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Weekly News Roundup (May 13, 2017): Faro Water rakes in N4 billion in revenue for 2016



This is Nairametrics recap of some of the top company/industry stories that were in the news for the week ended May 13, 2017.

  1. MMA 2 celebrated its 10 years’ anniversary last week. The local wing of the airport is owned by Bi-Courtney under a BOT arrangement reached with the FG years ago. Bi-Courtney also used this opportunity to remind the government of a judgement debt of N132 billion it was said to have from the Federal High Court, against the FG. The company explains this was as a result of the failure of the government to handover old domestic terminal, otherwise known as General Aviation Terminal (GAT), Lagos. He said the amount increased to N200 billion, owing to the revenue the terminal operator would have collected as revenue for flights and other commercial activities at the old domestic terminal. Link
  1. Dangote Sugar refinery last week, revealed plans to establish a $450 million Sugar refinery plant in Niger State. The Managing Director of Dangote Sugar Refinery Company, Engineer Abdullahi Sule disclosed this in Minna, Niger State, after a brief meeting with the Governor, Alhaji Abubakar Sani Bello in his office. Link.


  1. Lafarge Africa revealed plans to raise 140 billion naira ($445.9 million) in fresh equity sometime this year. The company will be seeking a shareholder approval to consummate the deal next month. The deal is expected to include a debt equity swap, where Lafarge Africa will have to convert some or all of the debt owed to its parent company into equity. Lafarge owes its parent company over N140 billion as at December 2016. Link


  1. The Transmission Company of Nigeria (TCN) announced that it will be constructing a $200 million power transmission project in Ogun State. The Managing Dirctor of TCN, Mr. Usman Gur Mohammed, said the project, when completed, would also increase available power to industrial concerns and the populace. The TCN Boss also solicited the help of the State Governor, Amosun to help in the acquisition of land in places, such as, Lukosi, in Abeokuta; Redemption Camp and Mountain of Fire Ministries area, along the Lagos-Ibadan Expressway corridor as well as Ajegunle, very close to Agbara and Arigbajo axis. The land would be used for building sub stations. The TCN Boss also adds that the sum of $1.5 billion has already been secured from donor agencies to finance the project. Link


  1. The Minister for State for Petroleum, Dr Ibe Kachikwu revealed last week that Italian oil company Eni plans to build a crude refinery in Nigeria with capacity of 150,000 barrels a day through its Agip subsidiary. Link


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  1. The meeting between Nigerian arm of Etisalat and its lenders to renegotiate the terms of a $1.2 billion loan reached deadlock last week after the telecoms firm missed a payment. The banks are still holding out for the Abu Dhabi based parent company of Etisalat to bail their Nigerian subsidiary out. The telecom firm signed the medium-term seven-year facility with 13 local banks in 2013 to refinance a $650 million loan and fund expansion of its network, but is now struggling to repay. Link
  1. General Electric, reported that it is set to deliver 20 free locomotive engines and 200 wagons worth over N30bn to the Nigerian Railway Corporation to boost rail services in the country. Link
  1. In another power sector news, The Transmission Company of Nigeria (TCN) has added 60 Mega Voltage Ampere (MVA) to the Ajah substation in Lagos State. The company, which stated this in a statement, added that the capacity of the sub-station had now been increased to 220MVA. It said the new 60MVA 132/33 kilovolt (kv) mobile transformer was installed due to the need to meet the increased bulk electricity demand by Eko Electricity Distribution Company (EEDC) as its customer number expands. Link


  1. The board of Directors of Nigerian Breweries Plc announces the appointment of Mr. Johan Antonie Doyer as the company’s Managing Director/ CEO. He was Managing Director of Heineken Ethiopia before assuming the same position in Nigeria. Link


  1. Uber drivers in Lagos, last week took to the street to protest against 40% fare reduction that the taxi service company introduced recently, a burden, which they claim is being passed on to the drivers. One driver lamented that he spent about N50,000 on fuel last week only to receive just N80,000 from Uber, when he was supposed to get double the amount. Uber takes about 25% commission from its drivers, even though the drivers/partners bear the cost of fuel, vehicle maintenance and purchase themselves. Link
  1. Four months after an elaborate ceremony to commission The Palms Mall at Ota in Ogun State, over 75% of the stores are still vacant. A survey from the The New Telegraph reveals that except for some few brands such as Medplus Pharmacy, Inglot, Shoprite, Getalo, Mellaly, Max and Game Rendi, which have taken full position in the mall, many of the retail stores are still vacant. Link


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  1. Nigeria’s e-commerce company, Yudala, has acquired Yes Mobile, a cosmopolitan high-value retail outfit with a multiplicity of stores in Lagos. A senior Management staff of Yes Mobile, Onoidem Idiong, described the take-over as detailed and strategic. Link


