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There are rumours making grounds that N35,000 tickets are on sale for every prospective guest for the most anticipated wedding of the yeat between Singer Banky W and Actress Adesua Etomi.
The Groom himself, Banky W has however debunked the rumours via his Twitter handle while the wishing whoever will fall for the scam, Good Luck.
Africa’s richest man and the Chairman of Dangote Industries Limited, Alhaji Aliko Dangote has revealed that Nigerian economy is losing an estimated N20 billion on a daily basis to the bad roads around Apapa, Lagos.
Dangote disclosed this fact during a chat with the journalists in Lagos on Tuesday, June 2017. He categorically stated that the country is losing about N140 billion weekly to traffic gridlock on all roads linking the city.
“The economy loses more than N20 billion daily. It affects businesses across the country. All our operations in the hinterland in Ilorin and Kano are operating at 40 percent capacity."
Africa’s richest man and the Chairman of Dangote Industries Limited, Alhaji Aliko Dangote has revealed that Nigerian economy is losing an estimated N20 billion on a daily basis to the bad roads around Apapa, Lagos.
Dangote disclosed this fact during a chat with the journalists in Lagos on Tuesday, June 2017. He categorically stated that the country is losing about N140 billion weekly to traffic gridlock on all roads linking the city.
“The economy loses more than N20 billion daily. It affects businesses across the country. All our operations in the hinterland in Ilorin and Kano are operating at 40 percent capacity."
Bad roads at the entrance of Apapa Wharf seaport, which also house Dangote Flour Mills.
» more Bad roads at the entrance of Apapa Wharf seaport, which also house Dangote Flour Mills. (New Telegraph NG)
Apapa is a commercial city of Lagos with the country’s largest and busiest seaports (Tin-Can Island and Wharf Ports) and a site of many big manufacturing conglomerates in Nigeria.
“Today, there is no road linking the South-West to the North. You have to go all the way through Ajaokuta, Obajana, Lokoja and you have to go through the uncompleted road Obasanjo started 13 years ago,” Mr Dangote stated.
The Nigerian businessman also used the occasion to address its commitment towards addressing the problem through the corporate social responsibility of the Dangote Group and Flour Mills of Nigeria (FMN).
“Because it is very embarrassing! We can’t just sit and have a road like that where it is the heart of the trade of the country. More than 60 percent of our country’s import and exports come through the port and we leave it unattended.”
It would be recalled that the Federal Government, represented by the Ministry of Power, Works and Housing and Nigerian Port Authority signed a Memorandum of Understanding (MOU) over the weekend with Dangote Flour Mills and Flour Mills of Nigeria.
Mr Dangote also used this opportunity to address some aspect of the construction including the involvement of FMN and the use of AG Dangote Construction Company to execute the project.
“Both Dangote and Flour Mills are pumping in over N2.5billion for a two-kilometre double lane on each side making a total of four kilometres. we had started on our own and Flour Mills said they will join us."
He also noted that: “…government changed the design because they want all the cables and pipes underground, to ensure a more robust solution.”
“To help in bringing the cost down, I have to force AG Dangote Construction Company to do this project at zero profit.”
“The biggest job is drainage because that is what is destroying the road. We will make sure this problem is sorted out once and for all.”
Tanzania and Nigeria's Dangote Cement have reached a deal on the supply of natural gas to the firm's manufacturing plant in the East African country after negotiations stalled over prices, Tanzanian President John Magufuli said on Saturday.
The $500 million cement factory in the southeastern Tanzanian town of Mtwara, set up last year with an annual capacity of 3 million tonnes, runs on expensive diesel generators and has sought government support to reduce costs.
But the negotiations had stalled with the state-run Tanzania Petroleum Development Corporation (TPDC) saying the company was seeking "at-the-well prices".
After meeting Aliko Dangote, the company's chairman who is Africa's richest man, Magufuli blamed unspecified middlemen of interfering with supply plans and said the issue has now been resolved with gas supplies to be sold at a "reasonable" tariff.
"They (Dangote Cement) will now buy natural gas directly from the state-run TPDC instead of going through middlemen," Magufuli told journalists after the meeting.
He did not give details on the new tariff.
Dangote, Africa's biggest cement producer, has an annual production capacity of 43.6 million tonnes and targets output of between 74 million and 77 million tonnes by the end of 2019 and 100 million tonnes of capacity by 2020.
The company plans to roll out plants across Africa. In Tanzania, Dangote is seeking to double the country's annual output of cement to 6 million tonnes.
The country announced in February that it had discovered an additional 2.17 trillion cubic feet (tcf) of possible natural gas deposits in an onshore field, raising its total estimated recoverable natural gas reserves to more than 57 tcf.
Alhaji Aliko Dangote - the richest man in Africa, is one of many Billionaires living in Lagos, Nigeria.
