- NigComSat to Procure $550m Satellite
Nigerian Communication Satellite (NigComSat) is to procure from the Chinese two satellites to capture the local and African markets.
Communication Minister Adebayo Shittu broke the news to State House correspondents after meeting with President Muhammadu Buhari at the Presidential Villa, Abuja.
According to him, the China EXIM Bank is to pay the nation’s counterpart funding for the satellite .
The construction of the satellites will take two years. It will begin immediately the papers are signed by both parties.
Shittu said: “NICOMSAT is one of our agencies where we hope to procure two new satellites from China. Initially the agreement was that they will provide the cost of the two satellites, $550 million minus 15 per cent, which is the counterpart funding. Because we could not afford this 15 percent, we have renegotiated with the China EXIM Bank and the China Great Walls who are the manufacturers and they have happily agreed to pay the entire $550 million to procure two new satellites.
“The two new ones will ensure that the Nigerian satellite company, which is NICOMSAT, can conquer the entire African continent in regard to the provision of satellite communication services. This is a very big business opportunity and I am sure that the Chinese appreciate the potential market, which is so vast, and that is why they have agreed that even without our ability to contribute 15 per cent they are prepared to pay the entire sum of $550 million for the procurement of the two new satellites for Nigeria.”
Asked if the $550 million was a loan, the minister said it was not. “It will be equity participation of the Chinese company into our business. NICOMSAT is a limited liability company owned entirely by the Federal Government. So, they are paying that to finance these highly required facilities and we will agree on the percentage sharing. Of course, Nigeria has nothing to lose because we are not putting anything into it in terms of financial resources.”
On the President’s reaction to his presentation, Shittu said: “The President was excited and was not surprised because the Chinese are not just going to market our satellite to the entire African continent but also perhaps by legislation insists that all Nigerian entities must patronise the Nigerian satellite company rather going to Isreal, UK, US for satellite services. Now we can say by our local content policy we must patronize Nigeria.”
BUA, Kainos Exploration to Drag Each Other to Court Over $20 Million Scandal
BUA Group on Monday threatened to drag Mr James Onyejekwe, the Managing Director of Kainos Exploration to court over a publication that claimed the Group was involved in a $20 million scandal.
BUA stated in a statement issued on Monday.
It stated that the publication engineered by Mr Onyejekwe was a “clear intent to impugn the integrity and reputation of BUA Group and its Chairman, Mr Abdul Samad Rabiu.”
“BUA takes its reputation seriously and we will continue to do everything to protect it from anyone and any entity who obstructs our mandate to conduct business in a proper, legal and socially-responsible manner.
“BUA will, therefore, utilise its legal and human resources to resist every campaign of defamation and distraction,” the statement further said.
The leading cement manufacturing company said its independent investigation showed Mr. Onyejekwe was behind the false story that went viral online.
“We have, therefore, instructed our legal team to immediately commence criminal defamation proceedings against the person of Mr James Onyejekwe who is the said originator of the malicious letter fraudulently attributed to Cavendish Petroleum against our person, with damages,” the statement seen by Investors King noted.
BUA explained that “We deem these actions necessary, in order to protect the name and reputation of BUA Group.”
“We see no reason why Mr James Onyejekwe of Kainos Exploration and Processing would single out BUA in a supposed business dispute which had no link to the BUA Group in its entirety.
“Therefore, BUA finds it absurd that Mr Onyejekwe or anyone else will decide to drag BUA into their issues and/or put out such a malicious and defamatory statement, fraudulently using the name of Cavendish/Mr Mai Deribe without recourse to the truth, facts, decorum or decency,” it added.
BUA Group described the story bordering on allegations of corruption as “false, malicious and spurious.”
Dangote Cement Emerges Best Performing Firm In Africa
The Kogi State Chamber of Commerce, Industry, Mines and Agriculture (KOCCIMA) has named the Dangote Cement Plc, Obajana Plant, as the best performing company in Africa.
The award was presented to the company in Lokoja at the weekend by the Deputy Governor of Kogi State, Chief Edward Onoja, who represented the State Governor, Alhaji Yahyah Adoza Bello, at the Annual General Meeting(AGM) of KOCCIMA.
Speaking at the occasion, the President of KOCCIMA, Mr. Victor Ibrahim, said the Dangote Cement emerged through a thorough screening process that involved 20 companies.
He said: “Our screening committee considered many criteria before Dangote Cement Plc was selected”.
According to him, the Chamber put into consideration Dangote Cement’s contributions to the state’s economy through Internally Generated Revenue(IGR), as well as its good relationship with KOCCIMA.
Mr. Ibrahim said another criterion that placed the Dangote Cement in good stead is that the company has been environmentally friendly.
“We’ve visited DCP Obajana Plant and we found it complying with global best practices when it comes to the environment. Your parking lot does not constitute any environmental danger. We also considered returns to investors, the welfare of staff, the 43km Obajana-Kabba concrete road, your good relationship with the host community and your positive image”.
He announced that the Chamber of Commerce was planning to host its Trade Fair by year-end and looking forward to collaborating with the Dangote Cement Plc.
The Deputy Governor Mr. Edward Onoja expressed the appreciation of the Kogi State Government, saying the contributions of KOCCIMA and the private sector were crucial to the development of the state.
Speaking to newsmen on the sideline of the event, representative of the Dangote Cement Plc Mr. Ademola Adeyemi said the company was elated and that the award will further spur it to continue its support to the state’s economy, KOCCIMA and Corporate Social Responsibility schemes.
MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation
MTN Appoints Chika Ekeji, A Nigerian-American as Executive Lead for Strategy and Transformation
MTN Group has announced the appointment of Chika Ekeji, a Nigerian-American national as an executive to lead the strategy and transformation unit of the mobile network operator.
Chika has a Master of Engineering in Computer Science from Cornell University and an MBA from MIT.
He will be leaving from McKinsey & Company, where he led the West Africa Digital Practice and served telco, financial services, and public sector clients across Africa.
His appointment with Africa’s leading mobile operator will be effective on, 15th of March. In his new role, he will be based in SA.
“We are very pleased that Chika is joining us as we work to accelerate our strategic repositioning,” says MTN Group chief operating officer Jens Schulte-Bockum.
To support the execution of the repositioned strategy, Ekeji joins a group of other recent appointees, including the new group chief financial officer, Tsholofelo Molefe.
In recent weeks, MTN also made changes to the group’s regional structure and the executive committee.
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