The Nation Newspaper

Tag: invest

  • Sultan urges Muslims to invest in education

    Sultan urges Muslims to invest in education

    Sultan of Sokoto, Muhammad Sa’ad Abubakar, has called on wealthy Muslims to commit their wealth in educating younger adherents as a way of propagation Islam.

    Sultan Abubakar, who spoke at the graduation of Qur’anic students at Iman International Schools, Arkilla, Sokoto, said there is no gain for a Muslim who expends his wealth in a course other than Islam.

    Ninety-six students comprising 69 males and 27 females graduated from the school established for both conventional and Qur’anic studies.

    “Instead of expending your wealth on artists, praise singers and sponsoring of political or individual songs on CDs, invest in the propagation of Islam,” said the revered monarch who expressed satisfaction with the graduands’ knowledge of the Holy Qur’an, sermons, songs and drama presentations.

    “This will surely fetch you an everlasting positive rewards from Allah against that which will not profit you,” he added.

    He described education especially Islamic education as weapon and strength for survival on earth and the hereafter.

    “This is the kind of foundation our children should be built upon as future leaders for an egalitarian and God fearing society,” he said.

    Abubakar, who also noted the morals, quality and standard of both learning and structural innovations put in place by the schools, urged the management not to compromise its quality which he said reflects in the students.

    The Sultan presented Shadda and textile materials to each of the graduands and cash prizes of N50,000 each to Tahir and the drama group, while N100, 000 went to the group that presented Islamic songs in his honour.

    Earlier in his welcome address, the Sokoto North Local Government Chairman and Proprietor of the school, Abdullahi Hassan, said thought of establishing the schools in 2008 after visiting a private school in Egypt.

    “I was impressed with the in and out structural design and beauty of the school which has numerous modern facilities. This motivated my curiosity to develop and establish the schools in 2010.

    “Today, the school has the capacity of serving its over 200 staff, 966 (day and boarding) students with adequate learning, hostel and recreational facilities as well as modern library, mosque, classes, electricity, ICT network facility, water, among others.”

    He praised the state government, which donated N1 million at the event, for sponsoring the Qur’anic education of 70 per cent of the pupils.

    Dignitaries at the ceremony included Secretary to the State Government, Alhaji Sahabi Isah Gada, Speaker Of the House of Assembly, Lawal M. Zayyana, Commissioners, Council chairmen, among other top government functionaries.

  • Bi- Courtney to invest N500m in equipment

    Bi- Courtney to invest N500m in equipment

    Manager of new domestic terminal Two of the Murtala Muhammed Airport (MMA2) yesterday said  it would invest over N500 million on the upgrade of operational equipment at the terminal to enable it attain world class standard.

    The Chief Executive Officer of Bi- Courtney Aviation Services Limited,  Christopher Pennick, said the N500 million investment would cover the replacement of escalators, elevators, cooling system and other operational facilities that would change the travel experience.

    Pennick said  the firm has engaged the services of a foriegn company to fix the newly installed escalators and elevators, for which the terminal manager has spent over one hundred million in the acquisiction of equipment.

    The foreign company , he said would also train some staff of Bi-Courtney  on how to fix the equipment .

    He  said the firm has concluded plans to replace the existing check in counters and increase it from 31 to 45 at the departure hall to enhance capacity for new airlines .

    He  said the terminal manager had to engaged the services of foriegn suppliers and vendors of airport equipment because it has reduced costs and enhanced capacity of the facility.

    He  said the firm’s experience with local contractors and suppliers has been unsavoury, as most of them lack capacity to deliver on world class facilities .

    The terminal manager said the company decided to upgrade facilities at the MMA 2, to give airlines and passengers who utilise the terminal value for their money.

    He spoke of plans by the firm to expand facilities at the terminal to enable it become of the best airport terminals in West Africa.’

    He said an aggressive expansion plan is on going to attract many finiancial institutions into the terminal. aside a few banks including former EcoBank , Access Bank and SkyeBank that left the terminal, Union Bank and UBA Bank have expressed readiness to open outlets at the terminal.

  • Canada to invest $5b in Delta solar energy

    Canada to invest $5b in Delta solar energy

    • Targets 3,000Megawatts

    Delta State has taken the lead in the generation of renewable energy as Canada has pledged to invest $5billion  to produce 3,000 megawatts (Mw) of electricity.