  1. Courier Plus Limited, a wholly owned Nigerian company has launched its operations in Nairobi Kenya. Link


  1. The Bank of Industry (BoI) has reduced its interest rates for NYSC members under its Graduate Entrepreneurship Fund (GEF) programme, to zero per cent interest charge from 9%, as part of measures to encourage entrepreneurship and aid business growth. The bank said the zero per cent interest charge took effect from May 1, 2017. Link
  1. Zenith Bank last week announced that it intends to raise $500 million via medium term notes. The $500m is the other half of its $1 billion global medium term note programme launched in 2014, where it raised the initial $500 million under the first tranche of notes issued. Zenith Bank is Nigeria’s largest bank by equity. Link


  1. Last week, we heard that the Federal Government entered into a Memorandum of Understanding (MoU) with Oando Plc to manage the Port Harcourt Refinery under a repair, operate and maintain (ROM) arrangement. Oando’s CEO, Wale Tinubu explained that they plan to increase the refinery capacity from 30 per cent to a 100 per cent, subsequently to 120 per cent. The company is also considering raising some N40 billion in new capital. Link
  1. Adama Beverages Limited, producers of Faro Water, ‎reported last week that it recorded N4.6 billion turnover in 2016. The chairman of the company’s board of directors, Akin Kekere-Akun, ‎stated this at the Annual General Meeting held yesterday in Yola. It’s turnover in 2015 was N3.8 billion. The company still went ahead to report a loss. The CEO explained that the reason for the loss was because they were undergoing an expansion project that would see the installation of new plant with capacity to produce 40,000 bottles per hour. Link
  1. GBfoods, one of the leading multinational food company headquartered in Barcelona and Helios Investment Partners, have partnered to create one of Africa’s largest FMCG businesses. GBfoods Africa Holdco B. V., the joint venture owned by GBfoods and Helios, has acquired assets from different African companies including leading brands such as Jumbo (bouillon), Gino and Pomo (tomato paste), and Jago (milk powder and mayonnaise), as well as Bama (mayonnaise) distribution rights for Africa, in Ghana and Nigeria, and incorporates more than 600 workers from different nationalities. Consequently, this will result in a leading pan-African culinary products company with presence in over 30 African countries. With this transaction, GBfoods reinforces its leadership position as one of the most influential international groups in the food industry, consolidating its commitment to Africa. Africa currently contributes about 20% of the group’s turnover. Link
  1. The Managing Director of Toyota Nigeria Limited, Mr. Kunle Ade Ojo, lamented last week that the car maker recorded one of its lowest ever vehicle sales in Nigeria. He said the number of Toyota cars sold in Nigeria, dropped an all time low of 2,000 vehicles in the first quarter of 2017. He also disclosed that the total sales figure of vehicles across the country including all brands stood at 2,000 units when compared to 5,500 vehicles sold within the same period in 2016. He, therefore, forecast that given the way the industry was going, it would be difficult for all the car companies to sell 9,000 vehicles before the end of the year. Link
  1. The Executive Director, Fidson Health Care Plc, Bola Adebayo said last week that more than 70 per cent of drugs in circulation is fake. He blamed this on the absence of genuine drugs manufacturers in the hinterland, as many  are concentrated in big cities. Link











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Business News

Brent crude surges past $40, analyst recommends investment in crude oil derivatives

Brent crude gained about 1.49%, at $40.18, 3.30 am Nigerian time – the highest level since March 6, having gained 3.3% on Tuesday.



Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark, Coronavirus: FG to review budget as oil price plunges, BOOM: Crude oil price crash below $30 in worst trading day since 1930,Bears ravage Global market, Brent Oil surges 10% trading at $27.29 per barrel, Crude Oil up 10% as Brent crude raises to $27 per barrel, Oil market crisis – possible production shutdown looms, The time crude oil became cheaper than water,, Brent crude surges past $40, analyst recommends investment in crude oil derivatives

The price of Brent crude surged on Wednesday to a near three-month high amid optimism among investors and oil traders that major oil producers will extend oil production cut, as global demand picks up.

Brent crude gained about 1.49%, at $40.18, 3.30 am Nigerian time – the highest level since March 6, having gained 3.3% on Tuesday.


A meeting by OPEC+ (a group comprising OPEC, Russia and other major oil producers) is expected to be held virtually on Thursday. The oil production cuts are currently due to run through May and June.

“As virus-related lockdown measures continue to be lifted, we expect that demand will gradually recover,” Capital Economics said in a note to Reuters, estimating that global oil consumption will fall to just under 92 million BPD on average in 2020.

“This compared with 100.2 million barrels per day consumed globally last year,” Capital Economics added before the COVID-19 pandemic disrupted global demand negatively. 

