The Nation Newspaper

Tag: investors

  • Ogun: Counting the gains from Investors’ Forum

    Four years after holding the first Ogun State Investors’ Forum, about 100 firms with investment in excess of over $200 million, have settled in Ogun State. Presently, China’s investment in the state has hit $2.1billion; its industrial zone ranked as the best in the country, coupled with her ranking as the third best in ease of doing business, are enough carrots to dangle before a discerning investor. MUYIWA LUCAS writes that the third in the investor’s forum series, which held last week in Abeokuta, may further consolidate the state’s desire to be the industrial hub of the country.

    For two days, the business community both locally and internationally, converged in Abeokuta, the Ogun State capital, for the third edition of the  Ogun State Investors’ Forum. The event, which started in 2012, has now become a medium for investors and other business related stakeholders to foster their nest as they seek means of expanding or setting up their businesses. This year’s edition was themed: “Emerging Economic Powerhouse” with three areas of focus: Agriculture, Environment and Transportation

    Through this forum, the state has been able to showcase its investment potentials, and also telling potential and existing investors that it has considerably enabled its environment for investment. Besides, it also presents a means of sentising the public that it is ready and open for business.

    “We want to showcase to the world the opportunities that abound in Ogun State; we want to come together to look at areas of mutual benefits for us and potential investors”, says Ibikunle Amosu, the state governor.

    But how well has the three editions of this forum impacted the fortunes of the state? Amosun revealed that more than at any time in the state’s 40 years history, industries and entrepreneurs from within Africa and around the world are now choosing Ogun State as their preferred investment destination.

    Available statistics from the state indicate that between the time the first investors’ forum held in 2012 and last week, the number of new companies operating in the state has hit 90 and may increase to 100 before the end of the year. These are companies that have invested between $100 and $200 million each in the state’s economy; some of these companies are said to have even recorded up to a billion-dollar investment.

    Besides, as at last April, the state has attracted a $2.1 billion of investment from China, which was directed mainly towards the development of the planned railways and Free Trade Zones development in the state. Besides, the state’s industrial zone ranked first in 2014; new investment into the state in 2014 was valued at N514. 87 billion which had an increase of N376.57 billion from 2013 while the total investment in the state by the end of 2014 stood at N691.77 billion. The state also emerged first in terms of states that were able to grow their IGR in 2015.

    The fallout of the several fora, has also enabled the state to secure the technical cooperation of several of the world’s leading international development agencies. In this regard, Amosun revealed that the German Agency for International Cooperation (GIZ), has been integral in assisting to streamline the state’s administrative procedures to ensure that reforms that foster business growth were adopted and implemented by the government, understood and utilised by the public. The French Development Agency (AFD), DFID, The World Bank, IFC, AFC, ADB and several other development agencies at different times have also played a vital role in the business environment of the state.

    The result of these efforts, perhaps, influenced the ranking of the state by the World Bank in its “Doing Business” assessment – the ease of opening businesses – from 36th position in 2010 to 5th in 2014.

    All these may have explained why the state, under Amosun, has coined a cliché for herself as “The emerging industrial hub in Nigeria.”

    Yet, more investment is needed to realise the full potential of the State. The State’s Master Plan, which is the statutory policy of government guiding the physical development of the State, captures the many areas where the discerning investor may wish to put his or her money to secure attractive returns.

    Amosun said the choice of this year’s theme was apt as it gave consideration to key areas that support investment- infrastructure, environment, agriculture and transportation.  “We have realised that environment affects us, our lives and living and takes centre stage, especially now, with new technology, innovation and climate change”, the governor noted.

     

    Agriculture

     

    The State’s desire to derive its economy through agriculture, again, proved central to the forum. This is why in the past three editions, the sector has always featured prominently. Ogun State Commissioner for agriculture, Mrs. Ronke Sokefun, while urging investments in this area of the economy, explained that the state is endowed with favourable climate and good vegetation for all year round cultivation of various cash and food crops as well as livestock rearing. For instance, the southern part of the state provides evergreen forest vegetation and soil most suitable for the cultivation of cash and food crops like oil palm, rice, kola- nut, cocoa, cotton, cassava, cocoyam and vegetables. While in the northern part is a vast grazing savannah land that is very ideal for animal husbandry. In addition to this, there are forest reserves, rivers and lagoons. Other natural resources include forest and large quantities of mineral deposits, such as limestone, phosphate, granite stone, gypsum, bauxite, bitumen, feldspar, clay, glass sand, kaolin, quartz, tar sand and gemstones.

