Milost Global Incorporated in conjunction with, Isilo Capital Partners (its African subsidiary) has acquired the entire stake in Primewaterview Holdings Nigeria Limited, at $1 billion.
Milost Global had last year provided a $5 million facility to Primewaterview, a subsidiary of Primewater holdings for various projects.
Primewaterview founder Adetunji Ogunwusi will step down as Chairman and Chief Executive Officer CEO, while Milost and Isilo will appoint a new management team
How Milost Global benefits
Primewaterview Holdings Nigeria Limited has several assets that are currently generating income. The company will also serve as Milost’s vehicle for acquisition of assets in Nigeri, and contribute $900 million to Milost’s annual funds from operations.
Funds from operations (FFO) refers to the figure used by real estate investment trusts (REITs) to define the cash flow from their operations. It is calculated by adding depreciation and amortization to earnings, subtracting any gains on sales, and is sometimes quoted on a per-share basis.
Milost Global, founded by Mandla J Gwandiso in 2015 is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is also a provider of alternative capital, mezzanine finance and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development
Isilo Capital Partners (ICP) is a fund management company, a South African based Private Equity Firm, focused entirely on the African market.
Primewaterview holdings founded in 2005 is a large scale, diversified holding company with a portfolio of Real Estate, Oil & Gas, Quarry Mining, Healthcare and Power.
Baba Bajaj: Runs faster, lasts longer, covers 5500 kms on tough Nigerian roads
The rally took up the challenge of proving how credible the product and also engaged the stories of the riders.
For the first time ever, Nigeria experienced its own keke rally that kicked off on 7th August from the Stallion Auto Keke – Ijesha Showroom for Bajaj Kekes. The Stallion Bajaj Keke Rally has now completed a tough terrain of 5594 kms through 27 cities and 18 states in the West, East and North Central in less than 41 days. It consisted of a team of 5 experienced riders and the Stallion Bajaj officials and security agents. Collectively the convoy covered more than 26000 Kms without any product issues.
Managing Director for the business, Mr. Manish Rohtagi stated that “The Keke Rally really boasts on how the New Baba Bajaj is tough, strong, reliable, and well equipped for the Nigerian roads. Having covered almost more than 5000 kms the Kekes did not face any performance or maintenance challenges. It kept its brand promise of “Runs Faster, Lasts Longer” through every rider who was a part of this rally.”
The rally was flagged off from Lagos and covered states like Ogun, Oyo, Kwara, Kogi, Benue, Enugu, Ebonyi, Cross River, Akwa Ibom, Abia, Rivers, Anambra, Delta, Edo, Ondo, Ekiti, Osun, to prove the durability of Bajaj Keke. It even spread the message of urging people of Nigeria to be responsible in maintaining hygiene to curb the spread of Corona Virus. The Stallion Bajaj Keke Rally visited celebrated cultural and historic sites in each state highlighting and sharing the Nigerian culture of host communities. The journey to these sites brought forth the stories around it to encourage connecting the youth to their rich heritage.
The vision from this rally was not only to take up the challenge of proving how credible the product is but also engaging in the stories of these riders that will go on to make the brand what it is. The alliance of Stallion and Bajaj will continue to improve lives by going an extra mile providing rider-training facilities, scholarship programmes, mechanic empowerment programmes, ease in financing, ease of spare part availability and differentiated customer service through its existing footprints within the auto industry.
Bajaj Auto Ltd. is a world leader in the intra city vehicle space. Loved in 70 countries the brand stands for integrity, dedication, resourcefulness, and determination to succeed and empower. It is a well-known brand for its durability, speed and manuverability and is the pioneer brand of tricycles in Nigeria loved by millions. It’s a keke for the people engineered for a smooth journey and better livelihood.
After 22 years, NBS is set to commence National Business Sample Census
The National Business Sample Census is expected to commence on October 12 2020, and end on December 12 2020.
The National Bureau of Statistics, with the support of the World Bank, has commenced the process of implementing the 2020 National Business Sample Census (NBSC) in Nigeria. This is exactly two decades and two years after the last business census of establishments in the country.
This disclosure was stated in a circular signed by Ichedi, Sunday Joel, Head, Public Affairs & International Relations Unit, which was released by the Statistician-General of the Federation this morning.
The Survey which is coming after a similar one conducted twenty-two years ago (1997/98) is necessary, especially now that the current government is re-structuring the economy for faster growth through support to Small, Medium and large-scale enterprises, in order to increase their productivity.
The National Business Sample Census is expected to last two months from October 12 to December 12.
The main objectives of NBSC includes:
• To compile, frame, and develop instruments and concepts, establish standards and methodology for industrial and business surveys in Nigeria.
• To serve as a benchmark for updates of subsequent commercial and industrial sector statistics.
• To develop a national directory of commercial and industrial business establishments, with all their associated social and economic characteristics
• To provide the country with comprehensive and detailed information about the structure of the Nigerian economy.
The Census will cover all the thirty-six (36) states of the Federation and FCT, with establishments in all economic sectors involved in the exercise.
For the avoidance of doubt, the establishments to be covered should have a fixed structure and location, a separate shop with a different entrance, and enclosed from dwelling place (in the case of residential areas), shops should have locks and keys for a market setting. While kiosks and shops under the umbrella are not to be listed during the census.
All commercial and industrial businesses in each LGA will be identified and listed by the state. Name, location address, postal address, phone number, email address, year of commencement, number of activities engaged in, main type of activity, and others are questions that will be asked.
NBS enumerators with customized T-Shirts and Face Caps will visit your establishment, at any date within the stipulated period, to collect necessary information for the census. Please oblige them with the information, as your cooperation is germane towards the successful execution of the census exercise.
However, the Bureau wishes to assure you that any information given will be kept in absolute confidentiality, and will not be divulged to a third party.
Lagos revisits Ehingbeti Economic Summit, to hold first virtual edition
The Commissioner for Economic Planning and Budget said the State will again host the Ehingbeti Summit.
Lagos State government has decided to resuscitate its annual Ehingbeti Summit after it held the last one in 2014.
The 2020 edition, which is to hold virtually between November 10-12, is themed ‘For greater Lagos: Setting the tone for the next decade.’
This was disclosed by the Commissioner for Economic Planning and Budget, Samuel Egube on Sunday during an interactive session with journalists, which was attended by Nairametrics.
Egube explained that most of the developments recorded in the states over the years were from ideas and recommendations gathered from the previous editions of the summit.
According to him, the summit, which is a collaboration between the state and private sector operators, has seen the government implement 109 out of 119 resolutions suggested to the state government in past editions.
He said, “The rail line projects, the Lekki toll gate, among others are ideas generated from the economic summit. The summit has a rich history and is firmly established as a credible forum for stimulating economic growth for Lagos state. It is our belief that you cannot lead a place like Lagos with one mind you have to bring together all the minds. The first one was hosted in 2000 making this the 20th year since the first summit was held. The first three editions were deliberately diagnostic but by the fourth one, we had started to create a blueprint and have started to implement it from the early decisions that had been made.”
He added that the good thing about the summit is that the government is responsible for the decisions taken and that they are obliged to report back to the next Ehingbeti what it has done with the decision taken and if there are challenges.
“We highlight what those challenges were and take other decisions on how to repair those challenges. To some it appears the ambitions are too high, because how do you put the private sector in the lead and collaborate in that manner. They have wondered whether the government can be trusted to follow through with this idea of collaboration, but the performance shows that yes, we follow through,” he stated.
According to him, with the summit, what the Lagos state government is trying to do is stimulate contribution from the private sector, get them interested in the governance of the state and lead the way in terms of the outcomes.