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…
Author: Pride Team
By Alex C The Chief Executive Officer, FBN Life Assurance Limited, Mr Val Ojumah, has said the enforcement of ‘No premium, no cover,’ a policy initiative of the National Insurance Commission as provided in the Insurance Act 2003, will lead to increased liquidity, higher returns on investment and timely claims settlement. In a statement on Friday, he said, “No Premium No Cover” a provision in Section 50 (1) of the Insurance Act of 2003 states that “the receipt of an insurance premium shall be a condition precedent to a valid contract of insurance and there shall be no cover in…
Kenyan men are patting each other on the back following a chauvinistic vote in Parliament that empowers them to “marry as many women as they want” under customary law. The passage of the bill by the heavily male dominated house has angered educated Kenyan women as demonstrated by their colleagues in Parliament who boycotted sittings of the House. Customary practice in most African countries permitted men to marry more than one, but appears to be the first time it has been formalized in any Parliament, an in a most annoying way to women. African customary practices allow the first to…
A phantom car dealer has duped at least 13 prospective customers of about R1 million in exchange for make believe cars that he did not have. The fake car dealer, Thomas Beck is accused of selling cars belonging to other dealers and has allegedly defrauded consumers under the pretext he was selling cars. Beck first came to the notice of the police in July and released on R5000 bail. He was rearrested later that month after 10 more victims accused him of theft by false pretence and he was granted R10,000 bail. He is due to appear in the Springs…
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The long arm of the law has caught up with a man who for five years raped his own daughter thrice a week and impregnated her along the way. After the girl, now 17, ran away from home after an especially abusive sexual assault on the night of August 6, 2014, the incest-addicted father, Edem Fedieley, reported to the police that his 17-year-old daughter was missing. Fedieley, a driver by profession, was arrested after his junior high school (JHS) dropout daughter spilled the beans to the Accra police on the innumerable instances of sexual abuse and assault she had suffered…
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HOLY HUMOUR Sunday, on the return of her young daughter from church a mother asked her what the lesson for the Sunday was about. The daughter answered, “Don’t be scared, you’ll get your quilt.” Needless to say, the Mom was at a loss at her answer. Later in the day, she met the pastor in the local store and asked him what that morning’s Sunday school lesson was about. He said “Be not afraid, thy comforter is coming.” THINK ABOUT IT Why do they call it rush hour when nothing moves? – Robin Williams IF If you can…