- Leventis Motors Launches Lovol Brand in Nigeria
Leventis Motors, a division of A.G Leventis (Nigeria) Plc, has sealed a deal with Lovol Heavy Industries Company Limited of China for the distribution of the Lovol brand in Nigeria.
The auto firm also announced that it would no longer distribute the JCB construction equipment but concentrate on the Lovol range of products.
The General Manager of Leventis Motors, Mr. Nikolaos Giannousas, stated this in Lagos at a pre-launch dinner in Lagos but added that the firm would continue to carry out maintenance service and other related support on the JCB products already sold to its customers.
According to him, Leventis Motors has over the years shown that it is customer-oriented, adding, it is an organised company that works on systems and not sentiments of individuals to support its numerous customers.
The Lovol products were also unveiled to a cross session of Leventis customers, motoring journalists and other stakeholders.
Giannousas expressed confidence that the Lovol products would be successful in Nigeria, stressing that many customers were enthusiastic about the coming of the brand to the country.
The Sales Manager for Africa, Lovol Heavy Industries Company Limited, Mr. Andy Liu, who recalled that his company’s search for a suitable distributor in Nigeria began in 2015, said it settled for Leventis Motors having found the latter to be reliable and strong in after-sales support.
“We chose Leventis Motors because it has a long history and good after-sales,” he said.
According to him, Lovol is one of the fastest growing brands in construction machinery industry, providing users with a full range of products of loaders, excavators and rotary drilling rigs.
Liu said the Chinese brand also benefited from Original Equipment Manufacturers from other reputable auto manufacturing countries such as Germany and Italy.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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