₦airaland Forum

**To Transform Togo’s Phosphate into Fertiliser

By Modupe Gbadeyanka

Africa’s richest man, Mr Aliko Dangote, has concluded plans to sink about $60 million in West Africa’s Togo for the construction of a cement manufacturing plant with an annual capacity of 1.5 million tonnes.

The factory, Business Post gathered, would be situated in Lomé, the capital of the tiny nation. This plant will use clinker from Togo and Nigeria and will meet both local and neighbouring countries’ demand.

Construction is billed to commence in the first quarter of 2020 and its commissioning scheduled to take place before the end of 2020, with about 500 direct jobs expected to created.

Apart from this, Dangote has received the backing of the Togolese government to develop and transform the country’s phosphate into phosphate fertilizers for the West African sub-region; in a bid to improve consumption of the product in Africa.

With over two billion tonnes of phosphate reserves, Togo is one of the leading phosphate producers in Africa. By partnering the Dangote Group, the country intends to benefit from the expertise and investment capacity of Africa’s largest industrial group, according to a joint release issued by the Dangote Group and the Communications Department of the Presidency of the Republic of Togo.

With the completion and commissioning of the Dangote Petroleum Refinery and Fertilizer complex in Ibeju-Lekki, Lagos, Dangote Group will be the largest ammonia producer on the African continent, the release noted.

Ammonia is an essential ingredient in the transformation of phosphate into fertilizer derived from phosphates. Under the agreement, Togo will provide access to phosphate resources and the Dangote Group will provide access to ammonia and to the Nigerian market.

The project, in line with second pillar of the Togo National Development Plan, should enable the production of more than 1 million tonnes of fertilizers derived from phosphates once completed. The cost of the investment is estimated at about $2 billion and is expected to create several thousand direct jobs. Mining development work will start before the end of 2019.

Commenting on the deal, Togolese President, Mr Faure Gnassingbé, said, “The structural transformation of our economy is the main objective we have set ourselves in the context of the 2018-2022 NDP.

“By processing our phosphate, we will not only create jobs but we will also be able to provide our farmers with good quality fertilizers at an affordable cost.

“Having an industrial investor like Alhaji Dangoté shows that our efforts to improve the business climate are paying off. We intend to continue in this dynamic for the well-being of Togolese men and women.”

President/CEO of Dangote Group, Mr Aliko Dangote, said, “This partnership is in line with our transformation agenda in creating prosperity and enhancing economic development not only in Togo but also in Africa.”

“In addition, the Dangote Group is determined in supporting the Government of Togo in its industrialisation strategy aimed at creating jobs for its citizens and making Togo an attractive investment destination,” he added.

https://businesspost.ng/economy/dangote-to-build-60m-cement-factory-in-togo/

Dangote to Build $60m Cement Factory in Togo
**To Transform Togo’s Phosphate into Fertiliser
https://businesspost.ng/economy/dangote-to-build-60m-cement-factory-in-togo/

Osun Woos Investors With Stable Electricity, Others
https://businesspost.ng/economy/osun-woos-investors-with-stable-electricity-others/

Olowookere Resigns as MD/CEO of Omoluabi Mortgage Bank
https://businesspost.ng/jobs/olowookere-resigns-as-md-ceo-of-omoluabi-mortgage-bank/

SEC Holds Capital Market Committee Meeting November 21
https://businesspost.ng/economy/sec-holds-capital-market-committee-meeting-november-21/

Fidelity Bank Assures Customers Continued Support
https://businesspost.ng/banking/fidelity-bank-assures-customers-continued-support/

By Adedapo Adesanya

Governor Gboyega Oyetola of Osun State has urged investors in the Nigerian capital market to consider putting their money in the Land of Virtue because they will never regret taking this investment decision.

Mr Oyetola, who was at the Nigerian Stock Exchange (NSE) on Thursday for the 2019 Osun State Facts Behind the Economy, assured investing public of stable electricity, which he said would boost their returns.

He said his administration was doing everything possible boost the economic potentials of Osun State, calling on both local and foreign investors to be part of the success story. He said the relationship between his government and the investment community would be mutually beneficial.

