Category: Industry

  • Japan seeks investment opportunities in Nigeria

    By Chikodi Okereocha

    •Lines up 37 firms for Lagos International Trade Fair

    The number of Japanese affiliated companies in Nigeria has doubled in the last four years, growing from 21 in 2014 to 42 last year. This shows Japan’s strong interests in the country’s market.

    The Trade Commissioner/Managing Director of Japan External Trade Organisation (JETRO), Mr. Shigeyo Nishizawa, attributed this to Nigeria’s economic recovery, as well as increase in foreign investments.

    He said Japanese firms have, therefore, taken a huge advantage of this economic recovery to invest by expanding their businesses in Africa’s biggest market.

    Nishizawa spoke at a news conference in Lagos to announce Japan’s readiness to participate in the Lagos International Trade Fair.

    He said 37 Japanese firms as well as their agents and local distributors would be exhibiting at the fair scheduled to hold from November 1 –10.

    JETRO is a Japanese governmental organisation that promotes mutual trade and investment between Japan and the rest of the world.

    It started in Nigeria in 1955 and recently, it is focusing on promoting investment and facilitating trade from Japan to Nigeria.

    Nishizawa said Japanese products that will feature at this year’s fair include brands of motorbikes from Honda, Yamaha and motor brands from Mitsubishi, Toyota, Isuzu, Suzuki.

    Other products include cameras and multifunction printing machine from Canon, Sharp and Brother. There will also be construction materials such as Plascon Paint and Alteco Adhesive, which guarantees quality in housing construction.

    The Trade Commissioner said to cater for Japan’s huge presence at the fair, JETRO was organising the Japan Pavilion at the Lagos International Trade Fair 2019, in collaboration with the Embassy of Japan.

    He noted that this year marks the sixth year of JETRO’s participation at the fair since the organisation started in 2014 with the Japan pavilion, which is one of the biggest pavilions at the fair.

    Nishizawa added that one of the captivating moments in Japan Pavilion this year will be the “Made-in-Japan, Made-for Women” Corner.

    “JETRO is setting up a special zone at the Japan Pavilion featuring a collection of products for women in Nigeria. There is a common slogan in Nigeria that says: ‘looking good is a good business’.

    “This zone will introduce Japanese products and services helping to enrich women’s lives with more fashionable and convenient items.

    “Series of products like cosmetics, hair wigs, shampoo, sewing machines, headphones, foods and beverages, seasonings, etc., will be exhibiting, including live performance on stage,” he said.

    Trade between Nigeria and Japan has been growing. For instance, export from Japan to Nigeria last year rose by 2.3 per cent, increasing to $328 million, from $321 million in 2017.

    Similarly, export from Nigeria to Japan last year rose by 17.7 per cent to $922 million, compared to $783 million in 2017.

    According to Nishizawa, some of the products that boosted the trade valume between both countries include vehicles, which total export share stood at 20.7 per cent last year; steel products, 16.7 per cent; chemical products, 11.3 per cent.

    On the other hand, Nigeria exported oil and gas, which share stood at 77.6 per cent of total export last year, and non-ferrous metals, 15.4 per cent,

    The JETRO boss said the increased volume of trade between both countries and the activities of Japanese companies in Nigeria are contributing to the country’s economic growth and development.

  • Entrepreneurship: New players emerge

    Four Nigerians are leading the pack of new generation of potential game changers in Africa’s digital economy. They are among the top 10 finalists from across Africa that will compete for $1 million grant at the Africa Netpreneur Prize Initiative in Ghana, next month. Assistant Editor CHIKODI OKEREOCHA writes that the inspiring stories of these entrepreneurs have caught the attention of African and global entrepreneurs and investors ready to assist them build a more sustainable and inclusive digital economy for the continent. 

    A Yodeji Arikawe, co-founder and Chief Technical Officer (CTO) for Thrive Agric, an agricultural technology-enabled company, is off to a good start.

    Thrive Agric, which works with smallholder farmers to empower them with greater access to finance, as well as improve their income and harvest distribution, works with 22,000 farmers in the country.

