Investment

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Business Planning Investment

Nissan, Honda plan to merge, creating world’s No. 3 automaker

Tokyo, Dec. 23, 2024 – Japanese automakers Honda and Nissan have announced plans to work toward a merger, forming the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors also had agreed to join the talks on integrating their businesses. Honda’s president, Toshihiro Mibe, said Honda and Nissan will pursue unifying their operations under a joint holding company. Honda will …

Investment Money market

Diaspora Remittances: Sanwo-Olu, Dabiri- Erewa express delight at the increase

Abuja, Dec. 21, 2024 – Babajide Sanwo-Olu, the Lagos State Governor, and Hon. Abike Dabiri-Erewa, Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM), have expressed delight at the increasing home remittances by Nigerians abroad. The commendations came after the reports of the diaspora remittances by the Central Bank of Nigeria (CBN) which reported the increase from $336.61 million in September 2024 to $402.38 million in October 2024. They expressed the delight at the ConnectEDiaspora Fireside Chat 2024 in collaboration with Nigerians in Diaspora Commission (NIDCOM’s) Homestrings Programme in Lagos. Sanwo-Olu, the Special Guest of …

Foreign Investment

Diaspora Engagement: California seeks investments, partnerships in Africa as delegation visits NiDCOM

Abuja, Dec. 17, 2024 – Hon. Abike Dabiri-Erewa, Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM), has advised foreign investors to focus on capacity building to support growing economies like Nigeria. The NiDCOM Chairman gave the advice in Abuja during a strategic meeting with Dr Toks Omishakin, the Secretary of California State Transportation Agency (CalSTA). She emphasised the importance of knowledge transfer and skill development in driving economic growth.  The NiDCOM boss stressed the need for training programmes to equip Nigerians with the technical know-how necessary to improve efficiency and productivity …

Foreign General News Investment

Shortage of construction workers undermines British government’s housing plan

Worcester (England), Dec 13, 2024 – An acute shortage of construction workers could undermine the foundations of British government plans to get 1.5 million homes built by 2029 in England to help drive economic growth. Prime Minister Keir Starmer’s Labour Party won July’s election on a pledge to boost growth and improve infrastructure, as well as fix public services. Construction represents 6% of gross domestic product, but underpins growth in other sectors. While developers welcomed details of his plans for overhauling Britain’s planning system and freeing up more land for …

Investment Politics

Tinubu assures South African investors of safety of their investments

Abuja, Dec. 4, 2024 – President Bola Tinubu has assured South African investors of the safety of their investments in Nigeria. He said Nigeria was open for business and ready to provide stability, security and the rule of law for businesses to thrive. Tinubu gave the assurance on Tuesday while speaking at a roundtable attended by business leaders, government officials and trade stakeholders in Cape Town, South Africa. Bayo Onanuga, a Presidential Spokesman, disclosed this in statement on Wednesday.  Tinubu also expressed commitment to addressing issues discouraging South African investors …

Investment

$2.5bn JBS investment, a big economic victory for Nigeria – TDF

Abuja, Nov. 28, 2024 -The Democratic Front (TDF) has welcomed the announcement by a global meat company, JBS, of a $2.5bn investment in Nigeria. It also congratulated President Bola Tinubu for facilitating the investment that will see the Brazilian company, which is also one of the largest meat packaging firms in the world, building six new meat factories in the country In a statement signed by its Chairman, Mallam Danjuma Muhammad and Secretary, Chief Wale Adedayo, TDF argued that the investment signified a vote of confidence by the international community …

Investment

PENCOM advises operators to suspend investment in commercial papers

Abuja, Oct. 28, 2024 – The National Pension Commission (PenCom) has advised the Pension Fund Administrators, LPFAs, and Pension Custodians to suspend further investment in commercial papers where capital market operators and non-banks are engaged as IPAS. PenCom gave the advice through a a circular with Reference no: PENCOM/TECH/ISD/2024/402 issued by Head, Surveillance Department of PenCom, A.M.Saleem, and dated Oct. 23, 2024. The circular, addressed to Managing Directors and Chief Executives Officers of all LPFAs, advised the LPFAs to desist from investing in the affected portfolio pending the issuance of guidelines …

Investment Oil and Gas

Caribbean countries to partner Dangote in cement, petroleum production

Lagos, Oct. 11, 2024 – The Prime Minister of Grenada, Dickon Mitchell, has expressed the willingness of Caribbean countries to invest in Dangote’s companies. He expressed this willingness during a visit to the Dangote Petroleum Refinery and Petrochemicals complex in Lagos on Thursday. Mitchell described Dangote Petroleum Refinery and Petrochemicals as a significant investment that developing countries need for their industrial growth. He agreed with Aliko Dangote, President and Chairman of the Dangote Group on the partnership potential in cement, fertiliser and petroleum products production with the Caribbean community. “This …

Business Planning Investment Money market

Warren Buffet’s daughter asked him for $41,000 loan, the billionaire told her “Go to the bank like everyone”

Omaha (Nebraska), Sept. 19, 2024 – Warren Buffett, one of the wealthiest people in the world with a net worth of $142 billion, according to Bloomberg, is also known for his generosity. He has donated billions to charity over the years, but when it comes to his kids,   handouts aren’t part of the deal. In the HBO Becoming Warren Buffett documentary, Susie Buffett shared a story that gives a glimpse into her father’s frugality. This wasn’t the first time she had discussed it. Back in 2011, a Globe and Mail article mentioned that Susie …

Investment Maritime/Shipping Oil and Gas

NNPC not yet selling Dangote’s petrol yet – Dangote

Lagos, Sept. 5, 2024 – The Nigerian National Petroleum Company Limited (NNPCL) has not started lifting petrol from Dangote refinery. Anthony Chiejina, the Chief Branding and Communications Officer of Dangote Group, said this in a statement on Thursday, urging Nigerians to disregard reports that NNPC was already selling Dangote’s product.  He said that government had not announced the price for Dangote’s petrol as they were yet to finalise agreements with the NNPC on the appropriate price of its product.  “Our attention has been drawn to a headline “NNPC lifts Dangote …