The Governor, who was honoured with the closing gong ceremony yesterday, said his administration was committed to expanding the size of the state by focusing on inclusiveness, diversification, and sustainable growth.

He also rolled out the opportunities in Osun State, saying his plan for development were based on “four pillars” which were economic development, infrastructure, human capital development and security as well as environmental sustainability.

Governor Oyetola further informed investors that the state offeres resources like stable electricity, infrastructure, and human capital for manufacturing and other industrial activities, complemented by easy access to land, with prompt issuance of certificate of occupancy (C-of-O). According to him, to obtain a C-of-O in Osun State takes not more than 90 days.

During the parley with investors, the Governor said from November 19 to 21, 2019, the state government would hold this year’s edition of the Osun State Economic and Investment Summit in Osogbo, the state capital.

“There are a lot of investment opportunities in Osun that the rest of the world does not know about and we want to showcase these to prospective investors during the Economic Summit. We have massive landmass for agriculture, many mineral resources in large deposits and tourist attractions,” he said.

Speaking on agriculture, Mr Oyetola said that with the presence of a land bank in the state, the barriers of negotiating with the communities were eliminated.

“Osun State has a lot of potential and it is a place to be in the area of agriculture. If you remember, in the past, our state was the leading producer of cocoa, which used to be the major revenue earner for even the Western Region and even Nigeria.

“So, we have quite a lot of opportunities for agriculture and we are blessed with abundant mineral resources,” he added.

The Osun State Governor also said that with the abundance of mineral resources in the state, mining was a core area for investment, saying that there has been regulation of mining activities in the sector to allow the state generate adequate revenue.

With the forthcoming Osun State Economic and Investment Summit scheduled to take place in the state capital, Osogbo, the Governor said that his administration was committed to enhancing the state’s development under a public-private-partnership (PPP) model.

To show its commitment, Mr Oyetola disclosed that the state has embarked on economic reforms through the provision of infrastructures like roads, rail, and cargo airport as well as regulating mining operations to pave the way for new investors.

He added that in order to create an enabling environment for investors, the state had also beefed up its security, noting that it was adjudged to be the most peaceful state in Nigeria.

https://businesspost.ng/economy/osun-woos-investors-with-stable-electricity-others/

Bears Snatch N17bn from Stock Market Investors on Thursday
https://businesspost.ng/economy/bears-snatch-n17bn-from-stock-market-investors-on-thursday/

Investors Snub CBN's OMO Auction Thursday
https://businesspost.ng/economy/investors-snub-cbns-omo-auction-thursday/

Unlisted Securities Market Closes Flat Amid Rise in Volume of Trades
https://businesspost.ng/economy/unlisted-securities-market-closes-flat-amid-rise-in-volume-of-trades/

Naira Appreciates to N306.90/$ at Interbank
https://businesspost.ng/economy/naira-appreciates-to-n306-90-at-interbank/

Prices of Oil Rise Thursday as US-China Agree to Lift Tariffs
https://businesspost.ng/economy/prices-of-oil-rise-thursday-as-us-china-agree-to-lift-tariffs/

Investors Snub CBN's OMO Auction Thursday
https://businesspost.ng/economy/investors-snub-cbns-omo-auction-thursday/

Fitch Revises First Bank’s Outlook Amid Weak Asset Quality
https://businesspost.ng/banking/fitch-revises-first-banks-outlook-amid-weak-asset-quality/

Stanbic IBTC Maintains Fitch’s ‘AAA’ Rating
https://businesspost.ng/banking/stanbic-ibtc-maintains-fitchs-aaa-rating/

Fitch Affirms Zenith Bank, UBA, GTBank, Access Bank Ratings
https://businesspost.ng/banking/fitch-affirms-zenith-bank-uba-gtbank-access-bank-ratings/

CBN Ignores DMO, Bars Retail Investors from Treasury Bills
https://businesspost.ng/economy/cbn-ignores-dmo-bars-retail-investors-from-treasury-bills/

CBN Ignores DMO, Bars Retail Investors from Treasury Bills
https://businesspost.ng/economy/cbn-ignores-dmo-bars-retail-investors-from-treasury-bills/

