NAIJABIZ NEWS 1: Ribena & Lucozade Brands in Nigeria Acquired by Africa FMCG

Ribena and Lucozade brands in Nigeria will operate under Africa FMCG Distribution Ltd (AFDL) following their acquisition from Suntory Beverage & Food Limited (SBF) at a cost of $14 million. The deal reportedly cost $7 million each for transfer of shares/ loans and it will be completed in Q2 – 2022 subject to Nigerian regulatoryContinue reading “NAIJABIZ NEWS 1: Ribena & Lucozade Brands in Nigeria Acquired by Africa FMCG”

DID YOU KNOW (19)? You Can Now Own a Home Through FMBN’s New Interest-free Product

The Federal Mortgage Bank of Nigeria (FMBN) has introduced a rent-to-own mortgage housing scheme that will attract zero interest. It covers both FMBN and non-FMBN funded properties, with a maximum price of N15 million. The Bank currently has more than 3,190 units of houses available for off-take on rent- to-own basis across the country. BeneficiariesContinue reading “DID YOU KNOW (19)? You Can Now Own a Home Through FMBN’s New Interest-free Product”

DID YOU KNOW (18)? Nigeria Is Now Exporting Fertilizers!

On Tuesday 22 March 2022, history was made in Nigeria when President Muhammadu Buhari inaugurated the new $2.5bn Dangote Fertilizer Plant located in Lekki, Lagos State. With capacity of 3 million metric tonnes, it is the largest Granulated Urea Fertilizer complex in Africa and 2nd largest in the world. The plant occupies 500 hectares ofContinue reading “DID YOU KNOW (18)? Nigeria Is Now Exporting Fertilizers!”

DID YOU KNOW (16)? Nigeria Signs €9.3m Agreement for Development of 23 Solar Mini-Grids in 11 States

The Federal Government of Nigeria has announced signing of a €9.3m agreement for interconnected mini-grid Acceleration Scheme (IMAS), to be granted local solar mini-grid developers. The Scheme is expected to boost the country’s power supply by 5.4-kilowatts and to power 27,600 households, in line with Nigeria’s vision of generating a minimum of 30,000 megawatt electricityContinue reading “DID YOU KNOW (16)? Nigeria Signs €9.3m Agreement for Development of 23 Solar Mini-Grids in 11 States”

DID YOU KNOW (14)? Schools Will No Longer Be Registered As Business Names

Nigeria’s Corporate Affairs Commission (CAC) has announced via a circular dated 03March2022 that schools and other institutions of learning will no longer be approved as business names. “This is because an institution is essentially a body corporate with perpetual succession, capable of contracting and (subject to such restrictions as may be imposed by other laws)Continue reading “DID YOU KNOW (14)? Schools Will No Longer Be Registered As Business Names”

DID YOU KNOW (11)? CBN Has Just Reduced Bank Charges

The Central Bank of Nigeria (CBN) announced a reduction of fees for e-banking operations in its guidelines to banks and other financial institutions on 27 January 2022. This is according to a circular by Chibuzor Efobi, the CBN Director, Financial Policy and Regulation Department, titled “RE: GUIDE TO CHARGES BY BANKS, OTHER FINANCIAL AND NON-BANKContinue reading “DID YOU KNOW (11)? CBN Has Just Reduced Bank Charges”