- Eko Atlantic to Boost Nigeria’s FDI Drive
Eko Atlantic, the rising smart city being developed from reclaimed land on the shores of Victoria Island is attracting more and more international investors as awareness about the new city’s potentials grows among the international audience. As such, the project is expected to be one of the leading sources of foreign direct investments into the country.
Disclosing this was Mr. Pierre Edde, Development Director, South Energyx Nigeria Ltd, a subsidiary of the Chagoury Group, and the developers of the ambitious multibillion dollar project. He spoke at the 2016 Real Estate Unite, an annual summit and one of Africa’s largest real estate events which attracted high ranking dignitaries in the African real estate sector.
According to him, international interest in the project has grown tremendously over the last few years, leading to expression of interests from around the globe, with many of the prospects looking forward to establishing their corporate offices at the city’s business district. He noted that such foreign investments in Eko Atlantic will be good for the economic development of the country, and is an answer to the government’s FDI drive.
On ways to boost the real estate sector in the country, he advised government and financial institutions to work together towards improving the mortgage system, as it is critical to the growth of the sector. This, he added, is the only way the sector can be able to really improve on its contribution to the nation’s GDP.
“The total amount of mortgage loan in Nigeria is at an alarmingly low level at just 0.5% of the country’s GDP. Banks alongside the government will need to revamp the mortgage system to afford individuals the ability to purchase homes, especially in face of the current economic recession in the country,” he said.
In his opening remarks, Mr. Sonnie Ayere, Founder and Group Chairman of Dunn Loren Merrifield, a full-service investment firm reiterated the importance of the real estate sector to the Nigerian economy. “The Nigerian housing sector is the big elephant in the room that no one seems to acknowledge. The private sector and the government are key to subsidizing the sector and are a key force in executing the development of the housing sector,” he said.
This year’s summit had the theme “Filling the G.A.P.S (Government Gaps; Access Gaps; Private Sector Gaps and Strategy Gaps), and focused on propelling Nigeria’s economic development through strategic partnerships between public and private investors. At the summit, key issues in the sector were discussed, including policies, the mortgage system, as well as government and private sectors efforts to grow the sector and attract foreign direct investment into the country.
SEC Gives Dangote Cement Waiver to File AFS Within 60 Days of Year-End
Dangote Cement Plc has received approval from the Securities and Exchange Commission (SEC) not to file its fourth-quarter unaudited returns within thirty days of its period end.
The company disclosed in a statement signed by Edward Imoedemhe, Deputy Company Secretary.
However, the company must file its annual audited financial statements within sixty days of its year-end.
Dangote Cement, therefore, announced that it will file its Audited Financial Statements for the period ended December 31, 2021, on or before February 28, 2022.
The statement reads “Dangote Cement Plc (“DCP”) hereby announces that further to its request for a waiver, the Securities and Exchange Commission has granted approval for DCP not to file its Fourth Quarter Unaudited Returns within thirty days of its period end, but to file its Annual Audited Financial Statements within sixty days of its year end.
“In view of this, DCP will file its Audited Financial Statements for the year ended December 31 2021, on or before February 28 2022.”
Ardova Plc Commends Stanbic IBTC’s Support for LPG Storage Project
AP LPG terminal, a fully owned subsidiary of Ardova PLC, on Wednesday, 19 January 2022, performed the groundbreaking ceremony for the construction of a 20,000 metric tonne Liquified Petroleum Gas (LPG) storage terminal at the project site in Ijora, Lagos. The ceremony signified the official commencement of construction activities which is expected to be completed in December 2022.
Upon completion, the project will be the largest LPG storage facility in the nation and will ease some of the existing bottlenecks in the value chain for the supply of cleaner and more efficient energy for domestic use (cooking gas) in Nigeria, amongst other strategic benefits.
Olumide Adeosun, Group Chief Executive Officer, Ardova PLC, expressed his appreciation to Stanbic IBTC Infrastructure Fund for its commitment to the project and noted that the importance of having formidable partners for project development, planning, execution, and investment support cannot be overemphasised.
“We are pleased to have the support of the Stanbic IBTC Infrastructure Fund for its pioneering role in a transformational project within the LPG value chain, which will undoubtedly accelerate the various energy transition initiatives currently underway at Ardova PLC. This support has helped us commence construction of this 20,000 metric tonne LPG storage terminal, which is expected to bring efficiency and reliability of LPG supply to Nigerian consumers as well as create long term value for our shareholders; and for this, we are thankful”.
He noted further that “Beyond the cleaner energy premise, approximately 600 direct jobs will be created during the construction of the project and there is a multiplier effect of about additional 1,400 indirect jobs that will be created during the construction period after which it settles to about 250-300 jobs once the project becomes operational.
