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Business News

Dangote Group sheds more light on Apapa-Oworonshoki road contract

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The Dangote group has denied allegations that it had been given a 10 year tax holiday for reconstructing the Apapa Oworonshoki expressway. Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin gave the clarification. He also stated that the company had never benefited from any tax waivers or credits except when it is industry based and applies to all it’s competitors. Devakumar also stated that the company in conjunction with Flour Mills Plc would be reconstructing the Oshodi Apapa Expressway at a cost of N4.3 billion.

The construction of the Apapa to Oworonshoki long highway will be done at 15 to 25% less than the lowest bid. We hope to get our money back by removing the sum from the tax we are supposed to pay. Since the government may not be handy with cash, we will recover our money in three years in installments against our future tax.

While Devakumar may have put to rest the controversy surrounding the tax holiday, he did not state the exact amount the Dangote group would be getting as tax holiday in lieu of payment. The company can afford to take a cut on the payment because it produces cement which will be used for the project.

The company’s denials are also at variance with comments that were made by Babatunde Fashola the Minister of Works, Power and Housing. The minister had in September announced the award of the Apapa-Oworonshoki Expressway to the Dangote group. The contract was awarded to AG Dangote, a joint venture company by the Dangote Group and AG of Brazil.

As part of the agreement,Fashola had also stated that the company would be granted a 10 year tax holiday. He made this known at the road construction seminar held in Lagos.

AG Dangote (the construction arm of the Dangote Group) is a joint venture between Andrade-Gutierrez of Brazil and the Dangote Group. AG was founded in 1948 in Brazil, and is one of the biggest construction firms in the country. Dangote group was founded in May 1981 as a trading business with an initial focus on cement, but has since diversified into other sectors of the economy including road construction.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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Tech News

Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.

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Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.

This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.

The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base

Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.

Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.

This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.

Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.

For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).

Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.

Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.

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