Original engineering equipment manufacturer/oil and gas services provider, Solewant Group, said it has spent over $50 million and currently investing additional $150 million, cumulating to over $200 million investments, in the expansion of its automated Longitudinal Submerged Arc-Welding (LSAW) pipe milling plant.
The Group Chief Executive Officer of Solewant Group, Mr. Solomon Ewanehi, said the investments were to enable the company consolidate and provide standard steel pipes needed in the African oil and gas and water sectors.
Ewanehi, disclosed this when a team from the ministry of water resources paid an inspection visited to the company’s facilities at Alode, Eleme-Onne, in Rivers State.
Facilities inspected at the Solewant Group Industrial Area included the company’s Pipe and metals fabrication centre, state-of-the-art laboratory, fabrication and coating yard of over 139,000 square meters, multi-layer pipe coating plant and concrete weight coating factory.
Ewanehi noted that Nigeria has over the years suffered from inadequate local capacity in the water, oil and gas industry, particularly in the areas of in-country value addition and production of tubular goods.
To address the gap, Ewanehi, said the company set up her Industrial Area to drive local content and provide direct impetus to the existing water, oil and gas laws and regulations that support local content development.
He added that Solewant Industrial Area would also provide a strong African presence, as Nigeria is at the forefront of the West African development where major oil, gas and water facilities were being installed.
He said their journey to manufacturing was an example of value creation that started in 2004, when the federal government met with some stakeholders in Abuja to examine progress made by indigenous industries.
This, he said, led to the development of the company’s Industrial Area.
“The purpose of this pipe and metals centre is to provide employment to the youth and training of engineers in pipes/pipe coating application services, encouraging local content, technology transfer, to save time of project delivery and minimize cost of projects and efficient pipes/metals coating solution to project owners,” he said.
Ewanehi identified environment and patronage as major challenges, pointing out that their company was not looking at challenges, because they were natural.
The GCEO said he was more excited that Nigerian Content Development and Monitoring Board (NCDMB) has certified Solewant as original equipment manufacturers of coating pipes in the country, saying “so if you need such products and solution, you must come to Solewant facility.”
In his remarks, after the tour of the company’s facilities, the leader of the delegation from the ministry, Mr. Oyok Nsa, who spoke on behalf of the Minister of Water Resources, Adamu Suleiman, described the products manufactured by Solewant Group as of high quality and unprecedented in Nigeria.
According to Nsa, “it is more gratifying to see a hundred percent Nigerian company manufacture such products in-country, and as such, Solewant needs to be encouraged and supported.”
He said the ministry was concerned with the prevalence of material failures in water supply infrastructure in Nigeria, occasioned by the use of sub-standard uPVC/HDPE Pipes, casing, screens and fittings.
He revealed that the ministry was planning to standardizing and regulating the materials to be used in construction of water supply infrastructures in the sector.
Commending Solewant Group further, Nsa said, “What we have seen here today is unprecedented. The water treatment plant and other pipe production and coating facilities are of high quality and meet International standard.
“Solewant has proved that they can manufacture high quality tanks and pipes that can convey safe water to the public. We are impressed, so we are going to make our report to the Honourable Minister of Water Resources when we get back.”
Tunde Hassan-Odukale is FBN Holdings Largest Shareholder, Not Femi Otedola, FBN Holdings Clarifies
In response to the questions asked by the Nigerian Exchange Limited (NGX), FBN Holdings has said Mr. Tunde Hassan-Odukale, a Director of First Bank of Nigeria Limited is FBN Holdings Plc’s largest shareholder and not billionaire Femi Otedola.
In a statement signed by Seye Kosoko, Company Secretary, FBN Holdings Plc and released via the Nigerian Exchange Limited on Wednesday, Mr. Tunde Hassan-Odukale directly holds 26,231,887 shares or 0.07 percent.
However, his indirect holdings stood at 1,897,280,212 shares or 5.29 percent of FBN Holdings’ total issued shares.
Breaking down Mr. Tunde Hassan-Odukale indirect holdings, the director holds 755,959,459 or 2.11 percent shares through Leadway Assurance Company Ltd.
Another 486,605,478 shares or 1.36 percent via ZPC/Leadway Assurance Prem & Inv Coll Acct. He acquired 0.04 percent or 13,229,148 shares through Haskal Holdings Ltd. Mr. Hassan-Odukale also purchased 1,004,528 shares through Leadway Capital & Trust Ltd.
