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Abdulsh
Dangote Cement
~3.0 mins read
BUSINESS
Dangote Cement Fetes 43 Winners In Lokoja, 4 Others
SEPTEMBER 14, 2020 AT 4:08:57 AM
Screams and shouts of excitement rented the air in the cities of Lokoja, Kano, Abuja, Akure and Lagos as 43 winners in the Dangote Cement spell and win promo took to the dance floor having received instant credit alerts of N1 million on their phones.
At the prize-giving ceremonies held in the five cities, winners who sat passively while listening to speeches and remarks from the company’s officials became lively and started dancing to the popular song, ‘I don get alert, God win’ as soon as they got evidence of the cash prize of N1m in their accounts.
A visibly elated Elemide Babatunde Titus, one of the winners, said that Dangote Cement has kept its word of giving N1m to the star prize winners as all of them received credit alerts at the venue.
Titus also charged the public to continue to buy and use Dangote Cement, promising that users of the company’s products will smile in the long run.
A school teacher, Ajayi Oluwatoyin Risikat, who also won N1m described the cash prize as God sent. She disclosed that following the lockdown, she has been at home without salary but decided to take up a job as a store keeper at a construction site. In the process, she was able to gather the scratch cards and spelt Dangote, earning N1m.
Alhaji Jibrin at the Lokoja Centre, said he would reinvest the money and grow his business.
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Abdulsh
Nigerian Railway
~4.0 mins read
BUSINESS
N190bn Debt: Abuja-Kaduna Train Service And Burden Of China Loan
SEPTEMBER 14, 2020 AT 4:18:00 AM
The Abuja – Kaduna train project is one of the foremost projects executed with the loans from China, and there are doubts on how this project can generate enough to finance its repayment process, four years after the route was commissioned.
In 2010, the Federal Government borrowed $500 million (about N190.5 billion) from the Chinese Government through the China Exim Bank to build the facility.
A Chinese firm, the CCECC built the facility as part of the loan terms. The loan which is to be paid over a period of 20 years had a seven years grace period and a 2.5 per cent annual interest rate, data from the Debt Management Office (DMO), revealed.
However, there are doubts that the train service which has been active for a few years already could generate much revenue that would really repay the entire loan and the interest accruing.
Recently, the House of Representatives launched an investigation into the terms of the various loan agreements between the People’s Republic of China and the Federal Republic of Nigeria, which also threw up this project’s viability discussion.
Critical among the issues are Nigeria’s capability to repay the loan and the economic viability of the projects the loans are being invested in.
The economic viability also speaks to the economic impact of those projects, directly and indirectly. However, Daily Trust learnt that the repayment period for the project has already commenced and the Federal Government, through the Minister of Transportation, Mr. Rotimi Amaechi, said $96m has already been paid to the Chinese government.
DMO document shows $96.15m (N36.634bn) has been paid and $403.85m (N153.867bn) is still outstanding.
Regardless of whether the project can raise enough funds to repay the debt; the Federal Government will repay the debt with resources from other sources, especially from crude oil revenue, which is already happening, it was learnt.
Mr. Amaechi who spoke recently, said the project will also contribute some money to its repayment.
“We have already opened an escrow account to pay in the money. The minister of finance sent me the account details for the Nigerian Railway Corporation (NRC) to start paying in the money.
“So if we are making N120 million and we are running with N90m we can start paying 20-30 million naira monthly and before we know it, we can raise $1 million that we can send to the minister of finance to pay as our contribution.â€
On July 26, 2016, President Muhammadu Buhari commissioned the Abuja-Kaduna rail line for commercial use. Four years later, the service has carried over four million passengers. The Abuja-Kaduna rail line is also gaining traction in terms of revenue generation.
The service now generates sufficient funds to run without government monthly subvention, records also showed.
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