China to Invest $1b in Bauchi

Image

By Dipo Olowookere

A deal for an investment worth $1 billion has been completed between the Bauchi State government and China.

The deal, according to a statement by Mr Abubakar Al-Sadique, the Press Secretary to Governor Mohammed Abdullahi Abubakar, will cover agriculture, solid minerals and tourism.

Mr Al Sadique further said the Chinese investors are also planning to establish 100MW solar power project in the state to boost power generation.

Under the memorandum of understanding, the Chinese investors would provide 70 percent of the resources, while Bauchi state government provides the remaining 30 percent, the statement explained.

“With the saturation of businesses in Lagos, Kano and Port Harcourt, the next destination to look for business opportunities is to look in places like Bauchi.

“Bauchi State is the right destination for investors with the unprecedented endowment of mineral resources,” Governor Abubakar said.

The Governor expressed optimism that the deal signed with the China-Africa International Cooperation Economic Preparatory Committee, will bring development to the state.

Leader of the Chinese team, Mr Liang, explained that they were in Bauchi in continuation of a memorandum of understanding on investments in Nigeria signed in China by President Muhammadu Buhari and Chinese leaders.

Leader of the Nigerian team, Captain Mohammed Joji, explained that the team was set to invest $20 billion in Nigeria and is investing $1 billion in Bauchi State.

Share
Related Stories
Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
23-February-2024

Unlisted Securities Rise 0.33% After Recording Two Price Gainers

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.33 per cent appreciation on Thursday, February 22. This increased the wealth of investors by N5.16 billion during the session, with the market capitalisation growing to N1.576 trillion from the previous day’s N1.571 trillion. Following the same trend was the NASD Unlisted Security Index (NSI), which went up by 3.8 points to wrap the session at 1,162.77 points compared with 1,158.97 points recorded at the previous session. There were two gainers against one loser at the session on Thursday led by bellwethers – Aradel Holdings Plc and FrieslandCampina Wamco

Image
21-February-2024

FG Completes $70m Yearly Concessionaire of Zungeru Plant to Penstock

By Adedapo Adesanya The federal government has completed the transfer of the operations of the Zungeru Hydroelectric Power Plant (ZHPP) to a concessionaire, Penstock Limited, in a move that will see the country earn $70 million yearly from the deal. The Vice President, Mr Kashim Shettima, confirmed this during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. A concession is a kind of partnership between the public sector and often private companies that have shown its added value in a specific area, for example developing infrastructure. The

Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and

More Stories
Image
15-May-2018

2017 Budget to Close with N1.5tr Capital Spending—Adeosun

By Dipo Olowookere Minister of Finance, Mrs Kemi Adeosun, yesterday disclosed that Federal Government will close the 2017 budget with a capital expenditure of N1.5 trillion. Mrs Adeosun made this disclosure on her official Twitter page on Monday, adding that the figure was higher than what was achieved in the 2016 financial year. “I am pleased to note that we’re going to close the 2017 budget with capital spending in excess of N1.5 trillion, which is higher than what we achieved in the 2016 budget,” the Minister stated. However, she did not state what specific projects in the country the

Image
04-January-2022

Chamber Hails EU Proposal to Label Natural Gas as Green Energy

By Adedapo Adesanya The African Energy Chamber has hailed the European Union’s landmark proposal to label natural gas as a green energy source. The group noted that the proposal will help advance Africa’s call for a just and inclusive energy transition. Recognizing the effects of climate change, the continent industrialize itself first so it can have the same opportunities as Europe and other western countries. “The point that natural gas serves as a transitional energy source is one that has been promoted by African nations for a long time and therefore, the African Energy Chamber hails the EU’s proposal as

Image
09-November-2022

CBN to Resell Maturing N193bn Treasury Bills at PMA

By Dipo Olowookere The Central Bank of Nigeria (CBN) will today, Wednesday, November 9, 2022, roll over the N109.03 billion treasury bills maturing at the primary market auction (PMA). The debt instruments are in three tenors of 91 days, 182 days, and 364 days. The bank will sell N1.15 billion of the three-month bill, N2.83 billion of the six-month bill, and N189.06 billion of the 12-month bill to investors. Going by the three previous PMAs, traders would be expecting the central bank to jerk the stop rates higher today to sustain appetite for the investment tool. As a result of

