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Indorama Debunks Economic Sabotage

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Indorama Port-Limited

The management of Indorama Eleme Fertilizer & Chemicals (IEFCL) has debunked the report that the company and another fertilizer firm are sabotaging the national economy and security through their export of fertilizers at the detriment of farmers in Nigeria.

The Company stated that all its domestic supplies to customers so far are in accordance with the approval of the Office of the National Security Adviser (NSA) and the Farm Input and Supply Services (FISS) department in the Federal Ministry of Agriculture and Rural Development.

“Indorama Eleme Fertilizer & Chemicals Limited (IEPL) and its sister companies in Nigeria are not, and have not, and would never be directly or indirectly involved in any activities to undermine or sabotage the economy or security of the nation,” the company declared.

In a press statement issued in Port Harcourt, and signed by the company’s Head of Corporate Communications, Dr Jossy Nkwocha, the management noted that its brand-new world-class fertilizer plant built at a cost of $1.5 billion — one of Nigeria’s largest foreign direct investment (FDI) in the downstream sector — started pre-commissioning production only recently at only 75% capacity, and in the past one month has been giving priority to the domestic market.

The statement added: ‘”The plant is still awaiting official inauguration.

“Our brand-new fertilizer plant has capacity for 1.5 metric tons of fertilizers per annum which is designed to serve Nigeria’s entire domestic requirement and the surplus is for export markets.”

“However, our primary focus is to serve the interest of our domestic market and this we have been doing with great sense of responsibility and commitment to the Nigerian economy” the company stated.

“It is also a matter of national pride that the surplus production would be exported to enable the generation of foreign exchange for the Country at this time of huge deficit of foreign exchange; as well as branding Nigeria’s global reputation as producer and exporter of petrochemicals and fertilizers, thereby encouraging more foreign investors to come and invest in Nigeria.”

Nkwocha noted that IEFCL has been loading and distributing an average of between 90 – 100 long trailers of fertilizers, each carrying 600 bags of 50kg each, totaling over 57,000 bags of Indorama Urea fertilizer daily over the past one month for the benefit of Nigerian farmers across the country.

The company added: “Indorama-Nigeria is 100 percent committed to the growth and development of the Nigerian economy and has in the past ten years demonstrated such total commitment and loyalty by providing more than 85% domestic needs of polymers which were hitherto imported into the country at huge foreign exchange cost.”

Indorama said as a responsible corporate organisation, it was constrained to state the facts for the benefit of the Office of the National Security Adviser (NSA), the Federal Government of Nigeria, the international partners, other critical Stakeholders and the general public.

It noted that it was greatly embarrassed and distressed that the publications gave misleading impression that the two fertilizer companies were sabotaging national security by distributing fertilizers within the country, which were being used by some undesirable elements to make explosives.

“The publications further mentioned an unnamed organisation involved in commercial explosives and accessories whose activities were sabotaging national security”.

“This mix-up has caused great embarrassment and distress to our company, which over the past ten years has the unblemished reputation of adding great value to the Nigerian economy and society,” it said.

Furthermore, the statement added: ‘’The management of Indorama Fertilizer therefore restated its total commitment to the economy and security of the country, especially in ensuring that farmers across the country have unhindered access to its high quality Urea fertilizers.

It also expressed readiness to collaborate with the office of the NSA and Federal Ministry of Agriculture and Rural Development to ensure that all identified concerns about availability of Indorama fertilizers by farmers and dealers are addressed as quickly as possible.

Indorama said it would continue to work with Federal Government regulators to achieve its vision of building the largest Petrochemicals and fertilizer hub of Africa with a cumulative investment of $4.32 billion by 2020.

The company stated that in the past ten years, Indorama-Nigeria has been a responsible corporate citizen, reputed for its excellent Public Private Partnership (PPP) – sharing its wealth/dividend with shareholders including the Federal Government (through the Nigerian National Petroleum Corporation and the Bureau of Public Enterprises), Rivers State Government, and host communities and Nigerian employees.

It stated that it has also created over 7,500 jobs, as well as engendered numerous Corporate Social Investment (CSI) programmes that impact very positively on its host and transit communities in Rivers State.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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SMEs

Microsoft Strengthens Partnership With AFDB, to Develop Youth Entrepreneurship Ecosystems in Africa

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American multinational technology corporation Microsoft has strengthened its partnership with the African Development Bank (AFDB) to provide support to Africa’s youth entrepreneurs under the bank’s Youth Entrepreneurship Investment Banks (YEIB) Initiative.

Through its African Transformation Office (ATO), Microsoft will partner with AFDB to develop entrepreneurship ecosystems in Africa through the creation of jobs and dramatically scaling impact in Africa through digital inclusion.

The partnership will see to the establishment and growth of national-level institutions, leveraging public-private collaboration model to ensure entrepreneurs get the required technical and financial support while building their capacity.

