonepad, routers, tabs to tech fair
National telecoms operator, Globacom, on Thursday made an entry into this year’s West African Information Communication and Technology (WAFICT) exhibition in Lagos, with several new high-end and pocket-friendly offerings.
The operator introduced to visitors at the foremost technology exhibition one of its newest hi-tech offerings, the Asus Fonepad which combines two devices in one – a mobile phone and a tablet.
According to Globacom’s Head of Gloworld, Brenda Akhigbe, the new Asus Fonepad comes with 1 GB free data subscription. “Five hundred megabytes free data bundle is given on activation and 100mb is given subsequently for every N1000 plan purchased for the next five months”, she explained.
Nigeria Banks To Shutdown Nationwide
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| banking hall |
Daily Sun gathered that the CEOs are irked by the arrest and detention of several key officials of no fewer than 13 banks over the last two weeks by security operatives, saying that this has not only crippled their operations but also poses a great risk if normal banking operations continues.
The 13 banks directly affected by the arrests are Zenith Bank, Access Bank, Fidelity Bank, Unity Bank, First City Monument Bank (FCMB), First Bank Plc, Skye Bank, Sterling Bank, Diamond Bank, Ecobank, Wema Bank, Guaranty Trust Bank and CitiBank.
The arrest of the bank officials are linked to money laundering case against the Jigawa State governor, Alhaji Sule Lamido, a key member of the G7 governors, who is also one of the arrowheads of the New PDP believed to be opposed to President Goodluck Jonathan’s rumoured second term ambition.
20313 BEST CUSTOMER SERVICES: TOTAL, ARIK, ETISALAT......
Nigeria Customer Service Awards on Thursday through a defined pattern rewarded distinguished companies in its 2013 Customer Care Service Awards.
Top on the list of the awardees were Total, Etisalat, Notore, GTBank, ABC Transport, Premium Pension Limited, Cadbury, Elizade, Emzor and Le Meridien Ibom Hotel.
DHL invests in West African infrastructure
DHL, the world’s leading logistics company, has announced an investment in both a facility and air infrastructure in West Africa, to meet the demand for express and freight services in the region. The recent investment includes the launch of a new airside facility in Dakar, Senegal, and the addition of 3 aircraft made up of a Boeing 757 and two ATR72s.
Reacting to the new development, Oliver Facey, Vice-President – Operations for DHL Express Sub-Saharan Africa said, “Over the last few years, we have increasingly seen the importance of up scaling our facilities in the various regions within the continent. As multinationals turn to Africa and as smaller African enterprises look to trade cross-border, regions like West Africa need increased infrastructure and capacity to cope with the rising demand for the transportation of goods across these markets.”
Good Goverance Awards challenge public officers
The BusinessDay Good Governance Awards, which held Wednesday in Lagos, have thrown up a huge challenge to public officers on the need to put the people first in their service mandates. The exciting event had 13 state governors honoured for their sterling performances in different areas of government business.
The governors, who were selected based on careful study of their efforts at providing the democracy dividends in their individual domains, pledged to up the scale.
The event, which held at the prestigious Federal Palace Hotel, Victoria Island, was attended by Rauf Aregbesola, Rotimi Amaechi and Ibrahim Hassan Dankwambo, governors of Osun, Rivers, and Gombe States, respectively. Also in attendance were various categories of other senior political officeholders ranging from secretaries to state governments, commissioners, special advisers, local government chairmen, among others representing their principals.
16/11/2013
Bill Gates wants Norway’s $800 billion fund to spend more in Africa, Asia
Philanthropist and Microsoft co-founder Bill Gates called on Norway’s $800 billion oil fund, one of the biggest investors in the world, to spend more in the poorest countries, gaining the prime minister’s support with his proposal.
Gates, who runs the $37 billion Bill and Melinda Gates Foundation, said Norway should set aside a portion of the fund to invest in infrastructure in sub-Saharan Africa and Asia, and buy equity in small enterprises that alleviate agricultural and medical problems.
15/11/2013
FIRST BANK ACQUIRED FOUR EXISTING BANKING MARKET
FIRSTBANK LTD (“First Bank Commercial Banking Group” or the “Bank”), a subsidiary of FBN Holdings Plc announces today that it has completed the acquisition of a 100% equity interest in ICB GHANA, ICB SIERRA LEONE, ICB GUINEA and ICB GAMBIA from INTERNATIONAL COMMERCIAL BANK FINANCIAL GROUP HOLDINGS AG (ICBFGH) (the “transaction”).
The transaction has been effected through the completion of a Conditional Sale and Purchase Agreement with ICBFGH.
