Dangote Sugar Refinery Plc has announced that it plans to spend $1bn on expansion after the Central Bank of Nigeria made the firm one of the three sole importers of the sweetener into the country. Bloomberg reported that the company’s Chief Executive Officer, Ravindra Singhvi, said during an investor conference call on Thursday that Dangote Sugar had put more than a hundred thousand hectares of land under cultivation to grow sugarcane for local sourcing of inputs. Singhvi was quoted as saying, “The plantations in Adamawa and Nasarawa will be ready by 2023 while work to almost double the capacity of…
Author: Temitope N.
The Lagos State Ministry of Energy and Mineral Resources has said it will hold a power sector stakeholders session on the proposed Lagos State Electricity Policy. The Commissioner for Energy and Mineral Resources, Mr Olalere Odusote, was quoted in a statement as saying the session slated for next week was aimed at proffering sustainable solutions to power-related issues in Lagos. He said the policy would serve as a blueprint for the vision to achieve sufficient access to electricity in the state and would also accelerate the ‘Light-up Lagos’ initiative when it becomes operational. He advised concerned stakeholders to register ahead…
The total claims paid by sixteen insurance companies in the country rose by 36.48 per cent in the first half of this year from N49.18bn in the same period of 2020. An analysis of data collated by our correspondent from the companies’ unaudited financial statements showed that they paid policyholders N67.12bn in claims in H1 2021. It was reported in July that the Commissioner for Insurance, Mr Sunday Thomas, said the National Insurance Commission was ensuring that defaulting insurance companies paid all their outstanding claims. He added that NAICOM was putting measures in place to boost insurance penetration and prepare…
The Minister for Industry, Trade, and Investment, Adeniyi Adebayo, has unveiled the 2020 Corporate Sustainable Investor Report (CSIR), a landmark research document that analyses the sustainability progress of companies operating in Nigeria. Developed by CSR-in-Action, a sustainability consulting and advocacy outfit in Africa, the independent scorecard provides critical insights into the sustainability approach of Nigerian companies in line with Environmental, Social, and Governance (ESG) factors. The Minister for Industry, Trade, and Investment, Adeniyi Adebayo, has unveiled the 2020 Corporate Sustainable Investor Report (CSIR), a landmark research document that analyses the sustainability progress of companies operating in Nigeria. Developed by CSR-in-Action,…
The Nigerian Economic Summit Group (NESG) has said that with the current state of the Nigerian economy, the country needed to adopt a different approach with a profound sense of urgency to find workable measures towards achieving growth and national security. Chairman of the NESG, Asue Ighodalo, said governments at all levels must intensify efforts to address the challenges of kidnapping, theft and other social vices, to pave way for economic growth, job creation and poverty reduction.Ighodalo said this during the inauguration of the joint planning committee for the 27th Nigerian Economic Summit (NES) with the theme ‘Securing our future:…
Amid growing concerns of low revenue generated from the lottery and gaming industry, the Federal Government has projected to rake in over N100 billion from the sector yearly. Executive Secretary of National Lottery Trust Fund (NLTF), Bello Maigari, disclosed this yesterday, during the presentation of sporting kits to the agency’s staff in Abuja. According to the research firm, Research, and Markets, there are roughly 60 million Nigerians aged between 18 and 40, involved in active betting. Despite a huge number of people engaged in betting, the Nigerian government-generated less than N1 billion from the gaming industry in 2019. Bello, however,…
The Nigerian Exchange Limited (NGX) halted four consecutive trading sessions of an uptrend, as profit-taking by investors on the Nigerian Exchange Limited (NGX) dragged the All-Share Index (ASI) by 0.3 per cent. Specifically, the ASI dipped by 126.32 points, representing a decline of 0.32 per cent to close at 38,801.51. Similarly, the overall market capitalisation of listed equities depreciated by N66 billion to close at N20.216 trillion. The market negative performance was driven by price depreciation in large and medium capitalised stocks amongst which are, MTN Nigeria Communications, Ardova, Guaranty Trust Bank Holding Company, United Capital, and Access Bank. Analysts…
As the country prepares for the implementation of the African Continental Free Trade Area (AfCFTA), the Standards Organisation of Nigeria (SON) has stated that it successfully obtained over 150 orders for the destruction of fake and substandard products from courts across the country in the last four years. The Director-General of SON, Farouk Salim, during the organisation’s capacity building workshop for journalists in Abuja, yesterday, noted that the Federal Government and private sector are well prepared to take advantage of the trade deal. Salim said the Nigerian government signed the trade agreement early this year based on its overall preparedness.…
Erudite Economist and professor emeritus, Olu Ajakaiye has expressed shock and disbelief that the Debt Management Office (DMO) has resorted to borrowing $6.2 billion fresh capital from the international capital markets which have been described as very expensive and against the Agency’s plan to opt for concessionary loans. Ajakaiye, who is the Ibadan-based African Centre for Shared Development and Capacity Building while reacting yesterday, to the announcement by the DMO that it had picked some advisers to assist it to raise the $6.2 billion (N2.43 trillion) from the international markets through Eurobond, said it was more expensive raising funds through…
…sets December deadline for fuel stations’ DRMS registration As subsidy costs weigh down government interventions due to rising consumption of premium motor spirit (PMS) occasioned by smuggling and sharp practices in the downstream sector, the Department of Petroleum Resources (DPR) has set a December deadline for filling stations to register on its Downstream Remote Monitoring Systems (DRMS), as a requirement for licence renewal. DRMS, also known as e-Station, is an inventory and regulatory tool that tracks product levels across retail outlets and depots. The system also tracks the movement of products from depots to retail outlets using a USSD code…