    Although the company has its eyes set on building the largest network of farmers in Africa, Arikawe, who is an accomplished software engineer, looks good to accomplish his mission to build an Africa that feeds the world and itself.

    Arikawe’s emergence as one of the four lucky Nigerian netpreneurs for the grand finale of the Africa Netpreneur Prize Initiative (ANPI) scheduled to take place in Accra, Ghana, on November 16, this year, attests to this.

    Spearheaded by the Jack Ma Foundation, the ANPI is a philanthropic initiative aimed at supporting and inspiring the next generation of African entrepreneurs across all sectors, who are building a more sustainable and inclusive economy for the future of the continent.

    The Jack Ma Foundation will host a full-day Africa Netpreneur Summit, an invitation-only conference where African and global entrepreneurs, investors, educators, and leaders will convene to discuss how best to enable entrepreneurship and the digital economy across the continent.

    Apart from Arikawe, three other Nigerians netpreneurs that will lead the pack of budding digital entrepreneurs at the summit include Founder and CEO, LifeBank, Temie Giwa-Tubosun; Founder, Black Swan, Dr. Tosan J. Mogbeyiteren; and Co-founder, DrugStoc, Chibuzo Opara.

    The quartet, The Nation learnt, are among the 10 finalists representing a range of industries and experience; they were chosen from about 10, 000 applicants from 50 African countries to lead the way for Africa’s emerging digital economy.

    Nigeria’s Giwa-Tubosun’s LifeBank is a medical distribution company that uses data and technology to help health workers discover critical medical products. The company is said to have saved over 5, 300 lives in Nigeria.

    The Founder has over 10 years of health-management experience with Department for International Development, the World Health Organisation, the United Nations Development Programme and Lagos State.

    In recognition of her pioneering work, the British Broadcasting Corporation (BBC) in 2014, listed her as one of the 100 women changing the world. She was also recognised by Quartz and the World Economic Forum.

    On his part, Founder, Black Swan Tech Limited, Mogbeyiteren, is a public-health specialist with more than 13 years of experience in deploying technology to solve development challenges in Nigeria.

    He is helping to solve Nigeria’s public-health challenges by deploying an automated scheduling, GPS-enabled software-as-a-service that uses a combination of digital record keeping and community engagement to increase birth registration and early childhood immunizations.

    Black Swan is working with United States Agency for International Development (USAID) Nigeria to expand WeMUNIZE coverage in northern Nigeria.

    Also, DrugStoc, co-founded by Opara, is a cloud-based pharmaceutical IT and logistics platform focused on eliminating counterfeit drugs, expanding access to pharmaceutical products and improving transparency in pricing for healthcare providers and the product supply chain.

    Opara is a health economist and medical doctor with over 12 years of experience in the health sector. He has worked with the World Health Organisation, the World Bank, and the International Finance Corporation.

    While these four Nigerians are evidently leading the much-needed change in Africa’s digital economy landscape, they are joined by other finalists from across Africa including CEO, Mumm, Waleed Abd El Rahman (Egypt); Founder and CEO, J-Palm, Mahmud Johnson (Liberia); Co-founder and CEO, UZURI K&Y, Kevine Kagirimpundu (Rwanda).

    Others new kids on the entrepreneur bloc are Founder, Water Access Rwanda, Christelle Kwizera  (Rwanda); Founder and CEO, Nawah-Scientific, Dr. Omar Sakr (Egypt); and Co-founder and CEO, Afrikrea, Moulaye Taboure (Cote D’Ivoire).

    El Rahman’s Mumm is a virtual cafeteria for businesses, harnessing the power of shared economy through technology, cloud kitchens and an online marketplace for home-based entrepreneurial cooks.

    El Rahman is a seasoned entrepreneur with more than 12 years’ experience in food tech. He is also the former founding managing director of MIT Technology Review-Middle East and a member of the Advisory Committee of the World Economic Forum’s Global Shapers Community.

    J-Palm Liberia (JPL) was founded with the goal of making premium consumer goods while creating income-earning and employment opportunities through sustainable palm-oil production.

