GRBusiness
N93.27bn Imo State Debt Profile Worries IEDI
Group says the people are facing hardship
The Imo Economic Development Initiative, IEDI, made up of Imo elites, has expressed concern over the sad and troubling state of economic development of Imo State.
The group is particularly concerned over the declining state of the economy of the state with its rising debt profile.
Maurice Iwu, chairman, IEDI, in a letter made available to Realnews said as at December 31 2016, according to the Debt Management Office, Imo State was owing N93.27 billion, up from N26 billion in 2011. He stated that a review of the states’ sustainability index, a report which profiles the viability and sustainability of states showed that Imo State ranked number 22 in the whole country, a marked decline from the 17th position it occupied on the same index three years ago (2015).
“We are concerned about our poor position in the ease of doing business ranking in the country. We are currently ranked 34th out of 36 states. With such a dismissal rank, Imo has little or no hope of attracting new businesses to alleviate the unemployment and generally boost the economy of the state. We are concerned about the poor contribution of our legacy industries to job creation efforts, despite considerable government investment in these industries. These legacy industries include ADAPALM, Standard shoe, Cardboard and Packaging, and Resin and Paint Industry,” Iwu said in the letter written on behalf of the group.
The group similarly pointed out the obvious low activity level of international multilateral funding and donor agencies assisted projects in the state. It noted that in the past, funds from these organisations had gone a long way in assisting the delivery of government projects.
Besides, it noted the “low level of participation by the state in federal government intervention funding mechanisms especially in agriculture, health and SMEs activities.”
As if that was not bad enough, it said: “We are concerned about the transportation challenges especially in Owerri municipality. These challenges have been heightened by the stopping of tricycles from plying the roads without the provision of an adequate alternative means of mass transit.
According to the group, the economic stagnation in the state is a big concern, charging: “We believe this is as a result of poor money circulation within the lower strata of the society.”
Hence, the letters advised the state government: “We suggest that government should ensure that salaries are paid as and when due to minimise the hardship in the state. In conclusion, we are of the view that if effort is made, and measures introduced, to improve our rankings in various crucial indices; pay workers, pensioners and contractors as and at when due, key into external and alternative funding sources as well as find a lasting solution to urban mass transit issues; the economy of the state will improve considerably.”
According to Iwu, the IEDI seeks primarily to contribute to the development of Imo State through private sector funding and leveraging on available federal and state governments resources. Its membership is made up of key stakeholders in Imo State including captains of industry, members of the academia, technocrats, retired senior military and security personnel, as well as other professionals of Imo State origin.
The group is interested in various aspects of the socio-economic development of the state and possible ventures that would empower the people, create wealth, reduce poverty – while at the same time yield benefits to promoters.
The Beer Sectoral Group (BSG), a sector under the Manufacturers Association of Nigeria (MAN), has announced the appointment of Carlos Coutino as Chairman of the Group, effective 1st February 2025.
Mr. Coutino takes over from Hans Essaadi, Managing Director and Chief Executive Officer of Nigerian Breweries Plc, who has served as BSG Chairman since December 2022.
The BSG is a trade association of beer manufacturers in Nigeria, comprising Nigerian Breweries Plc, Guinness Nigeria Plc, and International Breweries Plc. The Group plays a vital role in advocating for responsible alcohol consumption and advancing the interests of the beer industry within the Nigerian market.
Mr. Coutino, who currently serves as the Managing Director/CEO of International Breweries Plc, has nearly two decades of leadership experience within the AB InBev Group. A graduate of Industrial Engineering with an MBA specializing in Strategy, he joined AB InBev in 2004 and has since held top-level roles across three continents and seven countries in Sales, Marketing, and Trade Marketing. He will serve as BSG Chairman for a two-year tenure. In this capacity, he will collaborate closely with the Board of CEOs to provide strategic direction for the BSG, ensuring the Group continues to support industry growth, stakeholder engagement, and regulatory alignment.
Finance
Stanbic IBTC Capital leads Presco PLC’s ₦82.9 Billion Bond Issuance to drive West African market growth
Reporter: SANDRA ANI
Presco PLC (Presco or the “Company”), has achieved a significant milestone with the successful issuance of its ₦82,896,000,000 7-year 23.75% senior unsecured fixed rate Series I Bonds under its ₦150 billion bond issuance programme (the “Transaction”) with the Securities and Exchange Commission (“SEC”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as the Lead Issuing House on the Programme.
