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Tyre Dealers, Unity Bank Partner on N1.5bn Market

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Unity bank
  • Tyre Dealers, Unity Bank Partner on N1.5bn Market

Tyre and heavy motor spare parts dealers in the popular Azikiwe Street Aba have commenced the construction of N1.5 billion specialised market that would take them out of the already congested commercial city to a new location on the outskirts.

The state government was already bent on relocating most of the market clusters out of the centre of the bustling commercial city to free it from encumbrances in the ongoing efforts at urban renewal.

But the traders under the aegis of Aba Heavy Motor Parts and Tyre Sellers Association (AHMPATSA) said that they would not wait for government to take them by surprise with forceful eviction hence their decision to build their own market at Alaoji.

To give effect to the construction of the market with capacity for 1,200 shops, a memorandum of understanding (MoU) has been signed with AHMPATSA, Unity Bank, the project financiers and Logistics De-Luke Ltd, the contractors.

Speaking at the ceremony, the chairman of board of trustees (BoT) of AHMPATSU, Chief Phillip Ezekwem said that said that the dream for a specialised market for trye and heavy motor spare parts dealers started in 1994 and with the signing of the MoU , “the journey is coming to an end“.

“Our problem is over after signing the paper works as work would commence immediately,” he said, assuring that “we are going to fulfill our own part of the deal.”

The chairman of the developers of the new market, Logistics De-Luke Ltd, Mr. Raymond Aliga noted that the AHMPATSA has become the only market association in the Southeast zone that has acquired land, designed their market and got a developer to build it.

He said that the new market was strategically located within the axis of Abia, Imo, Akwa Ibom, Rivers and Cross River, adding that the market would be ready in nine months. Aliga urged other market associations to emulate AHMPATSA and assured that the modern market would be open to tyre and heavy motor spare parts traders outside Aba, including Lagos and Port Harcourt.

The chairman of Logistics De-Luke urged AHMPATSA to stick to the terms of the MoU and cooperate with the developers and the financiers to realise the project within the contractual time frame.

Senior special assistant to the governor of Abia state on trade and investments, Mr. Jude Udeachara said that Governor Okezie Ikpeazu “is very supportive” of AHMPATSA in its efforts to build a market for its members thereby complying with government’s directive to decongest the commercial city.

He said that government would build a kilometer road into the new market and donate a high capacity generator to ensure constant power supply to the market.

Udeachara said that AHMPATSA has set the pace for other traders in Aba, adding that with this initiative by the tyre and heavy motor spare parts dealers other market clusters would be encouraged to emulate them.

He said that aside from the 1,200 shops the market would have space for banks, spacious parking lot administrative block, restaurant, and security post as well as other amenities.

In his remarks the brand manager of Unity Bank, Mr. Donatus Ubechu said that the bank was encouraged to finance the market project because of the enthusiasm shown by the leadership and members of AHMPATSU as well as the sterling record of the developers, Logistics De-Luke in quality and timely execution of projects.

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.

Appointments

Ardova Appoints Mr. Oladeinde Nelson-Cole as Company Secretary/General Counsel

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Olumide Adeosun Ardova - Investors King

Ardova Plc, an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana, has confirmed the appointment of Mr. Oladeinde Nelson-Cole as Company Secretary/General Counsel with effect from 1 April 2021.

This was disclosed in a letter signed by Olumide Adeosun, Chief Executive Officer, Ardova Plc.

Mr. Nelson-Cole is a lawyer with over 14 years of experience spanning Company Secretarial, Corporate Compliance and General Legal Practice. He is a graduate of the Lagos State University.

Prior to joining Ardova Plc, Mr. Nelson-Cole was a Senior Associate in the law firm of RouQ and Co.

As the Company Secretary/General Counsel, Mr. Nelson-Cole will continue to guide the Board of the Company in ensuring strict compliance with regulatory and statutory requirements.

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Appointments

Heirs Oil & Gas Announces CEO and Board Appointments

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Tony Elumelu

Heirs Oil & Gas (HHOG), the leading African integrated energy company, has announced the appointment of Osayande Igiehon as Chief Executive Officer, effective May 4, 2021, together with a distinguished non-executive board, bringing together leading industry figures, with considerable global and regional experience.

Heirs Holdings Limited’s (HH) portfolio company, HHOG, completed the acquisition of OML17 in January 2021, in one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion. The transaction represents a further implementation of the HH Group strategy of creating the leading integrated energy business in Africa. Through a series of strategic portfolio holdings, HH is executing this strategy. Most recently, affiliate company, Transcorp made a US$300 million acquisition of Afam Power, increasing the Group’s installed electricity generating capacity to 2,000MW.