    When JPL was first founded, palm oil kernels had been going to waste in Liberia, but Johnson found a way to innovate productive uses for this overlooked natural resource.

    Today, JPL has created a range of beauty and clean-energy products, built a robust network of partnerships across the country, and helped to create jobs for hundreds of Liberians.

    On its part, Kagirimpundu’s UZURI K&Y is an African-inspired eco-friendly shoe brand established in Rwanda. She is passionate about ending global waste while also leveraging her creativity to create employment opportunities for her community.

    UZURI is said to have have made a direct impact on more than 750 people through employment and skills training.

    In addition to obtaining her degree in creative design, Kagirimpundu has participated in numerous entrepreneurship programs to enhance her skills in business development. In 2017, she was recognized as the winner of the Made in Rwanda Enterprise of the Year.

    Kwizera, the Rwandan finalist, pioneered INUMA, a safe water micro-grid that reclaims broken boreholes and transforms them into state-of-the-art solar-powered water kiosks and pipelines.

    The water is sold for $1/1000 litre and creates off-farm jobs for youth. Water Access Rwanda employs 68 people, and allows 47,612 customers to access water daily across 86 stations.

    Kwizera is a mechanical engineer and was named INCO’s woman entrepreneur of the year in 2019, among other high-profile awards.

    The finalists were shortlisted after months of judging and deliberation. They will now go on to finally pitch their business during the Nov. 16 taping of “Africa’s Business Heroes,” a televised event scheduled to air Nov. 29 in countries across Africa.

    Just how much of the $1 million prize pool they will receive will depend on four judges: Alibaba Group founder Jack Ma, Econet Group founder and Executive Chairman Strive Masiyiwa.

    Others are FirstBank of Nigeria Chairman and The Chair Centre Group founder Ibukun Awosika and Alibaba Group Executive Vice Chairman Joe Tsai.

    Guest speakers at the conference will include Ban Ki-moon, Former UN Secretary General and Co-chair of the Ban Ki-moon Centre for Global Citizens. The conference will be followed by the “Africa’s Business Heroes” event in the evening.

    Jack Ma said: “We launched the Africa Netpreneur Prize Initiative to identify top entrepreneurs from across the continent, not only to reward them but to inspire a whole new generation of potential game changers for Africa.

    “I have been inspired by the entrepreneurs I met in Africa, many of whom are dealing with the same challenges we faced when we started Alibaba years ago. I truly believe the potential of Africa’s business heroes is limitless.”

    Ma, in a statement made available to The Nation, said the “Africa’s Business Heroes” will air on November 29, while highlights from the Africa Netpreneur Summit will also be shared via ANPI social media handles.

  • Hennessy Artistry marks 10th anniversary with designer bottle

    Gboyega Alaka

     

    Cognac blender, Hennessy, has announced plans to commemorate the Hennessy Artistry 10th Anniversary in Nigeria with a super designer bottle.

    The Hennessy Very Special limited edition bottle, which offer, Brand Manager, Oluwole Awoleke, says “will last while stocks last,” is designed by renowned Nigerian graffiti artist, Osadolor Okunkpolor, popularly known by the name Osa Seven.

    It will be an item for keeps for lovers of choice cognac.

    Awoleke said the limited edition of Hennessy Very Special bottle will be individually numbered and “combines the artist’s vibrant personal aesthetic with the cultural values he and Hennessy share: a love of heritage, local craftsmanship and various forms of contemporary art.

    “Hennessy is proud to present a limited edition of Hennessy Very Special, featuring a carafe decorated by the Nigerian urban artist known as Osa Seven.

    “This exciting tie-up marks the 10th Anniversary of Hennessy Artistry in Nigeria, building on a decade’s-worth of collaborations with emerging musical and artist talents from the country’s effervescent urban-culture scene.

    Osa Seven said collaborating with Hennessy is an avenue for him to elevate a message of community.

    “The fact that an international brand like Hennessy would participate in a project with an artist from Festac is inspirational – it will make people believe in themselves, want to give more energy to their career or their craft. It’s a big win for artists of all kinds,” the artist who couldn’t contain his excitement, said.