» more Alhaji Aliko Dangote - the richest man in Africa, is one of many Billionaires living in Lagos, Nigeria. (Forbes Africa)
Alhaji Aliko Dangote, the President, Dangote Group on Monday disclosed that the company would invest 450 million dollars in agriculture development in Niger State over the next three years
Dangote, who made this known during the 2017 Niger State Investment Summit in Minna, said the funds would be used in establishing a large scale rice processing mill to process over 200, 000 metric tonnes of paddy rice.
He said that a state-of-the-art fully integrated sugar refining industry would also be established.
“The Dangote Group is committed to invest around 450million dollars over the three next years to establish a large scale rice processing mill for out growers."
“Our company is also establishing a state of the art fully integrated sugar industry involving the development of over 30,000 hectares of sugar cane plantation and the production of about 500, 000 metric tonnes of refined sugar."
“We are very excited about these investments and look forward to kick starting this mutually beneficial partnership with the government and good people of Niger State,” he said.
Dangote, who was represented by Alhaji Mansur Ahmed, noted that the company also planned to invest over one billion dollars in agricultural production and processing of selected commodities like sugar, rice and tomatoes across the country.
According to him, Niger has become the destination of choice for investment in the agricultural sector given its rich and vast arable land.
He said that the company was poised to leverage on that toward a virile agriculture based economy.
Dangote said that the group would also continue to engage governments at the federal and state levels where there were great potential to explore investment opportunities.
The Commissioner for Investment, Commerce and Industry, Mrs Ramatu Yardua said the aim of the summit was to market the state as an investment destination in agriculture considering its enormous potential which were largely untapped.
Yardua said that agriculture was key to moving the country out of recession, adding that the state was committed to creating a conducive and enabling environment for would be investors.
NAN reports that the summit, which had as its theme: Impact Investing for Advancing Agricultural Economy and Innovation will end on Aug. 15.
The Transmission Company of Nigeria (TCN) has secured about $2 billion for the expansion of its transmission capacities up to 20,000 megawatts within the next three years.
The fund is also earmarked to help in the rehabilitation of the country's national grid infrastructure.
This was disclosed by the company's Managing Director, Usman Gur Mohammed, at the power sector stakeholders' meeting in Kano presided by Minister of Power, Works and Housing, Babatunde Fashola.
He revealed that some of the facilities under the company's care are outdated or inadequate to handle power generation, thereby causing hindrance to its optimum capacities.
While addressing questions from journalists, he revealed that the fund for expansion was raised from the World Bank, African Development Bank, Islamic Development Bank, Japanese Agency for International Cooperation (JAICA), and the European Union.
According to him, "Last week, we advertised for transformer capacities for Kano, Kaduna, Lagos, and Shiroro regions. These are part of the projects we have been able to raise from the multilateral regions, and the total capacity we are working towards achieving is 20,000 megawatts in the next three years.
"We have also restarted some projects that had not been doing well like the Abuja Transmission Ring Project, which is supposed to put three substations within the capital territory, and provide another avenue for supply from Lafia.
"We have also resuscitated the JAICA project that had been on the drawing board for a long time. Those two projects plus the project that we are going to raise now is about $1.55billion."
On the challenges facing the company in its expansion bid, Mohammed said, "We discovered that right of way is a big problem in Nigeria, and actually it is a national issue. In trying to expand the capacity of transmission, we started collaborating with the states in every area that we are putting significant capacity.
"As part of these projects and investments, we have raised to expand the transmission lines from Shiroro to Kaduna, and from Kaduna to Kano. We are putting a cord line that will carry 2,400MW capacity. We have never had that kind of capacity in Nigeria."
Former Minister of Finance, Dr. Ngozi Okonjo-Iweala, has been named as an independent non-executive director at Standard Chartered PLC, a British multinational banking and financial services company.
According to a report by TheCable, she will be earning £130,000 a year for her services to the organisation.
The bank's media specialist at the London Stock Exchange, Jon Tracey, released a statement on Thursday, July 28, 2017, saying the appointment will be effective from November 1.
The statement read, "Dr Okonjo-Iweala will receive a fee of GBP100,000 per annum for her services as an independent Non-Executive Director, with an additional fee of GBP30,000 per annum as a member of the Brand, Values and Conduct Committee.
"This is disclosed in accordance with the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited."
The group's chairman, José Vinals, praised the former minister's knowledge and experience, saying, "Ngozi is a globally recognised African and international figure. She has significant geopolitical, economic, risk and development experience and expertise at a national governmental level and in international organisations, which will provide significant insight and value to the Board.
"She also has deep knowledge of Africa as well as emerging and developing markets. I am delighted to welcome her to Standard Chartered."
Okonjo-Iweala served two terms as Minister of Finance (2003-2006, 2011-2015) and was previously Managing Director of the World Bank (2007-2011).
The 63-year-old Delta state native graduated from Harvard University with a magna cum laude with an AB in Economics in 1976.
