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Hong Kong Entrepreneurs to Invest in Bauchi

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Steel Manufacture At Evraz Plc West-Siberian Metallurgical Plant

Sequel to a visit by a high level government delegation, led by Governor Mohammed Abubakar of Bauchi state, to Hong Kong on investment mission, the Lee Group, a well-diversified conglomerate entity, which operates from a number of African countries and Asia and specialises in the production of steel, footwear and plastic goods is leveraging on the offers made by the Bauchi State Goverment to invest in the state given the investment potentials that exist in the state.

The conglomerate, which has over 35 years in running successful businesses and plans to expand by diversifying into agro-based products and solid minerals in the northeastern Nigeria, especially Bauchi State gave the conglomerate’s willingness to invest in Bauchi state after the Governor’s visit to them in Hong Kong.

The Chairman of Lee Group, speaking through the Director, Mr Lee Mang Loog tuesday stated that the conglomerate wishes to invest in mining solid minerals especially Kaolin, Clay, Quartz, Natural Gas, Iron ore, Hydrocarbon all of which abound in commercial quantity in Bauchi state.

The Group also indicated interest in setting up of factories in Bauchi State for the manufacturing and production of Truck Tyres, Rubber slippers, Ceramic tiles, other ceramic products and Bakery that can generate hundreds of thousands of direct and indirect jobs to the youth in the state.

According to a ress statement signed by the Press Secretary to the state Governor and made available to THISDAY in Bauchi, the governor urged the Group to look into other agro-based investment opportunities such as in the production of Sesame seeds, Soy beans, Poultry and Fishery.

The delegation that centered on deriving foreign direct investment into Agricultural, Mining and Tourism sectors comprised of the commissioner works, housing and land development, Abubakar Tatari Ali, member state house of assembly, director general, Bauchi state investment promotion agency, Muhammad Aminu Musa Kamisu Idi and special adviser/sole administrator, Yankari Game Reserve Engineer Habu Mamman Muhammad.

Others are MD, Bauchi state solid minerals development agency, Muhammad Tahir Isa, GM, Bauchi state agricultural supply company, Kabiru Adamu Sade and members of the business community.

The Governor also led the delegation to key institutions and organiations as well as the famous World Food Expo exhibition with a view to creating a platform for institutional recognition of economic potentials of Bauchi state, one of which was the Hong Kong Trade Development Council, a statutory and nonprofit body established to promote international marketing of Hong Kong-based traders, manufacturers and service providers by organizing trade fairs, business missions and international conferences to connect companies with opportunities in Asia and beyond.

The Governor, in company of the Nigerian Consulate General and his team, Mr. William Chui, Director, International & Mainland Relations and his team, made a sector-based presentation on economic and investment opportunities in Bauchi state ranging from agriculture to solid minerals, tourism as well as Infrastructure.

He also showcased the numerous incentives, reforms on land acquisition law as well as Public Private Partnership policy, all in an effort to ease ways of doing business and sustainable support to investment climate in the State.

At the Hong Kong Tourism Development Company which invited Bauchi state government to take advantage of its trade mission, Foodexpo and its portal to showcase its enormous potentials especially in solid minerals and agriculture, the Governor requested the Hong Kong investors to take advantage of the Bauchi state investment promotion agency being a “One-Stop-Shop on investment processes and establishment for any existing and potential investor”.

The Hong Kong Tourism Development Company pledged to network within it members on the investment opportunities in agriculture and solid mineral in support of the Bauchi state investment drive.

The governor attended the famous World Food Expo exhibition on the invitation of the Hong Kong Tourism Development Company where he invited the Company to attend proposed “Bauchi State Investment Summit” slated for early next year.

He also attended the Africa Chamber of Commerce, a private and non-profit-making organization which remains dedicated to serving members by providing an effective platform for enhancement of trade and investment by moderating between investors and relevant authorities, promoting seminars and trade exhibitions in Africa and Asia, advising on investment and projects, as well as business matching and pitching.

