Tag Archives: Nigeria

Nestle Nigeria to triple sales to $2.2bn in ten years: CFO

LAGOS: Nestle Nigeria plans to triple its revenues in Nigeria to 351 billion naira ($2.2 bln) over the next ten years, its chief financial officer told Reuters.



Martin Kruegel earlier said the food manufacturer would invest 100 billion naira over a ten year period to achieve its sales target.


“Our aim is to triple our Nigerian sales over the next ten years from 117 billion naira currently,” he said, adding that the additional investment would drive that target.


Foreign workers abducted in Nigeria

map Seven foreign workers have been seized and a security guard shot dead by gunmen who attacked a construction company site in northern Nigeria, officials say.


One of the workers seized was Italian, one was Greek and two others Lebanese.


But UK officials could not confirm a report that another was British.


No-one has admitted the abductions but the Islamist militant group, Boko Haram, has staged a series of attacks in northern Nigeria.


A security guard was killed as the attackers targeted the workers’ camp at Jama’are in Bauchi state.


Correspondents say it is the biggest kidnapping in northern Nigeria in recent times.


However, there have been a number of smaller incidents in the region, including the kidnapping of a French national, Francis Colump, in the northern state of Katsina.


That abduction was claimed by a second militant group, Ansaru, which emerged in June 2012.


The kidnapping of foreigners and wealthy Nigerians is common in the oil-rich Niger Delta region, in the south of the country, and has become a lucrative trade for criminals.


Oil workers and other foreign nationals are often targeted because companies pay high ransom money to secure their employees’ release, correspondents say.

Police station attacked

Lebanese foreign minister Adnan Mansour said two of those held were from Lebanon.


An Italian and a Greek national were also abducted from the site run by Lebanese-owned firm Setraco, the foreign ministries in Rome and Athens confirmed.


Another of those seized was a Filipino, a union leader at Setraco told the BBC.


The Italian ambassador in Abuja said, “Italy’s absolute priority is the safety of its compatriot,” Ansa news agency reported.


A UK foreign office spokesman said it was investigating reports of a Briton being kidnapped.


The raid was preceded by an attack on the local police station, when two vehicles were blown up, in the town of Jama’are, some 125 miles (200km) north of the state capital, Bauchi.


The attackers then moved on to a camp belonging to Setraco, killing a guard and seizing the workers. Setraco is currently expanding a major road in the area.


The state capital has itself been attacked several times by Boko Haram, which wants to impose Sharia (Islamic law) across Nigeria.


Earlier this month, nine polio vaccinators were shot dead at two health centres in northern Nigeria.


Some Nigerian Muslim leaders have previously opposed polio vaccinations, claiming they could cause infertility.


Boko Haram has emerged as one of the most prolific militant groups in West Africa, carrying out a large number of low-level attacks but also some more sophisticated attacks.

GSK unveils expansion plans in India, Nigeria

Monday, 26 November 2012 17:10 Posted by Shoaib-ur-Rehman Siddiqui

GlaxoLONDON: British drugmaker GlaxoSmithKline said it intends to increase its holdings in its Indian and Nigerian divisions, as part of a long-term strategy to expand into emerging markets, in a statement on Monday.

GSK said it had offered to buy an additional stake of up to 31.8 percent of its Indian unit, GlaxoSmithKline Consumer Healthcare Ltd, in a bid pitched at 3,900 rupees per share.

The proposed voluntary open offer, which would lift its holding from 43.2 percent to up to 75 percent, is worth about £591 million ($941 million, 730 million euros) or 52.2 billion rupees, funded through existing cash resources.

“GSK Consumer Healthcare is a well established business in India and its leading product, Horlicks, is an iconic household brand,” the group’s chief strategy officer David Redfern said in a statement.

“This transaction represents a further step in GSK’s strategy to invest in the world’s fastest growing markets and, we believe, offers a liquidity opportunity at an attractive premium for existing shareholders.”

In a separate statement, London-listed GSK said it has also reached a deal in principle to ramp up its stake in GlaxoSmithKline Consumer Nigeria PLC from 46.4 percent to 80 percent, in a proposed transaction worth some £62 million.

Redfern added: “This proposal to increase GSK’s ownership of GlaxoSmithKline Consumer Nigeria reiterates our long term support of the company’s strategy and our confidence in the continuing growth prospects of the business.”

In morning deals, GSK’s share price dipped 0.71 percent to 1,337.50 pence on London’s FTSE 100 index of top companies, which was 0.44 percent lower at 5,793.25 points.

Keith Bowman, equities analyst at brokerage Hargreaves Landsdown, said the move was part of GSK’s wider strategy.

“The emerging markets continue to form an important growth driver for GSK,” Bowman told AFP.

“Today’s moves appear to underline management’s confidence in expected long term growth for both locations.”

Copyright AFP (Agence France-Presse), 2012

International projects: NESPAK to build dam in Nigeria

Obudu Dam is in the Cross River State in southe­ast of Nigeri­a.  Winning this project in international competition shows consistency with Nespak’s policy of overseas expansion, says the release.

LAHORE: 

National Engineering Services Pakistan (Nespak) in a joint-venture with H P Gauff Ingenieure Gmbh and Company – a German engineering firm – has won engineering supervision of Obudu Dam Rehabilitation project in Nigeria, said a press release.


