Chief Correspondent, Nigeria, Lagos
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Apr 7, 2014

Dangote Cement to double capacity this year

LAGOS (Reuters) – Nigeria’s biggest company by market capitalization, Dangote Cement (DANGCEM.LG: Quote, Profile, Research, Stock Buzz), expects to double its cement production capacity across Africa this year to 40 million metric tons ( 44.092 million tons), its chief executive said on Monday.

Devakumar Edwin told the Reuters Africa Investment Summit in the commercial hub of Lagos that the firm would add 9 million tons to its Nigeria operations, bringing them to 29 million tons, and open plants across Africa that have been several years in the making, adding a further 11 million tons.

Apr 7, 2014

Nigeria’s UBA slows further African expansion to consolidate

LAGOS (Reuters) – Nigeria’s United Bank for Africa (UBA.LG: Quote, Profile, Research, Stock Buzz) (UBA) has given pause to an aggressive expansion across the continent as it consolidates its existing operations in 19 different countries and meets commitments to fund large power projects at home, its chief executive said on Monday.

Phillips Oduoza also told the Reuters Africa Investment Summit that UBA’s stronger 2013 profits had been largely driven by a 25 percent surge in deposits to 2.2 trillion naira ($13.41 billion), from 1.8 trillion over the year, and an expansion of risk assets by 40.5 percent.

Apr 6, 2014
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Mar 31, 2014

Nigeria is on the rise, don’t talk it down, minister says

ABUJA, March 31 (Reuters) – Nigeria has a strong, buoyant
economy receiving billions of dollars of foreign and domestic
direct investment in power, petrochemicals, agriculture and
consumer goods, but it needs to grow faster to reduce poverty,
its finance minister said,

In a spirited response to what she called a trend of
“talking down on Nigeria”, Ngozi Okonjo-Iweala said she was not
concerned about short-term outflows of portfolio investment
which did not reflect the macro-economic fundamentals and
long-term prospects of Africa’s No. 1 crude producer.

Mar 28, 2014

Nigeria’s Taleveras, Aiteo bid $2.85 bln for Shell block – sources

ABUJA/LONDON, March 28 (Reuters) – Nigerian firms Taleveras
and Aiteo have made the highest bid of $2.85 billion for the
biggest of four Shell assets up for sale, but the oil
major is holding out while it tries to persuade them to team up
with Seplat, an existing operator.

Several oil industry sources told Reuters that, although
there is little doubt the duo can raise cash for the block,
Shell is concerned about the reputational risk of selling it to
two exporters of crude and importers of gasoline that have no
previous experience in running producing oil assets.

    • About Tim

      "“I am the Bureau Chief for Nigeria since Nov. 2011. Before that I covered West Africa for 2 years from Ivory Coast, Iraq for 2 years (from Baghdad), and east and central Africa for 5 years, including Uganda, eastern DRC, South Sudan, Kenya and Madagascar.”"
      Joined Reuters:
      2005
      Languages:
      English, French
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