    Based on this, Sokefun noted that agriculture and agro-industry provide immense investment and business opportunities for international and indigenous investors. “ Our vision for agriculture includes expansion into agro-processing industries along the value chain. Presently only about 20 per cent of farm produce is processed, the rest is either sold as cash crops or left to rot due to insufficient processing capacity,” she said, noting that some of the areas that present the most viable business opportunities for investors are palm oil /palm kernel, rubber, aquaculture, and livestock.

    Indeed, with available arable land of 1,204,000 hectares (Ha) representing 74 per cent of the State’s entire land area; cultivated land area of 350,000 ha, which is a paltry 29 per cent of arable land area presently under cultivation, and  a yet to be cultivated area of 854,840 ha , or 71 per cent, Sokefun is convinced that vast opportunity beckons.

    She revealed that her state is the first in the country to adopt an Agro-Politan Development Strategy. This is a development paradigm that ensures that millions of people citizens engaged in the agricultural value chain are able to prosper where they are located.

    “The Agro-Politan Development Strategy emphasises the localisation of primary production and manufacture. The goal is to enhance the incomes and welfare of the rural areas through the acceleration of integrated regional development. By this, we will embark on rural and urban linkages that encourage development of agric-business network. The objective is a populace-based, competitive, sustainable and decentralised agro-politan region,” she assured.

  • Investors face N18b loss as NSE delists eight companies

    nvestors in eight companies delisted last week by the Nigerian Stock Exchange (NSE) stand to lose about N18 billion as the delisting closed the regular window to unlock the values of their shareholdings.

    In a mass weeding that cut across many sectors, the NSE delisted eight companies including IPWA Plc, G.  Cappa Plc, West African Glass Industries Plc (WAGI), Investment & Allied Insurance Plc, ALUMACO Plc, Jos International Breweries Plc, Adswitch Plc and Rokanna Plc.

    The companies, valued at N17.8 billion, were delisted under the compulsory delisting mechanism of the Exchange. While the delisted companies could seek direct and indirect trading of their shares on the over-the-counter (OTC) market, NASD, the nascent OTC market lacks the comparative liquidity and regularity of the NSE.

    The Nation’s check indicated that at the point of delisting IPWA Plc was valued at N257.07 million; G.  Cappa Plc, N1.81 billion; West African Glass Industries Plc (WAGI), N131.43 million; Investment & Allied Insurance Plc, N14 billion; ALUMACO Plc, N557.20 million; Jos International Breweries Plc, N809.28 million; Adswitch Plc, N203.76 million while Rokanna Plc was valued at N30 million.

    It was exclusively reported by The Nation that quotation committee of the council of the NSE, which presides over listing and delisting, had approved the delisting of the companies.

    It was further reported that the national council of the NSE has approved the delisting of 17 companies. A total of 18 companies have been slated for delisting including 17 companies that have been earmarked for compulsory delisting and a company that had opted for voluntary delisting over its inability to comply with listing requirements.

    The Nation’s check had indicated that the delisting will shave of more than N33 billion from the market capitalisation of the Exchange, implying direct loss of similar value to investors who may not be able to unlock such value in the absence of a regular stock exchange.

    With the delisting, other companies on final delisting process included Navitus Energy Plc, formerly Union Ventures & Petroleum Plc; International Energy Insurance, Costain (West Africa) Plc, Lennards (Nigeria) Plc, Deap Capital Management & Trust Plc, Evans Medical Plc, P.S Mandrides & Company Plc, Nigerian Ropes Plc and Premier Breweries Plc.

     

  • Ogun: Investors’ Destination of Choice

    You do not attract investments to your state by folding your arms and expecting investors to knock on your doors. You have to showcase what you have. It is equally not enough for you to advertise and ask investors to come when you have a bureaucratic system that makes it easier for the proverbial camel to pass through the eye of the needle than for a prospective investor to establish business in your state. And you do not advertise for the sake of it. If a system does not work or yield returns, you reform or dump it outright.