Obudu Dam is in the Cross River State in southeast of Nigeria. It is an earth filled structure with a height of 18 metres, total crest length of 425 metres and storage capacity of 4.2 million cubic metres. It is a multipurpose dam and was commissioned in 1999 for use in farm irrigation, fishing, potable water supply and also for recreational and tourism purposes.


Nespak, which is the largest architectural and engineering consultancy firm of Pakistan, operates nationally and internationally. It has office in six countries and has worked in more than 36 countries.


Winning this project in international competition shows consistency with Nespak’s policy of overseas expansion, said the release.

Total sells Nigeria oil to China

  Total said the stake it had sold represented less than 10% of the value of its oil interests in Nigeria Total has announced the sale of its 20% stake in a Nigerian offshore oilfield to the Chinese state-owned Sinopec.


The French oil firm said its Chinese counterpart was paying $2.5bn (£1.6bn) for the stake in the OML 138 oil block.


The block includes the Usan oilfield, which began producing in February, and is jointly owned with Chevron, Exxon and Canada’s Nexen.


Total said in September it aimed to sell $15bn-$20bn in oil assets by 2014 to raise cash for new projects.


The sale, which will be paid for in cash, still needs to be approved by the Nigerian authorities.


The Nigerian state oil company, NNPC, holds the concession on the oilfield.


“Usan accounts for less than 10% of the group’s equity production in Nigeria,” said Yves-Louis Darricarrère, who heads up Total’s oil drilling business.


“This sale of an asset operated from a minority position will allow us to focus our resources on the material growth opportunities in Total’s portfolio.”


Sinopec’s purchase is just the latest example of China buying up commodities and developing mineral resources in Africa.


However, it comes at a time when the Chinese economy has slowed its rapid growth. Last month, Sinopec reported a drop in profits in the three months to September, due to weak Chinese demand for petrochemicals.

‘Balkans’ gets stolen Nigeria oil

23 October 2012 Last updated at 10:10 GMT Mark Doyle flies over the Niger Delta to see how much oil is being stolen

The main buyers of the estimated 180,000 barrels of oil stolen each day in Nigeria are based in the Balkans and Singapore, a campaigner says.

Patrick Dele Cole, a politician from the oil-rich Niger Delta region, said 90% of the stolen oil is being shipped out of the country illegally.

He has launched a “Stop The Theft” campaign to end to the practice.

Nigeria is one of the world’s biggest oil producers but most of its people remain mired in poverty.

‘Day of reckoning’

The campaign is seeking to have ships tracked by satellite and for the money trail to be exposed.

“Once you start asking questions and throwing light on this problem, you have solved more than 50% of the problem,” said Mr Dele Cole, a veteran diplomat and former presidential adviser.

“I think you should send out a warning to those who being extremely rich, that their day of reckoning is coming.”

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The entire oil sector in Nigeria is riddled with corruption, says BBC Nigeria correspondent Will Ross.

Many politicians are involved, he says, with part of the proceeds being used to fund election campaigns and buy votes.

The Nigerian army is supposed to stop the thieving but, although some arrests have been made, soldiers routinely take bribes of cash or fuel to turn a blind eye to the crime, our correspondent says.

Mr Dele Cole said that about 10% of the snatched oil was being refined locally by gangs operating in the delta’s creeks and swamps.

The rest is mainly going to criminal networks in Ukraine, Serbia and Bulgaria, or to Singapore, which is the world’s top refiner, he said.

“It’s been a problem for a long time, but when it was 50,000 barrels, people thought [it] was tolerable. Now we’re at a totally different level,” he told Reuters news agency

The theft of 180,000 barrels of oil a day is costing Nigeria, at current oil prices, $6bn (£3.75) a year, our correspondent notes.

Shell faces Nigeria spill case

11 October 2012 Last updated at 03:23 GMT A man paddling a canoe in Rivers state, Nigeria The Niger Delta has few major roads and many villages lack electricity and clean water Oil giant Shell is due to appear in court in the Netherlands to face charges of polluting Nigerian villages.

The case is being brought by four Nigerian farmers and the Dutch branch of campaigners Friends of the Earth.

It is the first time a Dutch multinational is being put on trial in a civil court at home in connection with damage caused abroad.

The Anglo-Dutch firm insists that it has been unable to clean up the spills due to insecurity in the region.

It also says that more than half of the leaks are caused by theft and sabotage.

The case is linked to spills in the Ogoniland region of Nigeria.

The farmers say that oil spills from the oil firm’s pipelines have destroyed their livelihoods by damaging crops and fish-farms.

One of the plaintiffs, Friday Alfred Akpan from the village of Ikot Ada Udo, told the BBC the oil leaks in his village had badly damaged his 47 fish ponds.

Continue reading the main story
Fish died as a result of the oil spill, making it difficult for me to live and put my children through school”

End Quote Friday Alfred Akpan Nigerian fisheman “Fish died as a result of the oil spill, making it difficult for me to live and put my children through school.”

He told the BBC’s Newsday programme he wanted compensation for the loss, and for Shell to clean up the spill.

If the farmers’ case is successful it could set a legal precedent, paving the way for thousands of other compensation claims from those affected by oil spills, says the BBC’s Anna Holligan in The Hague.

Last year, a report by the United Nations Environment Programme said that over half a century of oil operation in the region, by firms including Shell, had caused deeper damage to the Ogoniland area of the Niger Delta than earlier estimated.

In August, the company accepted responsibility for two specific spills in the region in 2008 and 2009, saying it would settle the case under Nigerian law.