General News
GE Attracts Foreign Investors to Nigeria
General Electric (GE), global infrastructure giants has attracted 3 Italian based investor-companies to Nigeria to explore partnership opportunities with indigenous Nigerian Engineering companies. The companies include Allimep, Duemme and Sime.
Their investment in Nigeria will help boost the capacity of indigenous engineering companies that will support GE’s operations in Nigeria. The move is in line with the Federal Government’s local content law which mandates that a substantial part of the operations of foreign companies in Nigeria must be localized.
To this end, GE has in the last one year held supplier fairs within and outside the country in sear of indigenous Nigerian companies and foreign ones that they can partner with to boost their operational capacity in supporting GE’s growing operations in Nigeria like the Calabar plant, which will be GE’s biggest investment in sub Saharan Africa. The facility will manufacture and assemble machinery for Nigeria’s Power and the Oil & Gas sectors.
Speaking at a dinner organized in honour of the visiting foreign companies, GE’s Supply Chain leader for Africa Phil Griffith said with this visit, the string of supplier fairs are beginning to pay off. According to Griffith GE remains resolutely committed to working with local companies and enhancing their capabilities to support GE’s operations in Nigeria.
Apart from being in line with Nigeria’s local content policy Griffith said GE believes that building local capabilities in all the places where GE does business was the right thing to do.
Speaking at the event, Ernest Nwakpa, executive secretary of the Nigerian Local Content Monitoring Board (NCDMB) commended GE’s localisation initiative, which he said was flagged off by the Country-to-Company agreement which GE signed with the Federal Government to partner with other stakeholders in bridging Nigeria’s infrastructure gaps in critical sectors like Oil & Gas, Power, Transportation, Healthcare and Aviation. Nwakpa said other multinational companies had a lot to learn from GE’s holistic approach to local content.
He said the visit of the Italian companies and GE’s increased investments in Nigeria was ample evidence that Nigeria was a fertile ground for foreign direct investment.
Speaking on behalf of the Italian companies, Matteo Bertolini, chief executive officer of Sime Engineering said they were pleasantly surprised at the technical depth of the Nigerian companies they would be partnering with in supporting GE’s facilities in the country.
He said Sime was convinced about the potentials of the partnership and would commit resources to ensure that it has deep rooted tentacles in Nigeria.
Seun Faluyi, managing director of Global Ocean Engineers Limited, a Nigerian company and one of GE’s suppliers applauded the initiative of facilitating partnerships between Nigerian companies and their foreign counterparts in building adequate capacity.
He said it was very inspiring to see a foreign multinational like GE invest tremendous resources to improve the capacity of local companies that will ultimately support GE operations in Nigeria.
General News
Nigeria Recovers $52.88m in Assets Linked to Former Petroleum Minister Diezani Alison-Madueke
Federal government has received $52.88m recovered Galactica assets linked to a former Minister of Petroleum Diezani Alison-Madueke from the USA.
The Attorney-General of the Federation and Minister of Justice Lateef Fagbemi disclosed this at the formal signing ceremony of the asset agreement between Nigeria and the United States of America in Abuja on Friday, January 10.
While speaking at the ceremony, Fagbemi explained that $50m of the recovered assets will be deployed through the World Bank to the development of the rural electrification project and the remaining $2m will be deployed to the International Institute of Justice to expand the Justice system and also counter corruption.
Speaking further, Fagbemi noted that the asset return marks a milestone in the ongoing collaboration between Nigeria and the United States in combating corruption and upholding the rule of law
He said the event is also a significant effort by President Bola Tinubu to address the issue of corruption.
Meanwhile, in his remarks, the United States Ambassador to Nigeria Richard Mills called for the monitoring and effectively utilizing the recovered assets by the Ministry of Justice to benefit Nigerians.
Diezani served as Minister under the Goodluck Jonathan administration.
TikTok has officially announced plans to cease its operations in the United States by January 19, 2025.
“Absent such relief, the Act will take effect on January 19, 2025,” TikTok said in a Dec. 9 legal filing. “That would shut down TikTok—one of the Nation’s most popular speech platforms for its more than 170 million domestic monthly users on the eve of a presidential inauguration.”
Last year, President Joe Biden signed into law, a legislation to remove TikTok from U.S. app stores and prohibit internet providers across the nation from allowing access to the platform if ByteDance cannot sell to an American company by Jan. 19.
The legislation was put in place amid concerns of China possibly using TikTok to spy on U.S. residents.
In response, TikTok filed an emergency motion for an injunction to stop the ban from taking effect, arguing that it violates the First Amendment and will generate “substantial losses,” per legal documents.
The Supreme Court is slated to hear oral arguments on Jan. 10 over whether or not the law should be upheld.
Meanwhile, several entrepreneurs have launched a bid to purchase TikTok, including Shark Tank’s Kevin O’Leary.
“This isn’t just about buying TikTok’s U.S. assets,” he wrote in a Jan. 6 message on X, formerly Twitter. “It’s about something much bigger: protecting the privacy of 170 million American users.”
O’Leary continued, “It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms. TikTok has immense potential, not just as a tool for creators but as a driver of meaningful economic and social impact.”
However, O’Leary said he’ll likely need an assist from President-elect Donald Trump, who will be sworn into office on Jan. 20.
“Trump will be who we have to work with to close the deal in the months ahead,” he explained during a Jan. 6 appearance on Fox News’ The Story with Martha MacCallum, per The Wrap. “So, I wanted to let him know—as well as others in his cabinet—that we’re doing this, and we’re going to need their help.”
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