Connect with us

Business

French President, Macron, Applauds BUA Boss As Company Announces Progress On 200,000bpd Refinery

Published

on

The French President, Emmanuel Macron, has commended the Chairman of BUA Group, Abdul Samad Rabiu for his commitment to developing lasting relationships between French and Nigerian businesses.

This came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group HQ in Lagos Nigeria where he handed over a personal invitation from President Macron to Abdul Samad Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for BUA’s proposed 200,000barrels per day refinery in Akwa Ibom. During the visit, it was also announced that the Chairman of BUA Group had been appointed Chairman of the France Nigeria Investment Club.

Speaking during the ceremony, the Chairman of BUA Group, Abdul Samad Rabiu thanked the Minister and President Macron for their unwavering support in bringing BUA and French businesses together. He further added that so far, BUA had initiated partnerships and have developed personal relationships with a few French businesses, including Axens whilst expressing confidence in the quality of expertise and technical know-how of the French companies BUA has partnered with.

In his comments, Jean Sentenac, President of Axens said that he is pleased that the project is advancing on schedule. He also praised the very good cooperation between all the involved parties and reiterated the commitment of Axens to delivering the BUA Refinery Project on time and with the highest standards.

Represented by Franck Riester, the French Minister for Foreign Trade and Attractiveness, Marcon invited Abdul Samad to the “Choose France Summit” and said the French Government is ever ready to support people-oriented and developmental projects in Nigeria.“I am very pleased to see how committed Abdul Samad Rabiu is for the refinery and in the space of philanthropy”. Macron said.

“I want to stress how keen you were in promoting the interest of Nigeria and its people during our meeting in Paris and how committed you were to make the economy stronger and more resilient. I want to congratulate you for the vision and ambition you demonstrate in many sectors in your will to build projects shaping the future of Nigeria. We think that we have to support long term investment of French companies in Nigeria and Nigeria companies in France and this project of refinery is a wonderful project for Nigeria”, Macron said.

Earlier, Abdul Samad Rabiu who stated that Nigeria imports most of its crude oil consumed daily noted that BUA Refinery when fully operational will reduce the huge cost transporting crude oil offshore, refining it, and bringing it back into the country. Rabiu added that the decision to site the refinery in Akwa Ibom – Southern Nigeria was strategic due to huge availability of raw materials and its proximity to export petroleum products to regional countries.

Riester was accompanied by a high-powered delegation of Jerome Pasquier, Ambassador of France in Nigeria; Mrs Laurence Monmayrant, Consul General of France in Lagos; Quentin Teisseire, Chief of Staff, Alexis du Boisberranger, Technical advisor for export and strategic partnership; Ms Benedicte Constans, Advisor to the Minister, in Charge of Communication; Pascal Furth, Regional Economic Counsellor, French Embassy amongst others.

Continue Reading
Comments

Brands

Samsung Launches Its Lastest Mobile Device, ‘Galaxy A04s’ in Nigeria

Samsung has unveiled its latest mobile device, the ‘Galaxy A04s’ in the Nigerian market

Published

on

samsung-galaxy-note-7

Multinational electronics manufacturing company Samsung has unveiled its latest mobile device, the ‘Galaxy A04s’ in the Nigerian market.

The new device comes in various colors such as Black, Green, White, and Copper, and is packed with a 3GB, 4B RAM with 64GB and 128GB internal storage, Investors King understands.

The A04s also supports Dual SIM and is built with a glass front, plastic back, and plastic frame. It features a triple camera: 50 MP (wide) + 2 MP (macro) + 2 MP (depth) while on the front there is an 5 MP (wide) camera.

Samsung’s launch of this device reinforces the company’s commitment in providing affordable yet quality devices that address the daily needs of consumers.

Following the launch of its latest device in the Nigerian market, Managing Director, Samsung Nigeria Charlie Lee said, “Today is quite remarkable as we introduce Galaxy A04s, ‘The Eagle’. People want a device that is convenient, safe and affordable.

“They want a device that is a one-stop shop to enjoy watching movies, playing games and be productive at the same time.

“Galaxy A04s, another pocket-friendly mobile device from Samsung has been launched in Nigeria to edge out competition, ahead of other emerging markets.