Mr. Igiehon, who joins from the Royal Dutch Shell (Shell), where he was previously a Vice-President with the Group in the Hague, Netherlands. He brings over twenty-seven years of experience and expertise in the oil and gas sector with Shell, where he held a series of senior management positions. Mr. Igiehon previously served as Chairman and Chief Executive Officer of Shell Gabon, where he led the successful turnaround of the operational, safety and financial performance.

HHOG is also pleased to announce the appointment of the following distinguished private sector and senior industry leaders to the Board:

  • Tony O. Elumelu, CON is the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation.
  • Sally Udoma who previously served as general counsel for Chevron Europe, Eurasia, and the Middle East Exploration and Production. Previously, she was general counsel for Sasol Chevron Consulting Limited and managing counsel at the London Legal Service Centre for Chevron Global Upstream and Gas. She has also served as general counsel and general manager for Chevron Nigeria Limited.
  • Anil Dua is a founding partner at Gateway Partners Limited, a private equity fund specialising in dynamic growth markets including Africa, the Middle East and Asia. Prior to this, Mr. Dua worked for over thirty-five years with Standard Chartered Bank in Asia, Africa, Europe and the US, where he held various roles including Regional CEO West Africa and Regional Head of Origination and Client Coverage, Africa.
  • Ahmadu Kida Musa who previously served as Deputy Managing Director of Total Exploration and Production Nigeria Limited, has over thirty-two years of experience in the Oil and Gas industry and brings considerable expertise in Nigerian oil and gas.
  • Stanley Lawson currently serves on the board of Transnational Corporation of Nigeria Plc. He is Managing Partner at Financial Advisory & Investment Consultants Ltd. Dr Lawson previously occupied the position of Group Executive Director-Finance & Accounts at Nigerian National Petroleum Corp.
  • Samuel Nwanze is the Chief Finance Officer at Heirs Oil and Gas. Prior to this he was the Chief Investment Officer at Heirs Holdings responsible for investment and capital management.

Commenting, Mr. Igiehon stated: “HHOG represents an extraordinary opportunity, to create Africa’s first true integrated energy company, with a mission to ensure that Africa’s natural resources are directed toward value creation in Africa, powered by sustainable, robust and abundant African energy. I am excited to join the Heirs Oil and Gas leadership team and look forward to the opportunity to transform the energy sector, purposefully address Africa’s energy needs and improve the lives of people across Africa.”

The Chairman of the Board, Tony O. Elumelu, CON, stated: “I am delighted to welcome our new board members. We are building a role model institution for African businesses and our investment in human capital is a further strong demonstration of our intent. The regional and global expertise of our board members will serve to further drive value creation to our continent, as we execute our goal of becoming Africa’s largest, indigenous, integrated, energy company.”

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Brands

CHI Limited Celebrates Its Maiden Hollandia Dairy Day

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Nigeria’s leading dairy brand, Hollandia, is set to hold the maiden edition of its Hollandia Dairy Day. The event which will be celebrated on the 18th of May 2021 will provide a veritable platform to drive the national discourse on the unrivaled health and nutrition benefits of dairy consumption to people of all ages.

Set to be hosted as a conference, the theme of this year’s event is “Dairy Nourishment to Support Healthy Living”, and it focuses on the vital role dairy consumption plays in our everyday nourishment, its benefit to our overall health, and why dairy products should be included in our diets every day.

This conference, which is designed as a hybrid of the physical and virtual events, will feature presentations, interviews and panel discussions from health experts and nutritionists as they provide insights and share perspectives to guide informed decisions about dairy consumption as part of a daily balanced diet. The event is opened to the public through the brand’s multiple social media platforms.

According to a report by the Food and Agriculture Organisation of the United Nations, 2019, Nigeria has low dairy consumption levels per head – 15 to 20 liters per capita consumption. This is partly attributable to the low purchasing power of the average Nigerian household, who rank milk and dairy products as non-essential luxuries and prioritize other staple foods such as rice, beans, and yam.

By provoking the conversations and stimulating public action/intervention, Hollandia aims to drive consciousness for dairy consumption and its importance to achieving optimum health, and to get many more Nigerians drinking, using, and consuming dairy products.

The past year has presented unprecedented shocks and disruptions, including a global COVID-19 pandemic. As communities throughout the world look for ways to minimize the risk of COVID-19, maintaining and boosting good health is top of mind for many. Dairy foods such as milk and yogurt contain essential nutrients, including Vitamins A and D, Zinc and Protein, which support immune function.

The Hollandia Dairy Day Conference is a public interest initiative created to highlight the importance of dairy in everyday nutrition and healthy living in Nigeria.

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