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Fayemi Negotiates $500m Mining Investment Fund with NSIA


The Minister of Solid Minerals Development, Dr. Kayode Fayemi, has disclosed that he is currently negotiating a $500 million investment fund with the Nigerian Sovereign Investment Authority (NSIA), managers of Nigeria’s Sovereign Wealth Fund, to support a long term development plan for the country’s mining sector. In an exclusive interview at the weekend in Abuja, Fayemi said the Federal Executive ...

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Anxiety as Intels sacks 300, may ease 1,700 before year end

Leading maritime logistics servicing group, Integrated Logistics Service Limited (INTELS), Nigeria’s foremost oil and gas logistics service provider may have sacked about 300 Nigerian workers and over 20 expatriates members of staff last month. Before the latest mass sack, about 800 had earlier been eased off to the labour market within the Onne, Eleme and adjoining towns where some youths ...

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PMG-MAN boss gives terms on how to bid for FG’s tenders

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Managing Director of SKG -Pharma Limited, and President, Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN), Mr. Okey Akpa has given a recipe on how best the government can grow the industry in Nigeria. In an interview, he decried the challenges of his group, saying the patronage from government agencies has been very low, noting that “Even when ...

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Agriculture shortest way out of recession —BoI

The Bank of Industry has disclosed that if Nigeria raises her potentials in many agricultural products, especially plantain and cassava, recession may start to ease earlier than expected. This was revealed yesterday in Ile Ife by the Group Head, Department of Agro-Processing, Bank of Industry, BoI, Lolo Kadafa, while delivering the lead paper during an agricultural summit in Ile Ife, ...

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Economy may shrink to 1.3% before end of 2016 – NBS

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The National Bureau of Statistics (NBS) has said Nigeria’s economy is likely to shrink by 1.3 per cent before the end of 2016 due to the sharp fall in the naira after dollar peg was dropped in June.   The NBS had predicted a growth of 3.8 per cent in 2016 but low oil prices had thwarted the prediction with ...

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Tony Elumelu Foundation lifting creative industries—Minister

The Minister of Information and Culture, Alhaji Lai Mohammed, has said the partnership between the Federal Ministry of Information and Culture and the Tony Elumelu Foundation will help to re-position the Creative Industries in Nigeria. Speaking at a ceremony for the signing of the Memorandum of Understanding (MoU) between the Ministry and the Foundation in Lagos, the Minister expressed the ...

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FG now wooing Investors with Permits, Visas on arrival

The Minister of Interior, Abdulrahman Bello Dambazzau recently commissioned 28 Combined Expatriate Residence Permit and Alien Card (CERPAC) Centres with a view to attracting foreign direct investments (FDIs) into Nigeria. The centres, well structured, equipped and staffed with individuals having the requisite skills and right attitude will make obtaining entry visa and residence permit, among other things, easier for foreigners ...

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Forex Scarcity forcing Erisco Foods to shut down, may sack 1,500


The foreign exchange crisis rocking the economy may have started taking dangerous tolls on the service and production sectors of the economy as more indigenous firms are closing shops by the day. Only yesterday, another indigenous investor in food processing, Erisco Foods, has said it may be forced to shut down its production in the country due to its inability ...

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Lafarge names new CFO, commission’s homes for Ogun host communities


The Board of Directors of Lafarge Africa Plc has announced the appointment of Mr. Bruno Bayet as the Company’s new Chief Financial Officer, effective October 1st, 2016. The group also commissioned new homes for the relocation of Oke-Oko Sekoni and Oke-Oko Egbado, two communities in Ewekoro Local Government, Ogun State on Friday, September 30, 2016. A total of 21 units ...

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Hilton Group Plans Africa’s Tallest Hotel In Lagos, Nairobi, Other Cities

Hilton Worldwide has signed a management agreement with Jabavu Village Limited to open in 2020 and joins 50 Hilton Hotels & Resorts properties trading or under development in 17 countries across Africa including Lagos. Already, plans are concluded to open a 255 guest-room world class hotel and suite in Nairobi, Kenya’s capital. The hotel is set Patrick Fitzgibbon, senior vice ...

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