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250 Graduates Establish Toothpick Factory in Ondo

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  • 250 Graduates Establish Toothpick Factory in Ondo

Some youths have established a factory for the production of toothpicks and pencils in Akure, the Ondo State capital, under the sponsorship of the National Directorate of Employment.

The factory, where over 250 graduates are currently working, is said to be the first of its kind in Africa.

The idea of local toothpicks production in Nigeria was said to have been conceived by a young graduate who convinced the management of the NDE that the product could be produced with bamboo stems.

At the inauguration of the factory in Akure, the Acting Director-General of the NDE, Mr. Kunle Obayan, said the NDE’s sponsorship of the project was part of the agency’s effort towards complementing the micro-economic policies of the Federal Government, aimed at stimulating local production of goods.

He explained that some young graduates approached the agency early this year with the proposal to set up the factory to produce toothpicks, adding that the agency accepted the proposal because it was perceived to be a viable project.

He said, “It is on record that millions of dollars are being spent on the importation of toothpicks and pencils. The Central Bank of Nigeria no longer provides foreign exchange for the importation of toothpicks; therefore, the viability of this project is not in doubt.”

Obayan called on other young graduates with good ideas to bring their proposals to the NDE.

“We are ready to sponsor any good proposal so that our youths will be empowered and unemployment will reduce in this country,” he said.

He explained further that the agency would support the factory from the production point to the marketing of the products to enable the business to survive.

The initiator of the project, Mr. Samuel Babatunde, expressed his gratitude to the NDE for the support given to him and his colleagues to execute the project.

He urged that Federal Government to tackle the problem of power for the business to survive.

He said, “We came to the NDE with the idea of starting a toothpick manufacturing factory. Another set of colleagues also came up with the idea of starting a waste paper, pencil manufacturing factory. The NDE did not shun us, but rather, they encouraged us.

“They provided the funds and moral support and today, we are witnessing history being made here in Akure, Ondo State. Today, the first toothpick manufacturing factory in Africa is being inaugurated.”

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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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.

In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.

Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.

In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.

Mike Adenuga and Abdulsamad Rabio, the two Nigerians, came fifth and sixth with $6.3 billion and $5.5 billion net worth, respectively.Forbes Africa's billionaires list

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints

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.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

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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.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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