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Firms Invest N5tr in Meter Manufacturing

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  • Firms Invest N5tr in Meter Manufacturing

Hailing the investors for the gesture, he said the investments would trigger economic growth.

He spoke at the inauguration of the Meter Box and other Plastics Factory of Mojec International Limited.

The government, he said, was doing everything possible to improve the ease of doing business.

Osinbajo said the nation has huge metering deficit. According to him, one of the ways to solve the problem is to patronise local manufacturers, such as Mojec and other locally-produced meters.

He said: “Let me congratulate the management and staff of Mojec International Limited on their desire and dedication to this project. It gladdens my heart that all our efforts in engaging the private sector is materialising and this is really indicative of real progress and quantum leap for the Nigerian economy.

“It is very obvious that Nigerian talent and creativity have proved time and time that they can compete with the best anywhere in the world. Here in Mojec, it is very obvious. Practically, everyone you see from the factory down to the reception, are all Nigerians. It shows that we are at the forefront of innovation, manufacturing and human capital development.

“What you have seen today tells us that economic growth and development have to do with the private sector. The reality is that we can now produce meter in Nigeria, and what we really need is to bridge the financing gap that is currently in existence. They need cheap financing so that meter manufacturers and the electricity distribution companies (DisCos) would benefit maximally.”

Osinbajo described the facility as a big achievement and milestone that would not only boost local capacity, but create thousands of jobs for Nigerians. While expressing optimism on government’s determination to achieve its target in power generation, he noted that the facility is a huge step forward for the development of the power sector, noting that it would help significantly in addressing the six million energy meter deficit. It is very clear that Nigeria is at the fore front of meter manufacturing in Africa.

Mojec International Managing Director Ms. Chantelle Abdul, commended the Acting President for his commitment to promoting local content and expressed the company’s desire to work closely with Federal Government to find lasting solutions to the problem of steady power supply in Nigeria.

She said the current facilities and factory are capable of producing meters from start to finish. “This factory has provided enough proof that local companies can produce meters that can meet global standard, which could consequently help in reversing the government policy on local meter manufacturing,” she said.

She appealed to Federal Government to assist local manufacturers by formulating policies that would encourage cheap financing, which could go a long way to make meter accessible to the people.

The company, she said, is about to build a world-class research institute, adding that further researches would be made there to enable it discover new ways of producing meters as the science and technology are constantly evolving.

Ms Abdul pointed out that Mojec is the largest meter manufacturing company in Africa, adding that if well-funded, it would be exporting within a very short period from now.

“I am happy to announce that our meter is competitive internationally, in terms of quality and price. We are taking over Africa, as we have started entering into other African countries. Mojec has been predominantly leading in vendor financing over the past three years. We are financing six out of 11 contracts that we are running today, though, majority of our competitors prefer cash transactions. This is why Mojec stands.

“From our Meter Asset Provider (MAP) policy, 70 per cent of meters are expected to be delivered through importation while 30 per cent is local production. If we have a market of about six million metering gap, this means only two million meters are allowed to be provided locally and that can easily be done by Mojec alone. However, there are over six local manufacturers, who can also create jobs and contribute to the GDP and enable Nigeria to become an innovation hub such that we will be able to move our meters into the rest of Nigeria and beyond.

“With this situation, what we are asking is that the policy be reversed as this will enable other local manufacturers to produce more. By so doing, we would be developing local capacity and creating enough jobs that would contribute greatly to our economy,” she said.

Mojec International has delivered over 1.2million meters across Nigeria.

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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NAHCO Recalls Suspended GMD/CEO, Mrs Adetokunbo A. Fagbemi

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NAHCO Recalls Suspended GMD/CEO, Mrs Adetokunbo A. Fagbemi | investorsking.com

Mrs. Adetokunbo A. Fagbemi Resumes Work With NAHCO

The Board of Directors of Nigerian Aviation Handling Company Plc (NAHCO) has recalled Mrs. Adetokunbo A. Fagbemi, the Group Managing Director and Chief Executive Officer, who was suspended over Management’s failure to diligently secure the delivery of a purchased equipment from vendor within the contracted period and Management’s inability to provide satisfactory/acceptable reason for the unreasonable long delay.

Mrs. Fagbemi was suspended by the Board at a meeting held on 27th of January 2021 in line with the Board’s earlier decision that if a certified bill of lading for the equipment was not received by 2nd February 2021, the GMD/CEO shall proceed on suspension with half pay until receipt of acceptable evidence of equipment shipment from the manufacturer.

Since Mrs. Fagbemi commenced her suspension on February 3rd, 2021, Mr. Olumuyiwa A. Olumekun, the Group Executive Director, Corporate Services, has been acting as the GMD/CEO, according to a statement put out by the company.

It said “the Board is however pleased to inform the investing public and the Exchange that on, Tuesday, February 24, 2021, a satisfactory evidence of departure and arrival dates of the equipment has been received by the board from the equipment manufacturer.

