Femi Otedola, a Nigerian businessman and billionaire, has disclosed plans to shift his focus to power generation.In a series of tweets on his Twitter page on Saturday, Otedola said his business focus will now be on Geregu power plant.It is estimated he will invest $1 billion in the power plant.Amperion Power Distribution Company Limited, a subsidiary of Forte Oil Plc [...]
Schneider Electric has signed a memorandum of understanding with EM-ONE Energy Solutions, a sustainable energy and engineering firm. Under the MoU, Schneider would provide support for EM-ONE, as the energy firm delivers 30 mini-grids to power hospitals in Kaduna state with plans to assist the university and rural electrification market.A mini-grid is an integrated local generation and distribution system with installed [...]
Only high net-worth individuals and institutional investors that have a minimum of $3 million in investable assets will be offered shares in the upcoming initial public offers (IPO) of Airtel Africa.According to the listing prospectus made available by the company, this $3 million investable asset will be outside the primary residence of the investors.Airtel said it would offer between 501.125 [...]
The Manufacturers Association of Nigeria (MAN) has advised the federal government to re-examine the mandate of the Standard Organisation of Nigeria (SON).The association made this recommendation on the premise that substandard goods have flooded the Nigerian market despite statutory fees paid to the SON.MAN had, on Wednesday, paid an advocacy visit to President Muhammadu Buhari at the Presidential Villa in [...]
MultiChoice Africa, a multinational video entertainment company, has announced plans to restructure its customer service model, leading to the possible loss of over 2,000 jobs. The restructuring would create new opportunities for "multi-skilled employees with the expertise, skills and technological prowess to enhance the customer experience," Calvo Mawela, MultiChoice group chief executive, said in a statement on Friday. Mawela said the company [...]
The electricity distribution companies (DisCos) have demanded a cost recovery framework before making investments in power distribution.Speaking at a seminar for the preparation of performance improvement plans (PIP) by DisCos, Azu Obiaya, chief executive officer of the Association of Nigerian Electricity Distributors (ANED), said the framework is necessary to align the sector towards commercial viability and sustainability.The Nigerian Electricity [...]
The Nigerian National Petroleum Corporation (NNPC) says it will resume oil search in the Chad Basin as soon as it receive security clearance. [...]
Lafarge Africa Plc says there is a proposal at hand to sell its 100% equity in Lafarge South Africa Holdings Limited (LSAH).In an explanatory note sent to the Nigerian Stock Exchange on Wednesday, the company said the transaction will be with Caricement B.V, an indirect subsidiary of Lafarge Holcim Limited."Lafarge Africa will present the terms of the transaction to the [...]
The federal government, through the Debt Management Office (DMO), will issue a N100 billion bond for subscription on June 26.In a circular posted on its website on Tuesday, the DMO said it will receive applications for the offering in three tranches, with a settlement date set for June 28.The first is a N30 billion five-year reopening bond that will mature [...]
Femi Otedola, billionaire businessman, says the sale of Forte Oil Plc, has been completed.Last year, Otedola, who was chairman of the oil firm, had announced the plan to sell off his 75 percent stake in the company to "maximise the opportunities in refining".In a message he posted on Wednesday, the businessman said the process had been completed and he is [...]
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