Connect with us
nairametrics
UBA ads

Business News

ABC Seeks Increased Collaboration with Government

Published

on

Inaugural ABC Media parley

The American Business Council recently held an FMCG media parley at the American Guest Quarters, Lagos to rub minds with the media on how Nigeria can become the West African Manufacturing hub through increased collaboration between private Sector and Government and improved regulatory environment that will further encourage investments.

The stakeholders noted that the government has a considerable commitment in improving regulatory reforms especially at the Agency levels and are responsive to requests from private sectors for amendments of policies and guidelines that may impinge the slow but steady growth of the manufacturing sector.

UBA ADS

The Parley session highlighted the need to have a more laser focus on IP issues, Counterfeits and Parallel Trade which impact government tax revenues and derail Nigeria’s growth aspiration as a West African hub.

Speaking during the interactive session on activities of its members in Nigeria, the Chief Executive Officer/Executive Secretary, Margaret Olele noted that while both local and foreign firms were affected by activities of counterfeiters, the government also loses a lot of revenue that could have been generated from tax when firms performed well in the economy. More foreign investment can come from the confidence that clear IP laws engender.

OluwakemiSaliu,  Marketing Manager, Kimberly-Clark, Sub-Saharan Africa, commented that Nigeria offers considerable opportunity to FMCG’s given the increasing number of consumers in the country. However, she also noted the importance of addressing the issue of counterfeit and parallel trade.

GTBank 728 x 90

“Local manufacturers, employing local people to produce local goods are undermined when parallel imports enter the country. At Kimberly-Clark, we are responding to consumer needs with innovative product offerings including miniaturized items to cater for different market segments and by addressing the needs of the Nigeria market”.

Kimberly-Clark West Africa is a subsidiary of the US-based Kimberly-Clark Corporation. The company began operations in 2012. The company manufactures Huggies baby diapers.

 

Deal book 300 x 250

Kimberly-Clark (the parent company) was established in 1872 and employs over 45,000 people worldwide. In addition to the Huggies brand, the company also produces other popular goods such as Kleenex facial tissue and Andrex toilet paper. The company had revenues of $18.2 billion in 2016.

 

app

The American Business Council Ltd/Gte, which is also an affiliate of the US Chamber of Commerce, was incorporated by the Nigerian Corporate Affairs Commission in February 2007, as a non-profit making company limited by guarantee.

Patricia

Its objectives include

  • To promote the development of commerce and investments between the United States of America and the Federal Republic of Nigeria.
  • To provide a forum in which American business executives in Nigeria and other business executives with American interests may identify, discuss, pursue common interests affecting their activities.
  • To liaise with the Chamber of Commerce of the United States and other chambers of commerce and institutions pursuing similar objects, and to advocate the views of the American business community in Nigeria to public and private interests in the United States and Nigeria.
  • To develop programmes for capacity building and human capital development in Nigeria through such initiatives as structured institutional, communal and individual donation of funds, skills, tools, equipment and materials to the educational, health and other sectors involved in the socio-economic development of Nigeria

 

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 onome.ohwovoriole@nairametrics.com

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

FG seizes Dan Etete’s luxury private jet linked to Malabu oil deal

Dan Etete is alleged to have paid a total of $57 million for the jet in 2011, which was part of the spending spree that the former petroleum minister was alleged to have embarked on after allegedly receiving $336 million from the OPL 245 deal. 

Published

on

The Federal Government has tracked down and grounded a luxury private jet which is owned by the country’s former Petroleum Minister, Dan Etete, over his alleged involvement in the $1.1 billion Malabu oil scam. The luxury private jet was alleged to have been purchased with proceeds from that oil deal. 

This seizure was confirmed to Finance Uncovered by the legal counsel to Nigeria, Babatunde Olabode Johnson, who was appointed by the Nigerian government in 2016 to recover assets from the OPL 245 deal. 

UBA ADS

Johnson said that the order was served on the jet’s owner, a company called Tibit Ltd, which has until Tuesday next week (June 9) to file court papers opposing the seizure. Tibit is an anonymously owned company incorporated in the British Virgin Island. 

The asset recovery lawyers acting on behalf of the Nigerian government swooped last week, after the Bombardier 6000 jet, tail number M-MYNA, touched down at Montreal Trudeau International Airport in Canada on Friday May 29. 

A Quebec judge is understood to have granted a seizure order for the aircraft in the early hours of Saturday morning. 

GTBank 728 x 90

Giuseppina Russa, who was named on the Montreal court order, is Tibit’s sole director according to records of the British Virgin Island firm. 

Dan Etete is alleged to have paid a total of $57 million for the jet in 2011, which was part of the spending spree that the former petroleum minister was alleged to have embarked on after allegedly receiving $336 million from the OPL 245 deal. 

Etete, during his days as the petroleum minister, awarded the prospecting rights to the huge OPL 245 block to Malabu Oil and Gas, a company he secretly controlled. After the death of the then head of state, Sani Abacha, he retained the rights to the oil block as a private citizen until he offloaded them to oil giants, Shell and Eni in 2011, who both paid $1.3 billion to the Nigerian government. 

The entire OPL 245 deal is now subject to a corruption trial in an Italian court, where Etete is an accused, together with alleged middlemen and some top executives from Shell and Eni. All parties in the Milan trial have denied the charges against them. 

