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FG Plans Massive Export With Lekki Deep Seaport

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  • FG Plans Massive Export With Lekki Deep Seaport

The Federal Government has announced plans to embark on massive exportation of goods using the Lekki Deep Seaport when it becomes operational in 2021.

Vice-President Yemi Osinbajo stated this on Thursday while inaugurating the Lekki Deep Seaport project in Lagos.

He explained that the development of the Lekki Deep Seaport was critical to the creation of special economic zones, which would serve as models for others across the country.

He said, “In the past two budgets, we have provided an average growth of N90bn for development of SEZs and we are developing the special Lekki economic zone as a model for other economic zones specifically targeting export.”

He noted that the ceremony was a landmark event towards driving the Federal Government’s Economic Recovery Growth Plan and the present administration’s emphasis on supporting game changing infrastructure projects directed at making major impact on trade and commerce

He said, “We were told by the promoters of this project that they are targeting about 1.5 million 20 feet equivalent unit container capacity annually, which we expect to grow to about 2.7 million and 4.7 million TEUs when the project operations commence. With this feat, the Lekki Deep Seaport will be one of the largest deep water seaports in our region and serve as a hub for port operations in the whole of West Africa.’

“We have been told that very large crude carriers will now be able to visit the port and greater efficiency and economies of scale will generate significant economic revenue for the Nigerian economy with the Federal Government earning a significant portion.”

According to him, the event was also a reflection of the government’s commitment to economic philosophy to private sector leadership to achieve economic development, stressing that the business of government is to contribute by way of equity where necessary, but more importantly, create the enabling environment for the private sector to do business.

“We must move ahead with ensuring the speedy completion of this project; there will be problems, but we assure you that the federal and state governments will be with you every step of the way to ensure that we give all the support required to make this dream come to fruition,” he stated.

Earlier, the Lagos State Governor, Akinwumi Ambode, represented by the Deputy Governor, Lagos State, Idiat Adebule, said the maritime sector had the potential to become a major revenue earner with significant contribution to the Gross Domestic Product of Nigeria.

He said the Lekki Deep Seaport had an adequate space for container storage with modern equipment to facilitate port operations and would tremendously relieve Apapa and Tincan ports of pressure.

He said the port would impact greatly on the development of the Lekki free trade zone while also commending the promoters of the project for their confidence in choosing Nigeria as an investment destination.

The Minister of Transportation, Rotimi Amaechi, said the Lekki seaport would be the first deep seaport in Nigeria and give the country the ability to receive very large crude carriers.

He added the ability to accommodate large vessels would the nation a regional hub.

“I hope this would help us generate outward cargoes because we have been having problems in raising outward cargoes. We must also work hard to make sure that we send out commodities to other countries.”

The Managing Director, Nigerian Ports Authority, Hadiza Usman, said the project was in line the with Federal Government’s commitment to promote private investment.

She said that the NPA fully paid share capital of five per cent, which was the minimum investment enough to give the private investor confidence, without having undue interference as a regulator.

She said the vision of the NPA was to provide an enabling environment for the operators, stressing that Nigeria being the largest exporter and importer of cargo in West Africa subregion required a deep seaport, which would receive large vessels.

“These big ships move cargo more efficiently. We will work with all stakeholders to see the deep seaport become a world-class facility,” she said.

The Managing Director, Tolaram Group, Haresh Aswani, said the project would change the future of the nation’s maritime sector and serve as a catalyst for economic development and the general well-being of Nigerians.

He said when completed, it would create about 170,000 direct and indirect jobs while also generating about N360bn under the concession including over N200m in tax revenue for both the Lagos State Government and Federal Government.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Seplat Appoints Emeka Onwuka as CFO, Executive Director

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Seplat Named Emeka Onwuka as CFO and Executive Director

Seplat Petroleum Development Company Plc has appointed Mr. Emeka Onwuka as the Chief Financial Officer (CFO) and Executive Director of Seplat, effective from August 1, 2020.

