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Investors to commit over $80m to Osun infrastructure, multiple domestic gas projects

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Two separate investing conglomerates on Tuesday evening committed close to eighty million dollars to investment in Osun state infrastructures within the framework of Public Private Partnership.

Hosted by Governor Adeleke and members of his cabinet, the investors include Allegiance CNG Limited focusing on comprehensive sustainable energy solutions through Compressed natural gas and First Tricon Construction Services Limited with earmarked projects across infrastructures sub-sectors.

The Allegiance CNG led by its Managing Director, Deji Afolabi listed several gas projects for which Osun state is to benefit up to the tune of Twenty Million dollars.

Mr. Afolabi who said his firm is among those engaged by the federal government for the adoption of CCG in transportation in the wake of fuel subsidy removal, said it is willing to invest in power generation for Osun state to power the industrialisation objective of Governor Adeleke beginning with the powering of State Secretariat and Government House 24/7 at no cost.

“We are here Your Excellency with a basket of projects and services. We propose mutually beneficial public private partnership. The Osun government will only provide land while Allegiance CNG will provide technical expertise, construction capabilities and private investment.

“Our principal financial partner is the African Development Bank. We have the funding already,” he assured.

Promising a major reduction in gas kg cost from current one thousand, four hundred naira to about four hundred naira, the managing director said the proposed investment covers several gas value chains to expand Osun economy and reduce energy poverty.

He said the plant by the firm will be stationed in three locations and reflects senatorial demography, promising to present a sample of the household gas to the governor within two weeks.

In his own separate presentation, the Chairman of First Tricoon Construction Services Limited, Remi Olumuyiwa said his company is impressed with the infra initiatives of the Governor, hence its decision to refocus a sixty million dollar investible fund for roads, bridges, water and housing projects across Osun.

Applauding the Governor for exciting investors’ confidence by his elaborate policy innovations, Otunba Olumuyiwa said the company had handled big infrastructure projects in Nigeria, Sierra Leone, Guinea and Liberia.

He made elaborate presentations to the Governor and his team on several proposed infra projects, noting that the firm is a multi faceted company involved in building roads, bridges, houses with funding from several investors backed by top financial institutions.

Otunba Olumuyiwa posited that the firm is not going to burden the state with financial traps, assuring that it has a strong and good relationship with financial institutions for sponsorship of projects.

“We have a very good relationship with our banks and investors. When we see what we can deliver as in Osun, we have the capacity to do it. We are here because this is our country, this is our state. We are ready to work with you to meet the housing and infra needs of our people,” the company chairman stated.

Responding, Governor Adeleke assured the company chiefs that Osun is implementing a fast tracked ease of doing business plan with a target on attracting investment into the state.

“These submissions here today are really massive. Osun is changing for the better. On a daily basis, various firms across the sector are reaching out to us with actionable proposals. I am glad that these two firms are really here to hit the ground running.

“We have the land. We have an enabling environment. Osun is already a huge construction site. You are welcome to the site.

“To the good people of Osun, more are coming. As I’m talking to you, more investors are knocking at our doors. We will not relent in the ongoing drive to expand Osun economy and ensure better life for our people,” the Governor concluded.

Marathon technical meeting was subsequently held between the government and the private sector teams.

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SIFAX Shipping partners ECU Worldwide to boost LCL export

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By Seun Ibiyemi

SIFAX Shipping Company Limited, a subsidiary of SIFAX Group, has sealed a partnership deal with ECU Worldwide, the world’s number one LCL player, to boost export activities from Nigeria.

Less-than-Container Load (LCL) is one of two main types of containerised transportation services.

The other is Full-Container Load (FCL). LCL is optimal when an entire container isn’t filled up. LCL allows the transportation of small cargo volumes without paying for the whole container.

The partnership will help business owners and exporters whose consignments are less than container load to access the international market.

According to MD, SIFAX Logistics Company Limited,  Paul Linden, this service was offered in response to inquiries from various customers who are desirous of exporting their products but do not have the required huge volume.

He said, “We know that many SMEs and business owners are desirous of accessing the international market, but are hampered by their lack of large volume.

“This service is designed particularly to address this concern. It will boost Nigeria’s export and be a game changer for our small and medium-scale businesses. We have put all facilities in place to ensure the business runs smoothly in partnership with ECU Worldwide.”

