Epe’ll be next Dubai —Rivebond boss

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Epe is certainly the next destination for tourists, investors, businessmen and residential delight for many, who would rather escape the heat of the saturated city of Lagos.

The Chairman/CEO of Rivebond Company, Chief Lanre Razak, Balogun of Epeland and promoter of Rivebond Lagoon Estate in Epe, made this comment, adding that with the Lagos State government’s plan to change the face of Epeland, in accordance with the Megacity Project, Epe will be the next destination for people who appreciates conducive, spacious and serene environment to work and live in.

He said: “We are developing an estate of modern status on 26 acres, at the entry point of Epe overlooking the lagoon. Epe has come a long way in a developmental process in Lagos State.

“Our aim is to bring people out of the more congested Lagos City to a quiet serene and comfortable zone. We are also conscious of the fact that when you are doing a project of this magnitude, it will bring other businesses alongside with it, increase job opportunities and also the economy of land.”

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Trump in a moment of prayer

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U.S President Donald Trump has shared a photo of himself and others in a moment of prayer Tuesday night after nominating Judge Neil Gorsuch as the U.S. Supreme Court Judge.

//storify.com/Adekunle2/trump-others-in-a-moment-of-prayer/embed?border=false//storify.com/Adekunle2/trump-others-in-a-moment-of-prayer.js?border=false[View the story “Trump others in a moment of PRAYER ” on Storify]

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Brass Fertiliser firm secures $6bn facility for methanol plant

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By Franklin Alli

BRASS FERTILISER & Petrochemical Company Limited (BFPCL) has secured $6 billion offshore facility for the takeoff of its methanol plant in Bayelsa State.

In a statement, Chief Ben Okoye, the company’s Vice Chairman, said: “Phase one of the project has commenced following the securing of $6 billion from BP Oil International Limited, London.

“We also secured 25 years 300 mmscf/d gas supply from Shell Petroleum Development Company of Nigeria Ltd (SPDC-JV)

“The project is designed to be built in two phases and Phase one which is expected to come on stream in 2020, will produce 1.66 million 0etric tonnes (MT) of methanol and 1.3 million metric tonnes of urea per annum.

Phase one also includes a dedicated Export Jetty and a 300 mmscf/d gas processing plant”

He also said: “On completion the project is expected to generate an annual turnover of $1.5 billion. The project is extremely strategic to the country’s agricultural and industrial sectors. It will contribute to the country’s self-sufficiency in fertilizer and methanol based industrial raw materials.”

Methanol production

Shedding lights on the $6 billion it secured from BP Oil International, he stated: “The contract was recently signed at the London office of BP Oil International for exclusive off take of methanol production from Phase 1 of the BFPCL project in Brass, Bayelsa State, over a period of 10 years. The Agreement is a key condition precedent for securing the foreign direct investment from the project lenders and international investors.

“Attracting a major international player like BP bears testimony to the tremendous support for the project by the current administration of the Federal Government of Nigeria (FGN), the Nigerian National Petroleum Corporation (NNPC) and the Central Bank of Nigeria (CBN), as well as the hard work and commitment of the project developers,” he said.

On jobs creation, he said: “The project will employ 15,000 workers indirectly during construction and 5,000 permanent workers after the project is completed.”

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Be a small business owner and overcome poverty

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By Peter Osalor

A GREAT small business always starts out as an idea, but you have to transform that idea into action. That’s where many individuals can start to feel overwhelmed. It’s understandable to freeze up at the deluge of things that are required to get a business started, but getting going is actually easier than you might think.

Like any big goal, if you start by breaking it down into smaller tasks, you will be able to tackle enough of the actions necessary to get started with your small business.

The years of oil windfall are gone, shall we have another FESTAC? Obviously No!

We have depended on oil, but oil cannot now feed us, as we cannot give our children oil to drink when they are hungry. Our youths are hopefully waiting for government for employment; while those under government employment are scared of their jobs; their salaries are not sure to be paid at the end of the month as some workers have not collected their 3 months’ salary.

The only way you can be free from unemployment, non- payment of salary and hunger is be a small business owner. Owning your small business does not mean you should quit your job. You can own your business while under employment. All you need is good management strategy.

