Nigeria, Norway invest US$2.8m on local content training pact
online Nigeria, Norway invest US$2. 8m on local content training pact
By Yemie Adeoye
Tuesday, December 26, 2006
THE Governments of Norway and Nigeria commenced moves to invest about US$2. 8 million to train Nigerian fabricators for effective competition in the upstream sector of the Petroleum industry and to boost the local content policy in both countries.
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TransCorp N60bn IPO to open Dec 27
2006.12.27By Peter Egwuatu
Tuesday, December 26, 2006
The proposed N60b Initial Public Offering (IPO) by Transnational Corporation of Nigeria Plc (TransCorp), which was initially sheduled to open on Monday 18, 2006, has been rescheduled to open on 27, December 2006.
Chairman of TransCorp, Dr. Mrs. Ndi Okereke-Onyiuke, confirmed, during the completion Board Meeting held on Monday in Lagos, that arrangements have been completed to raise N60 billion from the Nigerian capital market through an Initial Public Offering of 8,000,000,000 ordinary shares of 50k each at N7.50 per share.
The offer, which will open on December 27, 2006 until January 31, 2007, is expected to be the biggest ever in the country.
Onyiuke said the offer is a special package for the yuletide season, adding "Transcorp is a truly Nigerian company". She asked for patronage of the offer saying "when NITEL/MTEL makes money, about 90 percent of the money will remain within the Nigerian economy as the corporation is owned by Nigerians, unlike others who take their returns out of the country". She urged Nigerians to embrace the IPO as the return on the investment will be unprecedented. The offering, according to her, would give Nigerians the opportunity of buying into the Transcorp dream.
In addition, Dr. Okereke-Onyiuke said the offer is being undertaken to finance the expansion of Transcorp's business focus areas.
These include the Transcorp Hilton Hotel, energy through services and supplies to the upstream oil and gas industry, downstream infrastructure investments, agri-processing and export, movie studio, international trading and trans-shipment, provision of technical infrastructure and services, refinancing existing acquisition costs, research and development, business systems, office infrastructure and provision of additional working capital for the company's operations. The Group Managing Director, Mr. Bernard Longe, reiterated that from the enquires received so far from the public, the IPO will record huge success.
Transnational Corporation of Nigeria Plc was incorporated in Nigeria on the 16th of November, 2004 in response to the need to establish a mega corporation, created in Nigeria and owned by all Nigerians, which will respond to market opportunities that require heavy capital investment not just at home but in Africa and around the world. Transcorp is currently the core investor in the Transcorp Hilton Hotel Abuja and the Nigerian Telecommunications Limited (NITEL) and M-tel, its mobile subsidiary.
Present at the meeting were representatives of the Joint Issuing Houses to the offer, Stockbrokers to the offer, Joint Auditors to the company, Reporting Accountants to the offer, Solicitors to the offer, Solicitors to the company, Registrars to the offer and Receiving Banks to the offer.
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Ajaokuta: ISPAT unveils $445m expansion plan
online ISPAT unveils $445 million expansion plan By Luka Binniyat Tuesday, December 26, 2006 ABUJA - Ispat Industries Limited, a sister company to Global Infrastructures Nigeria Limited, (GINL), managers of Ajaokuta Steel Company Limited, (ASCL) last week signed a memorandum of understanding (MoU) with the Government of Maharashtra to expand its steel-making capacity at its integrated steel plant at Dolvi in Raigad, Maharashtra.
online ISPAT unveils $445 million expansion plan By Luka Binniyat Tuesday, December 26, 2006 ABUJA - Ispat Industries Limited, a sister company to Global Infrastructures Nigeria Limited, (GINL), managers of Ajaokuta Steel Company Limited, (ASCL) last week signed a memorandum of understanding (MoU) with the Government of Maharashtra to expand its steel-making capacity at its integrated steel plant at Dolvi in Raigad, Maharashtra.
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