Connect with us

Brands

Dangote, NLNG, Lafarge… six companies to construct 19 roads across 11 states

Published

on

Dangote Group, the Nigeria Liquefied Natural Gas Limited (NLNG), and four other companies have joined in on the federal government drive to build infrastructure across Nigeria.

The companies, which also includes Lafarge Africa Plc, Unilever Nigeria Plc, Flour Mills of Nigeria Plc, and China Road and Bridge Corporation Nigeria Limited, will build 19 roads, totaling 794.4km in 11 states across each of the six geopolitical zones of the country.

This is made possible with the signing of executive order 007 2019, which was signed by President Muhammadu Buhari to allow private companies construct and refurbish roads across the country.

Following the order, the two-year-old Nigeria Industrial Policy and Competitiveness Advisory Council (Industrial Council) has chalked a landmark achievement in accelerating infrastructure development for economic growth.

Zainab Ahmed, the minister of finance, who listed the roads at the signing ceremony said the scheme is the outcome of efforts to think outside of the box and deploy new techniques to develop critical road infrastructure in the country.

THE EXECUTIVE ORDER

The executive order is a Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme that enables the federal government of Nigeria leverage private sector funding for the construction or refurbishment of eligible road infrastructure projects.

It focuses on the development of eligible road infrastructure projects in an efficient and effective manner that creates value for money through private sector discipline; and guarantees participants in the scheme timely and full recovery of funds provided for the construction or refurbishment of eligible road infrastructure projects through tax credits.

This executive order is one of the initiatives midwived by the Policy and Regulation Subcommittee of the Industrial Council, which is focused on implementing initiatives to incentivize investment; and reduce smuggling.

Industrialists in the council expressed their willingness to intervene in road rehabilitation and construction in their areas of operation in a thorough and transparent process that ensures the cost of construction/rehabilitation can be recouped, the Federal Ministry of Finance had conceived the idea. It promptly proposed the scheme for the Industrial Council to develop.

The Scheme is widely viewed by stakeholders who have been engaged in the public and private sectors as a quick-win in road construction and enjoys wide-spread acceptance as a means of accelerating growth within industrial clusters.

DANGOTE: THIS WILL SAVE GOVT BILLIONS

In his speech at the signing ceremony, Aliko Dangote, president and CEO of Dangote Group, stated that, “the impact is huge because it will allow private sector to use their capital, their know-how and also their efficiency in terms of delivering roads in time and the Nigerian government will be saving billions of naira.”

The Federal Executive Council approved the Industrial Council in March 2017 as a vehicle for partnering with the private sector on the industrialisation agenda to address key hindrances to the growth of manufacturing in the country.

The council, chaired by Vice-President Yemi Osinbajo, aims to increase the contribution of the manufacturing sector to gross domestic product and establish Nigeria as the manufacturing hub for Africa by implementing initiatives aimed at accelerating industrialization by leveraging private sector expertise and capital.

Okechukwu Enelamah, minister of industry, trade, and investment, who is one of its vice chairmen of the council, explained that, “the council’s mandate is to assist the government in implementing initiatives that will enhance the performance of the industrial sector through partnerships with the private sector.”  

The leadership of the Industrial Council consists of Vice-President Yemi Osinbajo (Chairman); Enelamah (vice-chairman, public sector); Aliko Dangote (vice-chairman private sector); Aisha Abubakar, minister of state, industry, trade and investment, (Alternate vice-chairman, public sector); and Atedo Peterside (alternate vice-chairman, private sector).

Other infrastructure initiatives which the Industrial Council is facilitating their implementation include the ongoing the deployment of 18,000 KM of fibre across the country to improve broadband penetration; and the generation of additional 4.2GW of power to the national grid.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Brands

Mark Angel Gets His Own Mouka Flora Mattress

Published

on

Mark Angel best known for the Mark Angel Comedy series, often featuring his child comedian niece, Emmanuella, just received the new Mouka Flora mattress.

In the viral comedy skit called MANCHELOR Part 2, Mark Angel falls in love with the new Mouka Flora mattress while Emmaneulla and his neighbours urge him to get married “Now that Emmanuella has bought you mattress, Oya go and marry. Have you not old? You have passed menopause, very soon you will reach menostop”.

The new Mouka Flora mattress is redesigned to offer exceptional comfort and provide consumers with quality sleep. According to Mouka’s Senior Brand and Innovation Manager, Jide Odelola says “Nigerians can now enjoy superior comfort and durability of the new Mouka Flora mattress to ensure they wake up feeling energized the next morning.”