The small business can come from Manufacturing, Production, farming etc. In farming alone, there are lots of businesses you can start and over -come poverty. Poverty is a curse.

Rice consumption statistics

We have Rice farming: Nigeria has one of the world’s highest Rice consumption statistics. Rice is by far one of the most popular staple foods among Nigerians, almost every family eats rice daily..

According to CBN report 2016, Nigeria spends $2.4 billion on rice importation in 3 years. And the rice we import is said to be nothing less than 10 years old in storage. That means we spend billions buying rice that has since lost its nutritional value. Therefore, embark on rice farming and make your good money.

Poultry Farming: Everyone knows how “cashy” poultry farming is. Nigeria consumes chicken and eggs more than anything. Most of the chickens consumed in the country are imported. We have enough market for poultry business, but we are busy creating business and job for another country in the name of importation. According to Nairametrics, it cost Nigeria N 660 billion to import frozen chicken in 2015.

Goat rearing: It’s only in the North that goat is reared in commercial quantity. I don’t know why we underrate farming investment in the south even though there are millions to be made in this business. Why would you choose to sell used shoes in Oshodi, Lagos and make few thousands of Naira yearly, than to engage in productive farm business and make millions of Naira? In the USA and Australia, farmers are among the richest people. Get involved in the professional goat rearing and make money for yourself. A full grown goat sells between N18, 000 to N40, 000.

Cart-fish farming: Cart fish business is really hyping in Nigeria right now. Nigerians consume cat fish on daily bases in millions. The demand is so high that a single cat fish sells at N800 in open market and N1, 800 to N2, 500 in Restaurants.

Another business you can start in Nigeria is Bakery business:

Bakery business is very lucrative and yields money. It’s a business that thrive well with high population; the higher the consumption the higher the profit. Nigeria has the population and bread is one of the most consumed products by every home in Nigeria. You don’t have to start it big, start it small with the capital you have, and then manage it well, it will grow big.

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Diamond Bank unveils conditions for lending to SMEs

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By Franklin Alli

DIAMOND Bank Plc has given insight into one of the requirements commercial banks consider before granting loan to Small and Medium Enterprises (SMEs) in the country.

Njideka Esomeju, Head Emerging Market, Diamond Bank Plc, gave the insight in her presentation on ‘Growth Financing for SMEs,’ delivered recently at the Vconnect and Facebook SME conference in Lagos.

She said: “I found out that so many business operators dwells so much on cash flow.  I don’t think cash flow is the challenge for SMEs; rather it is your cash cycle that is a challenge.

Cash cycle is that your banker wants to know how you would turn N5 to N50; what you are going to do, your production cost, how you are going to sell, the market you are going to sell and at the end of the day, you make N50; you can give your banker N2 for debt servicing. So you need to understand your cash cycle. Cash cycle is not the same as cash flow that an accountant prepares for you. You should be able to explain that cash cycle to your banker in your own words.”

According to Esomeju, another thing is that for a banker to accept to fund your business, he is interested in the value your business would add to the economy, in terms of job creation. “So, whatever business you are doing, you need to get your house in order by understanding the nature of the business, understand your customers and being able to communicate with your banker,” she said.

On financing options other than bank loans, she noted:  “Basically, we talked about equity financing and debt financing.  SMEs can raise share capital through family and friends. This should be your first point of call- also we have angel investors, venture capitals and incubators.  It is very important to explore all these options than to borrow from banks. Most times, their services are cheaper.

The whole thing is, for start-ups, I would never advise that you borrow from bank. I would advise you do family and friends option, so that you are not saddled with debt financing when the business has not been firmly established.”

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U.S Senate confirms Trump’s nominee Rex Tillerson as secretary of state

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The US Senate on Wednesday confirmed former ExxonMobil chief Rex Tillerson as the next secretary of state, handing a major boost to President Donald Trump as he builds his cabinet.

Tillerson, 64, had come in for severe criticism from Democrats who warned that his business approach and lack of government experience would hurt America’s standing in the world.

But he was confirmed by a vote of 56 to 43, with four Democrats joining all 52 Republicans voting in favor.

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