AGM, SIFAX Shipping, Adekunle Owobamirin, noted that all arrangements have been perfected to make the service a success.

“Our partners from ECU have inspected our warehouse and we have already assigned dedicated staff who would work on this service.

“ECU Worldwide and SIFAX Shipping is the first consolidator partnership to offer dedicated LCL export services from Nigeria to the world. Our partners have established 2,400 direct trade lines with a presence in over 180 countries.

“This will allow all our customers to export their goods anywhere in the world,” Adekunle said.

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RIFAN applauds NAICOM,  IGP over compulsory insurance enforcement

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The Retail Insured Family Association of Nigeria (RIFAN), the country’s largest community of insurance consumers, has praised the Commissioner for Insurance, Olusegun Omosehin, and the Inspector General of Police, Kayode Egbetokun, for their recent efforts to enforce mandatory third-party insurance.

RIFAN’s major aim is to restore public confidence in insurance policies.

This commendation follows a meeting on June 11, 2024, where Omosehin visited Egbetokun at Louis Edet House, Force Headquarters in Abuja to discuss the enforcement of compulsory third-party insurance.

Omosehin highlighted the illegality of driving without valid motor insurance and announced that the benefits attached to third-party insurance have increased to N3 million.

Responding to Omosehin’s request, Egbetokun committed to deploying the Deputy Inspector General of Operations to ensure the enforcement of this mandate.

RIFAN’s Director General, Ali Theophilus, expressed support for this initiative and indicated RIFAN’s readiness to collaborate on enforcement and public awareness.

He emphasised that proper enforcement could significantly boost premium income for the insurance industry, facilitating easier claims payments and enhancing public confidence in insurance.

He said getting the enforcement done is also in line with the Road Traffic Act for any vehicle plying Nigerian roads to have 3rd party motor insurance.

Theophilus commended the Inspector General of Police (IGP) for his proactive steps towards enforcing third-party motor insurance and urged him to extend this message of hope to all police officers and relevant law enforcement agents.

He emphasised that third-party insurance benefits every vehicle user, including law enforcement personnel, regardless of their career or social status.

He pointed out that many law enforcement officers neglect this insurance under the guise of “Esprit de Corps,” which does not cover damages in the event of an accident. This negligence costs the insurance industry over N15 billion annually, which could otherwise be added to premiums to facilitate claim payments.

Theophilus reiterated the importance of third-party insurance, explaining that while it does not cover personal vehicle damage directly, it covers damages caused to other vehicles due to negligence. This coverage can help settle such claims, benefiting all parties involved.

Furthermore, Theophilus urged the IGP to enforce licensing for insurance agents through an initiative he called “Operation Show Your Licence.” This would reduce the prevalence of fake agents and help NAICOM reach its goal of increasing licensed insurance agents to three million by the end of the year.

He called on the Nigeria Police Force and all law enforcement agents to join RIFAN to unite in restoring public confidence in the insurance industry. He stated RIFAN membership benefits, including easy access to claims payments, unique insurance covers, and professional advice etc.

Theophilus also announced plans to collaborate with underwriters to create a funeral insurance policy as an additional membership benefit, particularly in Southern Nigeria, where funeral expenses are significant. RIFAN plans to hold town hall meetings to educate grassroots communities about the importance of insurance.

Theophilus called on the IGP, law enforcement agencies, the Commissioner for Insurance, the Director General of NIA, and underwriters to register with RIFAN to help build the insurance industry of Nigeria’s dreams and restore public confidence in insurance.

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Afreximbank, First Bank sign $200m facility agreement to finance clients’ needs

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Afreximbank and First Bank of Nigeria(FBN) have signed a 200 million dollar facility agreement for financing the needs of FBN’s numerous clients.

The signing took place at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas, on Friday.

The facility will finance the needs of FBN’s numerous clients engaged in oil and gas and energy, manufacturing, telecommunications and associated infrastructure projects.

The parties who signed the agreement included Olusegun Alebiosu, Acting CEO, FBN, Awani Kanayo, Executive Vice- President, Intra-African Trade Bank (IATB), Afreximbank, and Viswanathan Shankar, CEO, Gateway Partners on behalf of African Credit Opportunity Fund.

The 31 AAM2024 is being held in Nassau, The Bahamas from June 12 to June 15, with the theme: “Owning our Destiny: Economic Prosperity on the Platform of Global Africa’’.

The AAM is taking place alongside the 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024).

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