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Marriott to open first premium hotel in Lagos May 19

Marriott to open first premium hotel in Lagos May 19

Business
Riding on the success of its over 8 outlets in Nigeria, Marriott International, the world’s largest hotel group, is set to open its largest hotel in Lagos, Nigeria. The 250-room Lagos Marriott Hotel Ikeja, which is owned and built by Sifax Group, is a premium brand and will open on May 19, 2021. The hotel is the first Marriott designed and purposed-built hotel in Nigeria and the largest in Sub-Saharan Africa, amid contemporary facilities, great service and experience for guests. Speaking at a media preview of the hotel at the Ikeja GRA, Lagos, on Tuesday, Rudi Janse Van Resnburg, general manager of the hotel, described the new hotel as an amazing product, noting that Marriott International is yet again boosting experience for guests who want travel brilliantly with the great ...
Dangote Cement, 20 others lift capitalization by N36 billion

Dangote Cement, 20 others lift capitalization by N36 billion

Business
Trading activities on the Nigerian Exchange Limited (NGX) extended bullish run to two consecutive trading sessions yesterday, as investors’ wealth appreciated by N36 billion. Yesterday’s improved performance was spurred by investors’ sustained appetite in the shares of Dangote Cement and 20 others. The all-share index (ASI) increased by 70.22 absolute points, representing a growth of 0.18 per cent to close at 39,382.96 points while market capitalisation value gained N36 billion to close at N20.527 trillion. Analysts at Afrinvest Limited said: “In the next trading session, we expect the recent price appreciation of some large-cap stocks to trigger profit-taking by speculative investors.” As measured by market breadth, market sentiment was positive, as 21 stocks gained, relativ...
Leverage HACCP to access market, NEPC tells exporters

Leverage HACCP to access market, NEPC tells exporters

Business
The Nigerian Export Promotion Council (NEPC) has equipped 11 exporters with the Hazard Analysis and Critical Control Point (HACCP) certification to reduce the high level of rejection of made-in-Nigeria goods at the international market. The Executive Director, NEPC, Segun Awolowo, said the move was apt as accessing global market has become stricter due to the COVID-19 pandemic. This, he said, leads to tougher inspection regimes at the border control points (BCPs) in importing countries. Awolowo at the NEPC-sponsored HACCP certification programme for beneficiary companies in Lagos added that the stricter and increasingly competitive requirements imply that exportable food items must strive to acquire additional mandatory certifications to enable them to compete globally. S...
Shares of Access, FBN, Zenith contribute 43% to total equities turnover

Shares of Access, FBN, Zenith contribute 43% to total equities turnover

Business
Transactions in the shares of Access Bank Plc, FBN Holdings and Zenith Bank Plc accounted for 609.988 million shares worth N6.593 billion in 4,870 deals at the end of last week’s trading on the Nigerian Exchange Limited (NGX). The three financial stocks contributed 43 per cent to the total equities turnover of 1.419 billion shares worth N15.918 billion. Following the financial sector in volume terms, last week, was the industrial goods industry with 60.762 million shares worth N2.005 billion in 1,070 deals. The consumer goods industry ranked third with a turnover of 57.023 million shares worth N1.029 billion in 2,831 deals. Further breakdown of last week’s trading showed that bearish sentiments dominated the local bourse last week, as a result of profit-taking in bellwether st...
Nigeria’s commodities market set to list first gold asset

Nigeria’s commodities market set to list first gold asset

Business
The Lagos Commodities and Futures Exchange (LCFE), the first commodities exchange to be licenced to trade gold in Nigeria by the Securities and Exchange Commission (SEC), is set to admit Dukia Gold‘s diversified financial instruments backed by gold as the underlying assets in a sector worth over N300 trillion. As a prelude to the listing, Dukia Gold explained that the instruments which would be in form of exchange-traded notes (ETN), commercial papers (CP) and other gold-backed securities would enable the company to deepen the commodities market in Nigeria, increase capacity, generate foreign exchanges and create massive employment across the metal production value chain. Addressing journalists at the pre-listing media interactive session in Lagos today, Dukia Gold’s Chairman, T...
Recyclan Empower partner to supply traceable, blockchain secured feedstock of post-consumer pet

