Illegal Ethiopian migrants who reportedly pay between USD1,200 and USD2,400 to human traffickers to ferry them into Tanzania are regularly abandoned in thick forests at the mercy of hunger, thirst and wild beasts. Tanzanian police and immigration officers recently apprehended 48 such Ethiopians in Ubena forest in Bagamoyo district in acute condition of malnutrition and fatigue. They had been deserted by agents who collected their monies to take them to their destination but failed to keep to their promise, leaving the immigrants to wander in the forest for more than two weeks, without food or water. Mr Ndelema Mwakipesilealso, regional…
Author: Pride Team
For asking the Ugandan Army to take over the management of the National Agricultural Advisory Services, President Yoweri Museveni finds himself dragged to the High Court to explain why his directive should not be countermanded. Court documents quote the plaintiff, Mr Daniel Byaruhanga as being “aggrieved with President Museveni’s directive” at the June 2014 National Heroes’ Day celebrations to the Army High Command to “deploy soldiers in every constituency to monitor government agricultural programmes.” The directive is sequel to President Museveni’s condemnation of NAADs coordinators for having failed the national agric programme aimed at “improving people’s household incomes” through agriculture.…
By Alex C Transcorp Hotels, part of the Transcorp Plc conglomerate, has filed for an N8 billion ($49.3 million) initial public offering of 800 million ordinary shares of 50kobo. The company made the disclosure through a notice to the Nigerian Stock Exchange (NSE). Transcorp Hotels, whose flagship hotel is managed by the Hilton group in Nigeria’s capital city Abuja, is 88 percent-owned by the conglomerate, with the balance held by the Nigerian government. The conglomerate, with interest in power generation, agribusiness and oil and gas has announced plans to expand its hotel business in Nigeria to tap into a growing…
By Alex C Ecobank Nigeria has signed a $20 million line of credit with Brazilian Development Bank BNDES. The facility will address special funding needs of customers and non-customers of Ecobank that import goods from Brazil. BNDES, also known as National Bank for Economic and Social Development, is one of the largest development banks in the world, with financial net worth of $27.40billion and total assets of $353.37 billion in 2013. Foluke Aboderin, Executive Director, Corporate Banking at Ecobank Nigeria, said the partnership is driven by demands from customers and importers requiring competitive financing to purchase products from the international…
By Alex C Sanlam Group, South African partners and minor shareholder in Nigeria’s FBN Life Assurance Company Limited is excited about the progress in the Nigerian Company, which has broken even two years and three months after its establishment. Sanlam said that FBN Life history is record breaking, as it takes majority of insurance companies five years or more to break even and record profit. This, according to the Sanlam Group, has earned the Nigerian Company its “Rising Star trophy” after emerging tops amongst its investments across 11 other countries including India, Uganda and East Africa. Annually, Sanlam Group holds…
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By Alex C Etisalat Nigeria has putatively partnered with FBN Insurance Limited to launch ‘Sure4Life”, an airtime-based insurance product designed to increase penetration and consumer access to affordable insurance products via the mobile telephone. Sure4Life is expected to make insurance products accessible to a robust portion of the uninsured Nigerian population. According to Director, Business Segment at Etisalat Nigeria, Lucas Dada, “Sure4Life is an innovative insurance product which takes away all the challenges that may be associated with taking an insurance policy and allows our subscribers to access and maintain insurance coverage with ease. It is in line with our…
By Alex C Sovereign fund Investment Corp of Dubai (ICD) has bought a 1.4 percent stake in Dangote Cement, Nigeria’s biggest company by market capitalisation, for $300 million, a Dangote spokesman said on Monday. Dangote Cement spokesman Carl Franklin confirmed the sale, but provided no further details. Stockbrokers in Lagos told Reuters 243 million shares of Dangote Cement were transferred to ICD, which holds stakes in some of the emirate’s top companies, at 200 naira each, a 12 percent premium to Dangote Cement’s price of around 223 naira on Monday. “ICD is diversifying its portfolio … into the West African…