In the statement signed by Mrs. Edith Onwuchekwa, Company Secretary and Chief Governance Compliance Officer, and released through the Nigerian Stock Exchange, Mr. Onwuka has more than 30 years of experience in financial services within Sub-Saharan Africa.

“He has acted as the voice and face of major financial institutions in Nigeria as former Group Managing Director /CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited. Mr Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria,” the Company stated.

“Mr Onwuka received his B.SC. in Political Science from the University of Nigeria, Nsukka and holds an MBA from the University of Benin. He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of Chartered Institute of Taxation of Nigeria. He has attended executive programs at the Lagos Business School, Wharton Business School and Harvard Business School.

“Mr. Onwuka holds the Nigerian National Honour, Officer of the Order of the Niger (OON). The Board of Seplat is confident that the wealth of knowledge and experience he brings will be a great addition to the Company.

“This announcement is being made in accordance with Rule 4 of the Nigerian Stock Exchange Amended Listing Rules.”

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TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall

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TaJBank E-commerce

TaJBank Launches Ethical Online Mall

Abuja Nigeria July 8th, 2020  Nigeria’s most innovative Non-Interest Bank, TAJBank, has announced the highly anticipated launch of TAJMall, the nation’s first ethical online shopping mall.

The highly anticipated launch of the e-commerce site, which held recently, is coming closely on the heels of the commencement of its Agency Banking Network which began in June across thirteen (13) states in the country.

To celebrate this milestone, the brand will be holding a week long TAJMall campaign from 6th – 11th July 2020 to sensitize and also reward its new customers to its platform.

“This is a great milestone as we present a fully customer focused e- commerce platform offering 100 percent authentic brands from highly vetted vendors. Our mission is to rebuild trust in the online shopping niche, hence the emphasis on our platform being an ethical shopping mall. We want to deliver on our promise and make this an enjoyable and safe experience not just for our customers, but also for our numerous trusted vendors as well,” said Founder/COO TAJBank, Hamid Joda.

“Our customers place absolute trust that goods will be delivered exactly as requested, and we do not take that trust lightly, he added.

The brand expressed commitment to continuously deploy technological tools on it’s new e- platform to maintain optimal customer service delivery and ensure shopping on TAJMall remains a productive and hassle free experience.

Customers who log onto the tajmall.ng platform (or download the app), will have the opportunity to enjoy massive price slashes, shopping coupons, free shipping and other incredible offers. The Bank also intends to offer financing to its customers who shop on the mall.

“Well beyond our exciting line up of activities, they are assured the highest level of value each time they make a purchase on TAJMall. Our marketing insights have shown that there is an increasing need to match the kind of variety in product offerings that customers yearn for with the exceptional shopping experience that may at times be lacking. We aim to make that an unmatched experience right from the moment our customers visit our mall to the receipt of their items,” affirmed Co-Founder/CMO, Mr Sherif Idi.

Customers shopping on TAJ Mall are guaranteed 100% authenticity, official warranties from the brands, and a 5 day return policy at no extra cost to the customer.

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Warren Buffet to Give Out Another $2.9bn, Total Donations Now $37bn

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Warren Buffett's Donations

Warren Buffet Gives Away $2.9bn, Total Donations Now $37bn

Oracle of Omaha, Warren Buffet, has announced his yearly charitable donations to the five philanthropies he picked to donate most of his fortune to.

The billionaire plans to give out 15.9 million class B shares of Berkshire Hathaway worth $2.9 billion to the five philanthropies. This will bring his total philanthropic donations to $37 billion since 2006.

Warren Buffett

Buffet, who has promised to give away about 99 percent of his fortune, still hold 248,734 Class A shares of Berkshire valued at around $67.5 billion.

However, before he began given out his shares, Oracle of Omaha held 474,998 Class A shares of Berkshire, which would have worth about $129 billion as of today.

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