Microsoft reinforced its partnership with AFDB to develop Africa’s entrepreneurship ecosystem because it believes youth empowerment in the region will bolster solutions to unemployment if there is affordable access to finance, and quality business development services.

Commenting on its reinforced partnership with AFDB, General Manager of Microsoft Africa Regional Cluster, Wael Elkabbany said: “We believe much can be done to help foster youth entrepreneurship by collaborating with the African Development Bank, driving greater economic inclusion for this key segment of the population, and ultimately building a more prosperous society.”

”Already we’ve seen considerable success partnering together on initiatives such as Coding for Employment, which set out to create over 9 million jobs and reach 32 million youth and women across Africa in just 10 years.”

Also, the African Development Bank (AFDB) Vice President for Private Sector, Infrastructure and Industrialization Solomon Quaynor said “The strengthening of our partnership with Microsoft on the Youth Entrepreneurship Investment Banks (YEIB) is an important development in our journey towards harnessing Africa’s demographic dividend and facilitating the creation of millions of jobs for young Africans by 2025.

“The initiative places much-needed focus on youth entrepreneurship, which is key to achieving our ambitious employment targets.”

This partnership seeks to support the establishment of national-level institutions through a public-private collaboration model to scale up technical and financial support for youth entrepreneurs to build their capacity.

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Merger and Acquisition

Shell to Acquire Nigerian Solar Energy Provider, Daystar Power

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

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Shell

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

Daystar Power, which is one of the leading providers of hybrid solar power solutions to commercial and industrial (C&I) hubs in West Africa, announced the potential acquisition in a press release. 

According to the energy provider, the acquisition will help Daystar Power to continue its growth in West Africa while expanding its presence to other African countries in East and Southern Africa. 

The Lagos-based company has a target to increase its installed solar capacity to 400MW by 2025. 

Daystar Power currently has an installed solar capacity of 32 Megawatts (MW).

This could make Daystar Power to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.

The Chief Executive Officer of Daystar, Jasper Graf von Hardenberg disclosed that Daystar Power needed more capital to expand operations to meet the rising demand for solar energy and the choice of Shell as the new parent company comes at the right time. 

Jasper further stated that Shell’s strong balance sheet and long history in Africa will help to take Daystar to a new height.

On the other hand, Shell’s Executive Vice-President, Renewable Generation, Thomas Brostrøm noted that the deal will be Shell’s first power acquisition in Africa. 

He noted further that the deal is a fundamental step for Shell in growing its presence in the emerging power market. 

“We have had a long and established presence in West Africa and with Daystar Power, we are taking our first steps into the renewable power space,” he said.

“Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond.” Shell’s Executive Vice-President concluded.

Investors King learnt that Daystar Power currently has a presence in Nigeria, Ghana, Senegal and Togo. The company also received $20 million in funding last year to boost its operations.

 

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ASUS Committed to Deepen Market Shares in Nigeria

ASUS has disclosed plans to increase its market shares in Nigeria which is currently at 16 percent

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Multinational computer hardware and consumer electronics company ASUS has disclosed plans to increase its market shares in Nigeria which is currently at 16 percent.

The electronics company had earlier disclosed that it will continue to create innovative technologies for everyone to enjoy in Nigeria as it targets a 40 percent activation rate.

The country manager for ASUS English-speaking Africa Simplice Zaongo disclosed that ASUS is driven by innovation and commitment to quality products that include notebooks, netbooks, motherboards, graphics cards, etc as it intends to deepen the market.

He said, “I must admit, when we compare ourselves with top competitors in the market, we still manage to achieve the number three position in the consumer industry in Nigeria, according to the IDC 2022.

“Besides being the No.1 consumer notebook brand in Asia-Pacific and East Europe, ASUS gaming notebooks account for the highest market share, No.1 worldwide.

“Our market share is 16 percent, while our activation share is 17 percent.” This means that when we push into the market, there is acceptability. That’s how we interpret it.

“But when we go back over the years, we noticed that market share was below 10 percent activation. We tried to analyze what the problem was.”

While responding to how ASUS intends to go beyond its 16 percent market share to its target of 40 percent, Simplice stated three strategies the company intends to use which are; brand awareness, affordability, and public enlightenment.

According to him, the primary goal for the next quarter is to reach a 40 percent activation rate.

“To achieve our goals, we have decided to strategically deploy three options. So, the first step is to create awareness. The second one is to educate customers. And the third one is to make our laptop affordable. We think it works for us”, he added.

It should be recalled that in February 2019, Investors King reported that ASUS plans to expand its operations in East Africa.

Last week, the electronics company introduced the ASUS Zenbook 14X OLED (UX3402) and Zenbook 17-Fold (UX9702) to the Media.

The company has three distributors in Nigeria, namely Coscharis Technologies, Mitsumi Distribution, and TD Africa, as well as five service centers in Lagos, Abuja, and Port Harcourt.

 

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