Company in Nigeria
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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.
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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.
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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.
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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.”
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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.
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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.
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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.
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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.
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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.
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NIGERIA, 2014/09/16
As Africa’s world business prominence continues to surge, so too does Aliko Dangote’s profile as one of the region’s most recognised entrepreneurs.
The Nigerian business mogul was in the headlines most recently announcing deals that aim to tackle Africa’s power deficit. Speaking at August’s US-Africa Leaders Summit in Washington, DC, Dangote announced $6bn in joint ventures with US private equity firms Blackstone and Carlyle.
These two deals alone represent a massive jump in private equity financing for the continent. Total private equity financing for sub-Saharan Africa for 2013 was only $1.4bn, according to Emerging Markets Private Equity Association (EMPEA) figures.