    Following the First Ogun State Investors’ Forum in 2012, over 40 major industries berthed in the state. After the 2014 edition, greater number of companies were established. These are multi-billion naira investments that have created hundreds of thousands of direct and indirect jobs in Ogun State. In 2014 alone, Ogun attracted investments worth N690 billion. As far as the Manufacturers Association of Nigeria is concerned, Ogun is now the industrial hub of Nigeria by virtue of the massive inflow of investments into the state in the last five years.

    What are the conditions that make the state so attractive to business in the last five years? First and foremost is the vision of the Ogun State governor, Senator Ibikunle Amosun. Without vision nothing can be achieved, even if you have all the resources in this world. The vision of the governor to move the state from the backwoods of civilization to the 21st century has resulted in doing things differently in the state.  To cite one example in parenthesis, the introduction of e-payment or cashless system suddenly raised the Internally Generated Revenue of the Ministry of Commerce from the average of N45 million per annum under the previous government to N550 million per annum (representing 1,122% increase) within a space of one year of the Amosun administration!

    Of course, it is no longer news that the current government inherited a state defined by insecurity. So the first step taken by the Amosun administration was to contain the menace because no sensible investor will bring their investments to an insecure environment. The next was to create (further) an environment conducive to investments by removing all identified bottlenecks that drive away investors as well as build infrastructure that will foster business development. It is apt at this juncture to quote the assessment by the World Bank.

    In its biennial report, Doing Business in Nigeria 2014, the global financial institution reports that “Ogun, one of the lowest ranked overall performers in both 2008 and 2010, is one of the top reforming states in 2014”. It rates Ogun, out of 35 states and FCT, as one of the five states “that made the biggest strides towards the national frontier of good practices.”

    According to the 2014 Report, “Thanks to a concerted effort across federal and state authorities, and in collaboration with the private sector, Ogun improved on three of the four Doing Business indicators benchmarked. The construction permitting system was radically overhauled, with the state government authorities decentralising the approval system and a new committee monitoring delays. Building permit applications and payments can now be made simultaneously in district offices. Private professionals issue environmental-impact assessments in accordance with the conditions and templates set out in a framework agreement. The certificate of completion is issued on the spot, immediately following the final inspection.”

    To begin a business in Ogun State, according to World Bank, “entrepreneurs no longer need to travel to Ibadan or Lagos, thanks to the Federal Inland Revenue Service’s new stamp duty office in Abeokuta. In addition, the state Ministry of Commerce and Industry abolished the requirement for a physical inspection of the business premises – today, a proof of company address, such as a utility bill, is sufficient. A business premises permit is issued on the spot upon payment of the fee. Finally, Ogun’s Bureau of Lands digitalised property records with the aim of enabling electronic title searches and making property registration more efficient.”

    In spite of the successes recorded so far, the Ogun State Government is not resting on its oars. “Since that 2014 Report,” said Governor Ibikunle Amosun at the opening ceremony of the Third Ogun State Investors’ Forum in Abeokuta on Monday, “we have expanded the Bureau of Urban and Physical Planning into a full-fledged ministry and have adopted reforms that fast track the process for obtaining development permits from six weeks to two and land clearance permits to one week. We have also established zonal offices in each of the Local Government Areas so that we can bring government services closer to the people. These partnerships will ensure speedy processing of our land documents (such as Certificate of Occupancy, Governor’s Consent and registration of titles). Our Geographical Information System (GIS) platform is being improved to enable ease of land management and services. With these developments, our Bureau now ranks among the best in the country.”

    The governor added that “To make it easier for investors to take full advantage of the vast opportunities in Ogun State, we are further expanding the services offered by the One-Stop-Shop that was launched in 2012. The One -Stop-Shop will enable potential and existing investors to go to only one office in order to process Urban and Physical Planning permits; to access the Bureau of Lands to conduct transactions such as land title searches, to purchase land and obtain certificates of occupancy/Governor’s consent; to access the Internal Revenue Service; to acquire land for agriculture; and finally to access the Legal Advisory Desk – all under one roof. The One-Stop-Shop will assign a dedicated officer as an advocate, who will ensure that things progress efficiently…”

    There is no doubt that Ogun State, under the current government, is taking giant leaps economically into the 21st century. It is indeed the “Emerging Economic Power House” in the country. What is expected of citizens of the state is to continue to co-operate with the government in order to sustain the momentum of development for the benefit of the present and future generations.