The proceeds from the Transaction will enable the Company fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives.
Speaking on the transaction registration, Mr Reji George, Managing Director / CEO, Presco PLC commented:
“The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and, to lead Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).
This not only enhances our operational efficiencies, It also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”
Also speaking on the transaction registration, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, said:
“Stanbic IBTC Capital is proud to have advised Presco PLC on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.
Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco PLC’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.
Transport
Travelers to Make Money as Ozi Launches to Redefine $460 billion Global Package Delivery Market
Key Takeaways from Ozi launch:
- With logistics representing a $1.34 billion in Africa, the demand for innovative delivery solutions has never been greater
- Nigerians face numerous hurdles when it comes to moving packages, ranging from delays and high costs to a lack of secure options
Ozi (www.ozionline.com), a pioneer community-driven delivery app, launches today, offering users a new way to send packages and earn extra cash.
By connecting people traveling with those needing package delivery, Ozi turns everyday trips into profitable opportunities, aiming to disrupt the global parcel delivery industry, also known as the Courier, Express, and Parcel (CEP) market, currently valued at around $460 billion.
Imagine this scenario – You’re traveling to Abuja from Lagos and have empty space in your car. With Ozi, that unused capacity can earn you extra cash by delivering a package along the way. Or maybe you’re a small business owner who needs to send a package to another state but balk at the high cost of courier services.
With Ozi, you can find a verified traveler heading in the right direction to handle your delivery, Engr. Christian Chime, Ozi’s co-founder and CEO, said during the startup launch held today at Four Point by Sheraton, Victoria Island, Lagos.
“Why travel empty when you can earn?” asks Engr. Chime said. “Ozi allows travelers to make the most of their journeys while helping others get their packages delivered with ease.”
“This simple yet powerful idea leverages the daily movements of millions of Nigerians to create a logistics network that is fast, affordable, and efficient.
“Ozi’s unique approach leverages the everyday movement of travelers to bridge this gap, creating a system where everyone benefits”.
He said that the choice of Nigeria as the first launch-location for Ozi was due the potential the country holds in the parcel delivery sub-sector.
“Actually, we had the opportunity to launch OZI in other country outside Nigeria but for their believe in the Nigeria dream and its potentials made us to choose the country as the first to witness Ozi’s innovation”, the CEO said. “Travelers can now monetize their journeys by delivering packages along their routes, while senders gain access to an affordable and convenient alternative to traditional courier services”.
Ozi combines convenience, innovation, and community to deliver a win-win solution for Nigerians. From quick intra-city deliveries to long-distance trips, Ozi offers an affordable, efficient solution for all.
Whether you’re a traveler looking to earn on your trips or a sender seeking a reliable delivery option, Ozi offers a solution that works for everyone.
In the words of Azubuike Augustine, the co-founder and Chief Technology Officer of Ozi, “Ozi’s mission goes beyond simplifying package delivery. The app represents a broader effort to create shared value for all stakeholders in the logistics process. By connecting senders and travelers, Ozi creates a win-win scenario where costs are reduced, trust is built, and income opportunities are created”.
“Ozi prioritizes safety and transparency. Every user, whether sender or traveler, undergoes a comprehensive verification process that includes ID checks and phone number authentication. This ensures that all participants in the system are trustworthy and accountable”.
To enhance security further, Azubuike said that Ozi offers real-time tracking for all transactions. Senders can monitor their packages throughout the delivery process, ensuring peace of mind. For high-value items, optional insurance coverage provides an added layer of protection, reinforcing Ozi’s commitment to reliability.
“At Ozi, we understand that trust is critical in logistics,” the CTO added. “That’s why we’ve built a platform where every step is designed to safeguard both the traveler and the sender.”
“Ozi is more than an app; it’s a community where everyone wins,” said Ikenna Ani, co-founder/COO of Ozi.
“From today, travelers across the globe can sign up through www.ozionline.com and start making every trip count”, he said. “We have put measures in place to ensure only genuine and verified travelers or senders use the platform. Security is primary for us”.
He added that the app will be released on Google Play Store and Apple (iOS) on January 1, 2025. Ozi Live on Instagram | Facebook.
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