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Envoy Wants Dangote to Invest in Tanzanian Oil Industry

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Dangote refinery
  • Envoy Wants Dangote to Invest in Tanzanian Oil Industry

Tanzania’s High Commissioner to Nigeria, Muhidini Ally-Mboweto, has sought the assistance of the President, Dangote Group, Aliko Dangote, in the development of his country’s oil and gas industry

Ally-Mboweto led a delegation from Tanzania High Commission and the Tanzania Petroleum Development Corporation on a study tour of the Dangote refinery and fertiliser plants to seek collaboration between Dangote Group and the Tanzanian government in making the country self-sufficient in petroleum products, according to a statement from Dangote.

Ally-Mboweto was quoted as saying, “Tanzania possesses vast natural resources and is endowed with unique comparative advantages, thus offering exceptionally attractive opportunities to investors.”

According to him, Tanzania has gas, gold, diamonds, and gemstones including tanzanite and base metals.

He said the country had bilateral trade agreements with eight countries including the Indian Ocean, describing them as potential markets for investors.

Ally-Mboweto said, “Tanzania has a politically stable economy; it is surrounded by eight countries and six are landlocked; so their ports depend on Tanzania. Also, we are a member of the East Africa Community, which include Burundi, Kenya, Rwanda, Tanzania, and Uganda. We are also part of a 16-country member with an average of 400 million people. So, when you invest in Tanzania, you are exposed to this huge potential.

“It is really worth investing in Tanzania because it will expose you to a large market. We want him (Dangote) to expand his investment in other areas of the economy. We have varieties of minerals, diamond, gold and other areas. You can invest in wildlife. We also have a lot of tourist attractions.”

He commended Dangote for helping to reduce the price of cement in Tanzania through his massive investment in the country’s cement industry.

“Dangote Cement is already in Tanzania and the plant is doing very well. So, the Dangote Cement plant has made a huge contribution to our cement demand. Now, the majority of the people in Tanzania can access cement for their building construction,” he added.

The Production Manager, Tanzania Petroleum Development Corporation, Mr Modestus Lumato, called on Dangote to partner the Tanzanian oil company to set up a refinery in the country.

According to him, about six countries are depending on Tanzania for petroleum products, thus the need for collaboration between the two countries.

“The Tanzanian petroleum products market is huge. We are also looking forward to buying petroleum products from Nigeria when the refinery is completed,” he added.

Presenting the status of the Dangote refinery project in Lagos, the Head, Quality Assurance/Quality Control, Dangote Oil Refinery Company Limited, Rama Putta, disclosed that erection of the refinery equipment had started.

Putta described the project as the largest single train petroleum refinery in the world with a capacity to process 650,000 barrels per day of crude oil.

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.

Brands

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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Business

Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Appointments

Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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