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VFD Group Kicks-off Graduate Trainee Program to Create Opportunities for Graduates

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VFD Group- Investors King

In the fourth quarter of 2020, the unemployment rate in Nigeria increased to 33.30 percent from 27.10 percent in the second quarter of 2020 according to the Bureau of Statistics. The rate of unemployment in Nigeria continues to increase at an alarming rate and it requires meaningful and tangible actions.

As a socially conscious organization, VFD Group, a proprietary investment company, has kicked off applications for its 2021 Graduate Trainee Program. The programme which is in its 4th edition aims to equip recent graduates with requisite training, development, and emotional intelligence to be able to function in their chosen professional careers. The application opened on Friday, August 27, 2021, and would end on Friday, September 3, 2021.

According to the Group Head, Human Resources, VFD Group, Damola Andah indeed, our commitment to this graduate training program is to help build and sustain talent development and contribute significantly to the nation’s economy in terms of output and employment.

“Building positive and socially conscious ecosystems that ensure we are providing innovative solutions to everyday citizens and entrepreneurs are at the core of what we do at VFD Group. A feat that we have only achieved through the collaborative efforts of a dedicated, hardworking, and talented pool of individuals. We believe in the power and importance of having a great team, and we would ensure they grow, remain fulfilled, and achieve their growth potential with us.”

In the end, young graduates with curious and innovative minds will work alongside the brightest minds in the industry and work on projects that are changing the world and thus help them become future leaders.

Applications opened Friday, August 27, 2021, and Interested candidates can apply for the training on our website.

About VFD Group

VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable businesses with the objective of creating innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.

VFD Group was founded by skilled professionals with diverse experience, qualifications and backgrounds. As a team, we identified the gap between both individuals and small businesses and their banking experiences and set out to bridge the divide. We discovered that despite the size of the formal financial sector, the informal sector is greater still and that there are immense opportunities for value creation within this informal sector. Considering that, we developed a business model that allows us to operate in every area of the financial industry through our portfolio, providing Financial Advisory, Asset Management, Currency, Real Estate, Debt Services and Private Funds Management Services, taking deposits and providing loans at very competitive rates. In all our endeavors, we are fully cognizant of the risks that come with pioneering innovation and working within the informal sector.

The diverse backgrounds and combined expertise of our Management and Board have enabled us to develop a versatile team of in-house risk managers, thoroughly enabling us to mitigate these risks.

Founded on the values of integrity and good governance, and built on the strength of innovation and network, the goal of VFD Group is to establish a firm foothold in various ecosystems on the continent through our subsidiary companies.

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Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

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Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

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IOCs Accused of Blocking Direct Crude Sales to Dangote Refinery

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Dangote Refinery

Dangote Industries Limited (DIL) has accused International Oil Companies (IOCs) of obstructing direct crude oil sales to its refinery and forcing the company to use costly middlemen.

This development comes after a statement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) suggested a “willing buyer-willing seller” dynamic was in place as mandated by the Petroleum Industry Act (PIA).

Devakumar Edwin, Vice President of DIL, countered NUPRC CEO Gbenga Komolafe’s claims, stating that IOCs consistently make it difficult for local refiners by pushing sales through international trading arms, which inflate prices and bypass Nigerian laws.

“These middlemen earn unjustified margins on crude produced and consumed within Nigeria,” Edwin stated.

He noted that only one local producer, Sapetro, has sold directly to DIL, while others insist on using trading arms abroad.

Edwin detailed the financial impact, citing instances where DIL was charged a $2-$4 premium per barrel above the official price.

In April, DIL paid $96.23 per barrel for Bonga crude, which included significant premiums, compared to a much lower premium for West Texas Intermediate (WTI) crude.

While acknowledging NUPRC’s support in resolving some supply issues, Edwin urged the regulatory body to revisit pricing policies to ensure fair market practices.

“Market liquidity is essential for fair pricing. We hope NUPRC addresses these issues to prevent price gouging,” he stated.

This dispute highlights ongoing challenges in Nigeria’s oil sector, where domestic refiners struggle to secure local crude amidst complex market dynamics.

The outcome of these negotiations could significantly impact the refinery’s operations and broader industry practices.

The situation underscores the need for transparent and efficient crude supply systems to bolster Nigeria’s refining capacity and economic growth.

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Dangote’s $20 Billion Refinery to Begin Petrol Sales Next Month

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Petrol - Investors King

Aliko Dangote announced on Monday that his long-awaited $20 billion refinery complex will commence petrol sales starting next month.

The announcement came during a press briefing held at the refinery site in Lagos, where Aliko Dangote, Africa’s richest man, detailed the project’s progress and future plans.

“We are proud to announce that the Dangote Refinery will begin selling petrol from August,” Dangote stated confidently.

“This milestone marks the culmination of years of meticulous planning, construction, and overcoming numerous challenges.”

Dangote’s refinery, touted as the largest single-train refinery in the world, is designed to process 650,000 barrels of crude oil per day once fully operational.

The facility aims to not only meet Nigeria’s domestic demand for refined petroleum products but also contribute significantly to export markets across West Africa.

“We have entered the steady-state production phase earlier this year, and now we are ready to begin commercial sales,” Dangote explained. “Initially, we will focus on petrol production, with plans to expand our product range as we ramp up to full capacity.”

The refinery’s launch is expected to alleviate Nigeria’s longstanding dependence on imported refined products, thereby boosting the country’s energy security and reducing foreign exchange outflows associated with fuel imports.

Beyond petrol sales, Dangote revealed ambitious plans to list both the refinery and its associated fertilizer plant on the Nigerian Exchange Group (NGX) by the first quarter of 2025.

This move aims to attract broader investor participation and unlock additional value for shareholders.

“We are committed to transparency and accountability in our operations,” Dangote emphasized. “Listing these subsidiaries on the NGX will not only strengthen our corporate governance framework but also enhance the refinery’s financial sustainability.”

Challenges and Future Prospects

Despite celebrating the imminent commencement of petrol sales, Dangote acknowledged challenges encountered during the project’s execution, including delays in securing land for a petrochemical facility in Ogun State, which incurred substantial costs.

“We faced bureaucratic hurdles that resulted in significant delays and financial losses,” Dangote lamented. “Nevertheless, we remain steadfast in our commitment to advancing Nigeria’s industrial capabilities and contributing to economic growth.”

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