Business News in Brief

Investment One Acquires Pension Fund Administrator

Investment One Financial Services Limited (Formerly GTB Asset Management Limited) has acquired 99.9% share holdings in Royal Trust Pension Fund Administrators Limited (RT PFA). With the acquisition, the company now becomes a subsidiary of Investment One.

Charles Sanni, Managing Director of RT PFA, said that with the acquisition, the company’s capacity to offer world class products and services to its clients will be enhanced by Investment One’s core values of market insight, innovation and service excellence.

Stanbic IBTC Bank Launches Non-interest Banking Product

Initiatives aimed at enhancing financial inclusion in Nigeria have received a major boost as Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, introduced a non-interest product into the market – the Imaan Current Account.

Launching the Imaan Current Account, an interest free banking product, partly fulfills a crucial aspect of Stanbic IBTC group’s long-term strategy to build a strong retail banking franchise by expanding the range of services and products available to all segments of society.

Cadbury Upgrades Factory with $130m

The Managing Director, Cadbury Nigeria Plc, Emil Moskofian, has said the ongoing upgrade of the company’s facility will gulp $130 million.

According to Mr. Moskofian, the company has already spent $100 million in the first phase of the facility upgrade, which has been completed; while the second phase, which is currently ongoing, is expected to cost $30 million.

He said this in Lagos following a facility tour and the unveiling of the new Cadbury Bournvita 500 grams pack.

FG approves ₦706.9m for Jebba power plant rehabilitation

The Federal Executive Council on Wednesday approved the procurement of ₦706.9 million tools for the rehabilitation of one of the six units of the Jebba Hydro Electric Plant in Kwara State.

The rehabilitation of the entire plant will gulp about ₦3.9 billion that will be provided by the Japanese government through a grant to Nigeria.

The Minister of Power, Prof. Chinedu Nebo, disclosed this to State House correspondents at the end of the weekly FEC meeting presided over by President Goodluck Jonathan.

NB Earmarks ₦17b for Aba Brewery Expansion

The Nigerian Breweries Plc has earmarked ₦17 billion for the expansion and modernisation of Aba Brewing plant.

The project, which started about six months ago, would be completed in the first quarter of next year.

Ukeje Udah, Aba Brewery Manager, disclosed these when Governor Theodore Orji of Abia State visited the company. Mr. Udah said it was the first major expansion work to be done in the factory since its establishment in 1955 and the second to be built by NB Plc in the country.

Samsung Heavy wins $3bn order from Nigeria

South Korean shipbuilder Samsung Heavy Industries said Thursday it had won a $3 billion order to build a giant offshore oil storage platform in Nigeria.

In a statement, Samsung Heavy said, “Under the deal, the shipbuilder will construct the floating platform used to store and process oil, which will begin operations in 2017. The Floating Production Storage and Offloading (FPSO) platform is 330 metres (1,082 feet) long, 61 metres wide and capable of storing up to 2.3 million barrels of oil.”

Delta, 2 others Open $1.4b JFK’s Terminal 4

Delta Air Lines, JFK International Air Terminal LLC (JFK IAT), and the Port Authority of New York & New Jersey have opened the new Terminal 4 at the New York’s John F. Kennedy International Airport. This is part of a $1.4 billion redevelopment programme at JFK.

Delta’s chief executive officer, Richard Anderson, said, "The state-of-the-art Terminal 4 facilities have been years in the making and Delta people, global customers and the residents of New York now have the international hub facility that they expect and deserve.

NDIC sets aside ₦16b for failed MFB customers

The Nigeria Deposit Insurance Corporation (NDIC) said it has set aside ₦16 billion to augment payment to depositors of the 103 failed Microfinance Banks (MFBs).

The move follows the liquidity problems being faced by some of the MFBs, which has made it difficult for them to contribute their insurance premium.

The premium, if fully paid by the MFBs, would have helped the corporation pay depositors in case of distress of the institutions.

So far, about ₦4.5 billion had been paid on insured deposit liabilities.

FG Says Monetary Policy Stabilising Naira

Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala has said that the current monetary policy being carried out by the Central Bank of Nigeria (CBN) had helped to stabilise the exchange rate and curb inflation.

Dr. Okonjo-Iweala had said prior to last month’s Monetary Policy Committee meeting that the economy would benefit from interest rate easing.

The Monetary Policy Committee, led by the CBN Governor, Mr. Lamido Sanusi, has kept its benchmark interest rate unchanged at a record high of 12 per cent since October 2011 to bolster the naira.

Diamond Bank Appoints BNP Paribas, Afrexim to Market its Bond

Diamond Bank Plc has appointed France’s BNP Paribas and Afrexim Bank to lead an investor road show to Europe, the United States and Asia for a Eurobond that could go up to $550 million.

The bank said in April it planned to raise $550 million in debt or equity to expand its lending operations this year.

The Chief Financial Officer, Diamond Bank, Abdulrahman Yinusa, said the bank would use funds from the debt issue to increase lending to the oil and gas, power and infrastructure sectors in Nigeria.