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Old June 9th, 2014, 03:16 AM   #601
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The Nigerian cement wars heat up


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June 9, 2014 | Filed under: Company News | Author: PATRICK ATUANYA & BALA AUGIE

The Nigerian cement wars which had been brewing for quite some time over cement standards erupted fully last week as Lafarge SA, announced it will combine its Nigerian and South African assets to form a new company to compete with Africa market leader Dangote Cement Plc.

The entity which will be known as Lafarge Africa Plc will be listed on the Nigerian Stock Exchange (NSE).

Lafarge Africa Plc also plans to seek shareholder’s approval in July to raise N100 billion ($613 million), in public offer of debt or equity.

Before the announcement Lafarge had been on the defensive in Nigeria and Africa as the more aggressive expansion of Dangote Cement threatened to limit its ability to compete in the fast growing African cement market.

In Nigeria, which is Sub Sahara Africa’s largest cement market, the introduction of new rules by the Standards Organisation of Nigeria (SON), which restricted the 32.5 grade of cement mostly produced by Lafarge to plastering, also threatened the profit margins of Lafarge.


Cement-chart

The Lagos listing of Lafarge Africa Plc (as opposed to Johannesburg) is a positive for the NSE as well as a direct attempt to reduce the dominant position of Dangote Cement in Nigeria and Africa increasingly.

It is also a recognition of the solid growth taking place in Nigeria as it builds out its infrastructure (see Fig 2),currently inadequate to support its $510 billion economy.

Nigeria’s cement market which has grown by 10.9 percent per year since 2004 has seen its production capacity rise to 29 million metric tons per annum (mta) eclipsing South Africa’s 14m mta installed capacity as at 2013.

The new firm Lafarge Africa Plc will have cement production capacity of 12 million metric tons, group revenue of $1.25 billion (N202.5 billion) in 2013 and a market capitalization of over $3 billion on the NSE.

Dangote Cement on the other hand currently has cement production capacity of 20.25 million metric tonnes, 2013 group revenue of $2.45 billion (N386.2 billion), and a market capitalization of $23.8 billion (June 6).

This throws up for equity investors the issue of the valuation gap between the two firms.

Dangote Cement currently trades at 10 time’s sales (although the firm plans to increase its Africa capacity to 60 million tonnes by 2016).

Lafarge Africa Plc’s $3 billion valuation upon listing would mean it trading at about 2.4 times sales.

While some of Dangote Cement’s premium valuation can be justified by its efficiency (gross margins of 63 percent in 2013), newer plants, accelerated growth, low debt and dominance of the Nigerian market, the potential valuation gap between it and Lafarge Africa Plc is just too wide in our opinion.

This means Lafarge Africa Plc’s valuation will either eventually move up to converge with Dangote Cement, (meaning it’s a buy for investors), or Dangote Cement’s valuation will move down (in the short term at least), until it begins to bring new plants and capacity on stream.

Dangote Cement’s stock may also be pressured short term by the need to increase its free float of shares (currently 4.93 percent) to 20 percent by October 2014 to comply with NSE rules.
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Old June 9th, 2014, 03:21 AM   #602
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Like I said, the cement wars are seriously heating up.
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Old June 9th, 2014, 03:21 AM   #603
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ohhh the games are getting rilly kinky now....
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Old June 9th, 2014, 03:37 AM   #604
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Good stuff. Good to see NG challenging france in africa. The effect on the NSE is something we need
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Old June 9th, 2014, 05:07 AM   #605
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This is the best thing to happen to Nigerian business climate. i hope this can be done in other commodities and real economy.
this will be a game changer for the nigerian commodity market. cant wait for dangote refinery to come on stream it will force other refineries to sit up.

competition is the best thing for the free market. Nigeria the sleeping giant is waking up.
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Old June 9th, 2014, 05:34 AM   #606
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Quote:
Originally Posted by ekema View Post
Good stuff. Good to see NG challenging france in africa. The effect on the NSE is something we need
Indeed.
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Old June 9th, 2014, 11:36 AM   #607
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Manufacturers look inwards as local input
content rises to 59%