    The initiative of the state government to key into the green economy programme of the global community paid off as the Federal Government signed the Foreign Investments Protection Agreement (FIPA) with Canada to remove bottlenecks to make smooth the take-off of Canadian investments in Nigeria.

    Similarly, Delta State government signed a memorandum of understanding (MoU) with a Canadian investor, Skypower Energy to build and generate solar-powered electricity in the state.

    The  Minister of Industry, Trade and Foreign Investments, Mr. Olusegun Aganga, said the Canadian investor was investing $5 billion in renewable energy in the country.

    According to him, the firm will produce 3,000 Mw of solar-based electricity for the national grid with the facility being deployed first in Delta State having taken the initiative for the renewable energy plant.

    “Skypower will deploy first in Delta State which has taken the lead because of the enormous work the state has put in to ensure the realisation of the renewable energy programme,” Aganga said.

    He said the Federal Government will facilitate the provision of licence to generate the solar-based electricity for the national grid with about 1,000 megawatts being generated form plants in Delta State.

    The Canadian Minister of International Investments, Mr. Christian Paradis, said with the deal between Nigeria and Canada, more investors would be encouraged to invest in Nigeria.

    Delta State Governor, Dr. Emmanuel Uduaghan, expressed delight with the agreement and the keen interest shown by the Federal Government, noting that it was an endorsement of the initiative of the state government.

    “This is very historic and emotional for me. For us in Delta State, we have keyed into the green economy programme of the global community. The green economy is not just in enhancing the environment but also meant to empower the people,” he said.

    The governor assured that Deltans would benefit from the 1,000 Mw that would be generated from the state as some of it will be  dedicated to the state.

    Besides, he said FIPA was a big benefit from the World Economic Forum, Africa (WEFA) in Abuja.

  • Canada to invest $5b on solar energy in Delta

    Canada to invest $5b on solar energy in Delta

    Delta State has taken the lead in the generation of renewable energy as Canada has pledged to invest $5billion  to produce 3,000 megawatts (Mw) of electricity.

    The initiative of the state government to key into the green economy programme of the global community paid off as the Federal Government signed the Foreign Investments Protection Agreement (FIPA) with Canada to remove existing bottlenecks to smoothen the take-off of Canadian investments in Nigeria.

    Similarly, Delta State government signed a memorandum of understanding (MoU) with a Canadian investor, Skypower Energy to build and generate solar-powered electricity in the state.

    Speaking at the ceremony, the  Minister of Industry, Trade and Foreign Investments, Mr. Olusegun Aganga said the Canadian investor was investing $5 billion in renewable energy in the country.

    According to him, the firm would be producing 3,000 Mw of solar-based electricity for the national grid with the facility being deployed first in Delta State having taken the initiative for the renewable energy plant.

    “Skypower will deploy first in Delta State which has taken the lead because of the enormous work the state has put in to ensure the realisation of the renewable energy programme,”Aganga said.

    He disclosed that the Federal Government will facilitate the provision of license to generate the solar-based electricity for the national grid with about 1,000 megawatts being generated form plants located in Delta State.

    The Canadian Minister of International Investments, Mr. Christian Paradis said with the FIPA between Nigeria and Canada, more investors would be encouraged to invest in Nigeria.

    In his remarks, Delta State Governor, Dr. Emmanuel Uduaghan expressed delight at the FIPA and the keen interest shown by the Federal Government, noting that it was an endorsement of the initiative taken by the state government.

    “This is very historic and emotional for me. For us in Delta State, we have keyed into the green economy programme of the global community. The green economy is not just in enhancing the environment but also meant to empower the people,” he said.

    The governor assured that Deltans would benefit from the 1,000 Mw that would be generated from the state as some of it will be  dedicated to the state.

    Besides, he said FIPA was a big benefit from the World Economic Forum, Africa (WEFA) currently going on in Abuja.

  • Ondo to invest N2.5b in industrial park

    Ondo State Commissioner for Commerce and Industry Mrs. Adenike Ademujimi has said the government would invest N2.5 billion in the Omotosho Industrial Park this year.