Image
17-September-2020

Naira Crumbles to N465/$1 at Black Market, BDC

By Adedapo Adesanya Trading activities at the midweek of the foreign exchange (forex) market in Nigeria saw the Naira finishing weaker against the US Dollar at both the black market and the Bureau De Change (BDC) segments. At the black market, Business Post gathered that the local currency closed at N465/$1 after losing N5 from the previous value of N460/$1. But against the Pound, it appreciated by N5 to settle at N595/£1 versus N600/£1 of Tuesday and depreciated by N5 against the Euro to close at N540/€1 in contrast to N535/€1. At the BDC window, the intervention of the Central

Image
19-December-2018

Access Bank Obtains Regulatory Approval for N75b Rights Issue

By Dipo Olowookere A regulatory approval has been obtained by Access Bank for its proposed raising of N75 billion ($207 million) through rights issue. Access Bank, during its investor conference call on Wednesday, disclosed that the rights issue would be launched in the first half of 2019, mostly likely after the completion of its acquisition of Diamond Bank. “Access Bank has historically maintained strong capital levels comfortably in excess of minimum regulatory requirements and is concluding a $250 million Tier II capital raise. “Access Bank has also obtained regulatory approval to raise up to N75 billion (~$207 million) in a

Image
27-July-2018

Asian Equities Surge as Chinese Markets Stay Under Pressure

By Investors Hub Asian stocks finished broadly higher on Friday, although growth concerns kept Chinese markets under pressure. While easing of U.S.-EU trade tensions supported underlying sentiment, the upside remained limited ahead of U.S. GDP data and the Bank of Japan policy meeting due next week. Chinese stocks closed lower, with the benchmark Shanghai Composite Index ending down 8.63 points or 0.3 percent at 2,873.59. Meanwhile, Hong Kong’s Hang Seng Index inched up 23.14 points or 0.1 percent to 28,804.28. Japanese shares closed higher even as underlying sentiment remained cautious on speculation that the Bank of Japan might signal plans

Image
08-March-2020

Okonjo-Iweala Will Revamp South Africa’s Economy—Jonathan

By Dipo Olowookere Former President Goodluck Jonathan has applauded the appointment of former Minister of Finance in Nigeria, Mrs Ngozi Okonjo-Iweala, as a member of South Africa’s Presidential Economic Advisory Council. President Cyril Ramaphosa on Friday appointed the Nigerian into his economic think tank after his country slipped into another recession in two years. Worried by the economic crisis in his country, Mr Ramaphona, who was a businessman before becoming President of South Africa, approached Mrs Okonjo-Iweala for assistance and invited her to the council meeting in Pretoria on Friday, which he presided over. The former Finance Minister said the

Image
27-February-2021

Business Rebalancing, Promotional Discipline Drive Jumia’s Q4 Growth

By Dipo Olowookere The decision of the management of Jumia to cut its costs and rebalance its business mix has paid off and the financial results of the company in the fourth quarter of 2020 are the visible evidence to show for it. In the period, the leading e-commerce platform lowered its fulfilment, sales & advertising and general & administrative expenses (excluding share-based compensation) by 18 per cent, 34 per cent and 36 per cent respectively and as a result, its adjusted EBITDA loss contracted by 47 per cent year-on-year to €28.3 million. This is making the journey of Jumia

Ad
Ad
Recent Stories
Image
23-February-2024

Applications Open for AIG Public Leaders Programme

By Aduragbemi Omiyale Eligible African public servants have been urged to submit their applications for the AIG Public Leaders Programme Cohort 4 before Tuesday, April 30, 2024. This call for entries was made by Aig-Imoukhuede Foundation and the applications are to be filed through www.aigimoukhuedefoundation.org/leaders-programme, a statement disclosed. Applicants must be working in the public sector in Africa, with a minimum of seven years of active service, at grade levels 12-17, and aged between 35-50 years at the time of application. The AIG Public Leaders Programme is tailored for senior public leaders and delivered in partnership with the Blavatnik School