He also showcased the numerous incentives, reforms on land acquisition law as well as PPP policy, all in an effort to ease ways of doing business and sustainable support to investment climate in the core areas of economic and investment opportunities in Bauchi state, especially ranging from agriculture to solid minerals, tourism as well as Infrastructure.

The chairman, Africa Chambers of Commerce, Mr. Mark Chan, who has an investment in Nigeria eco-friendly agrochemicals promised to open up the potentials that exist in Bauchi state to other investors in Hong Kong and mainland China in the area of both agricultural and solid minerals.

Governor Abubakar also had a meeting with a visiting Professor to a number of Universities Dr. Marafa who is a Director Postgraduate Programme in sustainable Tourism in Chinese University of Hong Kong during which discussions dwelt on the tourism sector and key investment needs were detailed out, centering on eco-tourism, Public Private Partnership in operation and management as well as Development of infrastructure in Sumu and Yankari game reserves.

The University don promised to engage the tourism industry captains in Asia and beyond on the investment opportunities in the sector while promising to invite the BASG to Malaysia Tourism Summit coming up next year which he said would be another window of opportunity for Bauchi State Government to showcase its potentials in the tourism sector as well as investment needs

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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Nigerian Investors Petitions Kenya Courts to Release Funds Held in Several Bank Accounts

2,000 Nigerian investors demanding the release of Ksh 1.44 billion ($1.8million) held by Safaricom and four other banks in Kenya.

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A petition has been made by more than 2,000 Nigerian investors demanding the release of Ksh 1.44 billion ($1.8million) held by Safaricom and four other banks in Kenya.

These investors claim that they were duped billions of shillings by a sports betting platform (86FB) that used Nigerian and African Fintech company Flutterwave to process payments.

Citing Kenya’s anti-money laundering laws, these investors are demanding that the sum of $12 million is split from the Ksh 6.6 B ($55 M) that was frozen in July in 62 bank accounts at Guaranty Trust Bank (GTB), Equity Bank, Ecobank, and UBA Bank, as well as in 19 Safaricom paybill numbers.

The Assets Recovery Agency (ARA) was granted permission to freeze Ksh 5.17 B (USD 49 M) in 29 GTB accounts, with the remaining funds held in accounts at Equity and Ecobank in Kenyan Shillings, US Dollars, Euros, and British Pounds.

The large sums are alleged to be the proceeds of theft, credit card fraud, and money laundering that were wired under the guise of payments for goods and services.

One of the investors who identified himself as Morris Ebitimi Joseph claimed that he and other investors had filed a new lawsuit in Nigeria to seek the return of their funds.

They argued that a portion of the money belonged to them and have opposed the attempt to forfeit it to the Kenyan government which they claimed were fraudulent proceeds.

In his words, “I believe that the issuance of an order compelling Guaranty Trust Bank, Equity Bank, and Ecobank to deposit the sums excluded in the bank account of our advocates, justice shall be served to the 2,468 interested parties who were swindled of their hard-earned money through the scheme”.

Morris claimed that the investors put money into the investment scheme on the promise of better returns from the betting business, but however, never materialized.

Before the payments stopped, according to them, everything was fine for about six months. He also shared that after conducting research, he came to the conclusion that the operation was questionable, and now wants to join the case and help the court resolve the issue.

The Nigerian contingent is requesting the Central Bank of Kenya (CBK), which declared in July that Flutterwave is not licensed in Kenya, to ask that the court issue an order directing Access Bank, Safaricom, and United Bank of Africa to deposit the excluded amount in the account of his attorneys.

“The claim made by the applicant/intended interested party represents the interest of 2,468 persons, thus occasioning monumental public interest.

Failure to expeditiously determine whether the application is in like fashion constitutes substantive and irreparable injustice,” Joseph says. He contends that there may be more people with an interest in the funds in addition to the 2,468 people who are requesting an injunction.