Mouka is reputed in the industry for its world class manufacturing technology. Other brands within Mouka’s portfolio include: Mondeo Spring mattress, Dreamtime water resistant children mattress, Regal Orthopaedic mattress, Regina semi-orthopaedic mattress and Mouka Mozzi range of insect repellent products. 

Continue Reading

Brands

GTBank Releases 2019 Half Year Audited Results, Reports Profit before Tax of N115.8Billion

Published

on

Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges. 

The half year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank reported a Profit before Tax of ?115.8billion, representing a growth of 5.6% over ?109.6billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0% from ?1.262trillion recorded as at December 2018 to ?1.274trillion in June 2019 and customer deposits increased by 6.3% to ?2.418trillion from ?2.274trillion in December 2018.

The Bank closed the half year ended June 2019 with Total Assets of ?3.598trillion and Shareholders’ Funds of ?603.0Billion. In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in June 2019 from 7.3% and 0.3% in December 2018 respectively. Overall, asset quality remains stable with adequate coverage of 84.7%, while Capital remains strong with CAR of 23.5%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7% and 5.8% respectively. The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2019.

Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “We have delivered a good result inspite of a challenging market, characterized by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”

He further stated that “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”

The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 33.7% and a cost to income ratio of 37.6% evidencing the efficient management of the banks’ assets. These ratios are a testament to the competent and experienced management and work-force, efficient balance sheet structure and operational efficiency of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of these include Africa’s Best Bank and Best Bank in Nigeria from Euromoney Magazine, and Best Banking Group and Best Retail Bank by World Finance Magazine.

Continue Reading

Brands

In commitment to transparency, NNPC announces new DSDP bid winners

Published

on

In line with its avowed commitment to transparency and accountability in all its activities as committed by the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, the National Oil Company has announced winners of its 2019/2020 Direct Sale of Crude Oil and Direct Purchase of Petroleum Products (DSDP) arrangement.

A release on Sunday in Abuja by the Corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said following the completion of the 2019/2020 DSDP tender exercise, 15 consortia/companies made up of reputable and experienced international companies and Nigerian Downstream companies emerged successful to undertake the 2019/2020 DSDP arrangement.

The contract is for one year effective 1st October, 2019 to 30th September, 2020.

It listed the successful companies as follows:

1.  BP OIL INTERNATIONAL LTD./AYM SHAFA LTD.

2.  VITOL SA/CALSON-HYSON

3.  TOTSA TOTAL OIL TRADING SA/TOTAL NIG. PLC

4.  GUNVOR INTERNATIONAL B.V./AY MAIKIFI OIL & GAS CO. LTD.

5.  TRAFIGURA PTE LTD./A. A. RANO NIG. LTD

6.  CEPSA S.A.U./OANDO PLC

7.  MOCOH SA/MOCOH NIG. LTD.

8.  LITASCO SA/BRITTANIA-U NIG. LTD./FREEPOINT COMMODITIES

9.  MRS OIL & GAS COMPANY LTD

10. SAHARA ENERGY RESOURCE LTD

11. BONO ENERGY LTD./ETERNA PLC/ARKLEEN OIL & GAS LTD./AMAZON ENERGY

12. MATRIX ENERGY LTD./PETRATLANTIC ENERGY LTD./UTM OFFSHORE LTD./LEVENE ENERGY DEVELOPMENT LTD

13. MERCURIA ENERGY TRADING SA/ BARBEDOS OIL & GAS SERVICES LTD./RAINOIL LTD./PETROGAS ENERGY

14. ASIAN OIL & GAS PTE LTD./ EYRIE ENERGY LTD./ MASTERS ENERGY OIL & GAS LTD/CASIVA LTD

15. DUKE OIL COMPANY INCORPORATED.

The release stated that the tender process comprised technical and commercial bid submission respectively, evaluation and shortlisting, then commercial negotiations with prequalified companies and engagement of the successful consortia/companies by NNPC.

“Under the DSDP arrangement, the under listed fifteen (15) consortia/companies shall over the contract period, offtake crude oil and in return, deliver corresponding petroleum products of equivalent value to NNPC, subject to the terms of the agreement”, the release declared.

In his takeover note on 8 July, 2019, the newly appointed NNPC GMD, Mallam Kyari, had promised to open NNPC books to public scrutiny, saying as a publicly owned company Nigerians deserve to know about the operations of the Corporation. 

He reiterated his management’s team commitment to transparency and accountability when he had a maiden Town Hall engagement with the staff of the Corporation where he launched the team’s policy direction tagged: Transparency, Accountability, Performance and Excellence (TAPE).

Continue Reading

Trending