“The Galaxy A04s is an impressive device at excellent value that builds on our growing Galaxy A Series portfolio”.

“With the Galaxy A04s, our customers can experience next-generation performance, demonstrating Samsung’s commitment to providing accessible devices without compromising on quality.”

Following the current economic situation ravaging the country, Joy Tim-Ayoola, HOD MX division added that Samsung through a pay small small scheme called Flex Pay has provided the opportunity for consumers to buy the device and pay in 3-12 months’ installment with as low as N11,000 per month.

She also stated that users of the device can also repair their screens for as low as N12,500 with no limits to frequency or time. Samsung’s launch of its A04s is coming a year after it launched the A03s in 2021.

Continue Reading

SMEs

FSDH Merchant Bank Receives Approval from AfDB for $25 Million Finance Facility to Support SMEs

African Development Bank (AfDB) has approved a $25 million credit facility for FSDH Merchant Bank to support Small and Medium Enterprises (SMEs) in Nigeria.

Published

on

African Development Bank - Investors King

African Development Bank (AfDB) has approved a $25 million credit facility for FSDH Merchant Bank to support Small and Medium Enterprises (SMEs) in Nigeria.

FSDH, which provides investment banking and security trading services, received a $15 million trade finance line of credit and another $10 million in loan transaction guarantee to provide loans for SMEs.

Following several limitations faced by SMEs in the country which have stifled their growth, the $25 million facility will enable FSDH to work towards ensuring the growth of SMEs by reducing the trade finance gap in Nigeria and ensuring the availability of funds for small and medium-sized enterprises (SMEs) in the industrial sector.

The Bank will also guarantee up to 100% of non-payment risks arising from letters of credit and similar trade finance instruments issued by FSDH under the guarantee portion. This will allow confirmation of trade transactions originated by FSDH, benefiting local import and export businesses.

Overall, the facility will catalyze more than $200 million of trade finance transactions across multi-sectors, including agriculture, manufacturing, and energy over the next three years.

Speaking on the recently approved funds, the Director General of The African Development Bank (AFDB), Lamin Barrow said: “The availability of trade finance instruments to drive post-pandemic economic recovery efforts cannot be overemphasized.

“Hence, the Bank’s financing will help eligible Nigerian SMEs to take advantage of existing and emerging opportunities in the domestic and regional markets.”

Also commenting is the Bank’s Director for Financial Sector Development, Stefan Nalletamby, he said, “We are excited about finalizing this facility with FSDH as having the Bank as a partner will aid FSDH in scaling up its trade finance offerings in Nigeria to help meet the ever-increasing trade finance gap.

“This partnership is expected to catalyze more than $200 million value of trade finance transactions across multi-sectors such as agriculture, manufacturing, and energy over the next 3.5 years.” 

The African Development Bank (AFDB) anchors its current Nigeria strategy on two pillars which are supporting infrastructure development and promoting social inclusion through agribusiness and skills development.

Continue Reading

Merger and Acquisition

Access Bank Plans Expansion Into Angolan Market

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Published

on

Access bank

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Investors King learnt that Access Bank Plc is expanding its presence to Angola through the acquisition of a 51 percent stake in Finibanco.

The acquisition of Finibanco was disclosed in a filing to the Nigerian Exchange Limited by Access Holdings Plc.

Finibanco is a full-service commercial bank with over 20 branches and around $300 million in total assets in Angola.

According to Access Holding Secretary, Mr Sunday Ekwochi, the Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population, represents a strong potential for the bank’s growth aspirations

The Secretary further stated that the transaction is subject to regulatory approvals in Nigeria and Angola. The transaction is expected to be completed during the first half of 2023. This will however be subjected to customary conditions.

Access Bank has been on an acquisition spree since the beginning of 2021. The acquisition of a majority stake in Finibanco makes it Access’s sixth acquisition in the last 18 months.

In June 2022, it acquired a $37 million stake in Kenya Sidian Bank. Other acquisitions include African Banking Corporation of Botswana Limited, African Banking Corporation Zambia Limited, as well as Cavmont Bank.

Access bank is one of the leading banks in Nigeria. As a commercial bank, it operates through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 45 million customers.

The lending bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom. It also has a branch in Dubai, UAE and representative offices in China, Lebanon and India.

As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending