Tuesday, February 27Inside Business Africa
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Marble Capital Launches N3bn Halal Commodities Fund

Marble Capital Launches N3bn Halal Commodities Fund

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A new commodities Fund, domiciled in the agro-economic and extractive sector, the Marble Halal Commodities Fund (MHCF) has been launched as the first commodities Fund to be approved by the Securities and Exchange Commission (SEC). The new asset class was designed not only to impact the Nigerian financial market, but the entire economic sector, most especially, but not limited to Agriculture industry. The initial N3 billion Fund consists of 30 million units at N100 per Unit at par. But it can be increased subject to the approval of SEC. The Fund, which primarily invests in commodities-linked instruments, operates based on the principles of Shari’ah and as such only invests in halal -certified investment instruments. Speaking at the launching ceremony of the Fund in Lagos, yeste...
Wigwe Succeeds Rabiu As President Of France Nigeria Business Council

Wigwe Succeeds Rabiu As President Of France Nigeria Business Council

News
Pioneer president of the France Nigeria Business Council, Abdul Samad Rabiu, has handed over the reins of the Council after a successful two-year tenure to the group managing director of Access Bank, Herbert Wigwe. Rabiu, the founder and executive chairman of BUA Group, handed over the reins to Wigwe in a ceremony held today, marking a new chapter in the Council’s history. In his farewell address, Rabiu expressed gratitude to the Council members, president Macron, and other stakeholders for their unwavering support during his tenure. He acknowledged the exceptional service of Jean Haas, the Secretary of the Council, who will continue in his role under the new leadership. During Rabiu’s tenure as the pioneer President, the Council achieved significant milestones in strengthening b...
NPA Receives Largest Container Vessel At Lagos Port

NPA Receives Largest Container Vessel At Lagos Port

News
The Nigerian Ports Authority (NPA), yesterday, said it received the largest container vessel at the Tin-Can Island Port Complex, and the pilotage districts, Apapa, Lagos. The vessel, MSC Maureen, that berthed at the port complex was the largest ever container vessel to call at the Lagos Pilotage District.  It was gathered that the vessel has a Length Overall (LOA) of 300M and breadth of 40m carrying a Gross Tonnage of 75,590 Dead weight of 85,810Tonnes.  Speaking at the Quay Side where he received the Vessel, the Port Manager, TinCan Island Port Complex, Jibril Buba, noted that the development was a testament of the readiness to receive vessels despite the pressing need for rehabilitation which the management of Authority is working assiduously under the guidance of the Federal M...
Bulls Maintain Grip As Equities Rises By N14bn

Bulls Maintain Grip As Equities Rises By N14bn

News
The local equities market, yesterday, closed higher by N14 billion as investors continued their bargain-hunting activities in the market. The All Share Index (ASI) gained by 25.89 points, representing a growth of 0.05 per cent to close at 52,605.41 points. Also, market capitalisation gained N14 billion to close at N28.644 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Conoil, Ecobank Transnational Incorporated (ETI), Chemical & Allied Products (CAP), Champion Breweries and United Capital. As measured by market breadth, market sentiment was positive as 32 stocks gained relative to 19 losers. Conoil recorded the highest price gain of 10 per cent to close at N48.40, per share. Multiverse Mining and Exploration follo...
‘Nigeria Spends $3.3billion On Auto Parts Annually’

‘Nigeria Spends $3.3billion On Auto Parts Annually’

News
The Nigerian automotive industry has been described as having huge potential but import-dependent. In an overview of the country’s auto industry, the chairman of the forthcoming West Africa Automotive Show (WAAS) Conference in Lagos and former National Automotive Design and Development Council (NADDC) director of planning and strategy, Luqman Mamudu, said despite investment and initiatives, local manufacturing of parts and vehicle assembly have stalled. Consequently, he said, the country relies on “imports of used parts and substandard new ones” with an import bill of $3.3 billion annually. Mamudu, who will chair the conference at Nigeria’s largest automotive aftermarket trade event opening on May 16, 2023 at the Landmark Centre, Lagos, said the new conference will raise awarenes...
Dangote Sugar Refinery Begins Year With Strong Earnings