The Nigerian government has also charged Etete and several others linked to Malabu with money laundering in connection with the onward flow of funds from the OPL 245 deal. However, they have denied any wrongdoing, dismissing the allegations as political propaganda. 

app

It was uncovered that Johnson had made a deal with an American litigation funder, Drumcliffe Partners, to help fund the recovery of OPL 245 assets. They are to receive 5% of any funds successfully recovered and returned to Nigeria.   

Patricia

Continue Reading

Business News

Ecobank Transnational to hold AGM by proxies on June 30th

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies.

Published

on

Ecobank

Ecobank Transnational Incorporated (ETI) has announced the date and venue of its 32nd Annual General Meeting (AGM). According to a disclosure that was sent to the Nigerian Stock Exchange, the company’s AGM and an Extraordinary Meeting are scheduled to hold on June 30th, 2020, at Eko Hotels and Suites in Victoria Island, Lagos.

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies. The proxy AGM is expected to enable the Pan-African financial institution to abide by the directives issued by governments and agencies regarding COVID-19 and how to contain its spread.

UBA ADS

“As a responsible corporate citizen, ETI intends to strictly comply with this restriction in addition to other applicable health and safety measures. Accordingly, attendance at this year’s General Meetings shall be mainly by proxies in accordance with the Articles of Association of the Company and applicable law,” a statement by the company said.

To this end, shareholders have been advised to select any of the company’s top executives (including the Chairman, Emmanuel Ikazoboh, and the MD of Ecobank Nigeria, Patrick Akinwuntan) to represent and vote on their behalf during the AGM. Proxy forms may be downloaded from the company’s website, filled, and submitted in advance.

READ ALSO: NSE commemorates FBNQuest Merchant Bank’s N5 billion Bond Listing with Digital Closing Gong Ceremony

GTBank 728 x 90

Meanwhile, the issues that are up for discussion during the AGM and the Extra Ordinary meeting are enumerated below.

Annual General Meeting

1. Approval of the accounts
2. Appropriation of the Profits
3. Election of Directors
4. Ratification of the co-option of directors
5. Renewal of the appointment of the joint auditors
6. Approval of the Final Board Fees for Retiring Directors

Extraordinary General Meeting

1. Withdrawal of resolution on consolidation of shares
2. Amendment of the Articles

Deal book 300 x 250

Note that in Q1 2020, ETI reported profited after-tax from continuing operation of N66.4 billion, marking a 19% decline when compared to N81.9 billion during the comparable period in 2019.

ETI’s share price on the Nigerian Stock Exchange closed Friday’s trading session at N5.55. The company has a market capitalisation of about N137.3 billion according to information obtained from Bloomberg.

app

Patricia
Continue Reading

Business News

NNPC explains measures to cut cost of crude oil production

Ewubare stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing the cost of production to $10 per barrel or below. 

Published

on

NNPC, IJV model, JV

The Nigerian National Petroleum Corporation (NNPC) has said that it is taking some measures to bring down the cost of crude oil production to $10 per barrel or below. 

According to a press statement that was signed by NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, this was disclosed by the Corporation’s Chief Operating Officer (COO), Ventures and Business Development, Mr. Roland Ewubare, on a Channels TV breakfast programme on Friday, June 5, 2020. 

UBA ADS

Ewubare pointed out that the peculiarity of the terrain was an important factor in determining cost, with such issues as pipeline vandalism, crude oil theft, and some others being critical factors that are peculiar to the Nigerian terrain and would definitely drive up crude oil production cost in the country. 

READ ALSO: NNPC unveils COVID-19 contacts tracing app, marketers to buy petroleum products online

He, however, stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing cost of production to $10 per barrel or below. 

GTBank 728 x 90

He disclosed that much had been done over the years in the area of reducing contracting cycle which used to be a major factor responsible for high cost of production, stressing that the National Petroleum Investment Management Services (NAPIMS) achieved a six-month contracting cycle under him as Group General Manager. 

Mr. Ewubare denied reports that Nigeria is part of OPEC+ member countries that did not comply with the output cut that was agreed by the alliance 

Mr. Ewubare explained that though Nigeria’s total production capacity was 2.3million barrels per day, it was currently producing only about 1.4million barrels per day in compliance with the OPEC+ production quota, stressing that what makes up the little extra over the 1.4mbpd figure being bandied around for Nigeria was condensate which is usually not computed as part of production in OPEC quota.  

READ MORE: NNPC seeks Russian firms’ partnership to revamp oil refineries  

While making some clarification, Ewubare said, There’s some confusion in the market around the parameters for the production cuts. Nigeria has a full production capacity of about 2.3mbpd. We are currently producing between 1.6 and 1.7mbpd. Our OPEC quota as a result of the cuts is about 1.4mbpd. You and I know that condensate is not included in the computation of the cut numbers. So what we have is 1.4mbpd of crude oil. The little you see above 1.4mbpd is made up of condensate which does not count as part of the basis for assessing our OPEC quota”. 

app

NNPC Group Managing Director, Mallam Mele Kyari, in a recent interview, advanced a similar position where he stressed that NNPC was working assiduously to bring down the cost of crude oil production to not more than $10 per barrel by 2021.  

Patricia

Continue Reading