Provides for construction of $2.5m, 1500MW plant in Anambra • NBET, NSIA sign $350m Eurobond funds management agreement • Customs releases 248 abandoned containers of PHCN equipment, 11 years after Chineme Okafor and Ejiofor Alike Even though they happened separately, the signing of a Memorandum of Understanding (MoU) between Nigeria and the USA on a 10,000-megawatt (mw) power generation project and the release of 248 abandoned containers of imported power equipment worth billions of naira belonging to the defunct Power Holding Company of Nigeria (PHCN) portend hope of more Nigerians having access to electricity.
Updated 6 Years ago

The Lagos State Government yesterday alerted the public that a Liberian national, suspected to have the Ebola Virus Disease (EVD) was detected in a private hospital in the state last Tuesday. In a swift move, the federal government was said to have deployed a team of high-profile medical practitioners to the state to detect deadly virus.
Updated 6 Years ago

Since Governor Martins Elechi brought the idea to the public, although he said it was still subject to people’s approval, it has sparked off mixed reactions from the public, mostly political gladiators from the most populated Ezzas and Izzi clans, who believed that zoning negates the principles of freedom and participation and compromises efficiency and capacity embedded in a democracy. Even as the south is at the heart of PDP, some of the interested contestants have all gone into oblivion, probably on consultation. Or in the usual norm, waiting to be called, invited or anointed.
Updated 6 Years ago

Delegates of the Peoples Democratic Party (PDP) drawn from the Adamawa South senatorial district have assured the former Lagos State Military Governor, Brigadier-General Buba Marwa (rtd), of their support during the forthcoming governorship primary. While addressing the delegates in Numan, Marwa expressed gratitude to them for endorsing him to contest for the gover
Updated 6 Years ago

Woolworths had received an approval from the Australian Foreign Investment Review Board (AFIRB) for its takeover offer for the remaining shares of Australian homeware and fashion retailer, Country Road, the JSE-listed food and clothing retailer said on Friday. AFIRB’s duties involve probing offers by foreign concerns who take on direct interest in Australia.
Updated 6 Years ago

Financial solutions firm Renaissance Capital (RenCap) has recommended Diamond Bank’s rights issue to qualifying investors citing the bank’s steady rising growth that the firm says makes Diamond bank the potential next tier 1 bank. The details of the rights issue, expected to open on 30 July and close 26 August, was released by Diamond Bank on 13 June. The bank is looking to issue 8,685,145,863 ordinary shares of 50 kobo each at NGN5.80/share with which it plans to raise NGN50.4bn ($310mn) to improve its capital adequacy ratio and support business growth.
Updated 6 Years ago

Africa yields a greater return on foreign direct investment than any other developing region. The world, business executives and investors must pay sit up and pay attention. If Africa were on a heart machine – our pulse certainly would be healthy or could it be a sign of over activity without knowing the source? The continents Real GDP rose by 4.9 percent year-on-year from 2000 – 2008. The services, mobile telecommunications, retain banking, retailing, agriculture diversification and construction is booming. Private-investment inflows are surging.
Updated 6 Years ago

Africa’s richest man and owner of Africa’s largest conglomerate, Aliko Dangote recently stated that he will only give a part of his money to charity. However, that part of it –philanthropic spending of N30 billion ($185 million) within the last two years- is already the largest expense on charity either by an African individual or company. And Dangote plans to do more; “I am going to try my best and give part of that money to charity. I am working hard on it… I think from this year, I personally want to take it (philanthropy) very seriously. I want to be much more aggressive than what we have had in the past, a statement from Dangote group quotes him as saying.
Updated 6 Years ago

Morocco has reached a $150 million deal with Shandong Shangang group, a leader in the manufacture of steel products, to install modern manufacturing plant for the production of steel pipelines. “This contract reflects the determination of the strategy implemented in Morocco to bring in a number of Chinese manufacturers looking for competitive alternatives,” said Morocco minister of trade, Industry, Investment and Digital Economy, Moulay Hafid Elalamy.
Updated 6 Years ago

Orange and Emmaüs International have launched their 5th African mobile telephone recycling facility in Abidjan as part of its ongoing commitment to encouraging recycling of mobile devices. Since 2005, Orange promotes the creation of partnerships in Africa that aim to support local initiatives processing 140 tonnes of waste and creating 30 jobs created since 2010. The event was marked by the first container loaded with 10 tonnes of mobile waste leaving Côte d’Ivoire for recycling in France. Mobile use is growing fast in Africa, making it a major environmental issue. There are 500 million mobile devices on the continent, and millions of discarded handsets often simply thrown away or burned due to the lack of recycling facilities in the majority of African countries.
Updated 6 Years ago