    Ademujimi spoke with the News Agency of Nigeria (NAN) in Akure yesterday.

    She said the planned investment was in line with the determination of the Governor Olusegun Mimiko administration to industrialise the state.

    The commissioner said the government would provide infrastructure in the industrial park, adding: “We have allocated vast portions of land to prospective investors at the park. This year, we are going to work assiduously and provide the needful to ensure the successful take-off of this project.

    “To fulfil his promise of ensuring industrial revolution in the state, the governor has earmarked N2.5 billion as investable fund in the Omotoso Industrial Park.”

    Mrs. Ademujimi said the 530 megawatts Omotoso Power Station Phase II, which was inaugurated by President Goodluck Jonathan last year, would boost the state’s industrialisation plan.

  • PZ Cussons invests $130m in growth initiatives

    PZ Cussons invests $130m in growth initiatives

    PZ Cussons Nigeria Plc has invested not less than $130 million in strengthening and expanding its business operations in Nigeria as it reassures Nigerian shareholders of continuing commitment to value creation and fairness.

    Chairman, PZ Cussons, United Kingdom, Richard Harvey, who spoke after a visit and tour of part of Nigerian operations by members of board of directors of the PZ Cussons Nigeria’s parent company, said the conglomerate sees more exciting opportunities in Nigeria and it is committed to long-term development of its Nigerian business.

    According to him, PZ Cussons has continued to invest in the capacity of its Nigerian business in demonstration of its commitment to sustain its Nigerian business as a major plank of the global operations of PZ Cussons.

    He said PZ Cussons’s bouquet of products from household items to electronic appliances is in growing demand and the group looks toward its Nigerian business as a major contributor to global performance.

    “We are more excited about the opportunities now than we have been for a very long time,” Harvey said.

    He pointed out that Nigeria contributes about 55 per cent of the group’s global turnover while the refrigerator business contributed about 30 per cent to PZ Cussons Nigeria’s turnover, which approximately gave the Nigerian refrigerator business some 17 per cent of global sales.

    Harvey in company of other directors toured the newly remodeled refrigerator manufacturing plant in Ilupeju, Lagos.

    According to him, the additional refrigerator production line, which was inaugurated during the visit, was meant to rapidly expand the distribution of cooling products In Nigeria and Ghana and to keep the company in good stead to meet anticipated continuous increase in demand.

    Harvey said the conglomerate will continue to prospect for opportunities to increase its business in Nigeria citing the recent multi-billion investment in palm oil processing plant and refinery.

    According to him, the biggest new business line-‘Mamador’, being produced from the brand new refinery at Ikorodu, Lagos, has gotten off to instant success with the company selling every bit of its production.

    “We get a series of developments we want to do but as you will expect I am not able to share those secrets with you now,” Harvey said.

    He however ruled out possible capital issue in the nearest future noting that PZ Cussons has sufficient capital base to internally fund its growth initiatives.

    He assured Nigerian shareholders that the conglomerate has been positioned for improved performance and returns while affirming the commitment of the foreign core investor to mutually beneficial relationship with its Nigerian shareholders.

    “They are investing in the right company,” Harvey quipped when asked about his message to Nigerian shareholders.

    Harvey spoke in company of PZ Cussons Nigeria’s managing director, Christos Giannopoulos.

    Giannopoulos added that while PZ Cussons had gradually increased its shareholding in the Nigerian business to demonstrate its commitment, it has no plan whatsoever to alter the current shareholding structure.

    He said the conglomerate is committed to sustaining its listing on the Nigerian Stock Exchange (NSE) while working to create values for all shareholders.

    “We have some 85,000 shareholders, who love us and we love them, as of now there is no plan to increase our shareholding in the Nigerian subsidiary. We are committed to our shareholders and the Nigerian economy,” Giannopoulos said.

    He said the conglomerate plans to achieve growth target above the national Gross Domestic Products (GDP) growth rate over the next years.

    He noted that PZ Cussons believes in the development of local content as integral part of its production process pointing out that over the years, PZ Cussons has always sourced and used local raw materials as much as possible in its productions.

    Audited report and accounts of PZ Cussons Nigeria for the year ended May 31, 2013 had shown considerable improvement in the underlying profitability of the group, with increasingly efficient procurement management and internal cost control moderating the probable impact of a sluggish top-line.

