- Dangote Buys 3,500 Trucks from Enugu-based Automaker
Transit Support Services Limited, an Enugu-based automaker, said Dangote Group has signed a long-term agreement with the company for the supply of Shacman trucks being assembled at the Anambra Motor Manufacturing Company Limited.
According to Mr Frank Nneji, the Managing Director, Transit Support Services, who spoke with journalists on Saturday, Dangote has purchased 3,500 trucks valued at N63 billion from the company since inception.
“About 90 per cent of trucks produced here are for Dangote. Right now at the dump, we have about 300 units. Since last year, we have done 800 units. Dangote Group since inception has bought about 3,500 units from us. It also patronises the Shackman trucks for its refinery currently being built in Lagos,” he said.
Nneji said the project has kept Onne port busy as the delivery of components from its partner, Shaanxi Heavy Duty Automobile Import & Export Company, in China to ANAMMCO plant boosted activities in the port.
Nneji, who doubled as the MD of ABC Transport Plc, the franchise holder of the Shacman Nigeria, said the Dangote/Shacman truck deal had helped people in the region in terms of job creation and training.
He said, “This has been of tremendous benefit for the people in the South-East. For more than seven years, this place was shut down.
“There was no activity until Shackman came and we made an agreement with the Shacman Group and we started skeletally.”
He added, “We were only able to start full production of trucks when we offered logistics solutions to the Dangote Group. That was in 2016 when we started the first agreement for 500 trucks.
“With this, many workers of ANAMMCO who had been at home had to come back to work; some local suppliers of lubricants, electrolyte and the rest had to return to business.”
Rising Operating Costs, Exchange Rates, Service Charge Increased Airfares by 100%
Price of air tickets rose by 100 percent across several routes as rising operating costs, high foreign exchange and surged in service charge forced airline operators to raise airfares.
Airlines attributed the increase to a series of price adjustments and the introduction of new fees by the Federal Airport Authority of Nigeria (FAAN). According to them, airline firms were given special concessions, which will continue to push price up and could hit an average of N100,000 for even the Lagos/Abuja route.
Speaking on the situation, Captain Ado Sanusi, the Managing Director of Aero Contractors, said airline companies could not access forex at the official rate while the FAAN had upped its fees.
He said “We were buying dollars at N360 and it went to N380 but you can’t get it for less than N480.
“We are paying VAT at 7.5 per cent. We are paying 15 per cent duty on our spare parts. The boarding passes, we pay 15 per cent duty on it.
“The passenger service charge has increased by FAAN. So, don’t look at one component but look at the total reason for the increase.
“Yes, there is an increase in demand but it is caused by the lack of aircraft and this lack of aircraft is caused by unavailability of spare parts which is also caused by dollar scarcity.”
Tony Elumelu Receives Licence to Kick Start Heirs Insurance Limited, Heirs Life Assurance Ltd
The Chairman of Heirs Holdings, Tony O. Elumelu, on Friday said the company has received operating licences from the National Insurance Commission (NAICOM) for its two new insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA).
The Chairman disclosed this on his social media page.
In his words, he said “I am proud to announce that the Nigerian Federal Government, through the insurance regulator, the National Insurance Commission (NAICOM), has officially issued the operating licences for our new Group insurance companies – Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA).
“This represents an important milestone of a long-term strategic journey in providing much needed, quality, & valuable financial services, to a broad demographic in Nigeria. Insurance should not be a luxury, and just as we have democratised other sectors, we will democratise insurance – applying our tried & tested business philosophies.
“Fueled by the determination to improve lives & leave a legacy in the African private sector, we have embarked on this journey to revolutionise the insurance space – deploying technology, customer understanding & operational excellence.
“It has been a five-year journey, but with the optimism & the resilience that have brought us this far, it has been worth the wait.
“I would like to warmly thank our new CEOs—Dr. Adaobi Nwakuche, MD/CEO of Heirs Insurance and Niyi Onifade, MD/CEO of Heirs Life Assurance, our Board members, regulatory partners, those who have believed in this dream, despite the obstacles, & those who have cheered us on.”
This is coming barely two weeks after Mr. Elumelu announced Transcorp has acquired Afam Power for N105 billion.
Ndubuisi Ekekwe Moves to Deepen Capabilities Through Free Weekly Business Lessons
In a bid to deepen business and individual capabilities across the African continent, Prof. Ndubuisi Ekekwe, Founder of Fasmicro and the Lead faculty, Tekedia Institute, on Sunday said he will commence free business lessons to enhance accumulation of capabilities.
In a message forwarded to all members of the platform, Tekedia.com, Prof. Ekekwe, explained that when businesses accumulate capabilities, they move upstream and create new competitive tentacles which eventually form the foundation of their growth.
“More so, because of the capabilities, they protect their market shares through strategic moats against competitors and new entrants,” he stated.
Prof. Ekekwe plans to send out two business lessons per week to engage Tekedia’s growing community on the mechanics of business systems. “Each piece would be prepared to pass across a business lesson.”
Prof. Ndubuisi Ekekwe writes regularly in the Harvard Business Review and has spoken at global events — explaining and teaching the mechanics of business systems and nation-building.
To start receiving his free business lessons sign up here.
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