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Nigeria to Get Major Economic Boost from TABEF – Okpe

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  • Nigeria to Get Major Economic Boost from TABEF

Businesses in different sectors of the economy are about to enjoy a major boost as Turkey promised more investment in Africa. The promise was made at the just concluded Turkey –Africa Business Economic Forum, TABEF 2016 in Instabul. This is in line with the country’s resolve to create an enabling environment for future collaborations.

Speaking at the event, the Turkish President, Recep Tayyip Erdogan, said Turkey will in the coming days focus on helping many businesses in Africa with a view to promoting “closer cooperation with our regional allies, develop solutions to shared challenges and explore mutually beneficial opportunities…We share a common fate. We consider the priority of the African continent as our priority. There is a nice African proverb that says one day’s rain cannot get deep into the soil. We would like to remain friends forever.”

The event which was attended by major stakeholders in the Nigerian economy ranging from construction, energy, food and healthcare promised a massive turn around that will boost trade in Africa.

Emphasising on the benefits of the forum to Nigeria’s economy, Dr. Nneka Ebru Okpe, Co-founder and Lead Consultant at IntraSolutions Consultancy; one the major facilitators of the Nigerian-Turkey business partnership, said that events like this and the last economic forum on business collaboration between Turkey and Abia state government in Abuja should be encouraged as to increase foreign direct investment in the country.

According to her, “Turkey is ready to do business in Africa and we can already see this by the country’s willingness to expand the scope. Many opportunities are opened to both government and private sector businesses to thrive under this relationship”

Erdogan promised to establish an embassy in every country of the African continent. The President also said that Turkey’s foreign direct investments in the continent have reached $3.9 billion while the trade volume between Turkey and the continent increased to $17.5 billion in 2015 from $7 billion in 2005.”

Dr. Okpe said “ All these are pointers that in the next few years, recession or not, Nigeria will experience a tremendous investment partnership in the area of hospitality, agriculture, energy and manufacturing amongst others” By the involvement of IntraSolutions, Abia state has already started to enjoy the benefit of the relationship in the area of shoe and garment making; even before TABEF held. One thing that they are sure about is that the relationship will spread across the country with many state governments and private sector investors benefiting a great deal.

Also present was Mr. Pierre Edde ( Eko Atlantic city ) who made a pitch for investors on the benefits of investing in Eko Atlantic City. Edde lamented the total neglect of mortgage scheme by government.

Expatiating on the immense benefit available to the government in making housing available for its citizenry, the Eko Atlantic City boss said “the Nigerian mortgage system is at an alarmingly low level at just 0.05% 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,”

On ways to boost the real estate sector in the country Edde stated that government and financial institutions should work together towards improving the mortgage system, as it is critical to the growth of the sector. This, he emphasised, is the only way the sector can be able to really improve on its contribution to the nation’s GDP.

The Turkish Cooperation and Coordination Agency, or TIKA, remains active across the continent and implements hundreds of humanitarian and development projects to provide better healthcare, promote agriculture, protect the environment and facilitate commerce.

The forum, jointly organized by the Turkish Ministry of Economy, the African Union Commission, the Foreign Economic Relations Board (DEIK) and the Turkish Exporters Assembly (TIM), aims to provide a platform for the business circles of Turkey and African countries to create a long-lasting cooperation, according to the forum’s official webpage.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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FG Asks Customs to Ground Private Jets over Failure to Pay Import Duties

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The Federal Government of Nigeria has instructed the Nigerian Customs Service to ensure the grounding of 91 private jets, which are owned by some particularly rich Nigerians, over the payment of import duties.

The individuals in question have allegedly refused to pay their import duties, which are running up to about N30 billion. This has prompted the Federal Government to make the call to ground their private jets.

The Comptroller-General of the Nigerian Customs, Col. Hameed Ali (retd.) has since written a letter to the Nigerian Airspace Management Agency (NAMA), the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Civil Aviation Authority (NCAA) instructing the agencies to ground the concerned private jets with immediate effect.

The letter was dated November 2, 2021 and was addressed to the Director-General of the NCAA, Capt. Musa Nuhu. The same letter was also sent and addressed to the Managing Director of the FAAN, Capt. Rabiu Yadudu and the Managing Director of NAMA, Capt. Fola Akinkuotu.

In the letter, the three addressed agencies were instructed to ground the private jets by refusing them proper administrative and operational flight clearances until further notice.

The letter went ahead to state that the indefinite refusal of administrative and operational flight clearances will be lifted once the Nigerian Customs Service has issued an Aircraft Clearance Certificate, and the certificate is provided to the agencies as evidence of cooperation.

Nairaland’s findings report that some of the private jets which are victims of the grounding order are owned by senior pastors of some Pentecostal churches across the country, Chief Executive Officers of some earlier oil companies, the Chairmen of some Tier-1 banks in the country, as well as some Tier-1 banks themselves with one of said banks owning two upmarket jets themselves.

However, some of the owners of these jets have written letters of protest to the Customs Service, stating that they cannot pay import duties because the private jets in question are under lease payments.

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Merger and Acquisition

Seplat Energy to Acquire ExxonMobil’s Nigerian Shallow Water Business

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Seplat Energy Plc, Nigeria’s leading indigenous energy company, has confirmed that it is in the process of acquiring ExxonMobil’s Nigerian shallow water business.

The company disclosed in a statement signed by Mr. Emeka Onwuka, Chief Financial Officer, and accessed by Investors King.

ExxonMobil has been selling off its businesses in Europe, Africa, and Asia in recent years to focus on a few mega-projects at home and abroad.

The statement reads, “Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, notes the recent press speculation and confirms that Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business.”

According to Seplat, there is no certainty as to the outcome of the ongoing discussions.

“Deliberations are ongoing and accordingly, there can be no certainty as to the outcome. A further announcement will be made as and when appropriate, in line with regulatory requirements,” Seplat stated.

The announcement is coming a few days after Seplat Chairman, ABC Orjiako resigned from his position as the Chairman of the company following a debt scandal with Zenith Bank Plc.

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Company News

Uber to Halt Services in Parts of Belgium

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Uber will stop its ride-hailing service in most parts of Belgium tomorrow after a court ruling on Wednesday which extends an order given in 2015, banning its p2p (Peer to Peer) UberPop service to also cover professional drivers who provide its ride-hailing service.

Uber told TechCrunch that it is currently closely examining the details of the ruling, in order to arrive at a decision on whether or not to appeal the decision with the country’s Supreme Court.

This also follows a temporary decision to discontinue Uber’s service in Brussels, a decision which was referred to as “exceptional and unprecedented” by the tech giant. The company said that it was merely taking a step to complain about the lack of reform rules which forbid drivers from using smartphones.

After the ruling by the Brussels appeal court, private hire vehicle drivers have been obstructing a major tunnel in the capital of Belgium.

In a statement made concerning Friday’s impending shutdown, the chief of Uber in the country, Laurent Slitsagain criticized the government for not providing a reform which it has been soliciting for, stating that the decision was made depending on regulations which are now outdated as they were written before smartphones.

The company stated that the government has promised a reform but has failed to deliver said reforms for the last seven years.

According to Bloomberg, the shutdown will not be applicable to a small number of drivers who are licensed in the Flemish region of Belgium, and are therefore still permitted to use the application. Uber confirmed that the Appeal Court ruling only applies to drivers with Brussels licenses.

In another statement, Slits stated that the tech giant is hugely concerned about the 2,000 possessors of LVC licenses (rental car with driver licenses) who according to the country chief will lose their ability to generate earnings.

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