- Tyre Dealers Commence N1.5b Cluster Park in Aba
Construction of a 1,200 shop capacity cluster worth N1.5 billion has been set in motion at Aba, the commercial hub of Abia State by the Aba Heavy Motor Parts and Tyre Sellers Association (AHMPATSA), with the formal signing of the construction agreement between it and the contractor, Logistics De-Luke Ltd.
The Chairman, Board of Trustees (BOT), Chief Philip Ezekwem, signed for AHMPATSA in the presence of his deputy, Chief Charles Onyejegbu, while the Chairman, Aba Tyre Sellers Association Mr Nayo Okeke, the Chairman/Chief Executive Officer Chief Raymond Aliga, signed for the contractor, Logistics De-Luke.
The Agreement signing, which was done on Monday at the AHMPATSA head office, Aba, was also witnessed by Jude Udeachara, a Senior Special Assistant to the Governor Okezie Ikpeazu, on Trade and Investmen. Others included representatives of Unity Bank, Donatus Ubechu, and Kenneth Ogbonna, and a host of others.
Speaking on the project, Ezekwem said the signing of the agreement marked the end of their quest since 1994, to acquire land to build a cluster of their own.
He said: “Our problem is now over, work will begin immediately on the site located at Alaoji, Aba; we shall fulfil our own part of the agreement towards actualising this project in nine months’ time.”
Describing the project as laudable, Aliga on his part, noted that AHMPATSA is the only association in the south east zone to acquire its own land, secure its Certificate of Occupancy, did the design and commenced development, and beckoned on other groups to emulate them.
Aliga pledged that the project/Market, which has provision for Motor Park, banks and other modern business related facilities would be completed by Logistics De-Luke within the nine month time frame. He invited members to come and witness the commencement of construction and movement of land clearing equipment into the site on yesterday.
The Governor’s representative, Udeachara commended the determination of the association to execute the project, which would in turn, decongest the Aba city and rid it of street trading.
He pledged the government’s commitment to build a one kilometre road into the market, to start with beginning of construction work and the provision of a giant electricity generator with the capacity to provide steady power to the Park. He also promised that the governor will perform the formal ground breaking of the site.
Representative of Unity Bank, Ubechu said his bank identified with the project, noting that AHMPATSA has a knack for going into and completing projects on schedule.
He however noted that the bank would expect the association to deposit 10 per cent of the total cost of the project to qualify for the bank’s assistance.
Portland Paints, Chemical and Allied Products Plc Agreed to Merge
Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.
In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).
Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.
“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.
“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”
Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17
Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.
The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.
It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.
The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.
A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.
In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.
“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.
Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.
“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.
Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods
Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.
Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.
Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.
He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.
“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.”
According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.
After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.
The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.
Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.
Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.
“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”
He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.”
News3 weeks ago
Heartbroken American Mistress Displays Dangote’s Buttocks in a Viral Video
News3 weeks ago
FCMB Group MD Links to Death of Tunde Thomas, Husband of Married Staff He Fathered Her Kids
Crude Oil4 weeks ago
Crude Oil Rose to Almost $52 Per Barrel After Trump Signs Stimulus Package
Finance3 weeks ago
President Buhari Increases Npower Budget by N365 Billion
Investment2 weeks ago
London Real Estate Company for African Investors Announces its Launch
News3 weeks ago
Tunde Thomas: FCMB Commences Review Into Allegations of Unethical Behavior Against MD Nuru
Technology4 weeks ago
Chinese Government Goes After Jack Ma and Empire
Brands3 weeks ago
Prada’s Profits Drop by $219 Million, Sales in China Up by 60%