- Ibeto Cement to Get $850m From Milost
Ibeto Cement Company Limited, a privately owned Nigerian producer of the building material, has signed a deal to get $850m in financing from Milost Global Incorporated, according to the New York- based private equity firm.
Milost will provide $500m in equity and $350m as debt to the cement maker, Milost said in a statement on its website, citing a “binding” agreement by the two parties.
Calls for comment didn’t go through on numbers listed on Ibeto’s website for its corporate office in Nnewi, according to Bloomberg. There was no immediate response to an emailed message.
The company operates a cement-bagging facility in Port Harcourt and is currently rehabilitating NigerCem, a former state-owned plant in Nkalagu, which it acquired.
The announcement of a deal with Ibeto is coming weeks after Japaul Oil & Maritime Services Plc said it was pulling out of a $350m funding deal with the US firm, citing what it called “red flags.”
Milost in March ended talks to provide $1bn to Nigeria’s Unity Bank Plc alleging threats by some suspected shareholders. The lender denied entering a binding agreement with the private equity firm, saying talks were only preliminary.
Baker Hughes Set to Boost Nigerian Energy Landscape with Refinery Investments and Oil Field Bid Participation
Global oil and gas giant Baker Hughes has expressed its commitment to invest in Nigerian refineries and actively participate in the upcoming bid round for marginal oil fields, according to an announcement by the Federal Government on Sunday.
The announcement followed a meeting between Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Baker Hughes Chairman/President Lorenzo Simonelli at the 28th United Nations Climate Change Conference in the United Arab Emirates.
During the meeting, Baker Hughes expressed its eagerness to sustain and enhance its investments in Nigeria’s oil and gas industry, particularly showcasing interest in contributing to the country’s refinery sector.
Simonelli emphasized the company’s commitment to supporting Nigeria’s energy transformation agenda.
“Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas,” said Simonelli.
In response, Minister Lokpobiri welcomed Baker Hughes’ move, highlighting the pivotal role Nigeria plays in the global energy landscape.
He expressed optimism about deepening collaboration and assured the company of the Federal Government’s commitment to creating an enabling environment for investments in the refinery sector.
“I am very happy that you have joined other companies in identifying the great opportunities and government’s favourable policies in our oil and gas sector,” Lokpobiri stated.
Additionally, the Minister’s media aide confirmed Baker Hughes’ interest in participating in Nigeria’s forthcoming marginal oil fields bid round, signaling a broader engagement in the nation’s energy sector.
This move aligns with Nigeria’s efforts to revitalize its oil and gas industry, with ongoing rehabilitation works at the country’s three refineries and the anticipation of increased investments under the new Petroleum Industry Act (PIA).
Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico
Mexican Investors Explore Solid Minerals Opportunities in Nigeria
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 14th November 2023
News4 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 21st November 2023
Telecommunications4 weeks ago
Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance
Naira4 weeks ago
N-Power Dismisses Fake Recruitment Reports, Highlights Ongoing Payment Resolutions
Forex4 weeks ago
Naira’s Steep Plunge: Eight Major Firms Declare N918.1bn Revaluation Loss