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Africa’s Richest Man, Dangote Ventures Into Automobiles

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Africa’s richest man, Aliko Dangote has partnered Stellantis Group, the parent company of Peugeot, the Kano and Kaduna state government in the assemblage of vehicles in Nigeria.

The new automobile company, Dangote Peugeot Automobiles Nigeria Limited (DPAN) factory which is based in Kaduna commenced operations with the roll-out of Peugeot 301, Peugeot 5008, 3008, 508 and Land Trek.

DPAN, in a statement, noted that the company has a capacity to assemble 120 cars in a day, running two shifts.

“With the New Green Field Ultima Assembly Plant, a lot is being done by DPAN to ensure visibility of the Peugeot brand and availability of spare parts to the network and the generality of Nigerians. DPAN will be encouraged by our technical partner to reposition the brand in the short, medium, and long term as we ensure customer satisfaction and sustainability.

“This dream has started with the re-launch of the Peugeot brand in Nigeria as well as the local assembly of the  301  at our new Kaduna plant and thereafter the introduction of the Landtrek,  3008,  5008 and the new  508…Nothing is being spared to enable market recapture, hence all hands are on deck to ensure not just survival but also continued growth in a  market with potential for cars in excess of 100,000 units per year and growing”, the company’s Managing Director, Ibrahim  Issa  Gachi noted.

As an entrepreneur, Aliko Dangote has ventured into an array of investments and businesses, ranging from agricultural products to cement, transportation, oil and gas, construction, among others. The Dangote Group is a conglomerate of companies managed by him.

Investors King had reported that his new refinery is currently under construction at the Lekki Free Zone in Lagos and is set to commence operations in the third quarter of 2022. The refinery is expected to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

Recently, his net worth hit $13.9 billion, a record higher than last year’s record of $12.1 billion. This is largely due to a 30% increase in the stock price of Dangote Cement, his most valuable asset. Even though he came from a wealthy family, he told Bloomberg in an interview, that he built the Dangote Group empire from scratch without inheriting any money from his father, who was one of the wealthiest Nigerians before his demise.

 

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

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

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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.

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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.

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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.

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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.

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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.

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