Dangote, 5 Others Quit Dangote Flour After Sale to Olam
https://businesspost.ng/economy/dangote-5-others-quit-dangote-flour-after-sale-to-olam/

SEC Approves N3.234bn Rights Issue of C&I Leasing
https://businesspost.ng/economy/sec-approves-n3-234bn-rights-issue-of-ci-leasing/

Profit Taking Depresses Nigerian Equities by 0.58%
https://businesspost.ng/economy/profit-taking-depresses-nigerian-equities-by-0-58/

Naira Gains 24 Kobo at I&E as Demand for Dollar Eases
https://businesspost.ng/economy/naira-gains-24-kobo-at-ie-as-demand-for-dollar-eases/

Oil Sheds Over 1% Wednesday as US Crude Supplies Rise
https://businesspost.ng/economy/oil-sheds-over-1-wednesday-as-us-crude-supplies-rise/

NASD OTC Exchange Closes Flat as Volume of Trades Drops 91.8%
https://businesspost.ng/economy/nasd-otc-exchange-closes-flat-as-volume-of-trades-drops-91-8/

Oil Demand Growth to Lower Nigeria's Crude Sales by 43.2%--OPEC
https://businesspost.ng/economy/oil-demand-growth-to-lower-nigerias-crude-sales-by-43-2-opec/

T-Bills Yields Hits 13% as Investors Anticipate OMO Sale
https://businesspost.ng/economy/t-bills-yields-hits-13-as-investors-anticipate-omo-sale/

T-Bills Yields Hits 13% as Investors Anticipate OMO Sale
https://businesspost.ng/economy/t-bills-yields-hits-13-as-investors-anticipate-omo-sale/

Fitch Affirms Fidelity Bank at 'B-', Expects Rise in Market Share
https://businesspost.ng/banking/fitch-affirms-fidelity-bank-at-b/

MTN Nigeria Chairman Ernest Ndukwe Quits Access Bank
https://businesspost.ng/jobs/mtn-nigeria-chairman-ernest-ndukwe-quits-access-bank/

Nigerian Stock Market Closes 0.10% Lower Tuesday
https://businesspost.ng/economy/nigerian-stock-market-closes-0-10-lower-tuesday/

Imo State Raises IGR to N800m from N258m
**As Gov. Explains Reasons for Joining OGP
https://businesspost.ng/economy/imo-state-raises-igr-to-n800m-from-n258m/

Jaiz Bank Rolls Out Expansion Initiatives, to Deepen Financial Inclusion
https://businesspost.ng/banking/jaiz-bank-rolls-out-expansion-initiatives-to-deepen-financial-inclusion/

Brent Trades Close to $63 as US-China Plan Trade Breakthrough
https://businesspost.ng/economy/brent-trades-close-to-63-as-us-china-plan-trade-breakthrough/

Naira Falls Tuesday on 1567% Rise in Forex Demand
https://businesspost.ng/economy/naira-falls-tuesday-on-1567-rise-in-forex-demand/

NASD Market Gains 0.55% as CSCS Share Price Drops to N12
https://businesspost.ng/economy/nasd-market-gains-0-55-as-cscs-share-price-drops-to-n12/

T-Bills Yields Close Mixed Tuesday on Absence of OMO Sale
https://businesspost.ng/economy/t-bills-yields-close-mixed-tuesday-on-absence-of-omo-sale/

T-Bills Yields Close Mixed Tuesday on Absence of OMO Sale
https://businesspost.ng/economy/t-bills-yields-close-mixed-tuesday-on-absence-of-omo-sale/

Buhari Picks Ex-CBN Deputy Gov as Adviser on Finance, Economy
https://businesspost.ng/jobs/buhari-picks-ex-cbn-deputy-gov-as-adviser-on-finance-economy/

UPDC Real Estate Investment Trust Holds AGM Today
https://businesspost.ng/economy/updc-real-estate-investment-trust-holds-agm-today/

Visa Introduces Features to Prevent, Disrupt Payment Fraud
https://businesspost.ng/technology/visa-introduces-features-to-prevent-disrupt-payment-fraud/

