Ama Greenfield Brewery, Enugu, built in 2003 with an estimated 220 million Euros, equal to N30 billion with 30MHL capacity, is producing at full capacity and meeting the expectation of its owners, the company said at its 10 years anniversary tour of the company. It has also created employment for over 1,000 workers, both full time employees, contractors and outsourced. Commissioned on October 24 2003 by former President Olusegun Obasanjo, the facility described by some as “the jewel in the crown of Heineken NV (Nigerian Breweries’ parent company)” was until recently Africa’s biggest brewery and is reputed to be one of the most modern breweries in the world and the first of its kind in Africa.
Updated 6 Years ago

The tortured, teased Alfisti have suffered long enough and it’s time somebody told it to them straight about the baby supercar, that one your favourite Italian carmaker has promised you. Alfa Romeo has promised that the 4C is everything the brand’s most fervent defenders have been hoping for, a modern version of the classic machinery the company built in the 1950s and ‘60s. And, broadly speaking, it is. But the faithful should think twice before declaring Porsche and Lotus defeated,
Updated 6 Years ago

The Nigerian Stock Exchange is seeking to have rules on pension-fund investing relaxed to attract funds and boost Africa’s third-best performing gauge this year, Oscar Onyema, CEO, said. Nigeria has more than N3.5 trillion ($22bn) in invested retirement savings, according to the National Pension Commission, (Pencom). Investors should be able to put that money into companies with at least three years of financial statements, less than the five required now, Onyema said in an interview in Lagos, on Oct. 23. Most of Pencom’s regulations are designed to protect investors, but investors are becoming more sophisticated,” Onyema said. “We are working very closely with them, the National Assembly, and other appropriate bodies to highlight areas where we believe there is a need for enhancement.”
Updated 6 Years ago

The Nigerian economy generated a total of 816,934 jobs between the fourth quarter of 2012 and the first quarter of 2013, the National Bureau of Statistics has said. The NBS said this in the fourth quarter 2012 and first quarter 2013 Job Creation Survey, which was released in Abuja on Sunday. The survey was jointly carried out by the NBS, the Office of the Chief Economic Adviser to the President, the Ministry of Labour and Productivity and the National Directorate for Employment.
Updated 6 Years ago

Danone and The Abraaj Group (“Abraaj”), a leading investor operating in growth markets, last week announced a partnership agreement whereby Danone will join Abraaj in the acquisition of Fan Milk International (“Fan Milk”). With 2012 sales of around €120 million, Fan Milk is the leading manufacturer and distributor of frozen dairy products and juices in West Africa. Since its establishment over 50 years ago, Fan Milk has grown rapidly through a unique distribution network and currently operates in the markets of Ghana, Nigeria, Togo, Burkina Faso, Benin and Ivory Coast.
Updated 6 Years ago

Toyota Motor Corp (7203.T) is likely to have retained its position as the world's best-selling carmaker for the first nine months of the year, beating rivals General Motors Co (GM.N) and Volkswagen AG (VOWG_p.DE), company figures showed on Monday. Toyota said its groupwide sales totaled around 7.41 million vehicles, up 0.1 percent from the same period a year ago, with strong sales in its biggest market of the United States offsetting slow sales in China.
Updated 6 Years ago

The Nigerian Civil Aviation Authority says it has not authorised any increase in airfare by any airline in the country. A statement signed by the General Manager, Public Relations, NCAA, Mr. Fan Ndubuoke, advised travellers to be cautious and ignore any misleading information. The statement read in part, “The NCAA’s position further clarifies Arik Airline’s claim that it has not in any way increased its fares as being speculated by some passengers.
Updated 6 Years ago

South Korea's LG Electronics Inc unveiled a curved smartphone on Monday in a move to catch up bigger rival Samsung Electronics Co. Curved displays and flexible screens are the new battleground for phone makers as the screens open up possibilities that could eventually transform the high-end smartphone market. Curved smartphones provide a more comfortable grip than flat-screen models, but the lack of must-have features means they are unlikely to be big consumer hits anytime soon, analysts have said. Manufacturing costs also remain relatively high.
Updated 6 Years ago

The Gulf emirate of Dubai on Sunday opened passenger operations at its second airport, Al-Maktoum International, touted to be the world's largest once it is completed. A Wizz Air plane from Budapest was the first passenger aircraft to land at the sprawling new facility, and it was welcomed on the tarmac with a water cannon salute. Jazeera Airways, another low-cost carrier, will follow suit on Thursday with daily flights to and from Kuwait, while Bahrain's national carrier, Gulf Air, will begin operations on December 8.
Updated 6 Years ago

The Nigerian Stock Exchange (NSE) aims to join an elite club of stock markets with a market capitalization of $1 trillion by 2016. To achieve this dream the NSE must rise by 1,251 percent, from its current market capitalisation of $74 billion. Twelve stock markets across the world now enjoy a trillion—dollar status, led by the US. Others in this club are UK, Japan, China, Canada, Hong Kong, Germany, France, Switzerland, Australia, South Korea, and Brazil. • To have a trillion dollar capital market it probably makes sense to be a trillion dollar economy. Of the countries in the trillion dollar stock market club only Switzerland and Hong-Kong have economies that are less than $1 trillion in size.
Updated 6 Years ago