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AFDB, Others Invest $618 Million in Nigeria’s Digital Programme

African Development Bank (AFDB), French Development Agency (FDA), and The Islamic Development Bank (ISDB) have invested the sum of $618 Million in Nigeria’s Digital and Creative Enterprises Programme.

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Akinwunmi AfDB

African Development Bank (AFDB), French Development Agency (FDA), and The Islamic Development Bank (ISDB) have invested the sum of $618 Million in Nigeria’s Digital and Creative Enterprises Programme.

President of the African Development Bank (AFDB), Mr. Akinwumni Adesina while speaking at Nigeria International Economic Partnership Forum held in New York, disclosed that investment in the program would help in the establishment of 451 digital technology SMEs and 225 creative start-ups.

Adding that the enterprises would create 6.1 million jobs and add $6.4 billion to the Nigerian economy.

He said, “That is the power of international partnerships working for Nigeria. Investors must recognize this and invest.

“The future is not just digital, the future will be driven by digital revolution. Today, Nigeria has five of the seven unicorns in Africa and raised almost $1.4 billion of the total of four billion dollars raised by Fintech companies across Africa in 2021.

“When you think of financial services digital innovations, think Nigeria, with Flutterwave, OPay, Andela, and Interswitch holding the status of unicorn companies, worth at least one billion dollars each.”

Mr. Akinwunmi further stated that $540 million have been provided by the International Fund for Agricultural Development and ISDB to develop Special Agro-industrial processing zones to help unlock Nigeria’s agricultural potential.

Noting that the funds will boost food production and agribusiness value chains across Nigeria and make Nigeria more competitive.

He also called for increased international partnerships in Nigeria, adding that the bank had invested $44 billion in infrastructure in Africa over the past six years.

Furthermore, Mr. Adesina disclosed that the growth in Nigeria would depend on its ability to fix its infrastructure deficits.

His words, “The National Integrated Infrastructure Masterplan shows that Nigeria will need total financing of $759 billion to support infrastructure over a 23-year horizon (2020-2043).

“These covers tackling the crippling lack of energy to power the economy, including power generation, transmission and distribution infrastructure, water and sanitation, and transport infrastructure.”

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Foreign Investors Boycott Nigeria Oil Sector; Capital Inflow Drops By 82%

Capital inflow into Nigeria’s oil sector has dropped by more than 82 percent in the second quarter of 2022. 

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Despite the increase in global oil prices, capital inflow into Nigeria’s oil sector has dropped by more than 82 percent in the second quarter of 2022. 

Investors King learnt that while other sectors such as baking and manufacturing contributed immensely to the country’s economy, oil and gas barely make an impact. 

Data from the National Bureau of Statistics (NBS) indicated that foreign capital inflow into the oil and gas sector accounts for 0.13 percent of fresh foreign investments into the Nigerian economy in Q2 2022, compared to other sectors like the banking and production sector contributing 42 percent and 15 percent respectively.

It is further revealed that the total value of foreign capital investment attracted by the petroleum industry in the second quarter of 2022 fell from $11.3 million in Q2 2021 to $1.93 million in Q2 2022.

Ola Alokolaro, a partner at Advocaat Law Practice (Energy and Infrastructure) disclosed that this is the lowest for Nigeria in 11 years.

He indicated further that the weak foreign investment in Nigeria’s oil and gas sector started in 2021.  

It is evident that foreign investors are boycotting Nigeria’s oil for other places. Recently, Italian oil giant Eni agreed to acquire two producing fields in Algeria for an undisclosed sum, including stakes in two major natural gas projects, as the company plans divestments away from Nigerian onshore assets.

A French multinational oil company, TotalEnergies has also announced plans to sell its stake in a oil joint venture in Nigeria and invest about $850 million in oil projects in Angola.

Nigeria’s oil production has been facing one of its most turbulent times. Widespread oil theft and poor patronage are some of the prevailing challenges. Investors King had earlier reported that for the first time in five years, Nigeria lost its crown as Africa’s largest oil producer to Angola. 

 

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