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Local manufacturers are becoming increasingly aware of the availability of abundant raw materials in the country as they now source more inputs within the economy than from abroad. This trend has increased the percentage of raw materials sourced locally to 58.58 by the second half of 2013 (H2 2013), as against 50.93 percent obtained by the first quarter of the same year (H1
2013).
The result of H2 2013 represents an 11.01
percent rise from 47.56 percent recorded in the corresponding period of 2012 (H2 2012), data from the Manufacturers Association of Nigeria (MAN) show. ¡°From the information gathered from members, most manufacturers are finding ways of adapting to the use of local raw materials where possible.
The essence is to make savings on costs, as input purchased abroad tends to cost more. Using local input also saves foreign exchange for the country and simultaneously saves costs,¡± says MAN. ¡°The costs saved from such are being used to answer other needs in the factories. Such needs include changing of machines and equipment, purchases of other production assets and working capital.¡±
A sector by sector breakdown shows that local
input content of the food, beverage and tobacco subsector rose to 79.34 percent by H2 2013, as against 68.99 percent reported in H1 2013 and 70.74 percent in H2 2012.
Food, beverage and tobacco comprises
subsectors such as breweries, soft drinks, flour-mills, cereals and bakery products, dairy
products, meat and meat products, tea and
coffee, sugar and sugar confectioneries, among others.
Players in the sector are Nestl¨¦ Nigeria plc,
Cadbury plc, Nigerian Bottling Company,
Promasidor Nigeria, De-United Foods, Seven-Up Bottling Company and Guinness Nigeria plc. Others are Dangote Flour Mills, Chi Limited,Atlantic Shrimpers Limited, Barnaly Nigeria Limited, Dansa Foods Limited, Flour Mills of Nigeria plc, Honeywell Nigeria, among others.
J. M. Babajide, lecturer in food science and
technology, University of Agriculture, says local manufacturers in this sector source four different kinds of raw materials, which include
unprocessed agricultural products, semi-
processed agricultural products, finished
products and by-products or effluent.
Unprocessed agricultural products, according to Babajide, include cassava, yam, grains, fruits and vegetables; while semi-processed products occur in the form of dry-cocoa beans, dry sugar,pasteurised milk, grain flour, cocoa mass, malted grains, among others.
On the other hand, finished products include
refined granulated sugar, starch, ascorbic acid
and flavor, among others, whereas by-product or effluent of an industry can serve as input for another industry, e.g., molasses and biscuit dust,among others.
While some manufacturers buy these products
from farmers, others are directly involved in
farming. Some, however, are also involved in both methods. Dangote Sugar, for example, buys sugarcane from farmers and directly plants the product, while Nestle Nigeria plc grows maize and soymilk directly in some parts of the country.
Similarly, textile, apparel and footwear makers now source 60.79 percent of raw materials from within, as against 52.86 percent reported in H12013 and 47.22 percent in H2 2012. Experts say main raw material used by textile and apparel players is cotton, mostly grown in the north of the country. Apart from the security challenge, a critical problem associated with growing cotton in the north is poor research and development(R&D), which hampers its proper maturity and availability, says Badaru Mohammed, president, Nigerian Association of Chambers of Commerce,
Industry, Mines and Agriculture (NACCIMA).
On the other hand, a major input of the leather
industry is animal hides and skin, whose
availability depends so much on animal rearers. Players in the industry include African Textile Manufacturing Limited (ATM), United Nigeria Textiles plc, West African Cotton Limited (WACL), Angel Spinning and Dyeing Limited, Nigerian Ropes plc, among others.
The wood and wood products sector had its local input rise to 61.90 percent in H2 2013, from 53.83 in H1 2013 and 46.05 in H2 2012,
according to MAN. Local input used by key
players, who are furniture makers, is wood,
mainly derived from trees.
Players include Caprisage Exports Company
Limited, R. A. Trading and Investment Limited,
among others Research carried out by A. A. Ogunwusi of the Raw Materials Research and Development Council(RMRDC) shows that between the 1960s and early 1970s, the country¡¯s exports of wood products and agricultural commodities provided more than 70 percent of the Gross Domestic Product (GDP). The research pointed out that
over-exploitation of wood, overemphasis on oil,among other factors, stifled this process.
¡°Deficiencies in technologies and finance, lack of qualified manpower and their rapid turnover are major problems militating against optimal
development of this sector. Thus, technical
training is a priority to promote production to
international standard and customers,¡± notes
Ogunwusi.
In the same vein, pulp, paper, printing and
publishing had its local content input rise to
61.10 percent in H2 2013, from 53.13 percent in H1 2013, 52.24 percent in H2 2012 and 44.41percent in H1 2012. The input for this sector is paper, obtained mainly from trees. Funlayo Adebo Enterprises Limited, Literamed Publication Nigeria Limited, among others, are key players in this sector.
The chemical and pharmaceutical sector also
witnessed a robust increase in local input of
61.18 percent in H2 2013, from 53.2 percent
reported in H1 2013, 50.67 percent in H2 2012
and 40.26 percent in H1 2012. Raw materials
used in this sector include alcohol, acids, esters, phenones and pyridines, among others.
Key players in this sector include May&Baker,
Juhel Nigeria Limited, Emzor Pharmaceutical
Industries Limited, Neimeth International
Pharmaceuticals plc, GlaxoSmithkline Consumer Nigeria plc, Bio-Organics Nutrient Systems Limited (pharmaceutical category), Purechem Manufacturing Limited, S. I. L. Chemicals Limited, and Unikem Industries Limited (chemical category), among others.
Furthermore, the non-metallic industry had its
local content increase to 91.48 percent in H2
2013, as against 79.55 percent recorded in H1
2012 and 63.16 percent in H2 2012. Local raw
materials used in this sector include limestone,gypsum, marl, quartz, calcite and shale, among others. Key players are cement, ceramics and glass makers, such as Dangote Cement(DangCem), Lafarge WAPCO, the United Cement Company of Nigeria (UniCem), Ashaka Cement(AshakaCem), the Cement Company of Northern Nigeria, West African Ceramics Limited (WACL),Frigo-Glass Limited, among others.
source
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Old June 11th, 2014, 04:33 AM   #608
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Dubai-based Bagnodesign firm enters into Nigerian market