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(READ MORE: Brent Crude gains 23% WoW, as oil production cut kicks off)

Meanwhile, Adeagbo Adedayo Sadiq, Country Manager, Scope Markets Ltd, spoke to Nairametrics about why it’s time for Nigerians to consider investing in crude oil derivatives, as the macro fundamentals show a bullish momentum in the energy market. He said:

“Taking a closer look at Nigeria’s main commodity export, crude oil. Every day we need the energy to accomplish a lot of tasks from manufacturing down to the food we eat.  

“Investing in this energy that is involved in our daily activity is very lucrative.  

“As we can see that a lot of events like US/Iran face-off and COVID-19 Pandemic had an impact on the price of crude oil in the first two quarters of the year 2020.  


“The oil price benchmark fell to its lowest ever in history as of March 8th, 2020, losing about 90% of its market value for the year 2020. This piece of information is very useful as an investor or to anyone who intends to trade crude oil.  


“Currently the price of crude oil has risen to more than 40%. This means that if you had invested in this crude oil futures as when the price was low your investment would have appreciated at that level of gain. 

“With additional production cuts announced by OPEC alongside Russia/Saudi price deal, we tend to see further upside in the price of crude oil. 

“So while crude oil is appreciating in value at this period, it’s time for anyone who wishes to invest in energy trading to act now.” 


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Standard Chartered appoints Abbass Husain as new Regional Head of Corporate Finance 

Husain has nearly 24 years of banking experience, out of which he has spent 17 years at Standard Chartered Bank where he had reportedly led one of the largest and most successful Project & Export Finance teams.



Standard Chartered Bank earlier this week announced the appointment of Abbas Husain as the new Regional Head of Corporate Finance in charge of Africa and the Middle East.

According to a statement that was seen by Nairametrics, Hussain will also combine his new role with that of being the Head of Project & Export for the Middle East, North Africa, and Pakistan. He will be based in Dubai, the statement said.


Husain has nearly 24 years of banking experience, out of which he has spent 17 years at Standard Chartered Bank where he had reportedly led one of the largest and most successful Project & Export Finance teams. Available information also noted that he has a proven track record in the structuring and execution of finance transactions in the power sector, oil and gas sector, metals and infrastructure, and more.

It should be noted that in his previous role, Husain had advised, structured, and executed more than 50 deals thereby raising as much as $100 billion for the company.

He has received many awards, including the Dealmaker of the Year by EMEA Finance for Europe, the Middle East & Africa in 2017. Under his leadership, the MENAP Project Finance business has been recognized industry-wide as the Best Project Finance House in the region over the last few years. He has also been a key contributor to driving the bank’s Sustainable Finance commitment through leadership in the renewables sector

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Before joining Standard Chartered, he had stints at Citibank where he managed the portfolio of both multinational corporations and local companies. He also worked with Bank of America as a diversified portfolio manager.

While commenting on Husain’s appointment, Standard Chartered’s Regional Chief Executive Officer for Africa and the Middle East, Sunni Kaushal, said:

“The appointment of Abbas demonstrates the commitment we have made in developing top leadership talent within the bank. We are focussed on the continued growth of our business, and he brings a valuable wealth of experience in successfully advising clients across a diverse range of sectors in our footprint. As we navigate the current COVID-19 crisis, Abbas will play a crucial role in supporting our clients across Africa and the Middle East during this challenging period.”

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Covid-19 Update in Nigeria

On the 2nd of June 2020, 241 new confirmed cases and 15 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 10,819.



COVID-19: FCMB reschedule operations

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 10,819 confirmed cases.

On the 2nd of June 2020, 241 new confirmed cases and 15 deaths were recorded in Nigeria.


To date, 10819 cases have been confirmed, 3239 cases have been discharged and 314 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 65,885 tests.

Covid-19 Case Updates- 2nd June 2020

  • Total Number of Cases – 10,819
  • Total Number Discharged – 3,239
  • Total Deaths – 314
  • Total Tests Carried out – 65,885

The 241 new cases are reported from 14 states – Lagos (142), Oyo (15), FCT (13), Kano (12), Edo (11), Delta (10), Kaduna (9), Rivers (9), Borno (8), Jigawa (4), Gombe (3), Plateau (3), Osun (1), Bauchi (1).

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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The latest numbers bring Lagos state total confirmed cases to 5277, followed by Kano (970), Abuja at 687, Katsina (371), Edo (336), Oyo (317), Kaduna (297), Borno (296), Ogun (280), Jigawa (274), Rivers (248), Bauchi (241),  Gombe (164), Sokoto (116).

Kwara State has recorded 111 cases, Plateau (108), Delta (98), Nasarawa (80), Zamfara (76), Yobe (52), Osun (46), Akwa Ibom (45), Adamawa (42), Ebonyi (40), Imo (39), Kebbi and Niger (33), Ondo (28), Bayelsa (21), Ekiti (20), Taraba and Enugu (18), Abia (15), Anambra (11), Benue (9), while Kogi state has recorded only 2 cases.

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, President Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.



READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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