Business News
Dangote injects N63 billion to revive moribund ANAMMCO
Dangote Group has signed an agreement with Automaker, Transit Support Services Limited, for the supply of Shacman trucks.
Dangote Group has signed an agreement with Automaker, Transit Support Services Limited, for the supply of Shacman trucks being assembled at the Anambra Motor Manufacturing Company Limited’s (ANAMMCO) factory in Emene, Enugu.
This comes shortly after the group injected about N63 billion for the purchase of 3,500 units of trucks aimed at reviving the ANAMMCO plant.
Shacman trucks
The disclosure was made by the Chairman of Transit Support Services Ltd, Frank Nneji during a tour of the auto plant.
Why this matters: The auto plant had been dormant for many years until Dangote Group signed an agreement for the production of Shacman trucks. The production of the vehicles led to the recall of all ANAMMCO staff, who for years, have not been doing anything as the company went moribund.
[READ MORE: Dangote’s multi-billion-dollar refinery is 75% complete, Otedola says)
The agreement has reportedly benefited the people in the area immensely through job creation and training of young school leavers.
According to Nneji, the revival of the auto plant and the investment of Dangote has not only benefitted company but has also returned the pride of the South-East economy, which the ANAMMCO auto plant represents.
“About 90 per cent of trucks produced here are for Dangote. Right now at the dump, we have about 300 units. Since last year, we have done 800 units. Dangote Group since inception has bought about 3,500 units from us. It also patronises the Shackman trucks for its refinery currently being built in Lagos,” he said.
Nneji added that the project had also kept busy the Onne port which was dormant for many years. He explained that the port is used for the delivery of vehicle components supplied to the ANAMMCO plant by its partner from China, Shaanxi Heavy Duty Automobile Import & Export Company.
Sunday Esan
Also speaking was the General Manager, Corporate Communications of Dangote Group, Mr Sunday Esan, who made it known that the quality of the Shacman trucks was satisfactory, as he assured Nneji of continuous patronage.
“Dangote Group is expanding. Apart from the cement, sugar and salt factories, among others, we’re starting a petroleum refinery, the biggest in Africa. All these will require a high number of trucks. It is a long-term relationship,” he said.
Coronavirus
FG announces schedule for 4th evacuation flight from the USA
The evacuees will be expected to present an original COVID-19 negative test result not older than 14.
The Federal government has approved the fourth evacuation flight for Nigerians stranded in the United States of America for July 28.
According to a statement that was signed by the Consulate General of Nigeria, the Ethiopian Airline with flight number ET509 will depart Newark Liberty International Airport, New Jersey on Tuesday 28 July 2020 by 21:15hrs and arrive Nnamdi Azikiwe International Airport, Abuja on Wednesday 29 July 2020 by 13:25hrs.
“All prospective evacuees duly registered with any of the three Nigerian missions in the USA should purchase their one-way tickets at a cost of $1250 for economy class and $2800 for business class for adult/child fare including all taxes with the usual percentage reduction for infants under 2 years,” the statement read.
READ ALSO: FG acquires profiling robots for airport
In line with the earlier announced protocols from the Nigerian Presidential Task Force on COVID-19, the evacuees will be expected to present an original COVID-19 negative test result not older than 14 days on the day of departure at the airport.
There will also be a temperature check at the airport, and any intending evacuee with a body temperature above 38°c or any symptoms suggestive of COVID-19 will not be allowed to check-in.
Evacuees are also required to wear a face mask as a matter of necessity and be in possession of hand sanitizer for intermittent use during the flight, while also adhering to the instructions of the
Furthermore, all returnees are enjoined to adhere strictly to all instructions of Port Health Services (PHS) officials and observe other entry screening protocols on arrival.
Notice on the FOURTH Evacuation Flight from the United States of America to Nigeria. #StayHomeSaveLives #COVID19Nigeria #COVID19 #PTFCOVID19 @NigeriaGov @DigiCommsNG @USinNigeria @FMICNigeria pic.twitter.com/NFVWWDGgSx
— Geoffrey Onyeama (@GeoffreyOnyeama) July 10, 2020
Hospitality & Travel
Covid-19: British High Commission to resume visa application in Nigeria
Nigerians who want to visit the UK can do so as soon as international flight operations resume.
The British High Commission in Nigeria has announced plans to resume visa processing in the country. It revealed that it will soon begin receiving visa applications from Nigerians who want to travel to the United Kingdom (UK).
This was disclosed in a public statement by the British High Commission in Abuja on Thursday, July 9, 2020.
It said that Nigerians who want to visit the United Kingdom can do so as soon as the international flight operations resume in the country. The statement said:
“We know there are many Nigerian nationals hoping to be able to travel to the UK when flights resume, both for employment and to see family members.
