Connect with us

Business

Indorama Debunks Economic Sabotage

Published

on

Indorama Port-Limited

The management of Indorama Eleme Fertilizer & Chemicals (IEFCL) has debunked the report that the company and another fertilizer firm are sabotaging the national economy and security through their export of fertilizers at the detriment of farmers in Nigeria.

The Company stated that all its domestic supplies to customers so far are in accordance with the approval of the Office of the National Security Adviser (NSA) and the Farm Input and Supply Services (FISS) department in the Federal Ministry of Agriculture and Rural Development.

“Indorama Eleme Fertilizer & Chemicals Limited (IEPL) and its sister companies in Nigeria are not, and have not, and would never be directly or indirectly involved in any activities to undermine or sabotage the economy or security of the nation,” the company declared.

In a press statement issued in Port Harcourt, and signed by the company’s Head of Corporate Communications, Dr Jossy Nkwocha, the management noted that its brand-new world-class fertilizer plant built at a cost of $1.5 billion — one of Nigeria’s largest foreign direct investment (FDI) in the downstream sector — started pre-commissioning production only recently at only 75% capacity, and in the past one month has been giving priority to the domestic market.

The statement added: ‘”The plant is still awaiting official inauguration.

“Our brand-new fertilizer plant has capacity for 1.5 metric tons of fertilizers per annum which is designed to serve Nigeria’s entire domestic requirement and the surplus is for export markets.”

“However, our primary focus is to serve the interest of our domestic market and this we have been doing with great sense of responsibility and commitment to the Nigerian economy” the company stated.

“It is also a matter of national pride that the surplus production would be exported to enable the generation of foreign exchange for the Country at this time of huge deficit of foreign exchange; as well as branding Nigeria’s global reputation as producer and exporter of petrochemicals and fertilizers, thereby encouraging more foreign investors to come and invest in Nigeria.”

Nkwocha noted that IEFCL has been loading and distributing an average of between 90 – 100 long trailers of fertilizers, each carrying 600 bags of 50kg each, totaling over 57,000 bags of Indorama Urea fertilizer daily over the past one month for the benefit of Nigerian farmers across the country.

The company added: “Indorama-Nigeria is 100 percent committed to the growth and development of the Nigerian economy and has in the past ten years demonstrated such total commitment and loyalty by providing more than 85% domestic needs of polymers which were hitherto imported into the country at huge foreign exchange cost.”

Indorama said as a responsible corporate organisation, it was constrained to state the facts for the benefit of the Office of the National Security Adviser (NSA), the Federal Government of Nigeria, the international partners, other critical Stakeholders and the general public.

It noted that it was greatly embarrassed and distressed that the publications gave misleading impression that the two fertilizer companies were sabotaging national security by distributing fertilizers within the country, which were being used by some undesirable elements to make explosives.

“The publications further mentioned an unnamed organisation involved in commercial explosives and accessories whose activities were sabotaging national security”.

“This mix-up has caused great embarrassment and distress to our company, which over the past ten years has the unblemished reputation of adding great value to the Nigerian economy and society,” it said.

Furthermore, the statement added: ‘’The management of Indorama Fertilizer therefore restated its total commitment to the economy and security of the country, especially in ensuring that farmers across the country have unhindered access to its high quality Urea fertilizers.

It also expressed readiness to collaborate with the office of the NSA and Federal Ministry of Agriculture and Rural Development to ensure that all identified concerns about availability of Indorama fertilizers by farmers and dealers are addressed as quickly as possible.

Indorama said it would continue to work with Federal Government regulators to achieve its vision of building the largest Petrochemicals and fertilizer hub of Africa with a cumulative investment of $4.32 billion by 2020.

The company stated that in the past ten years, Indorama-Nigeria has been a responsible corporate citizen, reputed for its excellent Public Private Partnership (PPP) – sharing its wealth/dividend with shareholders including the Federal Government (through the Nigerian National Petroleum Corporation and the Bureau of Public Enterprises), Rivers State Government, and host communities and Nigerian employees.

It stated that it has also created over 7,500 jobs, as well as engendered numerous Corporate Social Investment (CSI) programmes that impact very positively on its host and transit communities in Rivers State.

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 experience in the global financial markets.

Business

MTN Nigeria Picks Karl Toriola as Chief Executive Officer (CEO) Designate

Published

on

Karl O Toriola

MTN Nigeria, Africa’s leading telecommunications company, has appointed Mr. Karl Toriola as the Chief Executive Officer (CEO) designate.