NASD OTC Exchange Trades Flat as Investors Chew on Reclassification News
https://businesspost.ng/economy/nasd-otc-exchange-trades-flat-as-investors-chew-on-reclassification-news/

Naira Gains at Interbank, I&E Segments as Dollar Demand Eases
https://businesspost.ng/economy/naira-gains-at-interbank-ie-segments-as-dollar-demand-eases/

Oil Prices Rise as US-China Trade Deal Hopes Increase
https://businesspost.ng/economy/oil-prices-rise-as-us-china-trade-deal-hopes-increase/

Renewed Profit Taking Pushes T-Bills Yields to 12.70%
https://businesspost.ng/economy/renewed-profit-taking-pushes-t-bills-yields-to-12-70/

SEC DG Advises Investors to Diversify Investment Portfolio
https://businesspost.ng/economy/sec-dg-advises-investors-to-diversify-investment-portfolio/

Renewed Profit Taking Pushes T-Bills Yields to 12.70%
https://businesspost.ng/economy/renewed-profit-taking-pushes-t-bills-yields-to-12-70/

NASD Exchange Places ‘Red Flag’ on 13 Companies
https://businesspost.ng/economy/nasd-exchange-places-red-flag-on-13-companies/

N5.8bn Loan: Omatek to Offer BoI Fresh Payment Option
https://businesspost.ng/technology/n5-8bn-loan-omatek-to-offer-boi-fresh-payment-option/

Agusto Gives Two Nigerian Banks ‘4 Star’ Ratings
https://businesspost.ng/banking/agusto-assigns-4-star-ratings-to-two-nigerian-banks/

MTN Nigeria’s YDFS Launches MoMo Agent in Kano
https://businesspost.ng/general/mtn-nigerias-ydfs-launches-momo-agent-in-kano/

NNPC Not Competing With Dangote Refinery—Kyari
https://businesspost.ng/economy/nnpc-not-competing-with-dangote-refinery-kyari/

Cappa and D’Alberto Shareholders to Share N123m Dividend
https://businesspost.ng/economy/cappa-and-dalberto-shareholders-to-share-n123m-dividend/

Union Bank Recovers N8.4bn Debt as Loan to Deposit Ratio Hits 63.4%
https://businesspost.ng/banking/union-bank-recovers-n8-4bn-debt-as-loan-to-deposit-ratio-hits-63-4/

CBN Changes Dates for OMO Bills Maturity
https://businesspost.ng/economy/cbn-changes-dates-for-omo-bills-maturity/

UPDC Property Seeks Funds to Refinance Short Term Debt
https://businesspost.ng/economy/updc-property-seeks-funds-to-refinance-short-term-debt/

Rise in MTN Nigeria Mobile Subscribers Buoys Q3 Earnings
https://businesspost.ng/economy/rise-in-mtn-nigeria-mobile-subscribers-buoys-q3-earnings/

Tshabalala Resigns from Stanbic IBTC Board
https://businesspost.ng/jobs/tshabalala-resigns-from-stanbic-ibtc-board/

Dangote Cement to Try Share Buyback Option Amid Low Valuation
https://businesspost.ng/economy/dangote-cement-to-try-share-buyback-option-amid-low-valuation/

Mr Bigg's Revamps More Outlets in Bid to Reclaim Market
https://businesspost.ng/brands-products/mr-biggs-revamps-more-outlets-in-bid-to-reclaim-market/

CBN Changes Dates for OMO Bills Maturity
https://businesspost.ng/economy/cbn-changes-dates-for-omo-bills-maturity/

Red Star Express Slashes Rights Issue Price to N4
https://businesspost.ng/economy/red-star-express-slashes-rights-issue-price-to-n4/

Naira Depreciates Further at I&E, Goes for N362.66/$1
https://businesspost.ng/economy/naira-depreciates-further-at-ie-goes-for-n362-66-1/

Brent Crude Falls Below $60 Per Barrel on Thursday
https://businesspost.ng/economy/brent-crude-falls-below-60-per-barrel-on-thursday/

NASD OTC Trades Flat as Transaction Value Rises 280% Thursday
https://businesspost.ng/economy/nasd-otc-trades-flat-as-transaction-value-rises-280-thursday/

