- Carpenters, Others to Benefit From BoI’s N4.14bn Loan
Among the people scheduled to benefit from a new loan scheme set up by the Bank of Industry this year are artisans such as cobblers, tailors, carpenters, bakers, bread sellers as well as those involved in small scale agriculture, solid minerals mining and the services sector.
The bank disclosed this on Friday while presenting cheques to three microfinance banks, Fortis, Lapo and Lotus Capital, for onward lending to the beneficiaries at the bottom of the pyramid of economic activities in the country.
According to the Acting Managing Director, BoI, Mr. Waheed Olagunju, the scheme tagged: ‘Bottom of the Pyramid’, is an on-lending scheme using services of the MFBs and other acceptable financial institutions as vehicle for credit delivery to the under-served and under-banked micro-entrepreneurs.
He said, “The BoP scheme is essentially aimed at poverty reduction through job and wealth creation focusing on the rural micro-enterprise operators with a view to extending financial inclusion to them.
“The scheme is designed to leverage on the spread and penetration of the participating financial institutions in all parts of the country to stimulate economic activity within the critical mass at the bottom of the pyramid.”
The beneficiaries, according to the bank, will be chosen based on the comparative advantages of the various states of the federation, including the Federal Capital Territory, adding, “Activities to be financed include but are not limited to value addition in sectors like agriculture, light manufacturing, food products (snacks, bakeries, etc.), beverages, solid minerals, services, artisanal activities like wood and metal works, tailoring, shoe making, etc.”
Under the scheme, Lapo got N1bn; Fortis, N500m; and Lotus Capital, N500m, for on-lending to their customers.
Olagunju stated that the bank had earlier disbursed N1.1bn under the scheme and also had approvals for nine other MFBs in the sum of N1.13bn currently undergoing disbursement.
“It is our candid desire to ensure that the MFBs and other financial institutions in all parts of the federation benefit from the BoP scheme through aggressive marketing drive and sensitisation campaign. This will give further impetus to the Federal Government’s job and wealth creation agenda,” he said.
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.
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.
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