    The bottle will be unveiled at a very private event slated for Friday October 25 and will be witnessed by guests from across the country, music stars, the media as well as influencers.

     

     

  • Shell spends N1.2bn on 84 Bayelsa projects

    By Mike Odiegwu, Yenagoa

    The Shell Petroleum Development Company of Nigeria (SPDC) has disclosed that it spent over N1.2bn on 84 developmental projects at its clusters in Tarakiri and Oporoma in Sagbama and Southern Ijaw local government areas.

    The General Manager, SPDC, Mr. Igo Weli, in separate speeches in Yenagoa during the inaugurations of some of the competed projects said the company invested N496. 9m to execute 24 projects in the Tarakiri clusters.

    Weli, who said Shell was prioritising development of its host communities using the Global Memorandum of Understanding (GMOU) template added that the company spent N737.4million to develop 60 projects in its Oporoma clusters.

    Weli, who was represented by Shell’s External Relations Manager, West Asset, Mr Evans Krukrubo listed Ayamasa, Agbere, Isampou, Ofoni, Agbialama and Egbema in Ekeremo and Sagbama LGAs as the benefiting communities in its Tarakiri clan.

    He said: “Where the environment supports our business and we run our operations without disruptions, SPDC is committed to increasing the Social Investment that we make to host communities and to Nigeria.

    “A peaceful and enabling environment allows SPDC Joint Venture to put more funding to social investment that benefits all our people.

    “SPDC has disbursed about N41.1 billion to the 37 active clusters from 2006 till date for community development under the GMoU template”.

    He said the projects cut across infrastructure, economic empowerment transportation intervention and scholarships.

    He added: “The handover of these completed projects highlights the support SPDC gives to people in our areas of operation when there is a conducive environment for interaction and when we all take up the opportunities available to engage on matters that affect all of us. We encourage other communities to emulate the Oporomor GMoU Cluster and and progressive schemes to develop our communities”.

    In his remarks, the Chairman of Tarakiri Cluster Development Board, Dr. Jude Ebibokefie, commended SPDC for promptly meeting its funding obligations which facilitated the completion of the projects.

    He explained that the projects cut across infrastructure, skills acquisition and human capacity empowerment as well as scholarships executed and implemented by the established organs in the GMoU agreement spanning about five years.

    Read Also: Alleged N1b oil fraud: court remands five oil marketers in EFCC custody

    Also about 25 women, who successfully completed skill acquisition trainings received a startup grant of N41.1 million at the occasion.

    Also speaking for Southern Ijaw clusters, Speaker of Bayelsa state House of Assembly, Monday Obolo, said the state government had concluded plans to establish an Oil Communities Development Commission to accelerate development of oil-bearing communities within the state.

    He noted that an executive bill sent to the Assembly by Governor Seriake Dickson had passed first hearing and would receive expeditious passage.

    Obolo said the bill recommended that 13 per cent Derivation Funds should be channeled to development of oil communities to complement the social obligation gestures of oil firms operating in the state.

    He said: “It is my view that the development funding currently being provided by Shell under the Global Memorandum of Understanding (GMoU) is grossly inadequate compared to the level of contribution to oil output.

    “The environment in our communities in Southern Ijaw has been so degraded and nothing is too much for the communities and that is why the Gov Seriake Dickson administration has taken steps to establish an Oil Producing Areas Commission to complement the GMoU”.

  • Business chiefs to fund, mentor startups

    By Victor Odiase

    A group of business chiefs, entrepreneurs and other leading professionals have launched an initiative to support the development of upcoming businesses in Ogun State.

    The Sagamites Club, a group of business executives from various sectors of the economy, will this Sunday kicked off its annual leadership conference and business support initiative during which renowned economic leaders will lead mentoring class for upcoming entrepreneurs and youths in Sagamu area of Ogun State.

    President, Sagamites Club, Mr Seni Adetu, said the group would provide both knowledge and experience and funding to qualified aspiring entrepreneurs as part of its commitment to economic renewal and development.