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June 5, 2014 | Company News | Author: Hope Eloho

Dubai-based international manufacturer and supplier of design-led bathroom solutions, Bagnodesign Sanitary Ware Group has entered into the Nigerian market. The firm, confident of the Nigerian economy, recently opened an ultra-modern showroom in Lagos to tap into the fast growing Nigerian economy.

It is expected that with this determination to get closer to the Nigerian consumer, the firm will reduce the passion of Nigerians travelling outside the country to buy quality sanitary ware products.

The showroom, located in Ikoyi, is a partnership between Bagnodesign and Cachez Trading Company, owned by some of Bagnodesign’s Nigerian clients.

The range of products available at the showroom includes wash basin, sanitary ware, bath tub, shower, WC flushing, mirror, washroom accessories, among others.

Speaking at the official opening of the showroom, one of the directors, Tuoyo Jemerigbe, said the new facility was designed to save discerning Nigerians the hassles of going abroad for sanitary ware products.

Established in Dubai, United Arab Emirates in 1994, as a representative to a handful of European manufacturers, Bagnodesign today conducts business in over 30 countries across four continents and represents over 50 of the world’s leading brands.

According to Jemerigbe, the Bagnodesign range of products is manufactured globally to European standards, incorporating the latest design trends and utilising the most innovative technology and craftsmanship.

He said: “We are pleased to be the franchise holder for the Bagnodesign brand in Nigeria. Though this showroom was built some months ago, we as directors have over 10 years’ experience with the brand. Our objective is to provide one-stop shop for everything sanitary ware products and accessories here in Nigeria. The Bagnodesign products are the leading products in their category globally. So, we decided to make the products available for Nigerians in Nigeria. No need to travel out before getting quality sanitary ware products.”

Aside the quality products on offer, Ikenna Ikechukwu, another director, said there were other benefits customers stand to enjoy with the opening of the new facility, saying “our mandate also includes advisory services for customers while we have qualified staff that provides excellent customer service and after-sales support in case of any defect or product malfunction.”

On his part, Aman Atwal, business development manager, Sanipextrade, the holding group of Bagnodesign, said the quality of the products was the major reason for the company’s rapid expansion into various markets across the world.

“Much of the collection is handcrafted by artisans offering unique detail and original finishes. Our furniture is all made in Tuscany, Italy while our marble basins use beautiful natural stone from Italy, Turkey and the Indonesian island of Bali.

“We use the latest technology in product manufacturing, for example, our mirrors with integrated television and our unique spa systems that are all produced and tested in our own manufacturing units in the UK and the UAE. All products are supplied with warranties in accordance with the relevant international standards,” Atwal said.
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Old June 11th, 2014, 05:03 AM   #609
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Sugar imports to end soon as Dangote, HoneyGold, Flour Mills expand operations


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June 9, 2014 Entrepreneur | Author: Editor

Nigeria’s sugar imports are likely to end soon as investors such as Dangote Sugar Refinery, HoneyGold Group, Bua Sugar Refinery, Confluence Sugar, Crystal Sugar Mills as well as the new entrant, Flour Mills of Nigeria, expand refining and sugarcane plantation operations to boost local production in the economy.

