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Cement backward integration attracted $6bn FDI in 2002—Lafarge

lafarge CM, Mobolaji Balogun

…Now saves N240bn annually More details of the success story of Cement backward integration in 2002 has been revealed by the Procurement Director, Lafarge Africa Plc, Lolu Alade-Akinyemi, at the ongoing 23rd Nigeria Economic Summit in Abuja. He explained that backward integration which translates to rising local production of cement was driven by favourable government policies from 2002, saying “Today, ...

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Baru reveals how he convinced refinery investors to site in A’Ibom

Udom E 33

Fresh details have emerged on why a new set of investors in oil refinery changed their mind to locate the plant in Akwa Ibom State. Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, on Thursday said “Although the preferred location of the investors was not Akwa Ibom State, he had convinced them to consider establishing the ...

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Nigeria to lose N150bn daily if oil workers go on strike—LCCI

Muda Yusuf, LCCI boss

If the planned nationwide strike action planned by the National Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Workers Senior Staff Association of Nigeria goes ahead, the economy will bleed off about N150bn daily. This was the revelation of the leadership of the Lagos Chamber of Commerce and Industry (LCCI) in a statement made available ...

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Dangote reveals how backward integration did magic in his empire

Dangote A

Leading industrialist and President, Dangote Group, Alhaji Aliko Dangote, has linked his blossoming success stories in commodity and manufacturing spaces to the strategy of backward integration. In his presentation at a public conversation during the Financial Times’ 4th Annual Africa Summit at Claridges, London, United Kingdom, Dangote said the strategy had worked and was working, and urged other African nations ...

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Exporters withholding forex proceeds await CBN axe

CBn Emefiele

The Central Bank of Nigeria (CBN) after several warnings has concluded plans to wield the big stick of sanctions to exporters who fail to repatriate foreign exchange (forex) proceeds from their businesses into the economy. Director Banking Supervision at CBN, Abdullahi Ahmad, who spoke after the Bankers’ Committee meeting in Lagos, said CBN will rely on a provision in the ...

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Finally, Dangote withdraws interest in S’African cement group

Dangote

After several wait for green light, Dangote Cement Plc, Africa’s largest cement producer, has signaled withdrawal of interest from its bid to acquire the share capital of PPC Limited-a South African leading cement firm. Late last month, Dangote Cement had owned up, saying it has initiated a bid to acquire the entire share capital of PPC Limited. It, however, noted ...

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Lafarge, EY clear the air on the emergence of KPMG

lafarge CM, Mobolaji Balogun

Contrary to speculations that audit consultancy firm, Ernst & Young Nigeria (EY), was eased out in the services of Lafarge Africa Plc, both the cement giant and EY have attested to the fact that due process was followed in the bidding that saw KPMD as the new auditor of the company. EY said “The selection of external auditor by Lafarge ...

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Operation Python Dance: Aba industries stabilizing, but…—BH survey

OPD

…. losses rise to N100bn As Nigerian Army begin to end its ongoing Exercise Egwu Eke II (Python Dance II) in the South-East states which controversially started in Aba from September 15, a tour of the city over the weekend by Business Hilights showed that normalcy is technically back. The exercise is billed to end this Saturday, October 14, 2017. ...

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Rotten exported yams not originally harvested for export

Audu-Ogbeh

A fresh dimension has emerged on why all the yams recently celebrated and exported to Europe at the Apapa port by the Minister of Agriculture got spoilt on arrival. Undercover interviews and investigations by our correspondents showed that many of the exported yams were not planned for export at their time of harvest, meaning that the level of care and ...

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N100bn free TV distribution network for Nollywood underway—FG

lai Mohammed

Though he did not give details on the sources of the facility, the Minister of Information and Culture, Alhaji Lai Mohammed, on Thursday disclosed that the Federal Government is set to unveil a N100bn per annum free television distribution network for Nollywood. This bounty offer was unveiled by federal government at the Free Zone Enterprise in Calabar, Cross River State ...

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