    He outlined that the mentorship sessions will feature business leaders in the private and public sectors including Prof Toyin Ogundipe, Vice Chancellor, University of Lagos; Mr Tokunbo Talabi, Secretary to the Government of Ogun State, Mr Segun Ogunsanya, Managing Director, Airtel Nigeria Plc and Mr Fatai Folarin, Chief Executive Officer of Deloitte Nigeria & West Africa.

    He added that the group would also announce the award of its business support funds to 10 most qualified would-be-entrepreneurs, who will be selected based on merit and business proposition.

    According to him, the annual event will create a forum for Sagamu youth to experience practical leadership through story telling of personal experiences of highly credible and accomplished business leaders in various fields from across the country.

    Read Also: Ogun seals two buildings, marks 526 for demolition

    The group will also offer business start-up opportunities to deserving youth within by financially and through commercial guidance, supporting quality business propositions.

    “Our commitment to this cause is motivated by our conviction that we have reached a point in our life cycle in Nigeria where the government alone cannot provide all of the economic opportunities required to have self-sustaining citizenry. We can blame the government all day long and sometimes justifiably so, and accuse our youth of being lazy, again depending on your perspective, but our view is that, it’s better to spin our situation positively and change the narrative to what we are doing individually and collectively to make the most of an unpleasant situation. We must create little impact in our own patch leading to a result where the whole is bigger than the sum of the parts,” Adetu said.

    Adetu, a former chief executive of Guinness Nigeria Plc, said while individuals and groups cannot claim to be government or be able to substitute government, they can nonetheless increase their responsibility and contributions to the community through initiatives that empower the youth and help the community to develop.

    Vice President, Sagamites Club, Engr. Funbi Dawodu reiterated the commitment of the club to wealth creation and employment generation.

    Dawodu said that the club was determined to erase the impression of Sagamu as a place with societal vices to an entrepreneurial community.

    He said that the club apart from the leadership empowerment initiative also had a special fund for scholarship.

  • Lagos State, firms to build low-cost innovation hubs

    By Victor Odiase

    Two agencies of Lagos State Government and four firms have announced a partnership towards the construction of five innovation centres across the state. The initiative was designed to ensure capacity building, competitiveness and ecosystem among start-ups and budding entrepreneurs in the state.

    Lagos State Parks and Gardens Agency (LASPARK), Lagos State Employment Trust Fund (LSETF), Versecom Limited, IHS Nigeria, Leadspace by Passion Incubator and Cisco Nigeria would build five innovation centres including: energy and environment hub; financial inclusion centre; smart city and health initiative; agricultural hub; and logistics and mobility innovation centre. The hubs would be located within different public parks around Lagos.

    Co-founder and Chief Executive Officer, Versecom Limited, Mr. Timilehin Odusina, said the consortium has already constructed an energy and environment hub, a low–cost initiative, located at Rafiu Jafojo Park in Shasha, Alimosho Local Government Area of Lagos State.

    According to him, the low–cost hub was created to tackle the cost of office and community barrier to business entry faced by most Micro, Small and Medium Enterprises (MSMEs) and freelancers in the country.

    “This hub offers a seat at N1, 000 per day, 50 per cent to 80 per cent lower than current market rates. The hub is targeted at idea stage – pre-seed startups and freelancers around Lagos,” Odusina said.

    Sales Director, IHS (Nigeria) Limited, Olaitan Ogunbiyi explained that the energy hub would be officially launched on November 1, 2019 describing it as the first-of-its-kind in Nigeria, a feat that made IHS Nigeria the premier sponsor of this initiative.

    Read Also: Behold new Lagos State Attorney-General and Commissioner for Justice

    “The hub will be open to everyone, but the community events, challenges, among others will be tailored only towards Energy and Environment startups. In addition to the 500-seat capacity dome, IHS Nigeria has funded the construction of an energy laboratory with equipment like transformer winder, oscilloscope and others in a bid to remove the barriers inhibiting innovation within the sector,” Ogunbiyi said.

    Head, Startups, Lagos State Employment Trust Fund (LSETF), Tosin Faniro-Dada, commended the firms for embarking on the partnership, assuring that the state government would continue to create enabling environment for businesses to thrive.

