CottonCandi News

Category: Business

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Oct, 14 2024

Raila Odinga Advocates for Leasing JKIA to Adani Group Amid Infrastructure Concerns

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Raila Odinga has come forward in support of leasing Kenya's Jomo Kenyatta International Airport to the Adani Group, emphasizing the urgent need for infrastructure improvement. With the Adani Group's impressive record in executing large-scale projects, Odinga sees Public Private Partnerships as essential. He stresses the importance of transparency in these contracts. Amidst controversy and critique, Odinga remains firm in his support.
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Sep, 17 2024

Adani Group and Africa50 to Revolutionize Kenya's Power Infrastructure with $1.3 Billion Project

Lourens Botes
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Kenya has awarded a $1.3 billion public-private partnership concession to the Adani Group and Africa50 for the construction of new power transmission lines. This initiative aims to bolster Kenya's power infrastructure and is part of the government's broader efforts to enhance electricity distribution across the country.
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Aug, 7 2024

CBN Sanctions Providus Bank's Acquisition of Unity Bank with N700bn Loan Support

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The Central Bank of Nigeria has sanctioned Providus Bank's acquisition of Unity Bank with an N700 billion loan. The asset split gives 80% to Providus and 20% to Unity Bank. The loan is a 20-year term at the MPR minus 11%, subject to a minimum of 6%, with payments semi-annually and a 5-year moratorium on the principal. The merger aims to stabilize Nigeria's financial system and avert systemic risks.
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Jul, 26 2024

Debunking the Misconception: NNPC's Acquisition of Stake in Dangote Refinery Clarified

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A recent claim alleging that NNPC Ltd borrowed $1.03 billion from the IMF to acquire a stake in the Dangote Refinery has been debunked. This article provides a detailed fact-check and explanation regarding the actual funding sources involved in the acquisition.
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Jul, 22 2024

Dangote Group Withdraws from Nigerian Steel Investment Amid Monopoly Concerns

Lourens Botes
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Aliko Dangote's Dangote Group has decided to abandon its plans to invest in Nigeria's steel industry to stave off monopoly accusations. This move is aimed at preventing dominance claims while encouraging local investment to boost the economy. Dangote had previously announced his intention to promote local steel production, but now he calls on other Nigerians to step in. Nigeria's steel industry has faced numerous setbacks, including the troubled Ajaokuta steel complex.

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