     

    • Soyombo, a media practitioner, sent this piece from Abeokuta.
  • Fashola to DisCos: divest shares to new investors

    Fashola to DisCos: divest shares to new investors

    The Minister of Power, Works and Housing, Mr Babatunde Fashola, has advised electricity distribution companies (DisCos) to bring in more funds by offering to dilute their stakes in exchange for needed inputs such as meters, transformers and other equipment required for systems upgrade, insisting that it would make more business sense to give up some shares in exchange for cash.

    He advised owners of power assets to embrace new commercial behaviour suitable for operating optimally in the new power sector commercial environment.

    Fashola spoke in Abuja while receiving a delegation from the Nigeria Economic Summit Group (NESG), led by its Vice-Chairman, Mrs. Sola David-Borha.

    The minister said if this advice is acceded to, it will make for redistribution of their risk in exchange for equipment and capacity to drastically reduce the prevailing high occurrences of commercial and technical losses.

    A statement endorsed by Deputy Director, Press, Mr. Timothy Oyedeji further reminded the power asset owners that the success of the privatisation exercise rests on the distribution end in the value-chain. He said they should step up their collections, so as to meet the time-lines agreed with government for all parties to respect agreements and take full responsibility for their actions.

  • Refineries: NUPENG warns NNPC over partnership with investors

    Refineries: NUPENG warns NNPC over partnership with investors

    The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has urged the Nigerian National Petroleum Corporation (NNPC) not to engage investors as joint technical partners for the rehabilitation and running of refineries.

    The NNPC has advertised for the job.

    The union said it is also worried by similar adverts by the NNPC inviting pre-qualification for rehabilitation, upgrade, operatorship, management and maintenance of NNPC jetties, storage depots and pipeline infrastructure on joint venture partnership.

    In a statement by its Acting General Secretary, Comrade Joseph Ogbebor, NUPENG described the NNPC’s move as privatisation of national assets through the backdoor.

    According to Ogbebor, it is doomed to fail and bring more hardship to the citizens like the  Power Holding Company of Nigeria (PHCN).

    Ogbebor, NUPENG would fight the joint partnership bid for security reasons and in the interest of oil and gas workers.

    No investor, he said, would want  his money in the JV without having a say in the running of the refineries, storage depots and jetties.

    “NUPENG states that the panacea to these challenges is not in joint partnership basis that will alter the ownership and operatorship structure, but the need to have the political will to make the refineries, pipelines, and storage depots work optimally,” the union said.

    The bidders, it said, would turn out to be those interested in buying the national assets adding that their planned sale through this method is a failure on the part of the NNPC management.

    “It also negates Federal Government’s plan to set-up a special task force to tackle pipeline vandalism and encourage investors to build refineries within the old refineries and use their facilities.

    “NUPENG calls on President Buhari to call the Minster of State, Petroleum Resources, Dr. Ibe Kachikwu, to order and rescind the decision and concentrate on re-streaming the refineries, rehabilitate the depots instead of this new plan of partial privatisation through the backdoor that will result to job losses. This may lead the union to embark on a nationwide action,” Ogbebor said.

  • 51 foreign investors exit equities, bond markets

    51 foreign investors exit equities, bond markets

    Fifty-one foreign investors repatriated profits from their investments in equities and Federal Government of Nigeria (FGN) bonds last week.

    The investors considered Nigeria’s foreign exchange policies of the Central Bank of Nigeria (CBN), especially its refusal to devalue the naira, unfavourable to their investments. They pushed the transactions through Stanbic IBTC Bank, published data on forex disbursement for last week showed.

    The major part of the $15.91 million forex was disbursed by the lender to investors divesting from the country, local businesses importing petroleum products, payment of school fees abroad and settlement of Personal Travel Allowances (PTAs) and Business Travel Allowances (BTAs).

    Details of the transactions showed that foreign investors took $6.8 million of the disbursed cash. Stanbic IBTC Bank disbursed $100,000 to 32 investors divesting from the equities market. The beneficiaries are Merill Lynch International, HSBC, Brown Brothers, JPM Securities, The Bank of New York Mellon 1, The Bank of New York Mellon 2, HSBC Funds Services London, Deutsche Bank London, Standard Bank of South Africa, and Credit Suisse International, among others.

