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Category Archives: Business

Edo Government Shops for New Investor for Ava Cement Factory

ava cement factory

….. Igarra Technical College to be upgraded

….. Ibilo Market also to be upgraded

The Governor of Edo State, Mr Godwin Obaseki, has said the state is negotiating with the Assets Management Corporation of Nigeria (AMCON) to get a new investor for Ava Cement Factory located in the state.

Obaseki announced this at Igarra, headquarters of Akoko Edo Local Government Area, during his Thank- You-Tour across the state.

The governor said the factory, which is located in Akoko Edo LGA, incurred

First Atlantic Bank Announces Investment By AFIG Fund, a Leading African Private Equity Fund Manager

FIRST ATLANTIC BANK

First Atlantic Bank (FAB) announced yesterday that it has finalized an agreement with Advanced Finance and Investment Group (AFIG Funds), manager of AFIG Fund II (“Fund II” or the “Fund”), for an investment in the Bank. The Fund’s investment is subject to regulatory approval.

First Atlantic Bank is a full-service universal bank in Ghana which has been proving a wide range of banking services to retail and corporate clients for over 20 years. Since First Atlantic Bank’s transformation from a merchant bank to a universal bank in 2011, the Bank has quickly become one of the most established local banks with an extensive footprint and a robust financial position. AFIG Fund’s investment in First Atlantic Bank will strengthen the Bank’s capital ans accelerate its transition to being a market leader.

Osinbajo to commission 55,000 metric tonnes Auchi fertilizer blending plant

Osinbajo

Edo State Government says the Acting President, Yemi Osinbajo would be commissioning the 55,000 metric tonnes fertilizer blending plant located at Auchi, the administrative headquarters of Etsako West Local Government Area of the state.

Godwin Obaseki, the state governor, gave the hint during an inspection of the 450 hectares maize farm at Sobe community in Owan West Local Government Area.

Obaseki had on June 1, 2017 during inspection of the blending plant, disclosed that the company would by June 15, 2017 be commissioned to begin commercial production.

MasterCard Foundation Appoints 3 New Members to its Board of Directors

MasterCard Foundation

The MasterCard Foundation yesterday announced the appointment of three new members to its Board of Directors. They include Zein Abdalla, former President of PepsiCo, Inc.; Rt. Honorable Baroness Valerie Amos, Director of the School of Oriental and African Studies at the University of London and former Undersecretary General for Humanitarian Affairs and Emergency Relief Coordinator at the United Nations; and Jay Ireland, President and CEO, GE Africa.

“We are delighted that these outstanding global leaders are joining our Board of Directors,” says Jim

Edo Fertilizer plant to begin production in June

Edo Fertilizer plant

Edo State governor, Godwin Obaseki has assured that the Edo fertilizer blending plant in Auchi will become functional before the end of June 2017.

The governor stated this on Thursday during the inspection of facilities and work progress in the Fertilizer Blending plant in Auchi Etsako West Local Government Area of the state.

The governor gave this assurance after receiving reports from Mr Ayodele Ejaoye, the General Manager of the Technical Company managing the fertilizer plant, who also said that the blending plant could produce about 55.000 metric tons of fertilizer per year.

Committee Submit Revenue Harmonization tax Bill To Gov. Obaseki

Obaseki presents budget commiserates with Momoh family

BENIN CITY: A special Committee set up by the Edo State Government and mandated to fine turn the proposed bill that will harmonize revenue collection in the various local government areas in the state has submitted its report to the governor of Edo State Mr. Godwin Obaseki.

Receiving the bill, titled “A bill for the Edo State Local Government Uniform and Harmonized Levies, Rates, Fees and charges Law 2017” the governor appreciated the committee headed by his deputy Rt. Hon. Philip Shaibu for a job well done saying that the job of the committees is not yet over as she will be responsible for the implementation of the bill after its being passed by the Edo State House of Assembly.

Edo sets up committe on proposed LG harmonization revenue bill

Mind Your Ward Business, Obaseki Warns Edo APC Leaders In Okpella revenue

Edo State Government on Friday said it has set up a committee to fine tune a proposed bill to harmonize revenue collection by local government councils in the state.

Oseni Elamah, the executive chairman of Edo State Internal Revenue Service made the disclosure shortly after meeting with the State Governor, Godwin Obaseki, to newsmen in Benin- City.
Elamah said the committee will be headed by the State Deputy Governor, Philip Shaibu while other members are Osarodion Ogie, Secretary to the State Government, the Executive Chairman of Edo State Internal Revenue Service (Oseni Elamah) and three representative of local government Heads from the three senatorial district.

Obaseki Presents N150b “Budget of consolidation and prosperity”

Obaseki presents budget commiserates with Momoh family

In his first budget presentation since assumption of office as the elected governor of Edo State, Godwin Obaseki Monday presented a budget of N150billion for the 2017 financial year to the State House of Assembly for consideration and approval.

The 2017 budget proposal christened, “Budget of consolidation and prosperity” will be funded with N25billion external borrowing from the third tranche of the World Bank budget support facility.

Africa’s average rate of productivity growth falls to 1.7%

Strong GDP growth in Africa has masked disappointing productivity, according to ICAEW’s latest Economic Insight: Africa Q2 report. Over the last 15 years trade and investment have buffered the continent against the global financial crisis. However, according to the accountancy and finance body, this has hidden low productivity figures – despite much greater potential for economic ‘catch up’

Dangote Flags Off $1 Billion Cement Factory in Okpella

dangote cement factory

The Dangote Group, Sunday started constructing a $1 billion cement factory in Okpella, Edo State, to expand its cement production in Nigeria.

The six million metric tonnes per annum (mmtpa) Okpella plant and the upcoming six mmtpa plant in Itori, Ogun State, will increase the company’s local production capacity to 41 mmtpa annually.