Africa’s largest economy’s sugar industry has been badly neglected in the past as most of the demands were met by imports. In 2010, local sugar consumption was 985,675 metric tons (MT), while production was just 30,000MT. In other words, importation was 955,675MT, while its cost implication on the country totalled $482.62 million.

Worse still, in 2011, consumption rose to 1,139,410MT, while production was just 35,000MT. Hence, importation was 1,104,410MT, whereas its cost implication on Nigeria’s economy reached $657.124 million. Nigeria met its worse situation in 2012, when consumption became 1,108,980MT while production fell abysmally to 10,843MT. Hence, importation during this year was 1,098,137MT, implying that it cost the country a total of $517.22 million to import sugar.

Similarly, while per capita consumption was 7.1 in 2010, it was 7.6 in 2011 and 6.6 in 2012, data from National Sugar Development Council (NSDC) have shown.

But aggressive investments of the key players have resulted in increased capacity. According to the NSDC, refining capacity has risen to 75 percent, from 60 percent reported by end of 2012. Similarly, raw sugar imports have dropped to 800,000MT from 1.4 million MT, just as refined sugar imports nosedived to 0.67 percent, from 1.88 percent reported in 2012. But the market has continued to show huge promises as total national sugar demand rose to 2 million MT at end of 2013, from 1.5 million tons in 2012.

Apart from Dangote Sugar’s $2 billion planned investments in sugarcane plantations and factories in six Northern states, Aliko Dangote, president of the group, recently announced the company’s intention to invest $250 million in Jigawa State in September.

HoneyGold Group is putting together $300 million on two sites in Adamawa State, with the target of producing 200,000MT of sugar annually.

Similarly, Crystal Sugar Mills is investing $30 million in Hadejia, Jigawa State, with a view to expanding its operations to produce 60,000MT of sugar per annum from its acquired 1,500 TCD sugar plant.

Confluence Sugar Company, another keen investor, has also concluded arrangements to pump $240 million in Kogi State to produce 200,000MT of sugar per annum on 37,000ha of land at Ibaji, said Latif Busari, executive secretary, NSDC, in a recent statement.

On its part, Bua Sugar is expanding, having recently acquired Lafiagi Sugar Plant in Kwara State.


“With the backward integration policy introduced in the sub-sector, Nigeria would cease to be a net importer of sugar in the next four years. With the enabling environment, right policies and political will of the Jonathan’s administration, the sugar sub-sector would witness the same turnaround as cement’’ said Aliko Dangote, during the launch of the National Industrial Revolution Programme (NIRP) in Abuja, recently.

Flour Mills of Nigeria began commercial sugar refining in February. Jacques Vauthier, chief financial officer, said construction work on the 750,000MT capacity plant had been completed and a test run done in December.

Apart from these investors, Unikem Industries is investing in a newly acquired plant in Dangerri, Kogi State, to produce 80,000MT of sugar, while Colechurch Nigeria Limited has also entered the stage. Honeywell Group is also making plans to invest in the burgeoning industry. Stakeholders say with this trend, the country will soon meet its local demand.

“Nigeria plans to end imports of packaged sugar from this year to boost local investment and become a self sufficient producer,’’ said Lateef Busari
, executive secretary, NSDC, recently. Real Sector Watch gathered that soon, imports of raw sugar for refining will only be approved by the president on the recommendations of the trade and industry minister.
Source
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Old June 12th, 2014, 12:25 AM   #610
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Heineken Global CEO applauds Nigeria ROI


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June 9, 2014 Company News

In spite of the seeming challenges inhibiting foreign investments in Nigeria, the CEO of Heineken International, parent company of Nigerian Breweries Plc, Jean-Francois Van Boxmeer, has revealed why Nigeria will continue to attract foreign investors to her business terrain.

Jean-Francois Van Boxmeer said Nigeria’s “high rate of return on investment” makes the country one of the most appealing destinations for investors globally.

Speaking recently with journalists in Abuja, Van Boxmeer explained that, the country is in a strong position to outwit others in the struggle for investments because of her huge population and growing middle- class which are quite glaring to discerning investors.

He added that, there is the potential which is the combination of observations and trends that the country has and there is the population growth – which is found in the high rate of urbanization.

“Nigeria’s young population has huge potentials complemented with the high spirit of the people. Even if Nigeria is a very diverse country, we understand it’s a little bit like India, but somewhere you have a fighting spirit which unifies you and this I think is a great asset for a people to do business with.”