WORLD BANK RANKING
The World Bank has ranked Nigeria 147th among the best places for doing business. It also ranked the country as the 122nd for best countries to start a business.
The report released, yesterday, said Nigeria’s low ranking is mainly caused by electricity problems, where the country is ranked 185th out of 189 countries evaluated. The first African country on the list is Rwanda, ranked 32nd.
The report said in Africa, 66 per cent of countries enacted at least one reform last year, against 33 per cent in 2005, adding that nine African countries make up the top 20 most improved in terms of business regulations since 2009: Benin, Burundi, Cote d’Ivoire, Ghana, Guinea-Bissau, Liberia, Rwanda, Sierra Leone, and Togo
14/11/2013
MOTOROLA: launches new phone to attract new markets
Motorola unveiled its new relatively low-cost smart phone on Wednesday, aimed at consumers in emerging markets and those on a tight budget everywhere.
The Moto G will cost just $179 without a contract in the United States, about a third the cost of an iPhone 5c and about half the cost of a Galaxy S4 Mini.
features include a big, high-resolution screen, the latest Android software a long-life battery, 8 GB of internal storage and a 5 megapixel camera.
First Bank promotes financial independence, via “Future First” initiative
As part of its corporate social responsibility and sustainability, First Bank of Nigeria Ltd has designed a new initiative titled “Future First” aimed at addressing the financial needs of children.
Future First, an initiative from First Bank’s corporate responsibility and sustainability department involves two platforms; Career Counseling and Financial Literacy Programme both aimed at ensuring Nigerian youths are financially independent through fulfilling careers and the right financial knowledge.
The Career Counseling Programme will equip public secondary school students with the knowledge needed for career planning and fulfillment to prevent the long-term negative effects in their future that can be associated with the wrong career move while the Financial Literacy Programme has been designed to provide an experiential supplement to the business education of high school students in Nigeria and empower students with financial knowledge through training on running a business and the basics of money to promote a savings culture amongst them.
Future First through the Career Counseling and Financial Literacy Programme will be used to empower secondary school students between the ages of 12 and 17years old in JSS 2 to SS2 to build fulfilling careers and be better equipped with the tools and knowledge for long-term financial independence.
According to the Head, Marketing & Corporate Communications First Bank, Folake Ani-Mumuney, Future First initiative has been developed to use the Bank’s corporate responsibility and sustainability platform to achieve its main objective of engaging the youths, changing their perception and building a banking relationship with them.
“Through ‘Future First’ initiative, a total of 20 public schools in the Lagos metropolis will benefit from the project which will be implemented based on a structured employee volunteering program where employees of First Bank will offer one hour weekly for a period of 8 to 13 weeks and employ their skills in providing career counseling and financial literacy knowledge to secondary school students,” she said.
source: Businessdaynews.com
AHAMED ADAMU: CHAIRMAN OF COMMONWEALTH YOUTH COUNCIL
A Nigerian, Ahmed Adamu, (pictured above) has emerged the
Chairperson of the Commonwealth Youth Council. Ahmed beat several other
delegates from twenty one countries to emerge the winner at a keenly contested
election which held yesterday Tuesday Nov. 12th in Hambantota, Sri Lanka.
The Commonwealth Youth Council is the recognized voice of 1.2
billion you people and a Nigerian is the Chairman. Go, Nigeria!
About Adamu, he is from Kastina State and a graduate of Bayero
University Kano with a PhD in Economics, from Newcastle University, UK. He is
the Founder and Pioneer President of Youth Participation for Progressive
Development Initiative, member, Katsina State Executive Council Committee on
youth restiveness and Unemployment, December, 2011 and Secretary, Constitutional
review Committee, Katsina Central Constituency, 2012.
13/11/2013
NNPC denies shady dealings in crude lifting
The Management of the Nigerian National Petroleum Corporation, NNPC, over the weekend denounced a recent report by a Swiss-based, Non-Governmental Organisation, NGO (The Berne Declaration), which accused the Corporation of collusion with some local and international oil traders to execute unfair industry practices.
The Acting Group General Manager, Group Public Affairs Division, NNPC, Ms. Tumini Green, said in a statement on Sunday that the publication is not only bogus but strewn with inaccurate and poorly researched data, which defies common sense and verifiable evidence on ground in Nigeria.
“For instance, how can anybody who claims to be a close observer of the Nigerian oil and gas industry say that the process leading to the award of Term Contract for lifting of Nigeria’s crude is shrouded in mystery, when it is common knowledge that the call for tender for this contract is periodically published by almost all the newspapers in Nigeria via paid advert placements by the NNPC?’’ Green quipped.