    The report showed that while sales slipped by 1.12 per cent, profits before and after tax jumped by 77.6 per cent and 110 per cent respectively. The improvement in the bottom-line impacted on the underlying returns to shareholders as earnings per share increased from 61 kobo in 2012 to N1.23 in 2013.

    Turnover closed May 2013 at N71.34 billion as against N72.15 billion recorded in 2012. Profit before tax meanwhile rose from N4.31 billion to N7.65 billion. Profit after tax also doubled from N2.54 billion to N5.32 billion.

    The company distributed N2.22 billion as cash dividends, representing a dividend per share of 56 kobo, an increase of 30 per cent on 43 kobo paid for the previous year.Z Cussons Nigeria Plc has invested not less than $130 million in strengthening and expanding its business operations in Nigeria as it reassures Nigerian shareholders of continuing commitment to value creation and fairness.

    Chairman, PZ Cussons, United Kingdom, Richard Harvey, who spoke after a visit and tour of part of Nigerian operations by members of board of directors of the PZ Cussons Nigeria’s parent company, said the conglomerate sees more exciting opportunities in Nigeria and it is committed to long-term development of its Nigerian business.

    According to him, PZ Cussons has continued to invest in the capacity of its Nigerian business in demonstration of its commitment to sustain its Nigerian business as a major plank of the global operations of PZ Cussons.

    He said PZ Cussons’s bouquet of products from household items to electronic appliances is in growing demand and the group looks toward its Nigerian business as a major contributor to global performance.

    “We are more excited about the opportunities now than we have been for a very long time,” Harvey said.

    He pointed out that Nigeria contributes about 55 per cent of the group’s global turnover while the refrigerator business contributed about 30 per cent to PZ Cussons Nigeria’s turnover, which approximately gave the Nigerian refrigerator business some 17 per cent of global sales.

    Harvey in company of other directors toured the newly remodeled refrigerator manufacturing plant in Ilupeju, Lagos.

    According to him, the additional refrigerator production line, which was inaugurated during the visit, was meant to rapidly expand the distribution of cooling products In Nigeria and Ghana and to keep the company in good stead to meet anticipated continuous increase in demand.

    Harvey said the conglomerate will continue to prospect for opportunities to increase its business in Nigeria citing the recent multi-billion investment in palm oil processing plant and refinery.

    According to him, the biggest new business line-‘Mamador’, being produced from the brand new refinery at Ikorodu, Lagos, has gotten off to instant success with the company selling every bit of its production.

    “We get a series of developments we want to do but as you will expect I am not able to share those secrets with you now,” Harvey said.

    He however ruled out possible capital issue in the nearest future noting that PZ Cussons has sufficient capital base to internally fund its growth initiatives.

    He assured Nigerian shareholders that the conglomerate has been positioned for improved performance and returns while affirming the commitment of the foreign core investor to mutually beneficial relationship with its Nigerian shareholders.

    “They are investing in the right company,” Harvey quipped when asked about his message to Nigerian shareholders.

    Harvey spoke in company of PZ Cussons Nigeria’s managing director, Christos Giannopoulos.

    Giannopoulos added that while PZ Cussons had gradually increased its shareholding in the Nigerian business to demonstrate its commitment, it has no plan whatsoever to alter the current shareholding structure.

    He said the conglomerate is committed to sustaining its listing on the Nigerian Stock Exchange (NSE) while working to create values for all shareholders.

    “We have some 85,000 shareholders, who love us and we love them, as of now there is no plan to increase our shareholding in the Nigerian subsidiary. We are committed to our shareholders and the Nigerian economy,” Giannopoulos said.

    He said the conglomerate plans to achieve growth target above the national Gross Domestic Products (GDP) growth rate over the next years.

    He noted that PZ Cussons believes in the development of local content as integral part of its production process pointing out that over the years, PZ Cussons has always sourced and used local raw materials as much as possible in its productions.

    Audited report and accounts of PZ Cussons Nigeria for the year ended May 31, 2013 had shown considerable improvement in the underlying profitability of the group, with increasingly efficient procurement management and internal cost control moderating the probable impact of a sluggish top-line.