Commenting on the strength of Nigerian Breweries, his company’s subsidiary in Nigeria, Boxmeer said, “We saw the analysis on Nigeria’s economic prospect, so we resolved to improve our presence in the country – hosting our second largest operations after Mexico. But we have been in this country for so many years and we’ve always seen that the potential was perhaps beyond the international image of the country. So we have been building our position of leadership. Nigerian Breweries has been in this country for decades and it wants to continue that leadership, because, we have to invest ahead of the curve. If you don’t believe it and you are over conscious you will lose the market share. If you observe that you have the potential, then you have to invest ahead of the curve.”

Boxmeer also stressed that the efforts of successive governments give investors enormous confidence about the Nigerian economy. According to him, “Nigeria in the past decades has improved a lot, making significant efforts to diversify the country out of oil – and it’s often more difficult for countries which are blessed or cursed. What I observed is that, a lot of efforts have been made in the development of other industries, not only the manufacturing industry but also telecommunications, IT, and banking which has had its ups and downs. But you do have a domestic banking sector which is so strong.”

The Heineken global CEO also spoke extensively on Nigerian Breweries innovation with local products like sorghum and cassava in their production in Nigeria. “We have been investing in sorghum since the 1980s and we have been doing a lot with sorghum, taking from people who are doing it for subsistence and doing barley at a ton per hectare, with better yields and better varieties,” he explained. Going further into details of his company’s effort at boosting local content, Boxmeer said, “Having the techniques and the stability of long term contracts, then you have to go to hybrid seed; that’s another step we are currently working on. Even the minister of Agriculture acknowledged that we are investing in wheat programmes- a variety of wheat that can produce seven tons per hectare, so we are making progress on the growth and we will continue to do that.

“On cassava, we are particularly interested in the by-product, the processed produce of cassava which is glucose – which we can use for products like Maltina and Fayrouz. We are not strictly beer in Nigerian Breweries; we are also into products which use agricultural produce and so we will continue to look at that. I hope that within the coming years, Nigerian Breweries will be ahead in Heineken’s commitment in Africa to have by 2020, 60 per cent of our raw materials locally sourced. And with sorghum, there’s been major investment in improving the yields and that would be beneficial for all sorghum farmers in Nigeria, same goes for cassava.”
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Old June 12th, 2014, 12:29 AM   #611
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Brand equity: It’s no more Africa, it’s now Nigeria


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June 10, 2014 | Filed under: Company News | Author: Daniel Obi

What could make over 1000 delegates including top foreign business executives attend the World Economic Forum in Abuja recently, at a time the echoes from Nigeria was insecurity. Even the locals from other parts of Nigeria were frightened and cautioned by their relatives to be careful, how much more international investors. Their deep interest boils down to one thing, Nigeria has become a cynosure for investment as return on investment (RoI) looks good.

Much attention is now focused on Nigeria. Trevor Ward, principal of the W Hospitality Group, a specialist consultant in the hospitality and leisure industry, said in a report that “Nigeria is where the action is and will continue to be.

When foreign investors think Africa, they think Nigeria because, according to Obadiah Mailafia, an economist, the country’s “size and incalculable potential is intimidating.” Marcel Roach, Schneider Electric country president for Anglophone West Africa, whose company has been targeting Nigeria, said “today Africa is the continent of the future and when we speak of Africa if you are not in Nigeria, you are not in Africa.” The re-basing has confirmed the confidence on Nigeria’s economy, he said. Schneider is a global company with operations in over 100 countries worldwide.

Nigeria is Africa’s largest population and consumer market. The potentials of the country became more glaring when it recently emerged as the largest economy in Africa, with a GDP of $510 billion. Some Nigerians, perhaps based on lack of understanding of the re-basing, tried to juxtapose the re-basing with the economic situation on the ground, saying that Nigeria’s revalued GDP, which is now the highest in Africa, does not reflect on the citizens as there is still poverty and poor infrastructure.

The re-basing, according to analysts, is not a measure of income but some Nigerians see it so and question its effect on Nigerians’ life. In his explanations of the re-basing, Opeyemi Agbaje, a columnist and CEO of Resources and Trust Company, said “GDP re-basing is not a measurement of income but of economic output and production.”

Agbaje, who does not see why the re-basing should attract controversy, further explained that “what GDP re-basing does is to give us a more accurate picture of the current state of the economy,” saying it was a measure consistent with global practice.

Nigeria was using a base year of 1990 to quantify output contrary to global practice of re-basing every five years.

