Dangote Group Revenue To Hit $30 Billion In 2020 

Dangote Group Revenue To Hit $30 Billion In 2020 

The President, Dangote Group, Aliko Dangote, has said the revenue of his group of companies will hit $30bn by 2020, The Cable reported on Thursday. The multibillionaire, while speaking at the Africa Investment Forum in Johannesburg, South Africa, noted that the progress being made by the Dangote Group was as a result of the bold steps taken to venture into spaces others were running away from. Dangote said though he was a true believer that nothing was impossible, the feat was one he would have considered impossible 10 years ago. He said,…

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Crude settles At $70.60 A Barell

Crude settles At $70.60 A Barell

Geopolitical concerns and the energy market U.S. oil prices dropped for a ninth consecutive session on Thursday, falling into a bear market, on further signs of growing supply even as data showed record Chinese oil imports. Crude prices have plunged over the last five weeks, buffeted by October’s broader market slump, signs of deteriorating demand and rising output from key producers. The decline continued earlier this week after the Trump administration announced it would issue waivers to eight countries, allowing them to continue importing Iranian crude for the next 180…

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Zenith Bank Share Purchase Worry Investors

Zenith Bank Share Purchase Worry Investors

Financial instituion silent on N6.88 billion saleInsinuations that a possible entry of a new investor, big enough to acquire a seat on the board of Zenith Bank Plc, given the quantum of transactions executed on its shares on Wednesday, were dispelled yesterday, as experts explained that the undervalued nature of the stock propelled the volume spike.     At the close of trading on Wednesday, transactions in the shares of Zenith Bank topped the activity chart with 288.27 million shares valued at N6.88 billion. This significantly triggered the total volume of…

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FG Takes $2.8bn Eurobond Sale Roadshow To London

FG Takes $2.8bn Eurobond Sale Roadshow To London

Nigerian officials will go on a roadshow to London next week ahead of a planned $2.8 billion Eurobond sale this month, two banking sources told Reuters on Thursday. The roadshow, which is being organised by Citi and Standard Chartered, would run from November 12, for three days and be attended by Nigerian Finance Minister Zainab Ahmed. The Senate had last month approved the issuance of $2.786 billion from the International Capital Market to partly finance the 2018 budget. This was sequel to the presentation at plenary of the report on…

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FSDH: Money Market To Experience N2.82 Trillion Inflow

FSDH: Money Market To Experience N2.82 Trillion Inflow

FSDH Merchant Bank Plc has predicted that about N2.82 trillion coming from matured government securities and Federal Account Allocation Committee (FAAC) are expected to hit the Nigerian money market this month. The bank also projected a total outflow of approximately N1.03 trillion from various sources, including government securities and statutory withdrawals, leading to a net inflow of about N1.79trn. The Head of Research and Strategy at FSDH Merchant Bank Limited, Mr. Ayodele Akinwunmi, while speaking on the firm’s latest monthly economic and financial market outlook report released recently. The report…

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Aviation Fuel Accounts For 40% Of Operational Cost

Aviation Fuel Accounts For 40% Of Operational Cost

Airline operators have attributed the high cost of air fares to outrageous cost of aviation fuel because of the importation of the product. They also said the product, which takes at least 40 per cent of operation cost, would have been selling for less than its present price if there is efficient distribution through pipelines and hydrants at the airports. Since this year purchase and travel cost of air tickets hovers around N36,000, which is equivalent to $100 for one-hour flight, which could rise as high N45,000 during peak periods….

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SAHCO IPO Share Allotment Worry States, FGy

SAHCO IPO Share Allotment Worry States, FGy

Director-General, Bureau of Public Enterprises, Mr. Alex Okoh Ahead of the Initial Public Offering of Skyway Aviation Handling Company Plc, the Bureau of Public Enterprises has said the 36 states of the federation and the Federal Capital Territory will be treated on an equal basis in the allotment of the shares of the company. In a statement made available to our correspondent in Abuja on Wednesday by the Head, Public Communication at BPE, Amina Othman, the Director General, Mr Alex Okoh, described the IPO as the first the privatisation agency…

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BUA Rattles Cement Market With Planned Reduction Of Prices

BUA Rattles Cement Market With Planned Reduction Of Prices

The Management of BUA Cement has said the firm is working towards reducing the price of its product (BUA cement) across the country. The General Manager, BUA South-South, Mr Nasir Ladan, disclosed this at a one-day training workshop on optimising cement usage to achieve better quality and yields of blocks in Port Harcourt. Ladan explained that the company was thinking about the reduction in the price of its brand despite the high energy and transportation costs, which he described as limiting factors. He also stated that the company would inaugurate…

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Lily Pond, Tin Can Island Container Terminal For Concession By FG

Lily Pond, Tin Can Island Container Terminal For Concession By FG

The Tin Can 11 container terminal, also known as Lilypond Terminal, is about to be advertised for public bidding, The PUNCH has learnt. Lilypond was concessioned in 2006 to AP Moller Terminals. Our correspondent learnt that the concession arrangement between the Nigerian Ports Authority and APMT, which lasted for 10 years, ended in 2016. The NPA, which confirmed the planned fresh bid round for the terminal on Monday, said the terminal would soon be open for fresh bidding as soon as the Public Private Partnership department of the agency concluded the paperwork….

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Dangote Refinery To Begin Fuel Production In Q1 2020

Dangote Refinery To Begin Fuel Production In Q1 2020

Dangote refinery under construction. Source: Google The President, Dangote Industries Limited, Aliko Dangote, has said the raining season this year caused devastating damage on his refinery project site. Dangote said the oil refinery, designed to process 650,000 barrels a day of crude, should start producing fuel in the first quarter of 2020 and be at full capacity within six months of that. In an interview with Bloomberg TV, he said, “We will finish the mechanical [part] by the end of 2019 if hopefully, we don’t have the same rain because…

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