“UKVI are working closely with TSL contact, our commercial partner, to reopen visa application centres that were suspended due to COVID-19. UK visa application centres are reopening in phased manner globally when it is safe to do so and when we can operate an effective service.
“TSL contact are putting appropriate measures in place and working hard to reopen in Nigeria. We will share details of when VACs will reopen soon,”
READ MORE: US to stop issuing visa for Birth Tourism
It can be recalled that the Federal Government had shut down the airports to both domestic and international flight operations in March as part of measures to contain the spread of the coronavirus disease.
Following the gradual resumption of domestic flight operations, Nigerians are expecting that international flight operations might be resuming soon.
Commodities
Nigeria’s excess crude account falls to $72 million
Nigeria’s excess crude account has now fallen by a whopping 98% in just 5 years.
Nigeria’s Excess Crude Account (ECA) now stands at $72 million as the country continues to grapple with an unprecedented revenue crisis not seen since the early eighties. The ECA account has now fallen by about 98% within the last 5 years.
The information on the excess crude account was revealed by the Minister of Finance, Zainab Ahmed in a National Economic Council Meeting during the week. The ECA is a savings account retained by the Federal Government and is funded by the difference between the market price of crude oil and the budgeted price of crude oil as contained in the appropriation bill.
There were major concerns last November when it was reported that the ECA balances held just $324.5 million one of the lowest balances recorded at the time. At $72 million the ECA is in low territory highlighting the effect of the fall in crude oil prices this year. Crude oil prices have crashed to sub-zero in March and have risen back o just over $40/barrel in recent weeks. However, it still remains low from Nigeria’s previous budget benchmark.
ECA in the news
About a year ago Nairametrics reported Nigeria’s Excess Crude Account has dropped to $480 million. This is as controversy continues to trail the $1 billion military spendings which were withdrawn from Nigeria’s Excess Crude. According to the Central Bank of Nigeria’s annual report for 2018, Nigeria’s crude excess account fell from $2.45 billion in 2017 to $480 million as of December 2018.
(READ MORE: Rising COVID-19 cases in world’s biggest economy falter crude oil prices)
Just 5 years ago (August 2015) the ECA stood at $2.2 billion. This was the early days of the Buhari administration. It was $3.6 billion in February 2014, one of the highest balances on record. That same month, at its monthly FAAC, the government agreed to remove fuel subsidy from its books. Fuel subsidy is currently being borne by the NNPC.
The Controversies: Last year, the federal government under President Muhammadu Buhari was accused of mismanaging the country’s Excess Crude Account especially the $1 billion reportedly spent on military equipment.
- The National Security Adviser (NSA) retired Major General Babagana Monguno Gen. Babagana was quoted to have disclosed that he was not aware of the whereabouts or disbursement of the $1billion drawn from the ECA by the Buhari presidency in 2017 for security purposes.
- While controversies trail the statement credited to the NSA, with many describing it as diversion of public funds, the Presidency provided some explanations.
- Responding to the allegations, Senior Special Assistant on Media and Publicity, Garba Shehu, disclosed that various procurements had been made for the purchase of critical equipment for the Nigerian Army, the Nigerian Navy, and the Air Force, contrary to the allegations.
Nigeria’s ECA in retrospect: In Nigeria, there are two Sovereign Wealth Funds: the Excess Crude Account and the Nigeria Sovereign Investment Authority (NSIA). Note that these two are funded by the savings earned when oil prices are at peak.
- Hence, as a larger chunk of revenue is appropriated for ECA and NSIA, the country’s external reserves are likely to fall.
- Note that the sovereign wealth fund was established to address the controversies surrounding the Excess Crude Account.
- The fund is usually expected to generate revenue to meet budget shortfalls in the future, provide dedicated funding for the development of infrastructure and saves for future generations.
ECA depleted by 98% in 5 years: A closer look at the various annual reports of the Central Bank of Nigeria shows that Nigeria’s excess crude account has now fallen by a whopping 98% in just 5 years.
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Johnson Samuel Olawole
February 24, 2020 at 1:20 pm
Good business relationship between Dangote groups and motor assembly plant for you. Dormant workers, axillary plants and others will come alive again.
Anonymous
February 24, 2020 at 2:05 pm
This is what we need .
Akin Sodimu
February 24, 2020 at 9:18 pm
Good business relationship, I am highly impressed that the Refinery will be the biggest in terms of capacity in Africa. The recall of many of the staff of the moribund motor company is also a good development as this will definitely reduce unemployment in Nigeria. Definitely the establishment of the Refinery and the resuscitating of the motor company will definitely improve the Nation’s economy to some reasonable levels. Thanks to Dangote group, the reason for the advancement of Dangote group, is because Aliko the President of the group, has zero tolerance for nepotism. Good deals good business !!!
Anonymous
February 24, 2020 at 5:55 pm
Good news indeed
Akin Sodimu
February 24, 2020 at 9:30 pm
The reason why Dangote group was able to achieve these great feats, is because Aliko, the President of the group, has zero tolerance for nepotism and mediocrity.