Liyel Omoke, governor of Cross River State, said “one thing I can see is truly the world is truly looking at Nigeria, and the world is seeing what we are not seeing. Looking from outside, they are fascinated by the continent and the potentials and we need to understand that as a government and key into that by putting in place the right regulatory policies, environment for the opportunities to be exploited to the advantage of the investors as well as the country. From what they see, even the seaming youth population is a potential.”

Analysts say Nigeria is also Africa’s largest oil producer, largest telecommunications market, the second largest beer market, largest cement market, as well as the largest exporter of LNG. “Nigeria received the largest remittance in Africa from its citizens residing overseas of $21 billion in 2013, according to the World Bank, helping to beef up consumer spending and incomes. The boom in the services, which makes up about 50 percent of GDP, can be seen in the growth of Nigeria’s hotels sector.”

Nollywood from nowhere hitherto is contributing largely to the economy.

Investments are flying across Africa with much of it perching on Nigeria, but only a few states are deliberately drawing down the investments while other state governments either don’t care as they allow the investments free landing. Those who don’t care rely on Abuja feeding bottle. Of course, the citizens of those less concerned states dare not criticize since Federal Government is always the centre and responsible for any lack of development.

But in his reaction, an analyst, Kayode Oladele, said: “All states should exist to carry out certain responsibilities. States do not exist for nothing; they have fundamental roles to play in the lives of the people that agree to come under its sovereignty. The fulfilment of these responsibilities means that such a state is keeping its part of the “social contract” with the people.” With growing clamour for true federalism, all states need to buckle up.

Nigeria’s growth trajectory is upbeat but the insurgents and their sponsors do not understand this. They wish Nigeria remains perpetually on ground or is compared to failed states. Boko Haram and their sponsors from their natural history don’t understand development. If they would realise the harm they are causing on the Nigerian brand, they would not attempt what they are doing. The emerging growth will be inclusive for those who are peaceful.

To sustain the growth trajectory, Nigeria needs good governance, right policies and allow the private sector to drive economic growth. Nigeria needs to privatise all those institutions that government has held tight over the years without any appreciative impact.

With right environment including the commendable privatisation of electricity, Nigeria is expected to boom now and in the nearest future.
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Old June 12th, 2014, 01:29 AM   #612
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[U]German Prefab House, Hauf Haus Enters The Nigerian Market.

Huf Haus: Where architecture blends luxury living with nature
May 20, 2014 | Filed under: Real Estate | Author: Chuka Uroko, Business Day

In more ways than one, the technology that drives Huf Haus architecture is an uncommon one with its perfect blend of luxury with nature, giving a breath-taking façade and eco-friendly living experience.

Arising from the traditional post-and-beam concept, the Huf Haus architecture has now been developed further into an unrivalled state-of-the-art, luxurious, open plan designs incorporating the floor-to-ceiling glass walls that we see today.

Huf Haus, a housing contracting firm with headquarters in Hartenfel, Germany, is a family run business with a long unbroken tradition of excellence in the over 100 years of its operation.

At a media presentation of this technology in Lagos by Thomas Geimer—the company’s Managing Director assisted by Tunde Fagbemi—Country Representative, and Christina Starfel—Project Manager, Geimer explained that the Huf Haus philosophy, where a luxury lifestyle and eco-friendly living should not be mutually exclusive, has led the company to continually refine their designs to be more energy efficient while retaining and improving aesthetic quality.

Built in relatively large land size with generous landscaping and stunning façade, Fagbemi explained that Huf Haus houses are generally high end products, targeting the super-rich who, he said, need them as a prize they give to themselves or a celebration of successful living.

According to him, “Huf Haus houses are for discerning Nigerians; they are bought on request and the specifications are made according to what the client wants; Huf Haus is a housing contracting firm that delivers houses to home seekers wherever they are and whenever they want them”.

Because of its exclusivity, Geimer said the company produces a limited number of Huf Haus houses each year, about 140 units, adding that besides a bespoke design and construction, Huf Haus clients have access to a wide range of interlinked services including basement construction, interior fittings, furnishings, landscape and garden design.

Another striking feature of Huf Haus houses is their energy efficiency as they source about 70 percent of their energy from the environment, thereby reducing the cost of electricity in the house considerably.

“Huf Haus encourages intelligent living such that the owner can remote-control everything in the house even when he is not there—he can monitor the temperature in the house and control lighting; the air-condition filters the house; with the remote control, he can lower the façade of the house. The house is, indeed, intelligent and intuitive because it works on itself”, Fagbemi enthused.

As a prefabricated house ‘coupled’ in just four days with timber and glass as the major form-work, Fagbemi assured that it is as safe and strong as any other, adding that the house is burglar-proof with sensors which make the alarm ring in the event of an attempt to break in.