“Consequently, the Board at its emergency meeting today, February 24, 2021, has recalled the Group Managing Director/Chief Executive Officer, Mrs. Adetokunbo A. Fagbemi from the suspension and she has resumed work.”

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Businesses Groan as Price of Diesel Rises to N250 Per Litre

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Businesses Groan as Price of Diesel Rises to N250 Per Litre

Businesses have started feeling the negative impact of the rising price of Automotive Gas Oil, known as diesel.

A single litre now goes for N250 in some parts of Lagos, with businesses taking a beating on the back of rising energy costs.

Our correspondent observed that some filling stations in Lagos had increased the price of the product to N250 per litre, while many others sold it at between N220-N245.

Northwest Petroleum along the Oshodi-Apapa road increased the pump price of diesel to N250 per litre; AP (Ardova Plc), along Airport road, Ikeja, N248; and Oando, along Acme Road, N240.

The National Bureau of Statistics, in its AGO price report on Tuesday, said the average price paid by consumers for diesel increased by 0.22 per cent to N224.86 per litre in January 2021 from to N224.37 in December 2020.

It said states with the highest average price of diesel were Adamawa (N268.33), Zamfara (N262.78) and Kebbi (N257.50).

“States with the lowest average price of diesel were Osun (N194.60), Anambra (N195.83) and Enugu (N198.24),” the NBS added.

Crude oil price accounts for a large chunk of the final cost of petroleum products, and the deregulation of the downstream oil sector by the Federal Government means that the pump prices of the products will reflect changes in the international oil market.

The international oil benchmark, Brent crude, has risen by more than 25 per cent this year from the $51.22 per barrel at which it closed last year. It rose to $65.25 per barrel as of 6:30pm Nigerian time on Tuesday.

Diesel is mostly used by businesses to power their generators amid a lack of reliable power supply from the national grid.

The President, Association of Small Business Owners of Nigeria, Mr Femi Egbesola, lamented that the recent increase in the price of diesel was taking a heavy toll on businesses, especially Small and Medium Enterprises.

“The cost of diesel and raw material is giving us a nightmare. The price of diesel has been skyrocketing in a way that creates fear in particularly manufacturers,” he told our correspondent on Tuesday.

According to him, it is difficult for businesses to factor all the increase in diesel price in their final product prices.

Egbesola said, “That is why a lot of companies are downsizing and are making sure that they only produce products that they are so sure will sell in the market.

“Many companies have reduced their product lines significantly just to be able to cope. And that is not good for us because by the time this goes on, unemployment will increase. I believe government should be able to do something about this.”

He said although the downstream petroleum sector had been deregulated, there should be checks and balances.

Egbesola said many small businesses’ savings had been eroded already because ‘we keep spending our savings to make sure we don’t close shop’.

He said, “If things continue this way, there is no way we are not going to close shop. We are still struggling with the recent increase in electricity tariff.

“Many small businesses still depend so much on diesel generators because there is no alternative power supply. It is only the big players that have the facilities to use gas. And we cannot use solar installation because it is very expensive.”

Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.

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United Capital Appoints Latunji Head, Marketing/Corporate Communications

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United-capital

United Capital Appoints Latunji Head, Marketing/Corporate Communications

United Capital Plc has been appointed, Tolu Latunji as its Head, Marketing & Corporate Communications.

In the new role, he is expected to drive a strategic communications, marketing and brand management programme for the investment banking group.

Latunji is a communication and marketing expert with 12 years’ experience in products development, marketing, brand & franchise building, effective management and communication of strategic objectives whilst ensuring adequate visibility for both organisation and product/service offerings through product, content and brand initiatives.

“With a 360 degree knowledge of communications and marketing, which includes but not limited to – brand management and initiatives, corporate affairs, internal and external affairs, product and brand marketing, event management and experiential marketing, cluster/segment marketing, Tolu has served at various capacities on government constituted sub-committees on financial inclusion,” a statement explained.

Prior to joining United Capital Plc, he was the Managing Partner of Ten & Square Media Co., a bespoke creative ideation and brand/crisis management firm, based in Lagos, Dakar and London.

Latunji was recently the Strategic Communications lead at FMDQ Securities Exchange, Nigeria’s first integrated financial market infrastructure (FMI), where he had the responsibility of effectively positioning the group, together with its subsidiaries, as the most sophisticated and technologically driven securities exchange in Africa.

Prior to that, he worked in Guaranty Trust Bank for nine years with roles in brand management & monitoring, events and experiential marketing, products and content marketing and user experience.

He led the marketing team to the successful development and launch of various retail, SME and corporate products. He was also instrumental in curating and developing the bank’s social footprints. Outside the corporate environment, Tolu engages in various humanitarian activities with food banks and empowerment programmes. He holds a B.Sc. Economics from University of Lagos.

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