- FG Raked in $2bn from Onne Free Zone in Six Years
The federal government realised a whopping $2billion as revenue from the Onne Oil and Gas Free Zone (OGFZ), in the last six years.
Managing Director of Oil and Gas Free Zones Authority (OGFZA), Mr. Umana Okon Umana, disclosed this at the first session of the Nigeria Business Roundtable held in Lagos at the weekend.
The OGFTZ was developed by INTELS Nigeria Limited to attract foreign direct investment (FDI), create employment as well as enhance Nigeria’s technological and industrial advancement.
The Zone, which hosts the operation of more than 170 companies, is one of the fastest growing in the world.
According to Umana, one of the keys to attaining greater productivity and growth in the Nigerian economy is making use of the potential of a free trade zone which offers an increase in investment, job creation and exports.
He said free trade zones also provide companies with streamlined regulations, reduced tax obligations and state-of-the-art infrastructure.
The OGFZA boss also revealed that the federal government is also introducing further reforms into the operation of free trade zones in the country, culminating in the reduction of license renewal duration from 14 days to 48 hours for investors that meet all requirements in line with the ease of doing business policy of the federal government.
“Statistics show that there are 3million companies arising from over 5,000 free trade zones (FTZs) around the world, which account for over 45 million jobs, all showing efficacy of having an effective FTZ in a global perspective. FTZ in developing countries can drive growth in different sectors not only in oil and gas; attract increased foreign investment inflow, create employment, transfer skills and technology,” Umana added.
General Manager, Legal Services of INTELS Nigeria Limited, Amaopusenibo Mike Epelle, had while speaking at the Rivers Goldeen Jubilee Award in Port Harcourt, Rivers State, said the company was fully committed to maximising, in a sustainable manner, the use of Nigerian human resources, materials, equipment and services in its operations without compromising the company’s values, quality, health, safety and environmental standards.
INTELS, he further noted has been a trusted partner to major oil and gas producing companies in Nigeria and a monumental logistic partner to the Nigerian Ports Authority (NPA) in the development of ports infrastructure and service in Nigeria.
He added: “In over 30 years, we have added substantial value to the Nigerian Oil and Gas service industry and the operators have found our services strategic to their operations.
“In the maritime sector, INTELS’ operation as a port infrastructure developer and maritime service provider reinvigorated and brought the needed momentum and life to Nigerian ports and the maritime industry with improved capacity to serve the nation. These efforts by INTELS have in turn boosted earnings and contributions by these sectors to the Nigerian economy while generating the much-needed employment for Nigerians.
“To achieve our vision of providing an integrated, efficient, reliable and cost effective logistics solution to the Oil and Gas industry in Nigeria, we introduced an innovative “one-stop-shop oil service centre concept” designed to meet the growing specialised needs of oil producing companies in one location to provide an integrated, efficient, reliable and cost effective logistics solution to operators in the oil and gas industry in Nigeria.
“This innovative concept has enhanced service delivery and turnaround time for oil and gas industry projects and thus endeared INTELS to its partners.”
FBNQuest Mutual Funds returns 104%
FBNQuest Asset Management, a subsidiary of FBN Holdings, has held yearly general meetings for five mutual funds managed by the firm.
The funds are the FBN Balanced Fund, FBN Smart Beta Equity Fund, FBN Eurobond Fund, FBN Bond Fund and the FBN Money Market Fund.
The Fund Manager continues to deliver commendable results, as demonstrated by strong performance across all its funds.
The FBN Bond Fund was the best performing of the mutual funds, returning 104.20 per cent over five-year while its US Dollar fund, the FBN Eurobond, returned 48.43 per cent in US dollars over the same period.
The Managing Director of FBNQuest Asset Management, Ike Onyia, said: “Our strong performance track record is premised on the research capabilities, insights and experience of our portfolio management and research teams. Our mutual funds serve as useful investment options useful in formulating unique and value-adding investment strategies for various client segments. This is because our range of mutual funds cut across various asset classes including equities, bonds and money markets.”
“Our funds remain easily accessible, as our goal is to continue to drive financial inclusion and democratise wealth creation, by supporting the financiainclusion and democratise wealth creation, by supporting the financial security aspiration of investors” he added.
Increasingly, financial markets are becoming complex to navigate and as a result, it will not be out of place for investors to actively seek the inclusion of mutual funds in their investment portfolio, which will serve as the structured gateway to such markets. Seeking the help of experienced financial planners to assist you in establishing your risk tolerance levels and advise on suitable options is highly recommended.
SEC Warns Against Proliferation of Unregistered Investment Platforms
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.
SoftBank Reaps $33 Billion Coupang Windfall
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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