    For raw materials, the bank disbursed $1 million each to Pure Flour Mills Nigeria Plc and Flour Mills Nigeria Plc. Bua Sugar Refinery got $500,000 for the importation of raw sugar. Prudent Energy & Services Limited $1,170,267.10 for petroleum products.

    General sentiments in the equities market were bearish. Average yield across benchmark bonds closed at 11.6 per cent at the end of the first trading session of the week, rising five basis points from the last trading session of the previous week.

    Though the spread between the official and parallel forex market remains, the volatility recorded in rates earlier in the year has subsided. The CBN, however, is still unable to meet the dollar demands as seen in the amount returned by the CBN to the Deposit Money Banks for unfilled bids at the forex auction.

    The official naira rate at the CBN remained at N197 to dollar whilst naira/dollar rates at the Interbank stayed at N199 to dollar. The naira/dollar rate was stable at the Bureau-De-Change as it exchanged at N320 to dollar on all trading days of last week. The parallel market also remained stable as the local currency exchanged at N323 to dollar on all trading day of the week, except Monday when it appreciated by N1.00 to N322 to dollar. Current Gross foreign reserves level was at $27.47 billion as at April 14, down about $70 million from last Monday’s reserve level.

    GTBank disbursed forex to 82 customers, including Dozzy Oil and Gas, which got $1.16 million. Danium Energy Services, Midland Rolling Mills; M.R.S Oil and Gas; Shiv Lila Polymers Limited each got $1 million for raw materials import. The bank also paid school fees to over 25 customers. Several others got PTAs.

    United Bank for Africa (UBA) Plc paid $1 million to IATA for remittances for ticket sales; $1 million to Matric Energy for the importation of dual purpose kerosene and $1 million to NFE Industry Limited for the importation of Prime Steel Bullets. There were several other disbursements for BTAs and PTAs customers as well as parents paying school fees for their children abroad.

    Fidelity Bank disbursed $100,000 each to United Africa Laboratory Limited and Onward Stationary Stores Limited for the importation of sealing machines and uncoated woodfree offset paper. There were several disbursements for school fees.

    Access Bank disbursed $1 million to Air France for ticket sales remittances and $1.9 million to Blakeney Management for repatriation. There were other disbursements to Bhojsons, Techno Oil Limited and Nestle Nigeria Plc, among others.

    Other lenders that made forex disbursements during the week were FirstBank, First City Monument Bank, Wema Bank and Sterling Bank, among others.

    The funds were sourced from the Central Bank of Nigeria (CBN) and sold to the beneficiary customers at the official rate of N197.50 to dollar. The beneficiaries used the funds for the importation of goods, services and other items that fall within the CBN-stipulated import approval list.

    CBN Governor, Godwin Emefiele has consistently assured stakeholders that the country will continue to meet mature financial obligations to foreign investors and her international trading partners.

    For the CBN, the ongoing weekly publications on forex utilisation are meant to promote transparency and accountability on the side of the lenders, which act as a link between the regulator and the forex users.

  • Banks channel forex to investors exiting equities, bond markets

    Banks channel forex to investors exiting equities, bond markets

    Foreign investors repatriating profits and others exiting the Nigeria equities and bond markets last week triggered a rise in foreign exchange (forex) disbursement by leading banks.

    Many of the investors, after liquidating their investments, secured forex to repatriate their funds through Stanbic IBTC Bank. The lender disbursed $19,305,571.50 to 68 customers,   according to published disbursement data for last week.

    JPM London secured $3,331,564.24 from Stanbic IBTC for its divestment of equities and Federal Government of Nigeria (FGN) Bonds. There was also $2,010,690.01 disbursed to State Street/Stanbic Nominees-E by the lender for the same purpose.

    BP2S/BNP Pribas obtained $130,167.61; Standard Bank of South Africa, $541,671.31; Merrill Lynch International $63, 767.89; HSBC Funds Services London, $394,210.30; and The Bank of New York Mellon 2, $206,317.82.

    The foreign investors have been pressurising the Central Bank of Nigeria (CBN) to devalue the naira, which it has vehemently resisted. Last week’s repatriation of investments is expected to continue in the months ahead as the margin between the official exchange rates has continued to widen.