CBN Sells 363bn OMO Bills Thursday, Cuts Stop Rates
https://businesspost.ng/economy/cbn-sells-363bn-omo-bills-thursday-cuts-stop-rates/

NSE Sustains Gains on Renewed Interests in Consumer Goods, Energy Stocks
https://businesspost.ng/economy/nse-sustains-gains-on-renewed-interests-in-consumer-goods-energy-stocks/

CBN Sells 363bn OMO Bills Thursday, Cuts Stop Rates
https://businesspost.ng/economy/cbn-sells-363bn-omo-bills-thursday-cuts-stop-rates/

CCNN, Obu Cement to Merge, List New Entity on Stock Exchange
https://businesspost.ng/economy/ccnn-obu-cement-to-merge-list-new-entity-on-stock-exchange/

CBN Sells Fresh N133bn T-Bills Today, May Cut Rates
https://businesspost.ng/economy/cbn-sells-fresh-n133bn-t-bills-today-may-cut-rates/

MTN Nigeria, 12 Others Stab Stock Market by 0.53%
https://businesspost.ng/economy/mtn-nigeria-12-others-stab-stock-market-by-0-53/

Naira Closes Stronger Tuesday Despite High Demand for Dollar
https://businesspost.ng/economy/naira-closes-stronger-tuesday-despite-high-demand-for-dollar/

Crude Prices Further Drop on Expectations of Higher US Crude Inventories
https://businesspost.ng/economy/crude-prices-further-drop-on-expectations-of-higher-us-crude-inventories/

Transactions Close Flat at NASD Securities Exchange on Tuesday
https://businesspost.ng/economy/transactions-close-flat-at-nasd-securities-exchange-on-tuesday/

CBN Sells Fresh N133bn T-Bills Today, May Cut Rates
https://businesspost.ng/economy/cbn-sells-fresh-n133bn-t-bills-today-may-cut-rates/

By Dipo Olowookere

Federal government on Tuesday handed over the first batch of tax credit certificates to the managements of Dangote Cement plc and Nigeria LNG Limited (NLNG).

The certificates were presented to the companies in line with Executive Order #007 on the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

Business Post recalls that on January 25, 2019, President Muhammadu Buhari launched the scheme under Executive Order #007 pursuant to which he approved the construction and rehabilitation of 19 Nigerian roads and bridges of 794.4km across 11 States.

The scheme is a move by the federal government of Nigeria to incentivize private investment of over N205 billion into critical roads and bridges infrastructure, nationwide.

At the presentation ceremony today at the Ministry of Finance, Budget and National Planning in Abuja, the Permanent Secretary Finance, Mr Mahmud Isa-Dutse, commended the two firms for supporting government to bridge the infrastructural deficit in the country.

The Federal Inland Revenue Service (FIRS) issued a tax credit certificate to NLNG for the construction of the Bonny Bodo Road with bridges across the Opobo Channel in Rivers State.

Dangote Cement PLC got its for the rehabilitation of Phase II of the Lokoja-Obajana-Kabba-Ilorin Road (Section II: Obajana-Kabba in Kogi/Kwara States).

Present at the ceremony were senior management staff of NLNG, Dangote Cement, ministry officials and Special Advisers to the Minister, Mrs Zainab Ahmed.

https://businesspost.ng/economy/fg-gives-dangote-cement-nlng-tax-credit-certificates/

FG Gives Dangote Cement, NLNG Tax Credit Certificates
https://businesspost.ng/economy/fg-gives-dangote-cement-nlng-tax-credit-certificates/

FG Urges Chinese Power Generation Firm to Consider BOT Investments
https://businesspost.ng/general/fg-urges-chinese-power-generation-firm-to-consider-bot-investments/

Transcorp Suffers Huge Decline in Revenue, Profit
https://businesspost.ng/economy/transcorp-suffers-huge-decline-in-revenue-profit/

Nwuneli Leaves Nestle Nigeria Board
https://businesspost.ng/jobs/nwuneli-leaves-nestle-nigeria-board/

IEA Raises Alarm Over Possible Excess Oil Supply in 2020
https://businesspost.ng/economy/iea-raises-alarm-over-possible-excess-oil-supply-in-2020/