In a statement released on the Nigerian Stock Exchange’s website, the company said the appointment is effective from the 1st of March 2021 to give enough time for an orderly handover.

According to the company, Mr. Toriola is presently the Vice President of West and Central Africa (WECA), excluding Nigeria and Ghana, since 2016.

The statement reads “During his tenure, the WECA markets have made significant commercial and strategic strides. These include the improvement of market shares within the region and the development of mobile financial services.

“Since joining the Group in 2006, Mr. Toriola has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive. Mr. Toriola has at various times in his career in MTN Group, had oversight responsibility of 16 of the Group subsidiaries and serves on various MTN boards, including MTN Nigeria.

“Mr. Toriola obtained a Bachelor of Science in Electronic and Electrical Engineering from the University of Ife, a Master of Science degree in Communication Systems from the University of Wales, and attended the General Management Program at Harvard Business School. In addition, he has attended several executive development courses at various institutions including Wharton Business School, Institute of Management Development and London Business School.”

Continue Reading

Business

NESBITT Acquires Peugeot Nigeria, Plans to Invest $150m in the Company

Published

on

Peugeot

NESBITT to Invest $150 Million in Peugeot Nigeria

Peugeot Automobile Nigeria (PAN) has been acquired by the NESBITT Investment Nigeria, according to the statement from NESBITT.

The new owner planned to invest $150 million into the company in the next three years to revamp the automobile company.

It said the $150 million would help retool and upgrade PAN’s assembly line and boost working capital.

Speaking on the acquisition, Ahmed Wadada-Aliyu, the new chairman of PAN, said the automobile manufacturer would be introducing new brands into the market to establish brand affordability in Nigeria.

PAN under the supervision of the board shall undergo massive restructuring, and in so doing, we shall observe strict governance protocols, transparency, business integrity, efficiency and ethics in our undertakings,” he said.

“In 2019, Nigeria imported at least 400,000 used cars as against 68,000 brand new vehicles. Because of this imbalance, PAN will be introducing new brands of vehicles into the market to re-launch brand affordability in Nigeria such that Nigerians will have access to brand new vehicles.”

“Our biggest concern is the over 50 assembly plants that have not made any matching investments but are enjoying the incentives of the auto policy.”

Continue Reading

Business

Pharmaceutical Industry M&A Activity Grew by 17% in H1 2020 amid 56% Drop in Deal Value

Published

on

merger and acquisition

Pharmaceutical Industry M&A Activity Rose by 17% in the First Half of 2020

According to the research data analyzed and published by ComprarAcciones, merger and acquisition (M&A) deal activity in the pharmaceutical sector rose by 17% in H1 2020, disregarding the economic toll of the global pandemic.

It saw a total of 41 deals during the period, but the Q2 2020 deal value total of $3.3 billion was the lowest quarterly total since Q1 2018.

According to PwC, the pharma subsector posted a drop of 56% in deal value from H2 2019 to H1 2020. For the PLS sector as a whole (pharma, biotech and medical devices), the decline in deal value was a massive 87.2% during the same period.

Pharma and Life Sciences (PLS) M&A Total Deal Value Sank from $272.9B to $35B YoY

The total deal value for the pharmaceutical subsector in H1 2019 was $100.1 billion. In contrast, its total deal value in H1 2020 was valued at $7.7 billion.

The PLS sector had a total of 99 deals valued at $35 billion in H1 2020. In H2 2019, the figures were higher, with 129 deals valued at $86.5 billion. H1 2019 was even bigger, with 119 deals valued at a remarkable $272.9 billion.

Meanwhile, for the healthcare industry as a whole, H2 2020 started off with 13 deals valued at $1 billion+ according to S&P Global.

On the other hand, based on a report from Global Data, the global M&A deal value started on a downtrend in Q1 2020. It went from $151.2 billion to $129.9 billion from February to March. Another study from S&P Global shows that the decline carried into Q2 2020, with a 35% drop in deal volume. Similarly, total transaction value dropped by 40%, the highest drop since 2015.

Comparing H1 2020 to H2 2019, the total deal volume sank by 32% year-over-year (YoY) from 10,155 deals to 6,938 according to Merger Market. Deal values sank by 53%, from $1.9 trillion to $901.6 billion during the same period.

Continue Reading

Trending