Connect with us

Business

UNVEILING JAKUZZI AND ZIDIQ, THE NEW DYNAMIC SINGERS ROCKING THE SCENE

Published

on

img_20161101_133503

 

Oluwaseun Paul Olaniyi a.k.a Jakuzzi is set to hit the music industry hard with his new joint ‘KOBOKO’ which he did with the Fanous Dj Real {Emir Of Alaba} and ‘Jonmo’ meaning “Let Them Know”. The indigenous rapper released the video of his last released singles “Gbabe” last month and the video gained massive air play on major stations like Sound City,HipTv,Trace etc. The new single #KOBOKO is a very prospective song with melodious and danceable rhythm. Jakuzzi has featured in lots of works, including the classical evergreen hit by solid star – (one in a million Remix) Which Got Massive Airplay all over the world. He’s been on a lyrical rampage ever since dealing with some good and sought after Artiste like Dj Real,Dr Frabz, YQ, A1,Boombeat,Cartiar, JJC, Gray Jones, W4, JaySleek, DaGrin, Woye, Yemi Alade, Frank D, Nero, Swag, Poppito and More. He has performed in major events across the country like Soundcity/Nokia Lumia Party 2013, MTV Base Advance Warning Party-July 2013, Hennessy Lagos club tour 2013 , Felabration – 2013/2014/20115, Face of Selara, Abuja, The activation of 1960 Drink 2015, to mention few. Jakuzzi is currently signed to Brooklyn World Entertainment (BWE).
 
Zidiq with full name Salam Sadiq Babatunde was born in the early 90s in Lagos. He had his primary and secondary education in Lagos and later proceeded to Al-Hikmah University where he topped his educational episode with a Bsc in Economics. Zidiq is an RnB and afro pop artist, a song writer and a vocalist. He began his music career by participating in singing talent shows like Project Fame West Africa, Nigerian Idol. He was one of the finalists who qualified for ‘Star the winner is’ that held in South Africa. Prior to the competition he had worked with former kennis music artist Slam on a track titled ‘Oya na’ which was later released in 2013. He did a cover to Jidenna’s ‘classic man’ titled ‘Flexing Man’ and Simi’s ‘Tiff’ titled ‘Go rae’. He got signed to Brooklyn World Entertainment in 2013 and had since been working with top notch producers. He has a different perspective towards afro-pop fused with RnB which bores a total different feel    of music.

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Business

Debts upon debts! Supreme Court rules against Honeywell Flour, as firm struggles with N67.02bn loans

Published

on

Debts upon debts! Supreme Court rules against Honeywell Flour, as firm struggles with N67.02bn loans

Debts upon debts! Supreme Court rules against Honeywell Flour, as firm struggles with N67.02bn loans

 

 

 

 

Ten months after Flour Mills of Nigeria (FMN) acquired a majority stake in Honeywell Flour, the former is on the verge of losing some assets owned by the latter to Ecobank.

 

Debts upon debts! Supreme Court rules against Honeywell Flour, as firm struggles with N67.02bn loans

 

Ripples Nigeria had reported that Flour Mills acquired a 76.75 percent stake in Honeywell through its sister companies, Ecowise Horizon Investment Limited and Creywise Investment Solution Limited in April 2022.

 

However, prior to the acquisition, Ecobank and Honeywell had been at loggerheads over a N5.5 billion debt owed by the food producer since 2013.

 

Both companies had been battling court cases, with Honeywell insisting that it paid N3.5 billion as the final payment for the debt. However, Ecobank said the sum was not the balance of the debt.

 

The Federal High Court and the Appeal Court had backed Honeywell’s position, but, the Supreme Court on Friday, ruled against the two lower courts, stating that Honeywell was still indebted to the creditor.

 

Serving the judgement of the Supreme Court, Justice Emmanuel Agim said, “I affirm the judgment of the Court of Appeal, setting aside the decision of the Federal High Court, granting the reliefs claimed for by the appellants (Honeywell).

 

Ten months after Flour Mills of Nigeria (FMN) acquired a majority stake in Honeywell Flour, the former is on the verge of losing some assets owned by the latter to Ecobank.

 

Ripples Nigeria had reported that Flour Mills acquired a 76.75 per cent stake in Honeywell through its sister companies, Ecowise Horizon Investment Limited and Creywise Investment Solution Limited in April 2022.

 

However, prior to the acquisition, Ecobank and Honeywell had been at loggerheads over a N5.5 billion debt owed by the food producer since 2013.

 

Both companies had been battling court cases, with Honeywell insisting that it paid N3.5 billion as the final payment for the debt. However, Ecobank said the sum was not the balance of the debt.

 

The Federal High Court and the Appeal Court had backed Honeywell’s position, but, the Supreme Court on Friday, ruled against the two lower courts, stating that Honeywell was still indebted to the creditor.

 

Serving the judgement of the Supreme Court, Justice Emmanuel Agim said, “I affirm the judgment of the Court of Appeal, setting aside the decision of the Federal High Court, granting the reliefs claimed for by the appellants (Honeywell).