Blackberry Fires Old Boss, to be replaced by JOHN CHEN
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| JOHN CHEN |
Ailing Canadian smartphone maker, Blackberry, has revealed that its current
boss, Thorsten Heins, will be replaced by John Chen to launch another try
at the smartphone business which has been abysmal for the company in recent
times. Blackberry has also cancelled the plans to take it private by Fairfax
Financial Holdings.
Fairfax Financial Holdings which was unable to raise the required $4.7
billion required to purchase the company, instead Blackberry will now raise
about $1 billion from its largest shareholder and other institutional
investors.
Analysts have predicted that Blackberry’s smartphone business may not be
feasible again in the nearest future and it may have to look to its other
services for a resurgence of the falling company.
However, the new man to take over the reins at Blackberry, John Chen, [i. John S. Chen is the interim CEO of BlackBerry Ltd.
Previously, he served as the chief executive officer and president of Sybase, an
independent software vendor specializing in data management, analytics, and
mobility technology.] has revealed that shelving the smartphone
business is not one of his plans for Blackberry.
John Chen was chosen for his experience in situations like these after he
led the revival of Sybase in the 1990s.
Samsung To Unleash New Bendable Smartphones Next Year
12/11/2013
Controversial BMW Armored Cars
Five days after a promise to provide information on how Coscharis, which supplied the two armoured cars now at the center of a major scam in the aviation sector, paid BMW for the vehicles, the company’s management has disappeared from the radar of the Economic and Financial Crimes Commission (EFCC).
Keystone Bank Managers Connived To Defraud Client Of N855m - EFCC Witness
While the trial of former Bank BHB manager, Mr. Francis Atuche and his wife, Mrs. Elizabeth Atuche is still throwing up new angles with Lagos-based economist, Prof. Pat Utomi appearing as star witness over alleged N27billion Bank loan fraud perpetrated during Atuche's term as head of the Bank's board, some interim top officials of the financial institution are now mired in a fresh fraud scandal involving N855m.
Bank PHB is now Keystone Bank.
Idera market to promote businesses in Nigeria
NNPC to increase crude reserves by half a million barrels
The NNPC is to add 585,000 barrels of crude per day to the nation’s current reserve of 3.7 billion barrels by the year 2015.
The Group Managing Director of NNPC, Mr Andrew Yakubu, made the pledge at the 2013 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC)
A statement issued by NNPC in Abuja on Tuesday quoted Yakubu as making the pledge.
POWER SECTOR: Eko Disco gets N39.7bn to upgrade Facilities
The new owner of Eko Electricity Distribution Company, West Power & Gas Limited, has unveiled plans to invest $250m (N39.7bn) to transform the facility and improve its distribution network.
The Chairman of the company, Mr. Charles Momoh, said the fresh investment would be injected into the Disco over the next two years.
IN 2013: Over 250 million smartphones shipped in Q3
Over a quarter of a billion smart phones were shipped worldwide in quarter three of 2013 as the market grew 44 per cent year-on-year. The top two vendors, Samsung and Apple, maintained their positions, with market shares of 34 per cent and 15 per cent respectively.
Huawei, Lenovo and LG completed the top five, according to a report by Cellular news.
PFAs target 15 million artisans by mobile phones
Pension operators under the Contributory Pension Scheme are developing framework to allow about 15 million artisans have Retirement Savings Accounts using the mobile money platform.
Although, the Pension Reform Act 2004 does not allow the informal sector to have accounts with the Pension Funds Administrators, individuals and groups, under this arrangement will soon be allowed to join the scheme, when the National Pension Commission releases the guideline on this, it was learnt on Friday.
11/11/2013
TWITTER STOCK DOWNGRADED
Twitter enjoyed a white-hot initial public offering Thursday, with shares closing 73% higher. But analysts were extremely quick to tamp down the euphoria. Several wondered why Twitter (TWTR) deserves to be worth about $24.4 billion.
"That valuation is simply far too high for a company that's losing money and seeing their rate of sales growth decrease," said Brian Hamilton, the chairman of financial analysis firm Sageworks.
Twitter revealed in its IPO paperwork that it has not turned a profit for at least the last three years, and losses accelerated in the first nine months of 2013.
But that didn't stop investors from sending Twitter sharply higher in its market debut. That worried Pivotal Research Group senior analyst Brian Wieser.
Less than one hour after Twitter began trading, Wieser downgraded his rating on the stock to "sell" from "buy."
"Twitter is simply too expensive" at any level above the low $30s per share, Wieser wrote in a note to clients. He has a $30 price target on the stock. Twitter closed at $44.90 on Thursday. The stock was down more than 3% in late morning trading Friday.
