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Palton Morgan Kick-starts Development of Claren Villas, Signs Contract with BCL



Palton Morgan – a parent brand of Grenadines Homes and Oceanna has recently signed a contract with Business Contracting Limited (BCL) for the construction of Claren Villas – the most Prestigious Apartments at Ikoyi County.

Located at the exquisite Lugard Avenue, Ikoyi, Lagos, Claren Villa is a unique project and will offer a lifestyle of value and opulence upon completion.

Speaking at the signing event, the Executive Director/Group Chief Operating Officer, Palton Morgan, Nidal Turjman, said that the company is offering a smart and luxurious lifestyle in the real estate sector and has engaged the finest international contractors to build projects that meet global standards and the expectations of the market.

“Claren Villas is a project of Palton Morgan by Grenadines Homes. It is an exclusive project that will complement the lifestyles of those that desire elegance and luxurious living. It is unique by the technology being put in place, the materials used for building and the amenities within the environment, which all match international standards. It is for those who are dissatisfied with conventional homes”, Nidal added.

He further stated that Palton Morgan was very particular about delivering on quality, hence the selection of only the best contractor, not just on financial grounds but also in the technical aspect.

“We are confident in their (BCL) expertise, quality of equipment, and their capacity to deliver on schedule. Our expectations from our contractors are timeous delivery, quality of workmanship, and compliance with Health, Safety and Environment (HSE) ethics”, he concluded.

The Managing Director, Business Contracting Limited (BCL), Roda Fadlallah, expressed delight at the opportunity to work with Palton Morgan on the Claren Villa project and commended the company for its reputable track record:

“Working with the team has been a delightful experience. I worked on the Skyvilla project and I found them of integrity, professional and transparent. I’m inspired by the sheer magnitude of their ideas and their vision”, he said.

Roda added that BCL shares the same ambition with Palton Morgan; “Our objective this year is to deliver the project based on the niche market. We have the right focus and vision in delivering the right project”.

Speaking to Palton Morgan’s unrivaled leadership positioning in its category, Nidal explained further that “Palton Morgan is committed to providing its customers with an international standard luxurious lifestyle. The real estate sector in Africa has experienced an unprecedented shift over the last couple of years and the demand for excellence has become more prevalent. Palton Morgan is however running at the forefront of meeting that demand.

“We are driven by the commitment to meeting global best standards in the best interest of our customers. Our target market goes beyond Nigeria, so we have to be at the top in terms of standards. We work towards perfection in quality and the perfection of the customer experience. Thus, excellence is at the heart of all our projects, by all our subsidiary firms.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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



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



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



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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