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Delta, Investor to Revive 130-year-old Port

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  • Delta, Investor to Revive 130-year-old Port

The 130-year-old moribund Burutu Port in Burutu Local Government Area of Delta State will soon come alive as the state government has reached an agreement with a private investor, Akewa Business Group, to revive it.

The Commissioner for Oil and Gas, Mr. Mofe Pirah, gave the hint, stressing that when revamped, it would be capable of providing jobs for thousands of unemployed youths and boost the state’s economy.

Pirah had led a government team on a fact finding visit to the port to ascertain its potential.

He said his team was at the site to observe efforts being made by the new investor to bring the port back to life and ascertain areas where the state government could help, especially the challenges facing the Akewa Business Group as it commenced work on the port.

The commissioner, represented by his Special Assistant, Godwin Omadoye, said, “The facilities are awesome and have the potential to turn around the fortune of the state. And I think that is why the state government found it necessary that we should come to see things for ourselves.

“We will go back and do a report to the government to take necessary decisions. The state stands to benefit a lot because there will be ample job opportunities and ancillary businesses that will spring up, and these opportunities will combine to increase the state’s revenue.”

The Chief Executive Officer, Akewa Business Group, Chief Kenneth Donye, said his company acquired the port in 2005 from the Federal Government with the aim of reviving it, and had reached an agreement with the Nigerian Ports Authority to run it as a full-fledged port.

He stated “The port, now Akewa Port, established in 1887, was a beehive of export business and one of the most functional in Nigeria before it was left to waste. We acquired it in 2005 from the Federal Government and made all necessary agreements with the Nigerian Ports Authority to run it as a full-fledged port again.

“We reopened the Delta timber industry, ran it for some time, but ran out of log and now had to go to Liberia where we have secured log supply to last us 45 years.”

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.

Investment

SEC Warns Against Proliferation of Unregistered Investment Platforms

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The Securities and Exchange Commission (SEC) has warned the investing public to be wary of the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.

SEC’s warning was conveyed via a circular issued in Abuja, Thursday to capital market operators.

It advised the investing public to seek clarification as may be required via its established channels of communication on investment products.

The circular read: “The attention of the SEC has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on securities exchanges registered in other jurisdictions.

“These platforms also claim to be operating in partnership with capital market operators (CMOs) registered with the Commission.”

The Commission categorically stated that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.

Accordingly, the SEC notified CMOs who work in concert with the referenced online platforms of the Commission’s position and advised them to desist henceforth.

Public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.

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SoftBank Reaps $33 Billion Coupang Windfall

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SoftBank Group Corp on Thursday racked up a roughly $33 billion gain on paper through the public market debut of South Korea’s largest e-commerce company, Coupang Inc, the latest sign of a dramatic turnaround for its $100 billion Vision Fund.

Shares of Coupang opened 81% above their offer price on Thursday, after the company raised $4.6 billion in the U.S. stock market’s biggest initial public offering this year.

SoftBank paid around $3 billion for a 37% stake in the company, according to sources familiar with earlier fund-raising, giving it a roughly $33 billion headline profit if prices hold.

Coupang’s hugely successful stock market launch is welcome news for SoftBank, which is grappling with the collapse of billions of dollars worth of funds linked to Britain’s Greensill Capital, a supply chain finance start-up.

Vision Fund is Greensill’s biggest backer.

The Japanese conglomerate last month reported third-quarter net profit ballooned more than 20 times thanks to a recovery at the Vision Fund, a huge venture capital operation famous for investing early in Uber and other tech industry startup successes.

Only a year ago, SoftBank had been smarting from the flopped IPO and collapse in value of office sharing firm WeWork, raising questions over whether Chief Executive Officer Masayoshi Son had lost his midas touch and threatening plans to establish a successor to Vision.

The COVID-19 pandemic has also forced Son to sell assets but a second deal reported by Reuters on Thursday bodes well for VF II, a second, smaller fund.

The $225 million late-stage funding round for healthcare startup Forward Health was its first major investment this year, following a pickup in activity and the group’s fortunes in the second half of 2020.

The Vision Fund also made $11 billion on a blockbuster market launch of DoorDash Inc in December, which valued the food delivery company at more than $70 billion.

It also made gains on home seller Opendoor Technologies Inc’s initial offering in December.

The fund still holds large stakes in China’s biggest ride-hailing firm Didi, as well as Uber’s Southeast Asian rival Grab.

SoftBank is also trying to ride the mania for special purpose acquisition companies, launching a handful of blank-check firms this year, although none of them have found investment targets yet.

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Agence Francaise De Developpement (AFD) To €2 billion in Nigeria

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The French Development Agency (AFD) is a development finance institution 100 percent held by the French government.

In Nigeria, it is mainly into financing infrastructure projects (water, energy, transport and agriculture).

It also involves financing related to the banking sector, governance and the cultural and creative industries.

Speaking to the media, the AFD Country Director Nigeria, Pascal Grangereau, said €2 billion was set aside to be sent on mainly road financing, water sector, improvement in electricity and agriculture.

He said €300 million was being spent on the Abuja Electricity Backup, a project in collaboration with Transmission Company of Nigeria (TCN) to improve electricity at the nation’s capital.

Grangereau said a total of €200 million is equally expended on the North West Electricity Backup.

On agriculture, he said vocational training is currently held across the nation to improve the skills of Nigerians.

He added: “We intend to finance agricultural projects in five states, Benue, Imo and three other states to the tune of €50 million.”

He lamented that while it was endowed with reserves of crude oil and natural gas, Nigeria is characterised by power generation considered by the Nigerians themselves as not adequate.

He said concentrating more than half of the installed electricity capacity in West Africa, only half of which was harnessed by the country, implying a very low per capita consumption, limited access to electricity and frequent load shedding.

He added: “The sector is of strategic importance for successive governments, with the launching in the 2000s of a vast reform, supported by a massive investment plan; which reform although supported by the donors is yet to achieve the expected results. The project aims to strengthen the electricity transmission network, natural monopoly under the responsibility of the public company TCN, thus laying the foundations for a long-term partnership with TCN.”

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