Actis to invest $220m in Cameroonian electricity assets
The transaction is pending government and lender approval.
The investment gives Actis a 56 percent stake in Cameroon’s national integrated utility, Société Nationale d’Electricité (SONEL), and in two independent power plants, Kribi and Dibamba.
SONEL provides 933MW of generation and supplies electricity to over 800,000 customer connections throughout the country, while Kribi and Dibamba contribute a combined 300 MW towards Cameroon’s generation capacity.
While Actis will manage SONEL directly, Globeleq, Actis’ wholly owned private power company, will manage and operate Kribi and Dibamba.
Actis is an experienced energy investor supplying 10m customers with electricity every day.
The firm has owned Umeme, Uganda’s national grid, since 2005.
In 2012, Actis led a heavily oversubscribed successful IPO when it floated 40 percent of Umeme’s shares on the Kenyan and Ugandan stock exchanges.
Since 2011 Actis has also owned 92 percent of Energuate, which operates the majority of Guatemala’s national grid.
Speaking on the investment, Actis Energy Head Torbjorn Caesar said:
“Cameroon is a nation with great prospects. Our experience managing major electricity assets in Uganda and Guatemala means Actis comes to the investment with the confidence that we can deliver strong infrastructure and excellent customer service. We have deployed over $1bn in the energy space in the last decade; this latest investment is a natural next step for us in Africa.”
Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has $6 billion funds under management. Combining the expertise of over 120 investment professionals on the ground in nine countries, Actis identifies investment opportunities in three areas: private equity, energy and real estate. Since 2002 Actis has deployed in excess of US$1 billion in 25 energy transactions in power generation and electricity distribution assets, providing 21 million people with access to electricity.
Facebook director Andreessen’s firm sells a third of its shares
Andreessen Horowitz sold 2.28 million shares on November 6 at about $49 to $50 a share, according to a filing with the U.S. Securities and Exchange Commission on Friday. It still holds 4.57 million shares in Facebook, Reuters reports.
Andreessen Horowitz spokeswoman Margit Wennmachers said on Sunday that the firm’s investment thesis was successful. Still, she said they are big believers in Facebook, which is why they are holding on to big portion of their shares.
Facebook shares closed at $47.53, down 3 cents on Friday.
Marc Andreessen helped start browser company Netscape, which was acquired by AOL Inc in 1999. Andreessen Horowitz has invested in some of the country’s hottest start-ups, including Facebook and online bulletin board Pinterest.
CEMENT SALES: PROXY FOR ECONOMIC GROWTH IN NIGERIA
• Between January and September 2013, Nigeria’s four cement manufacturers (Dangote Cement, Lafarge, Ashaka Cement and CCNN), collectively sold N392.1 billion ($2.4 billion) worth of cement in the country, equivalent to 0.9 percent of Nigeria’s year end (YE) 2012 Gross Domestic Product (GDP) of $262 billion.
• Cement sales are rising faster than nominal GDP growth rates. Nigeria’s real GDP grew at 6.18 per cent in the second quarter of 2013 while inflation averaged 8.83 percent between April and June, meaning nominal GDP (real GDP + Inflation) rose by 14.98 percent in the second quarter. The four companies collectively grew sales by 21.7 percent for the period.
• When cement sales are broken down to individual companies however it shows that only Dangote Cement is taking advantage of the huge opportunities in the sector. Dangote Cement grew sales by 28.7 percent, 1,372 basis points higher than the nominal GDP growth rate.
• All other companies grew sales below the second quarter real and nominal GDP growth rates. Lafarge grew sales by 6 percent, CCNN by 5.83 percent and Ashaka cement by 2.28 percent.
• The Nigerian economy is clearly growing using cement sales as a proxy in the absence of any noticeable bubble in the home building or construction sector. Dangote Cement is the market leader with 74 percent market share of total cement sales; Lafarge has 19 percent, Ashaka 4 percent and CCNN 3 percent.
• Investors are seeing the potential in the cement sector – amid rising disposable income and increased government spending on infrastructure – even as the companies struggle to boost production capacity to meet rising demand.
Lafarge stock is up 88.43 percent in one year, CCNN +70 percent, Dangote Cement +57.49 percent and Ashaka +29.80 percent. The NSE All Share Index has risen 46.85 percent in one year by comparison.
First Bank to acquire ICB’s West African assets
First Bank said in a filing through the stock exchange it has received approvals for the transaction from Nigeria’s central bank and regulators across west Africa. It hoped to conclude the deal soon for the bank’s assets in Ghana, Sierra Leone, Gambia and Guinea.
First Bank gave no details on how much it was paying to acquire the stake.
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