He then bought 112,552 shares through LAC Investments Ltd; 112,237 through Leadway Properties & Investment Ltd; 211,290,798 or 0.59 percent via Leadway Holdings (Holdco); 53,771,413 or 0.15 percent through OHO Investment and finally acquired 375,194,599 or 1.05 percent through Leadway Pensure PFA.
Therefore, Mr. Tunde Hassan-Odukale direct and indirect holdings in FBN Holdings Plc stood at 26,231,887 or 0.07 percent and 1,897,280,212 or 5.29 percent, respectively. In totality (Direct and Indirect), he holds 1,923,512,099 or 5.36 percent shares in FBN Holdings.
This is more than the 10,000,000 or 0.03 percent shares directly owned by Mr. Olufemi Peter Otedola and another 1,808,551,625 or 5.04 percent he acquired via Calvados Global Services Limited. Mr. Otedola total stake’s in FBN Holdings now stood at 1,818,551,625 or 5.07 percent. Making him the second-largest shareholder in the company.
Tesla’s Valuation Crosses $1 Trillion Mark After Hertz Orders 100,000 Vehicles
Price of Tesla stock rose by $115.18 or 12.66 percent on Monday after Hertz, an American car rental company based in Estero, Florida, ordered 100,000 Tesla electric vehicles in a deal worth $4.2 billion.
Four months after surviving bankruptcy, Hertz Global Holdings Inc. is strategically moving away from fuel cars to electrify its rental-car fleet.
According to Hertz, customers will be able to order Tesla Model 3 at airports and other locations in major U.S. markets and some cities in Europe starting from early November.
The announcement bolstered Tesla’s market value above $1.03 trillion before it moderated to $1.01 trillion at the close of business on Monday.
Tesla’s valuation has risen at an unusual pace since the COVID-19 outbreak. The company’s valuation jumped from $100 billion to $1 trillion in less than two years, according to data available on Dow Jones. It took Amazon, Apple and others more years to attain the same status. To put it in perspective, it took Amazon more than eight years to move from a $100 billion valuation company to $1 trillion.
Despite analysts saying Tesla is extremely overvalued and a series of price adjustments post-COVID-19 are predicted, Tesla Inc and Elon Musk, the company’s CEO and Co-founder, seem not to be slowing down.
Musk’s Tesla holdings, including vested and unvested options, were valued at around $297 billion as of Monday, October 25, 2021, according to corporate-governance data company Equilar Inc. Elon Musk’s holdings in Tesla is more than the valuation of Toyota Motor Corp., the second-largest automaker by market capitalization.
Access Bank and African Banking Corporation Zambia Limited Merge to Deepen Presence in Zambia
Access Bank Plc on Monday announced it has signed a binding agreement with Atlas Mara Limited on a proposed merger between Access Bank’s subsidiary in Zambia, Access bank Zambia Limited and African Banking Corporation (Atlas Mara Zambia).
Upon completion of this prospective transaction, the Bank is expected to retain or increase its current shareholding in Access Bank Zambia, which following the merger will have over 70 branches and agencies, approximately US$1 billion in total assets and over 300,000 customers in Zambia.
The transaction will not require significant additional capital investment requirements from the Bank given the capital and other synergies created from the merger between Access Bank Zambia with Cavmont Bank in 2020. The proposed transaction is expected to be concluded in 2022, subject to fulfillment of conditions precedent including regulatory approvals in Nigeria and Zambia.
Commenting on the transaction, Dr. Herbert Wigwe, GMD/CEO of the Bank said, “This transaction represents another milestone that brings us closer to the achievement of our broader strategic objectives. The merger of Atlas Mara Zambia with Access bank Zambia is expected to augment our presence in Zambia and the broader COMESA region, Africa’s largest free trade area.
“We are particularly excited by the prospects of increased earnings contribution to the Bank from the enlarged Access Bank Zambia, which has also announced the appointment of a new Managing Director, Mr. Lishala Situmbeko, who brings over 25 years of cognate experience and deep local relationships into our Zambian operation.
“Today’s announcement is a testament to the strong confidence of the Zambian market in the Bank’s country and regional strategy as well as our strong confidence in the long-term prospects for the Zambian economy.”
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