Obinna
February 24, 2020 at 11:12 pm
So the parts will be imported and travel through Lagos to anambara and then after processing will travel back to lay s?
Anonymous Donor
February 25, 2020 at 10:14 am
If you read to the end, you’d see that the port of use is in Onne, Rivers State
Pascal okeke
February 25, 2020 at 12:13 am
This is what we need.. he is coming and when he finally announce it. Then it’s over!….
Engine
February 25, 2020 at 1:21 am
This kind of person called dangote and The Igbo man called Innoson motors,are type of people who needs to be president of Nigeria and transform the economy no matter which tribe you are from, they will carry you along, not someone who did not iften pass secondao school cert to rule over 5 thousand professors.
Zik
February 26, 2020 at 9:05 am
If you completed secondary school yourself, you should know how to spell ‘even’ and ‘secondary’.
Uche Uche
February 25, 2020 at 5:08 am
No doubt in my mind that Dangote is the star of the nation detribalized and showing the way forward. Kudos
Aminu bakari
March 12, 2020 at 10:55 am
Because he is reviving a moribund factory in your area he is now idolized. If it was a company marked to be privatized in your area the narrative would have changed.
Anonymous
February 25, 2020 at 6:13 am
Motor Assembly plant should be careful and always give a certified proof of vehicle with worthiness and Dangote should sign appropriately for documentation… Because tomorrow or in the Next coming years propaganda might arise…
AdeolaJIL
February 25, 2020 at 7:47 am
Great development. Those sowing seeds of discord will not comment on this kind of news. God bless Nigeria
Anonymous
February 25, 2020 at 7:52 am
This is an interesting move by Dangote group of company in their partnership and reviving the moribund ANAMMCO plant. Kudos to them
Nnamdi lwuchukwu
February 25, 2020 at 7:52 am
Fantastic relationship. Thank you Dangote group. ANANMCO is the pride of South East.
Richard
February 25, 2020 at 8:19 am
This is good news for Nigerian economy and people. May the good Lord bless the venture.
Hussain Usman Datti
February 25, 2020 at 9:57 am
Indeed a good action to revive the ANAMMCO and Nigeria economy at large, kudos to Dangote group of company
Chief
February 25, 2020 at 1:53 pm
Nice one but I hope it won’t last come to him buying ANAMMCO??? Because this is how they always make their wise move.
anodebenze
February 25, 2020 at 4:02 pm
ALL SOUND GOOD,what I saw is that Dangote group did a built this oil refinery distiller tower a gaint distiller in china and they shipped to Nigeria,i can give you a Nigerian company located in lagos who can build this 600,000 oil refinery distiller,now there is no excuses for the existence of boko haram,boko haram is a symptom of bad governance and incompetence. to me boko haram means self-realization of one’s existence,THE RIGHT OF ONE BEING WHAT AND WHO IS.
NOW,the govt is compressing their right of their life and their culture,now they are using violence and terror as a venue in voicing their grivances and frustration,i think the firing of the service chief is wrong,the chief of army staff hails from Borno state.his father was a soldier and his father did served in the british army and served in Burma.
It is too little and too late to sack service chief now
Anonymous
February 25, 2020 at 5:18 pm
Nice one there
orji hillary
February 25, 2020 at 5:21 pm
Nice move
Ezeji Nnamdi
February 26, 2020 at 3:41 am
This are the kind of people that ought to be entrusted with the leadership of this country. People who are free and not fighting perceived or imaginary war in their lives. People who honestly believe in Nigeria and works genuinely hard for her progress.
Kudos to Aliko Dangote and the management of ANAMMCO.
Tommay
February 26, 2020 at 9:33 am
This is nice one anyway and i thank the Igbos who are share holders in the company for making the company look this way after all Igbos are one of the big patronizers of Dangote product.Buhari shld stop pursuing the so called looters rather he should persuade them to bring back their loot and invest in our country so that our children will have jobs.Anyone that refuses to bring his or her own is the one that will be prosecuted by so doing you can see that government will spend less in prosecutions and development will be faster.Then any one that loot or try to be looter be dealt with seriously henceforth
Man Manny
February 26, 2020 at 9:37 am
Good move by Dangote. Even if he ends up buying ANAMMCO, it is better than it remaining moribund.
At least, the jobs of many will be assured.
There is yet hope for Nigeria.
I encourage our other billionaires to consider reviving some the moribund textile mills.
Godwin
February 26, 2020 at 2:49 pm
I’m really excited by this development. What is good is good and good will always reign over evil. I encourage Nigerians to rise above ethnic sentiment and religious discrimination. If we have jobs, peace and progress in our nation, the people rejoice. Congratulations to ANAMMCO and DANGOTE group for this historic deal. God bless Nigeria.