- Edmark to Invest in Real Estate, Unveils N5billion Centre
Edmark group of companies, a multinational, has unveiled its state of the art international event centre in Lagos, just as it announced its venture into real estate business in Nigeria.
It also revealed that its second project is currently under construction in Lekki, Eti Osa Local Government Area of the state, to mark the flag off the project.
The inauguration of the Edmark centre, ‘D’Podium’, situated in, Ikeja, was attended by the Lagos State Governor, Akinwumi Ambode, who was represented by his Personal Assistant, Bolaji Are, the Philippines Ambassador to Nigeria, Ms. Shirley Vicario, and her Husband, Pascario Vicario; Malaysian Ambassador to Nigeria, Mohd Yunus Bin Ibrahim; and Kano-born Nigerian business mogul, Hassan Dantata.
Speaking at the opening ceremony, the Chairman/Founder, EDMARK Group, Sam Low, expressed his happiness over the feats his organisation had achieved within nine years of starting businesses in Nigeria despite the initial hurdles encountered.
The Malaysian said: “I am very happy to be in Nigeria to commission this multi-billion naira edifice.
Some years ago after making up my mind to invest in Nigeria, we were faced with some challenges, but we were not deterred, we re-planned and re- strategised, and for this I want to say, I am grateful to my team who believed in our dream.
“Though our operation started in Ghana as a result of the initial challenges we faced when we attempted to set up our businesses in Nigeria; however, a year later, we moved into Nigeria after crossing the hurdles with the regulatory authorities, and to cut the long story short; today we have eleven branches all over the major cities of the nation of Nigeria including Lagos and Abuja, where we have built up with employees from across the globe.
“Ours is a company committed to people’s well-being. We want citizens of Africa to live well and that is why our healthy supplement products help to tackle obesity and reduces the spread of cancer,” Low said amidst cheers from the audience.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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