    The naira/dollar exchange rate remained unchanged at N197 to dollar at the CBN and N199.50/US$1 at the interbank market. At the Bureau-De-Change, the naira appreciated against the dollar marginally on all trading days of last week, with the Naira/Dollar rate trending lower from N322.00/$1 on Tuesday (appreciating N1 from Thursday) to close at N320/$1.00 on Friday. The parallel market was also stable as Naira/Dollar traded for N323/$1 on all trading days save for Wednesday when it rose marginally to N324.00/$1.

    Stanbic IBTC also disbursed $6 million in three tranches to Rain Oil for the importation of petroleum products and $1,082,440.37 to GZ Industries Limited for aluminum coils import and $100,000 in Personal Travel Allowances (PTAs) to 25 customers.

    Diamond Bank led other lenders with $20,084,368 disbursed to 222 customers, mainly for school fees payment, PTAs and importation of petroleum products.

    Zenith Bank Plc disbursed $13, 107,525.71 to 362 customers. The lender disbursed $3,646,399.15 to Tiger Branded Consumer for Canadian Milling Wheat. Virgin Atlantic got $1 million for air ticket sales remittance.

    Oando Marketing secured $360,000 in two tranches for importation of petroleum products. The bank also made disbursements to Seven-Up Bottling Company Plc; Sonia Foods Industries Limited; Emerging Markets Telecom Services; Boulous Enterprises Limited; Honeywell Flour Mills Plc. There were several Personal Travel Allowances (PTAs), among others.

    United Bank for Africa (UBA) Plc also disbursed forex to 242 customers. Some of the big beneficiaries are: Total and Eterna Oil which accessed $1,201,649.61 and $1, 449,358.03 restively. The lender also funded $1 million remittance tickets for IATA and several other transactions for school fees payment.

    FirstBank disbursed $6 million in two tranches to Gulf Treasures Limited for the importation of petroleum products. There was also $1.943,612.48 disbursed to Elephant Group Limited for NPK -15-15-15 bulk importation. The bank also disbursed to customers for the payment of school fees and PTAs.

    Other lenders that got forex are Diamond Bank, GTBank, First City Monument Bank, Wema Bank.

    The funds were sourced from the Central Bank of Nigeria (CBN) and sold to the beneficiary customers at the official rate of N197.50 to dollar. The beneficiaries used the funds for the importation of goods, services and other items that fall within the CBN-stipulated import approval list.

    CBN Governor Godwin Emefiele has consistently assured stakeholders that the country will continue to meet financial obligations to foreign investors and her international trading partners.

    The weekly publications on forex utilisation are meant to promote transparency and accountability on the side of the lenders, which act as a link between the regulator and the forex users.

  • Lagos woos global investors for FDI

    Lagos State will continue to protect the interests of global investors through provision of amenable operating environment and protection of private enterprises.

    The state gave this assurance at the weekend during the formal presentation of its Office of Overseas Affairs and Investment, otherwise known as Lagos Global, to members of the business world, diplomatic community and top government functionaries.

    Governor Akinwunmi Ambode, who was represented by the Secretary to the State Government, Mr. Tunji Bello, reiterated the state’s commitment towards making Lagos an investment destination of choice by creating a favourable environment for local and Foreign Direct Investment (FDI).

    As the world continues to acknowledge Lagos as a regional financial hub, he said, the government has demonstrated the commitment to strengthen this position through deliberate policies aimed at improving the business climate in the state.

    He outlined that the state has been on investors’ radar by putting in place effective legal and regulatory frameworks such as the Land Reform Act, Double Taxation treaties, Limited Liability Reviews and the development of Free Trade Zones, adding that the ongoing judicial reform is aimed at strengthening the laws for the protection of enterprise.

    Ambode emphasised that public infrastructure development and investment in security as well as the competitive edge are the things its residents enjoyed. Also, according to the Governor, access to local, regional and international markets, readily available labour, bourgeoning middle class with high purchasing power and investor-friendly disposition among the citizenry, had combined to ensure that the state remained investors’ haven.

    He urged investors to take advantage of investment opportunities in the state as government had prioritised the achievement of the four pillars of the Lagos State Development Plan (2012-2015) through the attraction of investments in eight major sectors which are power, agriculture, transportation, health, tourism, housing, ict and manufacturing.

    “With the array of prospects in different sectors, we are confident that you will take advantage of these opportunities by taking the decision to make the next investment here”, Ambode said.