Recyclan Empower partner to supply traceable, blockchain secured feedstock of post-consumer pet

Business
Recyclan, the market leader in sustainable recycled PET supply from Africa, today announces a partnership with EMPOWER to set a new standard in the transparent and traceable supply of certified post-consumer and post-industrial PET plastic from Africa. Empower is a blockchain-enabled platform that generates value out of plastic waste – enabling collectors, recyclers, brands and consumers to make a real impact on the environment. Founded in 2018, Recyclan is a social enterprise that reprocesses PET plastic products that have been discarded as waste and turn them into the highest-grade recycled PET product that is reused in the food and beverage industry. This is done by the process of hot washing, sanitising, and extrusion; ensuring we conserve energy, reduce air and water pollut...
Copper, iron ore hit records as demand surges but stocks mixed

Copper, iron ore hit records as demand surges but stocks mixed

Business
Copper and iron ore prices hit record highs Friday as demand for the key commodities surges on the back of a powerful recovery in the global economy, though Asian equity markets struggled to maintain an early rally ahead of a keenly awaited US jobs report. With major economies led by the United States and China reopening after last year’s shutdowns, industries are ramping up production, pushing the cost of materials ever higher as traders also worry about a lack of supply caused by the pandemic. Copper, a major indicator of the state of the global economy owing to its use in a multitude of products, finally broke to an all-time high above $10,200 per tonne Friday, and with the global recovery expected to continue for some time, analysts say the price can continue north. “It’s...
Lagos warns telcos against illegal digging of land

Lagos warns telcos against illegal digging of land

Business
LASRAA registers 5m Lagosians, targets 60 registration centresThe Lagos State Government has warned telecoms operators against illegal land digging for fibre cable laying.  Rather, the state said operators should key into the ongoing fibre laying project the state is handling across the 20 local government areas and all the local council development areas.   The Lagos State Commissioner for Science and Technology, Hakeem Fahm, made this known during the 2021 ministerial press briefing to commemorate the second year of Babajide Sanwo-Olu-led administration. Fahm said Lagos implemented a 3,000 km of Fibre Metro Network connection in 2020 and an additional 3,000km in 2021 across the state as part of the comprehensive Smart City Programme that seeks to provide a 24-hour driven economy....
Liquid Telecom unveils its new identity, Liquid Intelligent Technologies in Zambia as it establishes itself as the digital service partner of choice for African businesses

Liquid Telecom unveils its new identity, Liquid Intelligent Technologies in Zambia as it establishes itself as the digital service partner of choice for African businesses

Business
Liquid Intelligent Technologies Zambia, part of the Liquid Intelligent Technologies group (Liquid.Tech), a pan-African technology company, unveils its new brand identity.  This rebrand reflects the organisation's extensive business transformation from being a telecommunications and digital services provider to a full one-stop-shop technology group for local businesses. Over the last two decades, Liquid has firmly established itself as the leading pan-African digital infrastructure provider. This rebrand to Liquid Intelligent Technologies highlights the organisation's expansion of its Cloud business, Cyber Security services, and other technologies added to its existing telecoms and connectivity capability. We have been partnering with the government to help them accelerate their...
Julius Berger posts N71.2b turnover, N3.4b PBT in Q1

Julius Berger posts N71.2b turnover, N3.4b PBT in Q1

Business
Julius Berger Plc has posted a turnover of N71.2 billion in its first quarter (Q1) operations, as against N55.9 billion achieved in the corresponding period in 2020. The firm’s unaudited result showed 27.34 per cent increase in turnover from N55.9 billion to N71.2 billion while PBT grew by 228 per cent to N3.4 billion from N1.1 billion recorded in 2020. Its earnings per share within the period increased to N1.52 from 72 kobo recorded in 2020, translating to 111 per cent growth year on year. The figures indicated that the company was able to overcome the temporary shutdowns of its construction sites in the second quarter of 2020 by utilizing its strong base of personnel and capital resources. Given the industry-wide disruptive effects of the global covid-19 pandemic and its...