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COMMERCE AND INDUSTRY

By OLUSHOLA BELLO, Lagos The Board of Directors of Lafarge Africa Plc has announced a closed period for its shareholders on its proposed N140bn right issue. A rights offering is an issue of rights to a company’s existing shareholders that entitle them to buy additional shares directly from the company in proportion to their existing holdings within a fixed time period. The cement producing firm in a notice filed with the Nigerian Stock Exchange (NSE) on Friday in Lagos also said it had commenced a closed period which started on September 20, 2017 to close on September 27, 2017. The notice signed by its company secretary and legal director, Mrs Edith Onwuchekwa, noted: “We write sequel to our notice of an Extra-Ordinary Board Meeting scheduled on September 26, 2017, to consider the terms of the Rights Issue. “In compliance with Rules 17.17 (b) (3) and 17.18 (b), this is to formally notify you that...
By Bernard Tolani Dada, Uyo Vice President Yemi Osinbajo yesterday commissioned the N15billion Jubilee Syringe company in Onna local government area of Akwa Ibom State, saying the factory will improve the health care delivery of Nigerians. He also stated federal government’s readiness to partner the government of Akwa Ibom State in its quest to improve the health care delivery of Nigerians through the establishment of the world class syringe factory in the state. According to him, the federal government will support the state in ensuring that the over 400 capacity of the factory are increased to one million. Jubilee Syringe Manufacturing Company is N15billion ($35million) syringe manufacturing company which sits on a 40,000-square meter (sqm) land area in Onna local government of Akwa Ibom State. The estimated 350 to 400 million syringes production per annum far overshoots that of a company in South Africa which has a production capacity of 93 million, thereby making...
...Say FG Committed Encourage Private Initiatives  By: Patrick Ochoga, Benin City It was celebration yesterday in Auchi, and Okpella both in  Etsako West and Etsako East local government areas of Edo State as Vice President Yemi Osibanjo commissioned the rehabilitated Fertilizer blending plant and  inaugurated the Bua's Obu green field three million metric tonnes cement Company. Osibanjo who noted at Auchi that the President Muhammadu Buhari's administration is determine in  taking private initiative Enterprise seriously added that government also committed in ensuring business is done with ease in Nigeria. He said the commissioning of the fertilizer plant by the Obaseki's led government in Edo state is in line with the federal government fertilizer initiative noting that it is capable of reviving moribund fertilizer plants Governor Godwin Obaseki, in his remarks told the Vice President that the Auchi fertilizer plant was abandoned 14 years ago under the PDP led government noting that the plant will...
BY OLAJIDE FABAMISE, Lagos Stakeholders in the nation’s manufacturing sector have condemned the exclusion of players in the cement sector from the federal government’s recent review of its pioneer status list which gave tax holidays to 27 industries. Specifically, the Manufacturers Association of Nigeria (MAN) said it was not consulted before the review was announced. Their concerns were voiced as the Minister of Industry, Trade and Investment, Okechukwu Enelamah, made the clarifications on businesses that would enjoy the 3 -5 year tax holiday, following the Federal Executive Council’s approval for 27 new industries to grow and expand their investments. The list was last reviewed in 2006 but the latest approval was to bring the industrial policy of the country to global best practices. The Minister while making the clarification explained that the pioneer incentive scheme is governed by the Industrial Development Income Tax Relief Act. But several other stakeholders said that the government policy has...
BY MBAKAAN KWEN and MARK ITSIBOR, Abuja Investment inflows into Nigeria rose by 95.02 per cent from $884.1 million in the first quarter of this year to $1.79bn in the second quarter. The National Bureau of Statistics (NBS) disclosed this in a capital importation report released yesterday. The bureau, in the report made available to LEADERSHIP, attributed the main driver of the quarterly growth in capital importation in the second quarter to 146.7 per cent increase in Portfolio Investments. According to the report, other Investments, also grew by 95.02 per cent, including Foreign Direct Investment, which increased by 29.8 per cent over the previous quarter. The report noted:  “The total value of capital imported into Nigeria in the second quarter of 2017 was estimated to be $1.792bn. This figure was $884.1m more than the figure recorded in Q1 2017, a growth of 95.02 per cent. “Year on year, this was an increase of 43.6 per...
By SALIHI ABUBAKAR BELLO, Kano Emir of Kano, Muhammad Sanusi II, has lead the Kano State government delegation to China in pursuance of beneficial trade and economic development deals with Chinese trading partners. The director press to Kano State governor, Malam Aminu Yassar, revealed that Emir Sanusi II, is having a successful tour of China aimed at improving trading between Kano State and the Chinese. He quoted the Emir as saying that the tour is a great eye opener to himself and the entourage. He said Shanghai is a giant economic city which is contributing immensely to the world’s economy and stated that Kano is fortunate to join the world community to benefit immensely from Shanghai’s economy and its latest technology. Meanwhile in continuation of his weeklong on visit to China, Emir Muhammadu Sanusi II, on Sunday visited the Shanghai Urban Planning Exhibition Centre where he was taken through its history and its importance...
“China-Africa relations have today reached a stage of growth, unmatched in history. We should scale the heights, look afar and take bold steps”- President Xi Jinping (2015). By Charles Onunaiju More than two years, since Chinese leader, President Xi Jinping summarized the phenomenal level, China-Africa have then attained, and urged for the relations to aspire to new and higher “heights”, Nigeria and China took “bold steps”, last week to nudge the bilateral relation between them to new heights, thereby scoring major success in extending the frontier of Sino-Africa Cooperation. As a work in progress, the China-Africa Cooperation by the range of issues it has covered and the intensity of its engagement, is considerably phenomenal but still at a primary stage of its development, with profound potentials and prospects in the distant future, if both sides continue to “take bold steps and look afar”. Last week in Abuja, between August 10th and 11th,...
By CHIKA IZUORA, Lagos A landmark investment partnership has been sealed between Eko Petrochem and refining company, an indigenous petrochemical and refining company and the US Trade and Development Agency, USTDA, to fast track a feasibility study, supporting technologies and development of an Implementation plan for a modular refinery located on Tomaro island, Lagos. The partnership involves a seed fund of about one million US dollars grant to the company by USTDA after the selection of Texas based VFuels to carry out the study which will provide technical analysis and engineering and design needed to advance the 20,000 barrels a day modular refinery. The refinery is expected to promote Infrastructure development by increasing Nigeria’s local refining capacity. Speaking during the signing of a Memorandum of Understanding (MoU), acting director of USTDA, Thomas Hardy said, “We are proud to support this new project, which will lead to infrastructure development and economic growth in Nigeria....