    Versecom Limited as the initiator would manage all the partners, while LASPARK as the operator of all public parks in Lagos would regulate the partnership in collaboration with LSETF. Besides, LSETF through its Lagos Innovates programme would handle community engagements through its plethora of tech-focused programmes.

    IHS Nigeria as the sponsor of the construction of the hub would work with Leadspace by Passion Incubator to manage the hub and help entrepreneurs build sustainable businesses, while Cisco Nigeria would support with Wi-Fi equipment for the hub.

     

     

     

  • Okonkwo rewards young entrepreneurs

    By Agency Reporter

    The Chief Executive Officer of NEDCOM Oaks Limited and Victoria Crest Comes, Dr. Kenny Okonkwo, has empowered five young entrepreneurs in the Tech Industry at the maiden edition of KOPETECH 2019.

    The annual event, held in Lagos where the five lucky entrepreneurs were picked by the 6-man panelists.

    For emerging the winner, a company that develops software and discouraging paperwork, Swift Medispark went home with $5,000 while the runner ups got N1,000,000 each.

    The winners will also be awarded with office space in Lekki Lagos as well as mentorship class with Dr Kennedy for a year.

    Read Also: Minister seeks entrepreneurship training for Corpers

    Okonkwo, one of Nigeria’s foremost real estate entrepreneurs, charged young entrepreneurs to be hard-working resilient and never expect anything on a platter of gold.

    He further urged them to expect many discouragements and knock-downs but should not give up.

    Also the Chairman of Insight Communication, Dr. Ken Onyeali Ikpe, advised youths to always channel their energies to solutions rather than complaints as there are a lot of opportunities in the country.

  • Nigeria searches for more solid minerals

    Grace Obike, Abuja

     

    WITH the discovery of already 55 minerals in Nigeria, the Federal Government is set to discover more.

    This, it says, is all that the country needs to face the fourth revolution which is all about minerals.

    Minister of State for Mines and Steel Development, Uchechukwu Ogah, said Nigeria, with it’s over 55 minerals, is at a very vantage position to become one of the world’s top industrial hubs.

    The minister said this at a dinner organised by the World Bank assisted Mineral Sector Support for Economic Diversification project (MINDIVER) under the ministry in honour of the World Bank representative, Michael Stanley, who was in the country on a visit to the Ladi Kwali Pottery Centre.

    His statement, which was made known by the MINDIVER media team in a statement said, “We are now facing the fourth revolution which is all about minerals.

    “What remains now is for us to discover all the minerals that are needed and focus on them. We have over 55 of them already, and there are more. And they are all needed for the fourth revolution.

    “And I can assure you that Nigeria will become not only the giant of Africa but of the world,”

    Stanley is in the country on a visit to the Ladi Kwali Pottery Centre for sight-seeing prior to commencement of the rehabilitation the ministry has undertaken to do through the project.

  • FG to unmask Janus-faced companies in Nigeria

    By Mohammed Haruna Adamu

    With the controversy trailing the indigenous status of Lagos Deep Offshore Logistics Base (LADOL), it is heart-warming that the federal government has resolved to enforce the Extractive Industries Transparency Initiative (EITI’s) guideline on Beneficial Ownership register to reveal the real owners of oil and gas companies operating in Nigeria.

    The implementation of EITI’s guidelines will no doubt unmask all the faces behind the masks as far as indigenous and foreign companies operating in Nigeria’s extractive industries are concerned.

    Indeed, Nigeria has faced the challenges of Illicit Financial Flows (IFFs), due to the scam in contract awards, as well as the opaque nature of the transactions in the country’s oil and gas business.

    Citing the 2014 Global Financial Integrity Report in his address to the high-level national side-event, President Muhammadu Buhari, had at the sidelines of the 74th United Nations General Assembly (UNGA) in New York last month disclosed that Nigeria lost an estimated $157.5 billion to illicit financial flows between 2003 and 2012.

    Buhari cited tax avoidance as a major form of illicit financial flow, quoting the Tax Justice Network and the International Monetary Fund report as stating that estimated over $200 billion per year is “being lost by developing countries when multinational enterprises do not pay taxes in the countries where they made the profit.

