Company in Nigeria

  • Did Oil Giant Shell Pay U.S.$31 Billion to Nigerian Govt?

    NIGERIA, 2017/08/18 Shell Petroleum Development Company remitted 29.8 billion dollars to the federation account and 1.2 billion dollars to Niger Delta Development Commission between 2002 and 2016, Igo Weli, General Manager, External Relations, made the disclosure on Monday. Mr. Weli spoke in Port Harcourt while reacting to the shut-down of SPDC flow station and gas plant in Belema community by angry youth. The youth accused the company of neglecting them and marginalising their community.
  • Africa: Expanded Engagement for Caterpillar - Boosting Sales & Alleviating Poverty

    BOTSWANA, 2017/07/16 A strong signal of growing business engagement with Africa by large U.S. corporations was the announcement last September by Caterpillar CEO Doug Oberhelman of plans to invest over $1 billion in Africa over the next five years. Caterpillar is not a new-comer, having begun doing business on the continent in 1926. At last month's U.S.-Africa Business Summit in Washington, DC, David Picard, Caterpillar's regional manager for Africa and the Middle East, described some of the steps that have been taken since last year's announcement. He as well talked about the challenges and opportunities he sees, inclunding Nigeria, where the company has operated since 1948. He was interviewed by AllAfrica's Noluthando Crockett-Ntonga and Ladi Olorunyomi from Premium Times in Nigeria. The interview has been edited for clarity and length.
  • Why we sacked 36 expatriates, 12 Nigerians – Dangote

    NIGERIA, 2016/10/29 The Dangote group of companies has denied media reports that a recent decision to retrench 48 of its staff was related to recession in Nigeria. 36 expatriate workers and 12 locals were affected by the action. According to Tony Chiejina, the Chief of Corporate Affairs of the group, the expatriates were disengaged because of job overlap. The dozen Nigerians he added worked in the company’s procurement department whose services were redundant as the company continues to grow.
  • Nigerian biscuit maker Beloxxi lures $80M private equity investment

    NIGERIA, 2016/08/18 Nigeria’s snacks industry has attracted the interest of a private equity firm founded by Sir Bob Geldof in a boost for Africa’s biggest economy. A consortium led by sub-Saharan Africa-focused 8 Miles has bought a minority stake in Nigerian biscuit maker Beloxxi for $80m in a transaction described as a bet on the company’s ability to meet the rising request of a growing consumer class.
  • Jaguar Land Rover on its business in sub-Saharan Africa

    ANGOLA, 2015/12/11 Nigeria and Angola remain two of Jaguar Land Rover’s major markets in sub-Saharan Africa, according to the company’s director of operations for the region, Nigel Clarke. This is despite both economies feeling the result of the drop in oil prices over the last year. Angola gets roughly two-thirds of its revenue from oil. The luxury car manufacturer, with its sub-Saharan headquarters in Pretoria, exports the bulk of its vehicles to eight markets in the region – Angola, Ghana, Kenya, Mauritius, Nigeria, Tanzania, Zambia and Zimbabwe. However, over the next two years Jaguar Land Rover will focus on growing its business in six smaller markets – Senegal, Côte d’Ivoire, Gabon, Congo-Brazzaville, Malawi, Mozambique – through local country partners. “Due to the expansion of our office in Pretoria and the fact a lot of of our processes and systems are presently in place, which has taken a long time, we are much additional ‘fitter’ to take on these markets.”
  • MTN says no deal yet on $5.2bn fine, hours to deadline

    NIGERIA, 2015/11/16 Africa’s mobile phone giant, MTN Group denied on Sunday that it has asked the Nigerian authorities to be allowed to pay by instalments a $5.2 billion fine due on Monday. “MTN refutes claims that we have arrived at any agreement of staggered payment of the fine. We caution against data from any source outside the company,” MTN’s spokesman Chris Maroleng said. Before a source at the Nigerian Communications Commission (NCC) had said that MTN had asked to be allowed to stagger the payment.
  • Standard Bank Group has expanded its already extensive East African footprint

    ETHIOPIA, 2015/10/31 Standard Bank Group has expanded its by presently extensive East African footprint with the official opening of a representative office in Ethiopia. This means that Standard Bank, which is Africa’s major bank by assets, has a continent-wide footprint in 20 African nations. The representative office, which is based in Addis Ababa, was opened by Standard Bank Chief Executive, Ben Kruger. It will act as an entry point for clients seeking to invest in Ethiopia and will be administered by Standard Bank’s chief office in South Africa.
  • President and Chief Executive Officer of Dangote Group of Companies Aliko Dangote

    UNITED KINGDOM, 2015/05/07 Africa's richest man Aliko Dangote claims he still harbours hopes of one day buying Arsenal. The Nigerian has an estimated fortune of 15billion US dollars (£10.4billion) and is reported to have wanted to buy into the Gunners at the same time as former director Lady Nina Bracewell-Smith was selling her shares in 2010. Arsenal's current majority shareholder is American tycoon Stan Kroenke, who remains committed to the Barclays Premier League club for the long-term. Uzbek magnate Alisher Usmanov controls around 30 % and has as well expressed no desire to offload any of his stock.
  • Nigeria: Shell Profits Won't Count the True Cost of Niger Delta Oil Spills

    NIGERIA, 2015/05/05 Decades of unchecked Niger Delta oil spills could cost Royal Dutch Shell billions in compensation and clean-up costs, Amnesty International warned investors as the Anglo-Dutch oil giant publishes its profits figures for the initial quarter of 2015. The United Nations Environment Programme estimated that £650 million ($1 billion) is needed for the initial five years of oil clean-up for Ogoniland, just one Nigerian region where Shell operates. It projected that cleaning up oil pollution in the area could be a 30-year operation. Amnesty International's Business and Human Rights Reseacher Mark Dummett said: "Investors must beware the hidden costs that await Shell from its Niger Delta operations. For decades the multi-national oil giant has failed to stop the oil spills, or clean up the devastating pollution that has destroyed lives and livelihoods.
  • How Nigeria’s National Oil Company Plans to Tackle local Fuel Scarcity

    NIGERIA, 2015/03/05 Nigerian national oil firm, NNPC plans to address the current fuel scarcity by importing 1 billion litres of fuel in March, according to a statement by analysis website, Nairametrics. The NNPC Group MD, Dr Joseph Dawha, has by presently began supervising fuel stations within the capital city, Abuja, to restrict hoarding activities and anxiety particularly in the country’s most vibrant cities like Lagos, Kano and Port Harcourt. He as well explained that in actuality, there is sufficient petrol to attend to motorists’ needs.