He assured further that these houses are delivered defect-free for five years and they last for 100 years, pointing out that the timber used in the houses is treated to prevent decay and termite attack. “The timber is taken from the best of forests which also make the houses eco-friendly”, he said.

Geimer disclosed that they were out to build for clients in Lagos, Abuja and other parts of Nigeria, assuring that local technicians are to be trained to do what would be needed. And for discerning Nigerians who would be requesting for the house, he said, a unit sells for between 2 million and 4 million Euros.

Source Click below
http://www.vanguardngr.com/2014/05/g...-rich-nigeria/
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Old June 16th, 2014, 07:08 PM   #613
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PayPal expands payment services to Nigeria

Quote:
PayPal is entering 10 new countries this week,
including Nigeria, providing online payment
alternatives for consumers via mobile phones or PCs in markets often blighted by financial fraud.
Rupert Keeley, the executive in charge of the
EMEA region of PayPal, the payments unit of eBay Inc ( ), said in an interview on Monday the expansion would bring the number of countries it serves to 203.
Starting on Tuesday, consumers in Nigeria, which has 60 million users and has Africa's largest population, along with nine other markets in sub-Saharan Africa, Eastern Europe and Latin America will be able to make payments through PayPal.
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Old June 16th, 2014, 07:40 PM   #614
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finally. these guys used to run away because of 419
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Old June 16th, 2014, 08:04 PM   #615
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Yea.. although, they still need to put up a watertight security system to garner confidence from buyers and sellers alike; otherwise it might just represent a symbolic gesture.
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Old June 30th, 2014, 06:30 AM   #616
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MasterCards’ monopoly in national ID project broken

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MasterCard International’s monopoly as payment processor in Nigeria’s national identity card project has been broken following a recent declaration by the leadership of the National Identity Management Commission (NIMC) that Verve, a local card operator, and Visa Incorporated will now participate in the rollout of smartcards, BusinessDay can now report.

MasterCard had been contracted by the commission to roll out 13 million smartcards with electronic payments capability for Nigerian citizens and legal residents before the end of the year under the National Identity Management System (NIMS) managed by the NIMC. This move by NIMC had drawn the indignation of industry stakeholders, who expressed concerns over MasterCard’s involvement in the national project at the expense of competent indigenous payment systems.

BusinessDay had reported that the concerns were further amplified by recent sanctions imposed on Russia by the United States (US) over the former’s position on the Ukrainian turmoil. The implication of MasterCard’s involvement in Nigeria’s identity project is that rules made by the US government institute which regulates or directs American firms (like Visa and MasterCard) would automatically impact Nigeria’s financial system.

“The e-ID card is about creating an assured identity on cards for payments. Our plan now is to roll out smartcards on three platforms, namely, MasterCard, VisaCard and Verve. The first two card processors have been approved and the last one is being tested,” said Chris Onyemenam, director-general, NIMC, at the ongoing Card Expo & Exhibition 2014 organised by Intermac Consulting in Lagos.

Speaking with BusinessDay on the sidelines of the expo, Onyemenam shed some light on some of the socio-economic benefits of the national identity management project. According to him, a reliable and secure national database could help alleviate the security concerns plaguing the nation.

“The scheme can help the law enforcement agencies in the country to do their jobs much more effectively through the provision of requisite infrastructure for verification and confirmation of identities of people coming in and out of the country,” he further explained.

Looking at the impact of the project on the economy, the NIMC boss said the scheme could assist in bringing more Nigerians into the formal financial system.

“Through the national identity scheme, you can deepen access to credit, strengthen the cashless drive, and in effect reduce the huge cost of managing the nation’s currency,” he said, adding that when the scheme is fully implemented, credit would drive the Nigerian economy as against cash.

“All over the world, credit drives the economy. We will move in that direction soon,” he said.

The national identity management project involves the creation of a national database, issuance of National Identity Number (NIN) and e-ID card. The personalised cards, according to Onyemenam, come with a unique chip design not found in debit cards, saying it was a deliberate security effort by the commission.
http://businessdayonline.com/2014/06.../#.U7DdcfldWSo
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Old June 30th, 2014, 06:32 AM   #617
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Tingo Mobile acquires cable company to develop rural broadband in Nigeria

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Nigerian phone manufacturer Tingo Mobile will pay US$25 million for a 51 percent stake in Mass Telecom Innovation Nigeria Plc (MTI) to develop rural broadband in Nigeria.