    In his remarks, Special Adviser on Overseas Affairs and Investment, Prof. Ademola Abass said the Lagos Global was created to serve as a one-stop shop for investors to enhance the ease of doing business in the state.

  • Lagos offers Falomo Shopping Complex, others to investors

    Lagos offers Falomo Shopping Complex, others to investors

    he Lagos State government yesterday said it would partner with suitable entities on a Public-Private-Partnership (PPP) basis to develop and deliver wide-range of facilities in the state.

    The Commissioner for Information and Strategy, Steve Ayorinde, said in a statement in Lagos that it was in continuation of the government’s commitment to urban development and expansion of business opportunities.

    The statement said the facilities included residential apartments, shopping and business malls, recreation parks, hotels, theme parks, zoos, car parks and other facilities that would add to modern city lifestyle.

    It said the idea was conceived to provide Lagos with world-class residential, business, recreational and other facilities that would measure up to what was obtainable in other mega cities of the world.

    The statement disclosed that the facilities include the former Falomo Complex.

    “The government is seeking proposals under PPP on how the site can be redeveloped into a world-class residential condominium complex with the full complement of lifestyle-enhancing facilities and complete communities’ direction strategy.

    “The site is to be developed as a low density, mixed use residential facility that would include the integration of the multi-use nature of the area.

    “Also, under the PPP redevelopment programme, the government has made available lands in various locations across the state on which it intends that malls, hotels and other lifestyle facilities would be established.

    “The areas include Epe, Ibeju-Lekki, Badagry, Ikorodu, Ojokoro, Gbagada, Oshodi and Amuwo-Odofin,’’ it quoted Ayorinde as saying.

    It added that the government was also interested in having a complete make-over of the CMS Marina axis to bring it up to standard comparable to similar choice locations in the world.

    It said with the planned inauguration of the Blue Line of the Lagos light rail project in December, the government intended to redevelop the entire stretch of the Marina starting from the Apongbon end to the NECOM House end of the Marina.

  • Oba of Lagos urges investors to embrace e-dividend

    The Oba of Lagos, Oba Rilwan Akiolu has urged investors to embrace the ongoing efforts at automating dividend payment by registering for the electronic dividend initiative of the Securities and Exchange Commission (SEC).

    He advised investors to take advantage of the free e-dividend registration exercise to ensure that they receive returns on their investments in the capital market without undue delay.

    Oba Akiolu stated this in Lagos yesterday when management and staff of SEC visited him in his palace as part of the e-dividend sensitisation campaign in Lagos.

    He said Nigerians who invested in the capital market have suffered years of no returns due to the cumbersome nature of getting their dividends and urged them to register immediately to correct the anomaly.

    The Oba also lamented the practice by some stock brokers who sell off shares without the knowledge of the owners and commended SEC for instilling discipline in the market.

    “Many Nigerians have lost money in this market and that is why I am appealing to you to regulate well. Any operator that runs foul of the rules should be disciplined appropriately, and I know that with discipline and prayers we will get to the promised land”

    “I am also a victim of unclaimed dividends and I will do all I can to support SEC in this initiative. I will mobilise my people to ensure that everyone is aware of how to get their dividends electronically” he said.

    Oba Akiolu commended the DG and his team for the bold steps the Commission is taking to restore confidence in the market adding that e-dividend will reduce incidence of fraud in the market.

    Speaking earlier, Director General of SEC, Mounir Gwarzo informed the Oba that the purpose of the visit was to receive Royal blessing on the e-Dividend registration campaign and to solicit his support on the exercise.

    He said the essence of the campaign is to enlighten Nigerians on the need to register electronically so that when dividends are declared by the various companies such can be transferred directly to the bank accounts of the shareholders.

    “What we have experienced in the Last 50 years is that people have not been opportune to enjoy their dividends due to various issues

    “e-dividend is very important because I believe it is going to be a major game changer, it is an issue we have had since the inception of this market whereby people buy shares and are unable to claim their dividend either because the warrant becomes stale, they change address or are living in an area that is quite far and it will take more than what the dividend warrant is worth and they will not want to go and collect it” he said.

    Gwarzo emphasised the need for Nigerians to go out and register with their banks or registrars so as to eradicate the issue of unclaimed dividends.