Aliko Dangote, the president and chief executive of Dangote Industries Limited, has announced plans to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited (NGX).
Dangote expressed confidence in overcoming previous challenges related to crude oil supply, stating, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
The refinery, poised to commence operations in December, holds the promise of significant contributions to the Nigerian economy.
At full capacity, it is expected to produce 650,000 barrels of oil per day, with an initial rollout of 540,000 barrels daily.
The facility will produce 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel, sourcing crude from various Nigerian producers, including the state oil company.
A finalized deal for the delivery of the first cargo of approximately six million barrels next month signals the imminent realization of this ambitious project.
The refinery’s impact is anticipated to extend beyond the oil and gas sector, with projections suggesting significant cost savings for Nigeria by eliminating the need to import petrol.
Industry operators and government officials are optimistic about the transformative potential of the Dangote Refinery.
Akinwumi Adesina, President of the African Development Bank (AfDB), lauded the project as the best-industrialized initiative for Africa, projecting substantial savings for Nigeria and the continent as a whole.
As Nigeria’s largest refinery project, the facility has garnered praise from the Lagos Chamber of Commerce and Industry (LCCI).
Dr. Chinyere Almona, the LCCI Director-General, commended the visionary efforts of Aliko Dangote and the supportive federal government, emphasizing the refinery’s capacity to meet Nigeria’s refined petroleum product needs.
The impending listing on the NGX positions Dangote Petroleum Refinery as a catalyst for economic growth, energy security, and self-sufficiency in Nigeria and beyond.
EnjoyCorp Limited Secures Strategic Acquisition of Champion Breweries Plc
EnjoyCorp Limited, a conglomerate known for its ventures in food, beverage, and hospitality, has successfully secured a strategic acquisition deal with Heineken B.V.
The agreement entails EnjoyCorp acquiring 100% of Heineken’s shareholding in The Raysun Nigeria Company Limited, which holds an 86.5% stake in Champion Breweries Plc, a prominent regional brewer listed on the Nigerian Exchange Limited (NGX).
The transaction, subject to regulatory approvals, is anticipated to conclude in the second quarter of 2024.
Heineken will extend its support to Champion Breweries for a year post-acquisition, ensuring a seamless transition of ownership.
This acquisition marks EnjoyCorp’s strategic entry into the beverage sector, aligning with its vision of catering to the diverse tastes of the African consumer market.
By integrating Champion Breweries as an anchor subsidiary, EnjoyCorp aims to strengthen its foothold in the industry.
EnjoyCorp, known for its mission to enrich life’s moments through quality brands and sustainability, sees this acquisition as a pivotal step in its journey toward transformative growth.
With a focus on innovation and community engagement, EnjoyCorp endeavors to inspire consumers to cherish life’s moments responsibly.
The acquisition underscores EnjoyCorp’s commitment to shaping the future of the beverage industry in Africa.
Apple’s Ambitious Electric Car Effort Comes to an End, Stock Rises
Apple Inc. has announced the termination of its decade-long effort to develop an electric car, marking the end of one of the company’s most ambitious projects.
The decision was disclosed internally on Tuesday, surprising nearly 2,000 employees involved in the project, according to sources familiar with the matter.
Chief Operating Officer Jeff Williams and Vice President Kevin Lynch, who spearheaded the effort, informed staff that the project would wind down.
Many employees from the car team, known as the Special Projects Group, will transition to Apple’s artificial intelligence division under executive John Giannandrea, focusing on generative AI projects.
The news brought a sense of relief to investors, with Apple’s stock climbing approximately 1% to $182.63 at the close of trading in New York.
Elon Musk, CEO of Tesla Inc., also celebrated the decision, signaling approval with a post on social media.
The end of the electric car project, named Project Titan, is a significant shift for Apple, which initially aimed to produce a fully autonomous electric vehicle with advanced features.
However, the endeavor faced challenges from its inception, including leadership changes and strategic shifts.
Despite investing substantial resources and talent, Apple found itself grappling with a cooling market for electric vehicles, sluggish sales growth, and manufacturing hurdles.
The company explored various designs and tested self-driving technology extensively but ultimately struggled to achieve breakthroughs in the competitive automotive industry.
Apple’s decision underscores its strategic shift towards prioritizing generative AI projects over automotive ventures.
While the end of the electric car project marks a notable chapter in Apple’s history, it signifies the company’s adaptability and focus on areas with long-term profitability potential.
Olam Group’s Second-Half Earnings Rise 15.5%, Share Price Jumps 10%
Olam Group Ltd., a prominent agricultural trader, reported an improvement in its second-half performance following a report of an ongoing investigation in Nigeria.
The company disclosed that its earnings soared by 15.5% to S$230.8 million ($172 million) in the six months ending in December as announced in a recent exchange filing.
Despite facing challenges throughout the year, including high borrowing costs and operational hurdles, Olam Group posted double-digit growth across various metrics in the latter half of the year.
The substantial improvement in earnings has buoyed investor confidence, reflecting optimism about the company’s resilience and capacity to navigate challenging market conditions.
The company’s share price rose by 10% during Singapore trading.
However, Olam Group’s full-year net income experienced a sharp decline, plummeting by 56% to S$278.7 million.
The company attributed this downturn primarily to high interest rates, which resulted in a significant increase in net finance costs amounting to S$401.9 million.
Olam Group’s Chief Executive Officer, Sunny Verghese, expressed optimism about the future, anticipating a decrease in interest rates in the latter part of 2024.
Also, the company announced plans to launch a share buyback program, signaling its belief that the group is currently undervalued in the market.
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