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MAN, Power Firm Plan 30MW Plant

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  • MAN, Power Firm Plan 30MW Plant

The Manufacturers Association of Nigeria has said it will partner ASB Valiant Company Limited to develop a 30-megawatts independent power plant to provide electricity to its member companies.

The plant, which will be located along the Lagos-Ibadan Expressway, is expected to supply power to MAN members and industries on the Makun corridor.

MAN said the initiative became necessary to bring down manufacturers’ costs of production as they continued to depend on generators to power their facilities because of the poor supply from the grid.

At a meeting organised by MAN on Wednesday in Lagos, chief executive officers at the Makun Industrial Cluster interacted with ASB Valiant Company to hear the project’s value proposition and the solutions to the challenges MAN members in the cluster were facing on power supply.

The Chairman, Manufacturers Power Development Company Limited, Mr. Ibrahim Usman, said, “One of the things our member companies have been experiencing that really erode their bottom line is the cost of power. We looked at this and we said the best thing to do was to have a power company that would facilitate the provision of power to our members.”

Usman, who was represented by a director on the MPDC board, Francis Meshioye, said, “We will be willing to really partner ASB Valiant Compan y as long as it will be willing to do its utmost best to ensure that we have uninterrupted power supply to our member companies within its area.”

The Managing Director, ASB Valiant Company Limited, Mr. Ayodele Ikumapayi, who described MAN as one of the most credible organisations in the country, said, “So, for them to then look at partners to help meet the needs of their members, I think the major consideration is with respect to the service that we have to offer; it is a win-win situation for both parties.

“They have created a platform to coordinate their members into a cluster; so instead of us going to each member to provide solution, which is sometimes not cost-effective and not even sustainable, now you have the opportunity to be able to centralise that operation and distribute to multiple members with the involvement of the distribution companies.”

MAN said it had, through the MPDC, signed a Memorandum of Understanding with Tower Energy Systems and Solutions Limited to generate 10MW of electricity for MAN members in the Henry Carr Industrial Cluster in Ikeja, Lagos.

The project, which is in phases, will start with an initial capacity of 3MW, for which power purchase agreement has been signed, according to the association.

It said the Makun IPP had progressed to the stage where potential off-takers needed to sign the PPA so that the developer could move on with necessary plans to mobilise to site, while ensuring a seamless relationship with Ibadan Electricity Distribution Company in line with the declaration of eligible customers by the Minister of Power, Works and Housing, Mr. Babatunde Fashola.

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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Company News

Prestige Assurance Grows Profit by 25.17 Percent to N776.500 Million in H1 2021

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Prestige Assurance - Investors King

Prestige Assurance Plc, one of Nigeria’s leading insurance firms, grew profit after tax by 25.17 percent from N620.348 million recorded in the first quarter (H1) of 2020 to N776.500 million in the first half of 2021.

The insurance firm disclosed in its unaudited financial statement released on Tuesday and obtained by Investors King.

Gross premium written increased by 38.86 percent to N5.434 billion in H1 2021, up from N3.913 billion achieved in the corresponding period of 2020.

Net premium income also grew by 34.82 percent from N1.916 billion in H1 2020 to N2.584 billion in H1 2021. While underwriting expenses expanded to N2.262 billion in the period under review, up by 51.43 percent when compared to N1.494 billion filed in the same period of 2020.

Similarly, interest income jumped by 59.40 percent from N232.924 million in H1 2020 to N371.279 million in H1 2021. Other investment income and other operating income appreciated by 30.96 percent and 83.74 percent from N145.803 million and N7.264 million in H1 2020 to N190.947 million and N13.347 million in H1 2021, respectively.

Profit before tax inched higher by 14.22 percent to N970.624 million in H1 2021 from N849.792 million in H1 2020.

Profit after tax rose by 25.17 percent to N776.500 million in the period under review.

Total assets expanded to N19.423 billion in the first half of 2021, representing 4.96 percent when compared to N18.505 billion.

Basic earnings per share and diluted earnings per share grew by 25.17 percent each to N5.86 each.

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Coca-Cola Creates Its First Collection Of Brand-Inspired NFTs

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Coca-Cola NFT- Investors King

Coca-Cola has partnered with digital art and avatar company Tafi to launch its first collection of NFTs, or non-fungible tokens. NFTs are unique digital collectibles that exist on the blockchain and represent different types of files like images, audio, and video.

The collection, which Coca-Cola is offering to celebrate International Friendship Day on July 30, features an NFT “loot box” which contains digital wearables designed by Tafi.

Buyers can bid on the Coca-Cola Friendship Box, a digital version of a collectible vending machine, which comes with three one-of-a-kind digital assets: a custom Coca-Cola Bubble Jacket Wearable, which can be worn in virtual world Decentraland; The Sound Visualizer, which captures different audio cues like the pop of a bottle opening or the sound of the soda being poured over ice; and The Friendship Card, a digital design inspired by the company’s friendship-inspired trading cards released in the 1940s.

“Each NFT was created to celebrate elements that are core to the Coca-Cola brand reinterpreted for a virtual world in new and exciting ways,” said the president of the global Coca-Cola trademark, Selman Careaga. “We are excited to share our first NFTs with the metaverse where new friendships are being forced in new ways in new worlds.”

Besides the one-of-a-kind collectibles, the winning bidder will also have access to “additional unique and valuable surprises,” which will be unveiled when the loot box is digitally opened.

The sale, which will take place on popular NFT marketplace OpenSea, will open on July 30 and close on August 2. All bids must be placed with ETH.

All Coca-Cola proceeds from the auction will be donated to Special Olympics International, a global sports organization that provides children and adults with intellectual and physical disabilities, with year-round training and activities.

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Merger and Acquisition

PiggyVest Acquires Savi.ng To Expand Operations

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PiggyVest- Investors King

The Nigeria-based wealth management app giant, PiggyVest announced that it has acquired a smaller competitor Savi.ng.

Until the acquisition, Savi.ng was a wealth management app launched in 2018 that allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE.

According to the company, discussions to buy Savi.ng which started earlier this year has now been completed. However, the cost of acquisition was not disclosed.

Under the deal, all existing Savi.ng users will be automatically migrated to Piggyvest. Savi.ng was founded in 2018 by VFD Microfinance and currently has ten thousand plus downloads on Google Playstore. PiggyVest’s android app on the other hand has got one million-plus downloads.

Speaking on the acquisition, PiggyVest says it is in line with its vision of providing financial freedom for all. “It’s more of a team acquisition,” PiggyVest co-founder, Joshua Chibueze, explained to TechCabal over a call.

The team behind Savi are reputed to have solid expertise in finance and are savvy with financial tools. This talent quality prompted PiggyVest’s move to acquire the wealth management startup.

“Fintech is two things. Fin and tech. We believe we are as good at tech and customer acquisition so we need as many financial players as possible to consolidate what we are trying to do,” Chibueze adds.

The acquisition consolidates PiggyVest’s growth and capacity to dominate Nigeria’s hotly competitive savings and investment space. Last year, it paid back NGN90 billion ($220 million) to users which currently numbers up to 3 million.

The move also signals a positive trend for Africa’s local startup ecosystem – that it is possible to build for the sole purpose of selling to a larger player in the same sector.

Earlier this year, Piggyvest partnered uduX to help Nigerians invest in their favorite musicians. This shows how broadly the company is looking to expand its investment opportunities.

PiggyVest revealed that there are more acquisition announcements to come in the year.

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