As part of its expansion plan on the African continent, Portugal’s biggest construction firm, Mota-Engil, said it plans to invest $1.8 billion in the Nigerian construction market.
Manuel Antonio Mota, Chief Executive Officer of Mota’s Africa unit, disclosed this during an interview with Bloomberg. He noted that the timing to enter Nigeria was “just right”, citing higher demand for building projects as increase in oil prices bolsters the state coffers of oil producers in Africa.
In his words:
“The projects in Nigeria that are currently on the table vary between 20 million euros to 1.5 billion euros”.
Under this new venture, Mota-Engil will hold 51 percent of Mota-Engil Nigeria Ltd. while the Shoreline Group, will hold the remaining stake.
Mota-Engil announced earlier that it planned to enter new markets in Africa including Ghana, Kenya, Uganda, and Zambia. It said it is seeking $5 billion of contracts on the continent. The company recently announced plans to invest $36 million in Zambia.
Mota-Engil has halted plans for its initial public offering, following a failed attempt in 2014 due to deteriorating market conditions. Previously it had revealed plans to float at least 25 percent of its share capital in a public offering on the London Stock Exchange.
Shoreline group is an indigenous power solutions company with Power Generation and Power equipment manufacturing activities.
The company is one of several Nigerian producers that bought fields in the oil-rich Niger-Delta after international producers including Royal Dutch Shell withdrew amid persistent attacks on infrastructure. The company didn’t pump oil for a year following the closure of the Forcados terminal in February 2016. Flows resumed after the link was reopened in June last year.
Mota-Engil is a Portuguese group in the sectors of civil construction, public works, port operations, waste, water, and logistics.
The group comprises of 228 companies within three major business areas – Engineering and construction, Environment and Services and Transport concessions – operating in 21 countries through its branches and subsidiaries.
Bamboo’s current rate for buying U.S Stocks weakens to N492/$1
Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.
The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.
About two weeks ago, the Nigerian stock trading app offered an exchange rate of about N484 to $1.
The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.
That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.
A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.
Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.
In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.
Supreme Court Judge, Sylvester Ngwuta reported dead
Justice Sylvester Ngwuta, has been reported dead.
A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.
He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.
According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.
What you should know
- It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
- He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
- He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.
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