    The report showed that while sales slipped by 1.12 per cent, profits before and after tax jumped by 77.6 per cent and 110 per cent respectively. The improvement in the bottom-line impacted on the underlying returns to shareholders as earnings per share increased from 61 kobo in 2012 to N1.23 in 2013.

    Turnover closed May 2013 at N71.34 billion as against N72.15 billion recorded in 2012. Profit before tax meanwhile rose from N4.31 billion to N7.65 billion. Profit after tax also doubled from N2.54 billion to N5.32 billion.

    The company distributed N2.22 billion as cash dividends, representing a dividend per share of 56 kobo, an increase of 30 per cent on 43 kobo paid for the previous year.

     

  • Dangote to invest in solid minerals in Ekiti

    Dangote to invest in solid minerals in Ekiti

    The investment drive of the Governor Kayode Fayemi-led administration got a major boost at the weekend. Foremost industrialist Alhaji Aliko Dangote promised to extend his business interest to the state.

    Dangote, who is the Chairman and Chief Executive of Dangote Group of Companies, listed solid mineral development, agriculture and education as possible areas of investment in Ekiti State.

    He spoke after he met with Deputy Governor, Prof Modupe Adelabu, at his Falomo, Ikoyi, Lagos Office.

    According to a statement by Prof Adelabu’s media aide, Mr Bunmi Ogunmodede, both parties described their discussions as very fruitful. They promised to work out the areas of collaboration, the statement added.

    Speaking on what transpired at the meeting, Dangote said: “I have had a very good discussion with the deputy governor and we are looking at the areas of solid minerals; we are also looking at the area of rice production which is agriculture.

    “We will engage more of the local population in farming activities and this will create employment opportunities for the people. So, we’ll look into this and the possibility of collaborating with the state through the Ministry of Agriculture.

    “I am also looking into the area of education. I have had a very fruitful discussion with the professor and we’ll take it up from there,” the businessman, who rated the Fayemi administration

     

    high in performance, said.

    According to him, the Ekiti State helmsman deserves all the necessary support to push through his vision for the people of Ekiti State.

    His words: “Ekiti people and Nigerians show allow him to continue with the great job that he has been doing. He (Fayemi) has not disappointed anyone of us, who are his friends because we believed he went into politics on a mission and he’s doing very well. My advice to Ekiti people is that they should give their governor and his deputy all the support they require to succeed. They are a great team and I wish them the very best.”

    Also speaking, Prof Adelabu said her parley with Africa’s richest man centred on possible areas of collaboration between the two parties, particularly on education.

    She said: “I am aware there is the Dangote Foundation that has interest in education. In fact, he was there at the last Education Summit that was held at the Banquet Hall, State House, in Abuja.

    “Former British Prime Minister Gordon Brown was at that summit, where Alhaji Dangote was saddled with the responsibility of coordinating the education sector. I have come to discuss he can support the education sector in our state and how to have more of his investment presence in Ekiti State.”

    The deputy governor described Dangote as man of his words, who will not promised what he cannot do, assuring that the state would be better for the budding relationship between the government and the business icon.

  • ‘Govt should invest in herbal centres’

    ‘Govt should invest in herbal centres’

    The National Agency for Food, Drug Administration and Control (NAFDAC) has said that some of the drugs it approved for consumption are good herbal remedies.

    Southeast zonal coordinator of the agency, Charles Nwachukwu said this when he received an award of excellence from Anambra State chapter of National Association of Nigeria Traditional Medicine Practitioners (NAMTMP) on behalf of NAFDAC.

    He said that most of the drugs from China and India are not better than those produced in Nigeria, even as he added that most of the drugs produced in those countries are all herbal-based.

    However, Nwachukwu said that those who are into herbal medicine practice in Nigeria needed to package their products well like those from China and India, adding: “if we do all these, Nigeria has what it takes to take over from those countries in production of herbal medicine.”

    Nwachukwu further said that herbal medicines are so potent so much so that they had helped in curing most diseases. He also said that Nigeria, being a country in the tropical region, boasts good herbal plants.

    The state coordinator of NAMTMP and chief executive, JMI Home Ventures Limited, Ambassador John Mary Ibeka, called on governments at all levels to invest in herbal centres where researches on herbs and their uses could be carried out.