 

“I hold that the appellants’ claim at the trial court fails and it is hereby dismissed,” adding that, “The appellants shall pay the cost of N1 million to the respondent (Ecobank).”

 

Why this matters

 

The ruling against Honeywell means the company would not be able to recover its assets used as collateral to obtain the loan from Ecobank.

 

Honeywell’s prayer at the High Court was to compel Ecobank “to issue letters of discharge, release collaterals by which the prior indebtedness was secured.”

 

The undisclosed assets which now belong to Flour Mills as a result of the acquisition, will remain with Ecobank and could be cashed in for the loan balance in the event Honeywell fails to repay the loan.

 

Note that Ecobank had warned Flour Mills against going ahead with the acquisition and also cautioned investors in the capital market with interest in Honeywell shares.

 

The creditor had stated in November 2021 that it had filed a lawsuit in the Supreme Court to enable it recover the loan extended to Honeywell by winding the company up, “currently a winding-up action/proceeding pending against the said Honeywell Group Limited.”

 

However, Flour Mills went ahead to acquire Honeywell which was also threatened by the Central Bank of Nigeria (CBN) due to its inability to meet its debt obligation to First Bank of Nigeria (FBN).

 

Debt concerns for Flour Mills

 

A year before the acquisition, the CBN directed First Bank to sell its stake in Honeywell, which was valued at N1.35 billion. The stake was eventually sold to Flour Mills.

 

While the exact debt to First Bank is unknown, about N13.5 billion was stated as loan obtained by Honeywell from FBN. In order to repay the loan following CBN’s threat, Honeywell was forced to issue a corporate bond in March 2021.

 

Meanwhile, excluding the Ecobank loan which has been upheld by the Supreme Court, Ripples Nigeria learnt that Honeywell has a N67.02 billion loan (as of September 30, 2022) to finance at different maturity dates.

 

This means that Flour Mills took on an N67.02 billion debt due to the acquisition of Honeywell, and coupled with the recent Supreme Court decision, the debt burden of Honeywell on Flour Mills continues to eat into its revenue. The loan is 87.6 per cent of the company’s turnover in the same period.

Continue Reading

Business

DANGOTE SPEAKS ON PRESIDENT BUHARI’S VISIT TO LAGOS, REFINNERY COMMISSIONING

Published

on

Dangote, ICIR Train Journalists On Improved Nigerian Economy Reportage

DANGOTE SPEAKS ON PRESIDENT BUHARI’S VISIT TO LAGOS, REFINNERY COMMISSIONING

PRESS STATEMENT

Our attention has been drawn to some misleading reports regarding the commissioning of our Dangote Refinery during the present working visit of President Muhammadu Buhari GCFR to Lagos State.

We want to state categorically that our 650,000 barrels per day (bpd) Refinery project was never part of the President’s programme on projects to be commissioned.

For the record, the projects slated for commissioning in Lagos State by President Muhammadu Buhari GCFR include: Lekki Deep Sea Port; 32-Metric Tonnes Lagos Rice Mill, Imota; 18.75km Eleko to Epe T Junction Express road; John Randle Centre for Yoruba Culture and History, Onikan, Blue Line Rail (Phase 1) commissioning (Marina to Mile 2); Groundbreaking for the Blue Line Rail Phase 2 (Mile 2 to Okokomaiko), and MRS Lubricant, a private project in Apapa.

However, our Refinery will be commissioned before President Muhammadu Buhari GCFR formally leaves office in May, 2023, and the public will be duly informed and invited to the epic event.

Signed:

Anthony Chiejina

Group Chief, Branding & Communications Officer, Dangote Industries Limited

Continue Reading

Business

Dangote commissions Fire Hydrant System in Apapa Port office

Published

on

Dangote commissions Fire Hydrant System in Apapa Port office

Dangote commissions Fire Hydrant System in Apapa Port office

The Group Managing Director, of Dangote Industries Limited, Olakunle Alake, last weekend commissioned the “Terminal ‘E’ Fire Hydrant System” of the Greenview Development Nigeria Limited (GDNL), a subsidiary of Dangote Industries Limited. The event took place in Apapa, Lagos.

Group Managing Director, Dangote Industries Limited, Olakunle Alake (3rd left) cutting the tape; with Ag. Group Chief Health Safety Social and Environment/Sustainability, James Adenuga (1st left); Managing Director, Port Operations, Akin Omole (2nd left), Group Managing Director, Dangote Sugar Refinery Plc, Ravindra Singhvi (2nd right) and Representative of NPA Fire

 

 

 

Dangote commissions Fire Hydrant System in Apapa Port office

Service, Apapa Office, Ahmed Tijani (right), at the commissioning of Terminal ‘E’ Fire Hydrant System of the Greenview Development Nigeria Limited (GDNL), a subsidiary of Dangote Industries Limited, at Nigerian Ports Authority (NPA), Apapa on Friday, January 20, 2023.

Continue Reading

Trending