Tingo Mobile chief executive officer (CEO) Dozy Mmobuozi told Bloomberg in Lagos although MTI will be rebranded the company will remain listed on the Nigerian Stock Exchange (NSE).

“We’re using the acquisition to reach out to the mass market,” Mmobuozi said. “Assets from MTI’s base stations to licence and goodwill and other things will help penetrate rural Nigeria.”

Tingo has also announced it is set to introduce three smartphones into the Nigerian market. According to the company, this is the first time its devices will be made available to the public rather than to just government or corporate customers.

The devices are the Tingo T5, T500 and T561 models, locally made devices that cost between NGN10,000 (US$61) to NGN18,000 (US$110).


The company also has a chat application that localises emoticons using Nigerian cultural references.

“In the next two months, we must have hit a 10 million subscriber base for our Tingo Chat app,” Mmobuozi said.
http://www.humanipo.com/news/45002/t...nd-in-nigeria/
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Old June 30th, 2014, 06:36 AM   #618
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Quote:
Originally Posted by [email protected] View Post
MasterCards’ monopoly in national ID project broken



http://businessdayonline.com/2014/06.../#.U7DdcfldWSo
Very important. I always thought having a USA company in charge poses security risks. Good to see the government agrees it's not the best idea
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Old July 2nd, 2014, 03:38 AM   #619
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FG, Chinese Investors Pledge $5billion on Steel Sector

Quote:
The Permanent Secretary, Federal Ministry of
Industry, Trade and Investment, Ambassador
Abdulkadir Musa, has commended PAN Steel
Corporation of China for taking advantage of
Nigeria Industrial Revolution Plan (NIRP) to invest $5 billion new steel plant in Nigeria. . ...........
Earlier, the president, PAN Steel Group
Corporation had pointed out that Nigeria had a
good investment environment which prompted
them to decide to invest $5 billion for new steel plant that will produce 4-5 million metric tons per annual.
¡°Nigeria has the biggest population, very good
investment environment, rich natural resources and coming to Nigeria is our priority regarding selection of steel plant designation in Africa. We will put more effort toward industrialisation in Nigeria¡±. He stressed.
comprehensive details here
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Old July 2nd, 2014, 05:36 AM   #620
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Dangote to commence production at Cameroon’s $150m plant in August


Quote:
Sunday, 29 June 2014 19:11 Written by EDITOR

THE continental expansion drive of Dangote Cement has sustained its upbeat with the planned commencement of production at its $150 million Cameroon plant in August.

The company’s management explained that the 1.5 million tonne per a year capacity plant was almost ready and would commence initial production at one million tonnes per annum before being stepped to its maximum capacity level.

Conducting journalists round the factory in Douala, Cameroon, the General Manager, Abdulahi Baba, stated that the cement plant would revolutionalise the industry in Cameroon and help stimulate the sub-regional economy “as Dangote Cement would be churning out its known quality grade of 42.5 at a very competitive price.”

According to him, the plant is ready for test running and what remains to be completed are little engineering works, as well as access roads to the plant.

Baba explained that the plant would be the most modern in Cameroon because of the latest technologies used in the construction from Germany, USA, France and put together by the renowned plant engineers, Sinoma.

The Dangote Cement chief stated that the company would be bringing in clinker and that production would be carried out at the most environmental- friendly level, pointing out that the dust emission by the plant would be lower than the 50mm international standard.

He noted that but for the soil test that was carried out that showed that the entire plant areas needed to be piled, the factory would be have been ready now.

Baba said Cameroonians were eager to see Dangote Cement commence operations at the Douala plant because of the exploit of the company in other countries and that the outfit had enjoyed cooperation both from the host communities and the government of the country.

He promised that Dangote Cement, as a law abiding organization, would play by the rules of the land and that it would replace its robust corporate social services in the host community.

On the economic benefit of the commencement of operation, Baba stated that over 1000 people would be employed directly by the plant while over 5000 would benefit from the indirect employment to be generated by production activities of the plant.

Said he: “The plant is over 70 per cent ready, we will commence test running in few weeks time, while we hope to commission the plant in August. We have brought our latest technology here to build the plant, we are a very environmentally friendly company.

“We will produce 42.5 grade cement here in Cameroon and at a very competitive price. The Cement distributors here, the consumers are all eager to have our product and we will not disappoint them.

“They have been used to a particular product before, but we are offering them choices, quality choice at very reasonable price”

He also disclosed that plans were afoot for the construction of a jetty by the plant which is just by the water front and close the Douala sea port. This, he explained would make it easy to bring him raw materials and also help in the distribution of the product to other areas.
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