    Such centres, according to Ibeka, would form training grounds for young pharmacists before their licences would be granted.

    The centres would also be homes for pupils in search of knowledge and understanding in pharmaceutical sciences.

    “Government should also avail our herbalists the opportunities to study the herbal remedies of our forefathers. They should sponsor workshops and seminars on herbal medicine and research into natural resources as vital sources of Phyto-medicine,” Ibeka said.

    The President-General of Agulu Improvement Union (AIU) Chief Paulinus Aniagbaso was also presented with an award by the group as “champion of development” in the state.

  • Dangote, NGC to invest $20m on fuel conversion

    Borkir International Gas and Energy Company, a subsidiary of Dangote Group and Nigerian Gas Company (NGC) is to invest $20 million on the purchase and sale of gas and conversion of fuel vehicles to Compressed-Natural-Gas(CNG).

    The two companies have signed a Memorandum of Understanding (MoU).

    The 20-year contract agreement is to harness natural resources, such as gas, locally and effectively and to provide the country with a chit that can convert fuel vehicles into gasoline vehicles at an affordable price.

    Speaking to reporters in Lagos, the Chairman, Borkir International Gas and Energy Company, Sanni Dangote, said the company plans to have eight stations.

    He said two stations are on ground and the others would be ready in the next five months.

    “The company expects to spend close to $100 million in the next couple of years to cover all the major highways and major cities in Nigeria.

    “People’s perception could be a challenge. They may be considering whether or not it is economical to convert into CNG or how reliable it will be as well as the availability of the gas in different stations.

    “But the truth is that everybody knows that gas is a cleaner energy.

    “And for availability and reliability, we decided to invest into the initiative to make the gas available at a fixed price based on price contract.

    “We have opened conversion centres on major roads and highways where vehicle owners can diagnose their engines and other parts of their vehicle before conversion.

    “We have got 5,000 trucks signed into our contract and this gives us the platform to demonstrate that this project will survive.”

    Unlike the price fluctuation of PMS, Dangote reiterated that the advantage of gas is that there won’t be any price fluctuation since it is a product that is based on price contract.

    “The price contract can be guaranteed for a long period, either for six months or one year.

    “Another advantage of the chit we are introducing is that it is optional.

    “If you run out of gas, you can run on diesel at a full range. Vehicle owners are not restricted.

    “Also, a one year warranty of performance will be given to every converted vehicle,” he said.

    The NGC Managing Director, Saidu Mohammed, said the agreement is to harness gas locally.

    He said the NGC, which operates over a 1,500-kilometre network and various stations has been propagating the use of gas.

  • Invest in science and technology, VC advises govt

    Students studying science and technology courses in public and private institutions must be supported through scholarship by governments if the nation must use technology to anchor its developmental drive. The Vice-Chancellor of the Achiever University, Owo, Prof Adebayo Odebiyi, stated this at the sixth matriculation ceremony of the institution last week.

    Odebiyi, who believed investing in science and technology could fast-track progress, said scholarship funds should be paid directly to the institutions offering the discipline. The VC said the university implemented 50 per cent scholarship in tuition for all science-based programmes to encourage students to excel in technology courses.

    While congratulating the freshers, Odebiyi charged them to always be of good behaviour throughout their years in the institution. He said they must adhere to the rules contained in students’ handbooks made available to each inductee.

    “We are committed to giving you sound education through provision of the best of facilities and nurture your mind in principle and pursuit of academic excellence, acceptance of truth and courage to act in consonance with the dictates of the university in knowledge, integrity and leadership,” the VC said.

    Earlier, the Chancellor and Visitor, Dr Bode Ayorinde, said through hard work and regular academic calendar, the five-year old institution had produced two sets of graduates. Oyerinde, while assuring the new students of qualitative lectures, warned them not to contravene the rules and regulations of the varsity.

    “You can only wear the academic gown two times, which matriculation and convocation. However, you can wear it in the next 30 days if you are found guilty by the disciplinary committee of misconduct; you will be walked out of the school in shame,” the Chancellor charged.

    About 741 admitted students took the oath of matriculation during the ceremony. Some of the joyous inductees, who spoke with CAMPUSLIFE, described the occasion as memorable, promising to be of good behaviour throughout their stay on campus.