Business tycoon, Aliko Dangote has finalized plans to seek over N300 Billion ($750 million) through bonds to complete his refinery project in Lagos State.
Investors King gathered that the refinery project was supposed to be finished in 2019, but funding issues and the COVID-19 pandemic threw a wrench in the works, forcing the deadline to be moved back to 2023.
Dangote sought to raise $750 million from the Nigerian bond market with Dangote Oil Refining Company Limited and Dangote Fertiliser Limited, both Dangote Industries Limited companies, serving as co-obligors under the proposed programme, according to Fitch Ratings.
In order to prevent another extension and complete the refinery project next year, a portion of the funds will be used to cover the $1.1 billion needed to complete the refinery project while the remainder will come from either a Dangote Cement asset sale or the refinery project itself, equity sales.
“If the transaction is not successful, or should completion costs overrun or market conditions in the cement or urea sector deteriorate materially, we do not believe that DIL’s existing creditors would have further lending capacity.
“We believe that further asset sales, either in cement, or stakes in the projects, would be the more likely options to address funding of the refinery,” Fitch’s report reads.
About nine months ago, recall that Dangote opted to increase the workforce of his refinery by 17,000. Investors King reported that “the project currently employs 29,000 Nigerians and 11,000 foreigners at the 650,000 barrels-per-day world’s largest single refinery project located in the Ibeju Lekki area of Lagos. This is a ratio of around three Nigerians to one expatriate presently, which will increase local talent with the new additions.”
Speaking in a broadcast, Investors King quoted Dangote saying “When we started the project, we were supposed to bring a lot of foreign workers, but as we speak today, we have less than 11,000 expatriates. We have almost about 29,000 Nigerian workers that are getting massive training. We are also creating a lot of capacity in the country, which will be of great help for future oil projects in Nigeria, most especially with the opening up of the oil industry through the new Petroleum Industry Act….”
As a matter of fact, the idea of a successful Dangote Refinery project has been the expectation of both citizens of Nigeria and the Government, because, it will help bring a stop to the importation of crude oil.
IL Bagno Rewards High Performing staff with All-Expense Paid Trip to Dubai
IL Bagno, the leading total interior solutions company in Nigeria, for the world’s leading manufacturers of sanitary fittings, kitchen, tiles, doors, and other interior solutions recently recognised two members of its staff for their high performance and commitment to the success of the organisation.
Bosede Opebiyi and Victor Nwaogu both administration officers at IL Bagno’s Abuja and Lagos office respectively were awarded the IL Bagno excellence award based on a voting process by managers of the organization. They were both presented with a 5 day all-expense paid trip to Dubai and a commendation letter signed by the CEO.
Speaking on the award presentation, Mrs. Adetola Owolabi; Executive Director Black Pelican Group said ‘’as an organisation, we value and reward professionalism and exceptional performance. We voted the winners considered to be the most supportive and representatives of the ethos of hard work, diligence, and professionalism. They both represent the ideals of the company and go over and beyond to support other members of the team to achieve the organisations objectives. Consistent good work never goes unnoticed; I would therefore encourage others to emulate the diligence shown by them’’.
An elated Opebiyi thanked the organization for the kind gesture. ‘’I am proud to be a part of the Black Pelican Group, thank you for recognising my effort, I am motivated to do even more’’.
‘’I am truly humbled by the trust and faith placed in me, I feel compelled to work harder and improve my skills on the job’’ Nwaogu stated.
The debut award will be given twice in a year to deserving staff members voted by managers of The Black Pelican Group.
IL Bagno business is the business unit with the Black pelican Group that provides total interior solutions, it has carved a niche for being the preferred supplier of bathroom and other interior fittings to the most discerning clients and projects. The company recently celebrated its 18th anniversary.
Bankman-Fried’s FTX Says no Talks to Acquire Robinhood
Sam Bankman-Fried’s FTX crypto exchange said it is not in talks to acquire Robinhood Markets Inc, after a report on Monday claimed the exchange was exploring such a deal.
Bloomberg News reported on Monday FTX was discussing internally how to buy the app-based brokerage and that Robinhood had not received a formal takeover approach, citing people with knowledge of the matter.
“There are no active M&A conversations with Robinhood,” Bankman-Fried said in an emailed statement.”We are excited about Robinhood’s business prospects and potential ways we could partner with them.”
Robinhood declined to comment. The retail-trading platform’s shares were down 5% in extended trading after jumping over 14% on the report.
Last month, the founder and chief executive of FTX revealed a 7.6% stake in Robinhood but said he did not have any intention of taking control of the retail-trading platform.
Robinhood’s dual-class shares give its founders control of 64% of the voting shares outstanding, making it virtually impossible for takeovers without their support.
The popular trading platform has come under pressure this year as trading volumes ease from 2021’s frenetic pace – when retail investors used it to pump money into shares of so-called meme stocks such as GameStop and AMC Entertainment.
That slowdown, along with a sell-off in high-growth technology stocks, has driven a near 50% slump in Robinhood shares this year. The company had a market valuation of nearly $7 billion as of Friday’s closing price.
FTX’s U.S. arm announced in May it would launch a stock trading platform by the end of the summer. Last week, it acquired partner Embedded Financial Technologies for an undisclosed amount, which would add custody, execution and clearing services to its equity trading platform.
FTX and its billionaire founder Bankman-Fried have rescued other players during the crypto market’s recent crash. It provided crypto lender BlockFi with a $250 million revolving credit facility to help the firm avoid a liquidity crunch.
Oando Finally Released 2020 Unaudited Financial Statement, Reports N133.426 Billion Loss
Oando Plc, a Nigerian leading multinational energy company, has finally released its 2019 and 2020 unaudited interim financial statements after two years of dispute with shareholders and suspension of the company’s 2018 Annual General Meeting.
The revenue of the embattled oil company declined from N576.572 billion reported for the 2019 financial year to N489.986 billion in the 12 months ended 31 December 2020. This represents a decline of 15%. Oando disclosed in its unaudited financial statements obtained by Investors King.
Gross profit plunged by 43.8% to N40.782 billion, down from N72.560 billion achieved in the corresponding period of 2019.
The company’s net finance cost also grew from N40.712 billion in 2019 to N58.941 billion in 2020. Loss before income tax improved by 64.65% from -N377.415 billion in 2019 to -N133.426 billion in 2020.
Oando received N170.337 billion in tax credit in 2019 and another N855.420 million in 2020. Loss for the period moderated by 35.98% to N132.570 billion in 2019 to N207.078 billion.
Explaining the reason for the delay, Oando said “The suspension of the company’s 2018 AGM and attendant issues prevented shareholders from being kept abreast of business operations, a move decried on numerous occasions by Oando and her executives as not being in the best interests of the market.
“In July 2021, Oando entered into a settlement with the SEC on all matters subject to litigation and other issues flowing therefrom, thus putting an end to one part of the dispute with Ansbury.
“Key for Oando was that the SEC did not find the company guilty of any wrongdoing and by way of a settlement, was able to prevent further market disruption and harm to Oando Plc’s shareholders,” the statement said.
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