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Eta Zuma Inaugurates Coal Production Plant

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  • Eta Zuma Inaugurates Coal Production Plant

In the bid to curtail the use of firewood and deforestation in Nigeria, Eta Zuma West Africa Group on Thursday inaugurated the production and sale of coal briquettes as alternative fuel for home use.

The Group Managing Director of the company, Mr. Innocent Ezuma, said at the inauguration of the plant in Ankpa, Kogi State that the factory would produce 2,000 tonnes of coal briquettes a month.

The coal briquettes are used on specially designed stoves to eliminate soot and smoke as well as provide focused and efficient heat for domestic cooking.

Ezuma also said contract had been awarded for the expansion of the factory to handle the production of additional 10,000 tonnes of coal briquettes.

In an interview with journalists after inauguration of commercial sale of the products to consumers, he disclosed that a total of $30m would be spent to set up full capacity for production of 57,000 tonnes of briquettes per annum.

He said, “We started this project about five years ago. Within this period, we have invested about $6m. We thank God that today, we are seeing the fruit of our labour. The machines were specially made. Coal is an abrasive material but by special technology, we now have it bound together. Coal is like sand. It does not cleave together. We needed some organic mineral materials to bind it. We did a lot of research to come to this perfect mix.

“We can source the minerals locally; but for us to start, we had to import the binders. So, for now, we had to import the binders but the good news is that 95 per cent of the raw materials required for making the briquettes are found in coal, which is locally available. Our long-run plan is to source the binders, which constitute five per cent of the materials.”

He added, “The expansion plan is going to cost us about $30m. The challenge we have so far is money. We need money that is cheap. There is money but it is very expensive. If you take a loan today, you are paying 25 to 27 per cent (interest). This is not sustainable in the long run for productive activities. So, we need funds that are cheaper, single-digit (interest) funds. Money cannot stop us because we are fanatical about what we are doing but if we have cheaper sources of funds, it will help us.”

Speaking at the ceremony, the Kogi State Commissioner for Environment and Natural Resources, Mr. Sanusi Usman, who represented the Governor of Kogi State, Yahaya Bello, expressed delight for the siting of the factory in Ankpa.

He pledged to support the company, adding that the state government would provide some subsidy to enable rural women to acquire the stoves in a campaign to eliminate the use of firewood in the state.

The traditional ruler of Igalaland, Dr. Michael Oboni, said the reasonable way to stop the falling of trees was the provision of viable alternatives and expressed appreciation to Eta Zuma for investing in clean fuel for domestic use.

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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Dangote Cement Emerges Best Performing Firm In Africa

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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.

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MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation

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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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Union Bank Unveils Multi-Asset Trading Platform M36

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Union Bank Unveils Digital Investing Platform, M36

A new digital platform designed to deliver a wide range of investment products directly to individuals and other investors, M36, has launched in Nigeria.

Through an innovative, user-friendly app, M36 offers investment options not typically available on self-service digital platforms including foreign currency transactions, commercial papers, local and foreign-denominated bonds, treasury bills and other fixed-income products.

M36 also offers bespoke solutions for both new and experienced investors as well as a 24-hour lifestyle concierge service to meet the needs of discerning customers.

In a rapidly evolving environment with changing consumer behaviour fueled by technology and growing access to information, M36 is looking to expand opportunities for investors at all levels, while also simplifying the process of investing.

M36 was developed by Union Bank as part of its strategic focus on delivering superior customer solutions leveraging technology and innovation. The bank partnered with several asset management companies to deliver a broad range of investment products on the M36 platform.

Speaking about this, Mr. Chuka Emerole, Head, Treasury at Union Bank said, “M36 eliminates the traditional barriers to investing and offers investors direct access to financial instruments that would usually require the service of an investment or relationship manager.

“We’ve designed M36 to ensure simplicity in the onboarding and investing process while also empowering the customer to make sound investment choices based on their financial objectives.

“We worked with key partners to deliver both the experience and products on M36 and are confident that we have launched a superior product in today’s marketplace”.

With the 24-hour concierge service, M36 users can access round-the-clock support from investment advisors as they actively manage their portfolios.

The bank said the M36 was a timely financial product meant to keep abreast with the rapidly evolving environment and changing consumer behavior that is fueled by technology and growing access to information.

The M36 is also part of the UBN’s strategic focus on delivering superior customer solutions by leveraging technology and innovation. The bank partnered with several asset management companies to deliver a broad range of investment products on the M36 platform.

M36 also offers loans, personal travel allowance, will and trust services and many more essential products under its Life Essentials menu.

 

M36 is available for download on the App Store and the Google Play Store.

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