Investment

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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 …

Foreign Investment Politics Trade

Nigeria to strengthen partnership with Indonesia

Bali (Indonesia), Sept. 2, 2024 – The Federal Government of Nigeria has expressed its readiness to strengthen relations with Indonesia. Mohammed Idris, the Minister of Information and National Orientation, made the pledge at the ongoing second Indonesia-Africa Forum in Bali, Indonesia. He said there were lots the two countries could gain from untapped economic potential between both countries. According to a statement by Suleiman Haruna, a Deputy Director, Press, in the ministry, the minister is representing President Bola Tinubu at the meeting. The statement reads in part: “The Minister reiterated …

Foreign Investment

US to support Nigeria on solar power projects

Abuja, Aug. 16, 2024 – The United States has offered to support the Federal government on its solar power projects. Bolaji Tunji, the Special Adviser, Strategic Communication and Media Relations, disclosed this in a statement on Friday. He said Richard Mills, the US Ambassador to Nigeria, confirmed the support in Abuja on Wednesday during a meeting with Adebayo Adelabu, Nigeria’s Minister of Power, “You have the support of the US government on the project,” the ambassador had said. The envoy invited the minister to an upcoming energy summit in Washington …

Investment

ECOWAS to pool $38m to lift SMEs in member States – Tinubu

Accra, July 22, 2024 -The Economic Community of West African State (ECOWAS) plans to pool $38 million to lift Small and Medium Enterprises (SMEs) in member states. President Bola Ahmed Tinubu, the ECOWAS Chairman, said this on Sunday at the Sixth Mid-Year Coordination Meeting of the African Union (AU)in Accra, Ghana, where he presented some of his achievements as chairman of the regional organisation. According to a statement issued by Ajuri Ngelale, the Presidential Spokesman, Tinubu also said that additional N140 million would be provided to support solar SMEs Tinubu …

Foreign Investment

Asian markets drop as Biden drops out of White House

Tokyo, July 22, 2024 – Asian markets fell Monday as Joe Biden’s decision to drop out of the US presidential race fuelled fresh uncertainty, while traders appeared to be unmoved by China’s decision to cut interest rates in a bid to boost the country’s stuttering economy. After last weekend’s assassination attempt on Donald Trump – and the following Republican convention – boosted bets he would win November’s election, investors were trying to work out the ramifications of the news out of the White House. Biden on Sunday gave in to …

General News Investment Money market

Sterling One Foundation announces Afreximbank as strategic partner in ASIS Summit 2024

Lagos, July 16, 2024 – Sterling One Foundation has announced African Export-Import Bank (Afreximbank) in the hosting of the third edition of the Africa Social Impact Summit (ASIS) to be held from July 25 -26, 2024 in Lagos, Nigeria.  Is said the strategic partnership is to foster more private sector participation in the drive towards the achievement of the Sustainable Development Goals (SDGs) in Africa. The event will focus on identifying strategies to mitigate risks in the continent’s investment opportunities to boost impact investment flows, drive policy-influencing conversations, and foster …

Business Planning Investment

Ooni, SMEDAN launch N1bn endowment fund for female entrepreneurs

Ile -Ife (OSUN), July 15, 2024 – The Ooni of Ife, Oba Adeyeye Ogunwusi, and the Small and Medium Enterprise Development Agency of Nigeria, have launched a N1 billion endowment fund for female entrepreneurs in the country. It is named Alhaja Habibatu Mogaji Tinubu Endowment Fund to honour of the mother of President Bola Tinubu. The Fund was launched in Ile-Ife, Osun State, at the weekend as part of the activities of this year’s edition of the Royal African Young Leadership Forum where 100 youths drawn across the continent received …