• May & Baker says it will use some of the proceeds from its rights issue to build a plant that will be dedicated to the production of Paracetamol, an analgesic. CEO, Nnamdi Okafor, said the company is targeting a turnover of ₦50 billion by 2023. The company recently floated a ₦2.45 billion rights issue. According to Okafor, ₦500 million from the proceeds of the rights issue will be used for capacity expansion for Paracetamol. He said that the company had some significant agreement from its majority shareholders to embrace the offer, and that the impact of the proceeds of the rights would begin to manifest in 2019, adding that new shares would benefit from the dividends from 2018 earnings.
  • Pirates boarded a container ship off the coast of Nigeria, seizing 11 crew including eight from Poland, the vessel’s management firm and Polish state media reported. The attackers struck the MV Pomerania Sky, bound for Onne, and abducted 11 of the crew, Midocean (IOM) said. The firm added that nine others remained on board and were unharmed. A Nigerian navy spokesman said they had begun an investigation and search and rescue operation as soon as the incident was reported, and would provide an update soon. Midocean declined to say where the kidnapped crew members were from, but Polish state media, citing Foreign Minister Jacek Czaputowicz, said eight of them were from Poland.
  • The FG generated a total amount of ₦1.16 billion from the rail transportation system in the first half of this year. According to a report on the rail sector by the NBS, this amount was generated from two main revenue sources: passengers, from whom a total amount of ₦849.01 million was generated during period; and cargo from which about ₦310.36 million was earned. ₦435.96 million was earned from passengers in Q1, while cargo generated ₦159.08 million in the same period. Further breakdown of the performance of the sector showed that 730,289 passengers travelled through the rail system in Q2 as against 748,345 passengers recorded in Q1. 85,816 tonnes of cargo travelled through the rail system Q2 as against 79,750 tonnes recorded in Q1. The Minister of Transportation, Rotimi Amaechi, recently said that the FG was subsidising railway transportation to the tune of about ₦40 million monthly.
  • Nipco Plc has converted a total of 5,600 vehicles in Nigeria to use Compressed Natural Gas as part of the company’s efforts at providing access and alternative to motorist to power their automobiles. Company MD, Sanjay Teotia, said that the conversion of the 5,600 vehicles were done at the company’s workshops in Benin, Edo State and Ibafo, Ogun State. With the inauguration of the compression station at Ibafo in 2016 with a total capacity of 300.000 SCMD, gas is now being transported in cascades to other areas not linked with pipelines across the country. Till date, Nipco has constructed 73 kilometres of pipelines at the two major stations of Benin and Ibafo. At Ibafo, 35 kilometres were constructed from Ibafo to Sagamu while 38 kilometres had been completed in Benin. The main challenges in the drive to increase CNG use as auto fuel lies mainly in the cost of conversion, access to gas and low awareness, but the company has introduced flexible payment terms for prospective motorists wishing to convert to ease payment. Teotia then pleaded with the government to reduce import duties on the kits to reduce cost.