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NEWS BITS from Nigeria, 20 June 2013

20-Jun-2013

MARITIME SECTOR TO BOOM AS NIGERIA DOMESTICATES INTERNATIONAL SHIPPING CONVENTION
Nigeria’s delegation to Switzerland led by the Minister of Labour and Productivity, Emeka Wogu, submitted the legal instrument of ratification of the Maritime Labour Convention (MLC) to the International Labour Organisation (ILO) in Geneva. The MLC which was established in 2006 is an ILO’s Bill of right for ship owners and workers. It has comprehensive rights and protection at work for the world’s seafarers. By this action, Nigeria has indicated its readiness to domesticate the convention’s specified standards and practices which will be enshrined in its statuses. According to Emeka Wogu, seafaring will become an attractive trade, unemployment will be reduced and militancy in the Niger Delta will drop drastically, when MLC is implemented.

 

REFINED PETROLEUM PRODUCTS IMPORTATION GROWS 10.3% Q1
The refined petroleum products imported into the country through the nation’s seaport grew by 10.3% to 4,886, 001 metric tons in the first quarter (Q1) as against the 4,431,318 metric tons recorded in the period in 2012. This increase, according to Nigerian Ports Authority (NPA) report, is due to stability in the oil and gas industry. In a related development, the NPA’s daily shipping position says that 111 shiploads of different kind of cargoes are expected to berth in Nigeria this June.

 

PRIVATE EQUITY FIRM ABRAAJ TO ACQUIRE FAN MILK
Abraaj, an equity group from Dubai is set to acquire Africa’s diary firm, Fan Milk International. From reports at Reuters, it was gathered that Abraaj will be tapping into six West African countries as Fan Milk operates in Nigeria, Ghana, Ivory Coast, Togo, Burkina Faso and Benin. Private firms are increasingly looking to Africa for deals as consumers spending as well as middle classes are growing

 

BUSINESSDAY, HEARTLINK PARTNER ON CORPORATE NLG FORUM
A follow-up of the seminar held in Nigeria in 2008 by Heartlink Group, is to hold between July 29 and 30 2013 at the United Nations Conference Centre and Hotel Marriots on Broad Way, New York, USA. Heartlinks Ventures Limited, an events managing firm will collaborate with Business Day to organise this investment forum that would showcase investment opportunities in various sectors of Nigeria’s economy. Kemi Ottegbade, Chief Executive Officer of Healthlink said that, “the fact is that there are lots of successful Nigerians abroad who want to know more about their country .... who wish to do business back home.... looking for people to partner with. The Nigerian Ambassador to the US Prof. Adebowale Adefuye has endorsed the event.

 

STERLING BANK EYES N12.5 BILLION IN RIGHTS ISSUE
It is expected that application list for the rights issue of Sterling Bank, which the directors concluded the pre-offer processes on Monday, will be out this coming Monday. The bank is seeking to raise N12.5 billion through a rights issue of about 5.889 billion ordinary shares of 50 kobo per share. The shares have been pre-allocated on the basis of three new ordinary shares of 50 kobo for every eight ordinary shares of 50 kobo each held as at May 20, 2013.

 

NIGERIA AT FOREFRONT OF WESTERN UNION’S EXPANSION IN AFRICA
The Western Union Company (NYSE:WU), said that Nigeria is at the forefront of the company’s expansion in Africa – facilitating reliable cross border payment with a growing retail agent network and expansion into new channels with mobile payments and accountbased money transfer. Aida Diarra, Regional Vice President, North Central Africa Western Union said, “The possibilities for the future here in Nigeria are strong. We believe ... we can make good use of our network in Nigeria to introduce new channels and a broader range of services that provide basic financial inclusion among millions of people.”

 

WINES OF SOUTH AFRICA 2013 TASTING TO HOLD IN LAGOS, NIGERIA
The wines of South Africa will have its second grand tasting come July 19, 2013 at Federal Palace Hotel, Victoria Island Lagos. This event coincides with the Nelson Mandela Day celebration worldwide. There will be a display of over 336 wines from different parts of South Africa. Trades such as importers, distributors and portfolio managers working in the food and beverage/hospitality industry will be targeted.

 

NORTON ROSE FULBRIGHT EYES NIGERIA, OTHERS FOR FURTHER AFRICAN GROWTH
“We have a strong presence in Africa and we constantly keep further opportunities under review. There are a number of areas of growing significance that we are watching with interest like Nigeria, Kenya, Mozambique and Angola.” This is how the Managing Director of Norton Rose Fulbright, Rob Otti, expressed the global expansion efforts of the company after its merger.

 

BLUE GATE WINS BEST UPS AND STABILIZERS 2012 AWARD
Blue Gate UPS and Stabilizers promoted by Tripplesea Limited have won the best UPS and Stabilizer of year 2012 Award. The company’s product reliability, ruggedness, energy-efficiency and after sales support are marks of excellence on which the award was based. The Award was organised by African Brand Review.

 


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