After 17 years of disengagement from their services, former workers of Savannah Sugar Company Limited (SSCL) would be paid the balance of their terminal benefits. This is considered a good news as the Federal Government said it has concluded the verification exercise of the former workers.
In a statement made available to newsmen, the Pension Transitional Arrangement Directorate (PTAD), stated that at the verification exercise, which took place between Monday, February 4 and Wednesday, February 13, 2019, in Jimeta – Yola, Adamawa State, a total of 1,621 ex-workers and Next of Kins, who presented themselves for the exercise, were successfully verified and their biometrics captured.
Sharon Ikeazor, the Executive Secretary of PTAD, disclosed that the verification was for the payment of the balance of the one-off terminal benefits paid to them by the Bureau of Public Enterprises (BPE), as at the time the company was privatised.
Ikeazor explained that former workers in the diaspora who did not take part in the exercise had been assured that they could be verified at PTAD headquarters, Abuja or PTAD North East Regional office in Yola, Adamawa State.
She said, “The verification of SSCL brings the total number of defunct/privatised agencies verified by PTAD to eight, including Delta Steel Company, DSC, NITEL/Mtel, NICON Insurance Plc, New Nigeria Newspapers, and Nigeria Reinsurance.
“The Directorate has assured that preparations for the verification of all other treasury funded parastatals, including defunct/privatised agencies, has been completed and will commence shortly across the country.”
A glimpse at Savannah’s revolution
In a bid to maintain its dominant position in the Nigerian sugar industry, Dangote Sugar Refinery (DSR), had announced the acquisition of 95 percent equity stake in Savannah Sugar.
The deal, according to a notice filed with the Nigerian Stock Exchange (NSE), was executed through a Share Sale and Purchase Agreement (SSPA), with Dangote Industries Limited (DIL), by acquisition of 2.14 billion ordinary shares of N1.00 each in Savanna Sugar. The acquisition therefore represents 95 percent of the issued share capital of Savanna Sugar.
In 2002, workers of Savannah Sugar were disengaged when the company was fully privatised by the Federal Government.
The five-ingredient of a successful startup pitch
Every great pitch has these 5 ingredients to help you maximize your chances when fundraising for your startup.
Startups typically prepare a pitch deck to present to potential investors for funding. A pitch deck is a brief presentation that provides investors with an overview of your business. It typically focuses on showcasing your product and business model. An excellent pitch is highly essential to the success of a startup seeking funding from investors.
According to Romeen Sheeth, an angel investor who heard 200 companies pitch and invested over $1million last year, every great pitch has these 5 ingredients to help you maximize your chances when fundraising.
- Problem: Is this an issue?
- Solution: Do you have the fix?
- Market: Is this a big enough issue?
- Business: Can you make money
- Team: Do you have the human resources to do it?
The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.
The problem statement is an explanation of why a set of circumstances is painful for a set of users. There’s one word in that sentence that is most important: painful. If your problem is not painful enough, it’s a vitamin. The best startups are pain killers.
The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction. Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.
In tech, only businesses that have outsized potential get funded. To have outsized potential, you have to either be in a: (a) small, but rapidly growing market or (b) large existing market that can be resegmented. If not, the business is not venture backable.
The business model defines how you print cash. What is the key insight you’ve figured out that other people haven’t? You don’t need to reinvent the wheel on everything to be a compelling business. Just explain the secret sauce that helps you capture the value.
Everything else is academic if you can’t execute. Ultimately the investor is betting on your team’s ability to bring out the reality in the insights around the problem, solution, market, and business. Communicate why you are the best in the world to build the business.
Once you feel good about these 5, think through the connection points. Every topic that comes up in the conversation will be a function of a connection point. For example:
- Problem-Market = Industry Dynamics
- Solution-Market = Competition
- Market-Business = Unit Economics
When you pitch, always keep it simple. Understand the 5 core ingredients, think through how they relate to one another, communicate with clarity, and don’t assume investors understand your business.
FG explains why Lagos-Ibadan rail line was not linked to the sea
The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.
The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.
The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.
According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.
The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.
The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”
Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’
The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.
He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.
In case you missed it
It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.
This is because other minor and major stations along that route were yet to be completed.
IBADAN-KANO RAIL PROJECT TO COMMENCE SOON – FG
The @NigerianGov has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.
The Minister of Transportation, @ChibuikeAmaechi, while on routine tour of the
— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.