Oladele Sotubo, Chief Executive, Stanbic IBTC Asset Management, noted in his remark that “Across the globe, cleaner energy investments have continued to be the focus. Given the environmental sustainability benefits of this project, Stanbic IBTC Infrastructure Fund’s investment philosophy is properly aligned, hence the support for the 20,000 metric tonne Liquified Petroleum Gas (LPG) storage facility terminal”.
A portion of the first Tranche of the N100 billion Stanbic IBTC Infrastructure Fund, which closed in August 2021, was used to part finance the LPG storage terminal.
Sotubo went on to express his gratitude to Ardova for partnering with Stanbic IBTC Infrastructure Fund and used the opportunity to also commend all the Tranche 1 investors, including institutional investors such as Trustfund Pensions, Veritas Glanvills Pensions, NPF Pensions, Fidelity Pensions, Crusader Sterling Pensions, Agip CPFA, Progress Trust CPFA, AIICO Insurance, and other High Networth Individuals (HNIs), for the confidence reposed in the fund. He pointed out the impact their investment is making in terms of solving some of Nigeria’s infrastructure bottlenecks, creating jobs while earning returns. “As an organisation, we remain committed to bridging Nigeria’s infrastructure deficit through the provision of investment capital needed to develop projects”, he added”.
The Stanbic IBTC Asset Management Chief Executive highlighted that the Stanbic IBTC Infrastructure Fund remains dedicated to meeting the investment needs of its clients, providing them with the right investment vehicles, opportunities and professional investment services needed to achieve their financial objectives. He urged institutional investors such as pension fund administrators, insurance companies and asset managers to explore the unique opportunities of the Stanbic IBTC Infrastructure Fund in meeting their long-term financial goals.
Stanbic IBTC Infrastructure Fund remains committed to funding infrastructure projects with competitive return profiles, sustainable environmental practices, and the potential to positively impact the economy.
CBN Plans to Start E-invoice For Import, Export Operations Feb 1
The Central Bank of Nigeria has stated that it will begin the use of electronic invoices for import and export transactions in the country from February 1, 2022.
It noted that the electronic invoice will be submitted through the portal – Trade Monitoring System, a Nigeria single-window portal.
This was made known in a circular, on Friday signed by the CBN Director, Trade and Exchange Department, O. S. Nnaji, sent to all authorised dealers as well as made available on its official website for the general public.
With the title– ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria,’ the circular stated that all import and export operations will now be done with an electronic invoice.
It noted that the e-invoice must be authenticated by an authorised dealer bank as part of the seller’s documentation for payment.
The CBN pointed out that the use of a hard copy final invoice will not be accepted from February 1 as it is now to be replaced with the electronic invoice.
Explaining the reason for the new regulation, it said the use of e-invoices is aimed at getting the exact value of import and export transactions in the country.
“This is to inform dealers and the general public that the introduction of e-valuator and e-invoice replaced the hard copy final invoice as part of the documentation required for all import and export transactions.
“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.
“No importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by authorised dealer banks presented together with the relevant document for payments,” the circular read.
It also stated as part of the electronic invoice principles that products that are more than 2.5 percent around the vertical price would not be accepted nor allowed successful completion of Form M or Form NXP as the case may be.
Every importer or exporter of goods must ensure that the purchase/sale contract with a foreign supplier/buyer is in compliance with the guidelines of the new regulation.
Markets Today – Rollercoaster Ride, Fed, Earnings, Ukraine, Oil, Gold, Bitcoin
United Kingdom Signals West African Expansion at Africa Investment Conference
World Mobile Launches Centres for Blockchain Innovation and Development in Pakistan
News3 weeks ago
Npower Payment: NASIMS Commence Npower Batch C October Payment, Removes November Payroll Status
Technology4 weeks ago
World Mobile, Altaeros Partner to Launch Aerostat Balloons to Connect the Unconnected in Africa
Cryptocurrency4 weeks ago
Shiba Inu Burn Update: 351.1 Million Shiba Inu Coin Destroyed In 24 Hours
News3 weeks ago
Npower Payment: Network Instability Affected 3-Month Payment to Trainees – NASIMS
Cryptocurrency2 weeks ago
Non-fungible Tokens: Sales of NFTs Hit $25 Billion in 2021
Cryptocurrency4 weeks ago
Fintech CEO: Regulators Finally See Urgency in Commonsense Rulebook for Crypto
Finance2 weeks ago
Visa Partners ConsenSys To Test Central Bank Digital Currencies With Cards, Wallets
Appointments3 weeks ago
First Bank Appoints Three New Bosses