KELLOGG BUYS 50 PERCENT STAKE IN NIGERIA FOOD FIRM

Kellogg Co is setting up a joint venture with the African arm of Singapore’s Tolaram Group to bolster its breakfast and snack food offerings in West Africa.

Kellogg will be paying $450 million for a 50 percent stake in Lagos, Nigeria-based Multipro, a food sales and distribution company owned by Tolaram, with an option to buy a stake in Tolaram’s African unit.

Tolaram Africa Foods owns 49 percent of Dufil Prima Foods Plc, the maker of Indomie noodles, Minimie snacks, Power oil and Power pasta

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IS THIS REALLY OSHODI?

A few days ago, an old friend of mine came home from the States after twelve years of leaving the country in search of greener pastures. It was an awesome time hanging out together. Spending most of his time on the bourgeoisie end of Lagos, he was surprised at the rate of development on the Island. Much more, the Lekki – Ajah environment and the Lekki link bridge. At a point, we were unhappy at the opportunity we missed to become land owners and multi-millionaires now. Back then, as students around the law school environment, we will often wonder around 1004 estate, Maroko, Sand fill and beyond at our free time and wished we had enough money to buy plots of land. Our dreams.

We soon forgot about the missed opportunities, and decided to focus on the possibilities in this land. At the end of the day, we decided to lounge at one of the bars in Victoria Island. Again, it’s no longer 11:45 or Y Not. You now have Quilox, Bay Lounge, and Sailors. According to him, everything seems to be changing and developing so fast. A die-hard Nigerian like me, I was quick to say YES! And if the current plans are been implemented, places like the Lekki Free Trade Zone(LFTZ) and World Trade Center (WTC) Abuja will further boost investment, trade, and every other think we can’t even imagine now. 

The greatest shock came when he was leaving; we decided to check out the mainland hours before his flight. We headed straight for Shop Rite, Ikeja. Where else would I have taken him? Again he was surprised. We couldn’t have imagined 14years ago that something of such would thrive in this country. Even though, we were Land of Plenty (L.O.P) VIP customers back then.It’s time to leave. And by 4pm Nigeria time, we decided to move closer to the Airport. This is where it all happened.  I suggested we take Oshodi route. Your bet was as good as mine. His face got white at the mention of Oshodi.

We had almost passed Oshodi when I told him this is Oshodi. In a few milli-seconds, his heads was almost out of the window. How he was able to tap the button and get his head out of the window so fast still baffles me as I write. His jaw was left dropped for more minutes as I allowed him to express his shock. Our gist soon centered on Oshodi. The crowded and almost no vehicular movement then has become so free with an ability to view buildings and signs from distance. What no one would have tried 10years back.

 

This development has flushed out a large number of street urchins Oshodi was known to accommodate. It has given Lagos a new face, and built investors confidence in the State.

BUA CEMENT SIGNS $600MILLION CONTRACT WITH SINOMA CBMI

BUA Group has signed a $600 million contract with SINOMA CBMI, China’s leading cement manufacturing supplier, to commence the construction of a second production line.

This landmark agreement, which was signed at the SINOMA CBMI offices in China, recently, will further bolster BUA Group’s share of the cement market in Nigeria, and further ease accessibility.

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ANOTHER GIANT STRIDE AS MTN NIGERIA GETS N34BILLION DIGITAL PAY - TV LICENSE FROM NBC

MTN Nigeria, has acquired a N34billion license to provide digital pay television broadcasting services in Nigeria.

The Director-General of the National Broadcasting Commission (NBC), Mr. Emeka Mba, confirmed the deal and said that the NBC approved for MTN Nigeria part of the country’s 700MHz broadcasting spectrum solely for the purpose. 

Mba said: “It  is  important  to  state  that  the  NBC  does  not  sell  spectrum  but  licenses  organizations  based on  their  applications  to  broadcast  using  available  broadcast  spectrum,  and  other  forms,  such  as  IPTV. “ He therefore said the  allegation  that  NBC  sold  spectrum  is  misleading, and that NBC’s approvals  were based  on  applications  after assessment  of  the  need  and  impact  on  the  audiences  and  the  market.

Credit: en.starafrica.com, thisdaylive.com