- 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.
Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year
Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.
The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.
In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.
Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.
However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.
Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.
He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.
Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.
The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.
South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus
South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.
In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”
Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.
Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.
However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.
Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.
While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.
He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.
Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director
Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.
In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.
Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.
He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.
Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.
In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.
Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).
The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.
Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.
In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.
The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.
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