Image
23-February-2024

Okpe Leaders Want Completion of Sapele Polytechnic, University in Orerokpe

By Henry Ovie The Delta State Governor, Mr Sheriff Oborevwori, has been tasked to make efforts to complete the Sapele Polytechnic, which was started by the administration of Mr Emmanuel Uduaghan. This call was made by some prominent leaders from the Okpe kingdom, who said the completion of the school and the establishment of a university in Orerokpe would assuage, “to some extent,” the people of the areas, who they said have been “historically neglected.” On Thursday, the leaders held a crucial meeting of the National Executive Council (NEC) of the Okpe Union worldwide. They commended Mr Oborevwori for responding

Image
23-February-2024

HabariPay Take-on-Squad Hackathon 1.0 Produces Three Winners

By Modupe Gbadeyanka Three winners have emerged in the inaugural Take-on-Squad Hackathon 1.0 coding event organised by HabariPay Limited after intense collaboration, innovation, and problem-solving at the GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State, from January 18 to 20, 2024. Business Post reports that the three winning teams are Team Within, Team X, and Team Storepoint. Each team was selected based on real-world applicability, technical creativity, user experience, and teamwork. Team Storepoint, represented by Haruna Faruk and Ladipo Samuel from the University of Lagos, secured third position and a prize of N1 million. Their winning solution, Storepoint, facilitates quick

Image
23-February-2024

Group Mourns OAU’s Veterinary Technologist Olabode Olawuyi

By Modupe Gbadeyanka The Nigeria Biodiversity Conservation Alliance (NBCA) has expressed sadness over the death of the Veterinary Technologist of the Obafemi Awolowo University, Ile-Ife, Osun State, Mr Olabode Olawuyi, a few days ago. Mr Olawuyi was fatally mauled by a lion at the Zoological Garden of the institution. In a statement signed by the National President of the Nigerian Association of Zoological Gardens and Wildlife Parks (NAZAP), Mr Dipo Bali, the group said the deceased was a man who was dedicated to his job and the organisations he belonged to in his lifetime. Mr Olawuyi, apart from being a

Image
23-February-2024

NUPENG Seeks EFCC Support to Tackle Illegal Oil Bunkering

By Adedapo Adesanya Following its fight against foreign exchange speculators and hoarders, the National Union of Petroleum and Natural Gas Workers (NUPENG) has sought the collaboration of the Economic and Financial Crimes Commission (EFCC) in the fight against illegal oil bunkering in the country. The collaboration was sought when the National President of NUPENG, Mr Williams Akporeha, led members of his executive council to the corporate headquarters of the anti-graft agency on a courtesy visit. Mr Akporeha mentioned the challenges involved in the movement of petroleum products across the country and appealed to the EFCC to always come to the

Image
23-February-2024

SON Launches Facility to Test Quality of Generators, Transformers

By Adedapo Adesanya The Standards Organisation of Nigeria (SON) has inaugurated a facility to test generators and power transformers sold in the Nigerian electricity market. Speaking at the inauguration of SON Mobile Generators Testing Laboratory and Mobile Transformer Equipment on Thursday, the Director-General of the agency, Mr Ifeanyi Okeke, said it was no longer business as usual for assemblers and importers of these products. He said it was important for these products to meet the quality benchmarks, stressing that buyers must have value for their money. According to him, all information supplied on generators and transformers will be verified and

Image
23-February-2024

Port Harcourt Refinery to be Fully Operational Soon—FG

By Adedapo Adesanya  The federal government has disclosed that the Port Harcourt Refinery should become operational very soon as it has attained 80 per cent completion. The Minister of State for Labour and Employment, Mrs Nkeiruka Onyejeocha, during a tour of the facility, disclosed that the refinery would produce two million litres of Premium Motor Spirit, otherwise known as petrol, and 2.2 million litres of diesel per day upon resuming operations. In a statement by the Director of Press and Public Relations in the Federal Ministry, Mr Olajide Oshundun, it was further stated that the old plant should produce 54,000

Image
23-February-2024

Nigeria Moves to Crash Cooking Gas Price

 By Adedapo Adesanya Nigeria is considering taking a major step aimed at crashing the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, to ease the sufferings of its citizens. The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, speaking at the opening of its Internal Stakeholders’ Workshop on Thursday in Abuja, disclosed that the government would most likely ban the exportation of the commodity to keep the price lower than its current level. Currently, prices range between N1,300 per kg to N1,400 per kg. “All LPG produced within the country will have to be domesticated and

Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,