Dangote Sugar Refinery Begins Year With Strong Earnings

News
Dangote Sugar Refinery Plc has started its financial year 2023 with a strong performance in its first quarter (Q1), showing improvement and maintaining its leadership position in the industry. The company’s Q1, 2023 unaudited financials released on the Nigerian Exchange Limited revealed a profit after tax growth of 44.3 per cent year-on-year with an earnings per share of N1.05 as against N0.73 in Q1, 2022, following an expansion in gross margin of 458bps year-on-year. Dangote Sugar’s revenue grew by 8.2 per cent year-on-year in Q1, 2023, supported by increases across its product lines. Gross margin increased to 25.2 per cent, as revenue grew faster than cost of sales. Consequently, EBITDA (+407bps) and EBIT (+437bps) margins expanded to 24.7 per cent and 22.4 per cent in the quar...
Terminal Operators  Rue Non-opening Of Newly Built Container Jetty,  Eulogise Orakwusi

Terminal Operators  Rue Non-opening Of Newly Built Container Jetty,  Eulogise Orakwusi

News
The Seaport Terminal Operators of Nigeria (STOAN), yesterday, mourned the demise of the former president of Nigeria Trawlers Association (NITOA), rueing non-commencement of her multi-million naira container jetty in her lifetime. The jetty it was gathered was expected to have a well-equipped boat repair yard, a jetty for commercial ferry services, a section for barging operations as well as a container terminal. However, in a statement by the chairman of STOAN, Princess Vicky Haastrup,  said she was saddened by the demise of the maritime expert who gave her time, talent and resources generously to ensure success of the sector. She said, “It saddens me deeply that her pet project – a very big jetty she is developing in Lagos – did not commence operation before her demise. She...
Experts To Discuss Modality For Critical Infrastructure Security

Experts To Discuss Modality For Critical Infrastructure Security

News
Securex West Africa said its forthcoming exhibition will provide solutions in securing critical national infrastructure, aviation safety, kidnap protocols, cloud and cyber security. The Exhibition will commence on May 9, 2023 to May 11, 2023 in Lagos and will provide a meeting point for more than 3,000 industry stakeholders to come together, view products and solutions from over 100 industry leading brands, including Acronis, Dahua, G4S, Halogen Security, Net Global Systems, Powerec Global Systems, Virdi Nigeria and ZK Teco, and find the missing solution to secure business. Secure West Africa said “the three days will also host more than 70 industry thought leaders across two stages. With sessions looking into securing critical national infrastructure, Aviation safety, kidnap protoc...
Customs Intercepts 14 Trucks Of Smuggled Rice As Importers Pay N66.72m

Customs Intercepts 14 Trucks Of Smuggled Rice As Importers Pay N66.72m

News
The Federal Operations Unit (FOU), Zone A, of the Nigeria Customs Service (NCS), on Thursday, intercepted 14 truck load of foreign parboiled rice smuggled into the country from Benin Republic in Ogun State. Speaking at a press conference in Lagos, the acting Customs Area Controller,  Compt. Hussein Ejibunu, said the unit, collected a debit note worth N66.72million from cargo importers over under-declaration of cargoes. The unit also disclosed that through the Federal High Court, it secured eight convictions during the last 10 months, while 48 different cases are at various stages of prosecution. The convicted smugglers According to Ejibunu are, Ayo Ayinla; Abdulrasak Egbekunle and Tunde Rasheed (found in possession of bags foreign parboiled rice). Others are,  Kehinde Kilani (...
Purchasing Power To Decline As FG Slams New Tax

Purchasing Power To Decline As FG Slams New Tax

News
The new tax law captured in the 2023 Fiscal Policy measures and was recently introduced by the federal government, has been described as capable of ‘worsening the economic woes of helpless Nigerians who have to contend with dwindling purchasing power. The document signed by, the minister of Finance, Budget and National Planning, Zainab Ahmed, proposed additional excise taxes ranging from 20% to 100 per cent increases on previously approved rates for alcoholic beverages, tobacco, wines and spirits have been introduced effective from 1 June 2023. However, the excise duty rate on non-alcoholic beverages is retained at the rate of N10 per litre. Other taxes include; excise duty on Single Use Plastics (SUPs) including plastic containers, films and bags at the rate of 10%, an Import Ad...

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