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Business

Burger King, American fast-food franchise to open outlets in Nigeria

US fast-food franchise, Burger King has announced interest to open outlets in Nigeria.

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Burger King signs development agreement, as it prepares to open outlets in Nigeria

Burger King, an American multinational hamburger fast-food chain headquartered in Florida, has announced interest to open outlets in Nigeria.

Antoine Zammarieh, the Franchisee of Burger King in Nigeria who made this development known, revealed that the hamburger maker in a show of interest in the Nigerian market had signed a development agreement for the Nigerian market.

He explained that the development agreement of the chain in Nigeria which was recently signed would give more confidence to the Nigerian market and consumers in general, especially during these hard times.

READ: Why Shoprite is “exiting” Nigeria

He said, “I always believed in Nigeria and in its people. I am confident this venture will go a long way and prove successful for Burger King, Nigeria, and our company.”

“I believe this would be a tremendous step towards giving more confidence into the Nigerian market and consumers in general.”

What to expect

  • The first outlet of the Hamburger chain in Nigeria is expected to be launched in Lagos.
  • The Florida-based restaurant chain is set to join the likes of Dominos Pizza, Krispy Kreme, KFC, Chicken Republic (pieXpress) in a stiff competition for market share and dominance in a saturated market, with hundreds of other traditional restaurant chains.
  • Burger King is expected to dig deep into its quiver of strategies to ensure an impressive performance and success in its first year of operation, as other players have been having it tough following their respective launches in the Nigerian market.
  • The COVID-19 pandemic however has impacted the fast-food industry severely, as the disruption to the industry’s supply chain, especially the on-trade channel which accounts for a significant percentage of restaurant sales triggered declines in their profits in 2020.

READ: The NSE’s only listed fast food company has been struggling

What you should know

  • Burger King is a fast-food restaurant chain famed for serving customers with high-quality great-tasting and affordable food.
  • The restaurant’s outlets serve more than 11 million guests who visit Burger King restaurants around the world.
  • Burger King is the second-largest fast-food hamburger chain in the world, behind McDonald’s who us the world’s largest fast-food restaurant chain and one of the best-known brand names.

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Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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    Business

    President Buhari restores ownership of OML 123, 124, 126 and 137 to NNPC

    The President has ordered the restoration of ownership of OML 123, others to NNPC.

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    Buhari sacks DG National Directorate of Employment, Nasiru Argungu

    President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in a production sharing contract with the Chinese government-0wned, Addax Petroleum.

    This is in line with the current administration’s rule of law, fairness and enabling a stable business environment for businesses.

    This disclosure is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through a series of tweet posts on his official Twitter handle on Friday, April 23, 2021.

    The President directed the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases, while also directing NNPC to utilize contractual provisions to resolve issues in line with extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.

    READ: Senate to investigate 7 oil companies over refusal to remit $21 billion 

    What the Presidential Media Aide is saying in the statement

    The statement from Garba Shehu partly reads, ‘’In line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to NNPC Group which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.

    ‘’This development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts. While directing the Department of Petroleum Resources, DPR to retract the letter pf revocation of the leases, the President also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.’’

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    READ: Total SA to explore crude on Nigeria’s border with Sao Tome

    SSKOHN

    Shehu in his statement also said that the restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account.

    In case you missed it

    It can be recalled that the Department of Petroleum Resources (DPR), had on March 31, 2021, revoked the 4 assets of Addax Petroleum Exploration Nigeria Limited, namely OMLs 123, 124, 126 and 137 due to the non-development of the assets by the company.

    The DPR had earlier said that it has inaugurated a team of experts to evaluate the revoked assets of Addax Petroleum, which was in preparation for the formal handing over to the new operators- Kaztech/Slavic Consortium.

    Stanbic 728 x 90

    The oil sector regulator also pointed out that the move was in fulfilment of the Federal Government’s commitment to reactivating all moribund oil and gas support facilities across the country.

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    Business

    Dangote acquires 400 trucks from ANAMMCO plant in Enugu, brings total to 4,000

    Dangote Group has taken delivery of another set of 400 Shacman trucks from Transit Support Services Limited and assembled in the former ANAMMCO plant in Enugu.

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    Dangote Cement, Dangote Dividends, Dangote on Forbe's richest list, Dangote Refinery, Africa's wealthiest billionaires, Aliko Dangote, Apapa Road, Flour Mills, Sugar, Pasta, Employment, Dangote boasts of creating over 25,000 jobs with cement business 

    The Dangote Group has taken delivery of another set of 400 Shacman trucks from Transit Support Services Limited and assembled in the former ANAMMCO plant in Enugu.

    This brings the total number of trucks bought by the Dangote Group from Transit Support Services Limited to about 4,000 units since the entry of the brand into the country in 2016.

    According to a report from the Punch, this disclosure is contained in a statement issued by the Head of Public Relations and Media at the Transit Support Services Limited, Iyere Ikhide.

    READ: Dangote Cement incurs N97 billion taxes in 2020

    Ikhide in the statement said that the Dangote-Shacman partnership has led to the resuscitation of the ANAMMCO plant in Enugu.

    It described Dangote as the biggest customer of the Enugu-based auto assembler, noting that the partnership had resulted in the provision of more jobs for many youths; rejuvenation of the Onne Port in Rivers State and the attendant economic benefits.

    The statement from Transit Support Services Limited partly reads, “Following the partnership deal and commitments to quality, the biggest customer of Shacman brand in Nigeria, Dangote Group, has taken delivery of additional 400 units of Shacman trucks.

    Dangote Group has since the entrance of Shacman vehicles into the Nigerian market through Transit Support Services Limited as Shacman Nigeria six years ago, bought over 3,500 units of the brand.’’

    READ: Dangote injects N63 billion to revive moribund ANAMMCO

    SSKOHN

    What you should know

    • It can be recalled that in February 2020, the largest Indigenous Industrial Conglomerate in West Africa, the Dangote Group, invested about N63 billion in a local automaker with an assembling plant in Enugu with the purchase of 3,500 trucks while going into a long-term partnership with them.
    • The automaker, which goes by the name Transit Support Services Limited, went into a long-term agreement with Dangote Group and has already supplied 3,500 Shacman trucks to the company from its Anambra Motor Manufacturing Company assembly plant in Emene Enugu State.

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