    With the opaqueness of the oil and gas business in Nigeria, some companies claim indigenous status, to enjoy all the benefits that accrue to indigenous companies under the Nigerian Local Content Law.

    However, when it is time to pay tax, they ascribe ownership of their companies to other entities registered in tax havens to avoid payment of tax, thus validating the claim that their companies are not indigenous after all.

    But with the plan by the federal government to implement EITI initiatives, LADOL and other companies operating in the sector will be forced to disclose all their shareholders, or beneficiaries with effect from December 31, 2019, so as to expose shell companies.

    Requirement 2.5 of the EITI Standard (2016), which Nigeria is yet to implement, stipulates that by January 1, 2020, all signatories to EITI and Open Government Partnership (OGP), must ensure that their companies operating in oil and gas, as well as mining shall publish the names of their real owners.

    Read Also: Disabled athlete denied treatment despite Lagos State law

    With the allegation that a company called LILE (LADOL Integrated Logistics Enterprise), which is a duly registered company in the British Virgin Islands owns the Lagos Deep Offshore Logistics Base (LADOL), it has become necessary for the federal government to implement the EITI initiative to verify the ownership status of LADOL and confirm if indeed, it is a foreign company or a local company.

    Despite flaunting the perception of being a Nigerian company which stands for the Nigeria values and interests, LADOL’s shareholding structure is said to be substantially made up of two foreign companies namely: SABLE OFFSHORE INVESTMENTS and ALSBA Ventures Group.

    Both companies are registered entities in the British Virgin Islands otherwise known as the safe haven for tax dodgers.

    Apart from the federal government’s resolve to implement the EITI guidelines, one of the challenges facing the Minister of State for Petroleum, Mr. Timipre Sylva is this issue of abuse of the local content law.

    The minister has to determine whether LADOL and other companies supposedly owned by Nigerians, but allegedly registered offshore like in the British Virgin Islands, qualified for local contents benefits.

    Having sold this indigenous ownership status to the government and other regulatory agencies, LADOL has enjoyed the full benefits of the local content law.

    However, the Nigerian people and their economy have continued to suffer losses.

    …Adamu, a public policy analyst, writes from Abuja

  • Air Peace partners with ‘Interswitch One Africa Music Fest’

    By Agency Reporter

    Interswitch One Africa Music Fest has picked Air Peace as its official Airline Sponsor 2019.

    The multi-faceted partnership was solidified recently.
    According to the Chief Executive Officer of Air Peace, Allen Onyema, the partnership will highlight our shared commitment of philanthropy, tourism and global awareness showcasing all that Africa has to offer.

    He remarked that Africa is made up of vibrant populace and we are extremely proud of the rebirth that has been witnessed, notably in the entertainment sector and the economy, particularly with our music, fashion, and the creative industry which has resounded and gathered international applause in recent years on the forte of sheer flexibility and in the spirit of growing African enterprises.

    “This partnership was forged by the growing influence of One Africa Global products and Air-Peace’s commitment to becoming the largest and most profitable airline company providing safe, efficient and affordable short and long-haul services. We remain persistent in our mission to actively engage and reward our customers across Africa, leveraging on global platforms that have the tenacity to promote Africa’s heritage such as One Africa Global”.

    CEO of One Africa Global, Paul O. said it has been his ultimate goal to showcase Africa to the world and create a channel that bridges the gap.

    “I’m enthusiastic and equally pleased to announce this partnership. As two proudly African brands come together for a common goal to showcase the very best from Africa.

    Read Also: Yemi Alade signs deal with Universal Music

    “We are on a journey to take Africa to the world and bring the world to Africa. I am super excited it is with Air Peace. This year the Interswitch One Africa Music Fest was completely sold-out in New York and London. Our next concert will take place in Dubai on the 15th of November at the Festival Arena, Festival city Dubai.

    “In an attempt to continuously reaffirm our commitment in taking Africa to the world, One Africa global is running promotional campaigns for 24 new customers of Quickteller to stand a chance to win an all-expense paid trip to Interswitch One Africa Music Fest events happening in Dubai.