Loan Default Dangerous to Economy—Ecobank CEO
**Tasks Bankers to Support Economic Growth
https://businesspost.ng/banking/loan-default-dangerous-to-economy-ecobank-ceo/

NSE Holds Nigerian Capital Market Information Security Forum
https://businesspost.ng/economy/nse-holds-nigerian-capital-market-information-security-forum/

Consolidated Hallmark Insurance Mulls Merger, Rights Issue, Others
https://businesspost.ng/economy/consolidated-hallmark-insurance-mulls-merger-rights-issue-others/

NSE Slams N41m Fine on Anino International
https://businesspost.ng/economy/nse-slams-n41m-fine-on-anino-international/

GTBank Stops Bank Charges for Students on GTCRea8 Account
https://businesspost.ng/banking/gtbank-stops-bank-charges-for-students-on-gtcrea8-account/

Stanbic IBTC Absorbs 16th Batch of Graduates Trainees
https://businesspost.ng/jobs/stanbic-ibtc-absorbs-16th-batch-of-graduates-trainees/

The Growth of Competition Laws and Enforcement in Africa
https://businesspost.ng/featureoped/the-growth-of-competition-laws-and-enforcement-in-africa/

Resort Savings Weighs Offers of New Investor as Chairman Steps Down
https://businesspost.ng/economy/resort-savings-weighs-offer-from-new-investor-as-chairman-steps-down/

Brexit Extension Weakens Value of Naira at Black Market
https://businesspost.ng/economy/brexit-extension-weakens-value-of-naira-at-black-market/

Oil Shakes Off Gains Due to Weak Chinese Data
https://businesspost.ng/economy/oil-shakes-off-gains-due-to-weak-chinese-data/

NASD OTC Exchange Closes Flat as Volume Drops 48%
https://businesspost.ng/economy/nasd-otc-exchange-closes-flat-as-volume-drops-48/

T-Bills Yields Fall as Investors Readjust to CBN Directive
https://businesspost.ng/economy/t-bills-yields-fall-as-investors-readjust-to-cbn-directive/

FIRS Collects N4.012trn Tax in Nine Months
https://businesspost.ng/economy/firs-collects-n4-012trn-tax-in-nine-months/

Industrial Goods Equities Lift NSE Index by 0.14%
https://businesspost.ng/economy/industrial-goods-equities-lift-nse-index-by-0-14/

T-Bills Yields Fall as Investors Readjust to CBN Directive
https://businesspost.ng/economy/t-bills-yields-fall-as-investors-readjust-to-cbn-directive/

Demand, Stable Pricing to Buoy Q4 Earnings—Lafarge Africa
https://businesspost.ng/economy/demand-stable-pricing-to-buoy-q4-earnings-lafarge-africa/

Ecobank Nets N79bn Profit in 9 Months as EPS, Assets, Deposits Drop
https://businesspost.ng/banking/ecobank-nets-n79bn-profit-in-9-months-as-eps-assets-deposits-drop/

Royal Exchange Announces Disappointing Q3 Earnings
https://businesspost.ng/economy/royal-exchange-announces-disappointing-q3-earnings/

CAP Plc Declares Growth in Profit, Revenue in Nine Months
https://businesspost.ng/economy/cap-plc-declares-growth-in-profit-revenue-in-nine-months/

Analysts Foresee Further Rise in Oil Prices This Week
https://businesspost.ng/economy/analysts-foresee-further-rise-in-oil-prices-this-week/

Buhari Plans 15-Day Private Visit to UK
https://businesspost.ng/general/buhari-plans-15-day-private-visit-to-uk/

SEC Sets Deadline for Approval of Nominee Accounts
https://businesspost.ng/economy/sec-sets-deadline-for-approval-of-nominee-accounts/

Our Operations Not Affected by Saturday’s Fire Incident—Transcorp
https://businesspost.ng/economy/our-operations-not-affected-by-saturdays-fire-incident-transcorp/

Nigeria Rules Out Eurobonds Sale, Mulls Local Borrowing
https://businesspost.ng/economy/nigeria-rules-out-eurobonds-sale-mulls-local-borrowing/