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Friday 20 December 2019
BUSINESS DAY
news
Beta Glass to complete $30m furnace capacity expansion SEGUN ADAMS
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eta Glass plc has reiterated its commitment to completing its $30 million furnace capacity expansion at its Beta Glass subsidiary’s Guinea Plant in Agbara, Ogun State, on schedule in June 2020. Chairman of Beta Glass, Bimbo Ogunbanjo, said this at a meeting with the minister of industry, trade and investment, Adeniyi Adebayo, in Abuja. He said the company had made considerable progress in engineering and construction works on the furnace capacity expan-
sion and was on track to complete the project on schedule. He said the new furnace would increase the plant’s production capacity by 35,000 tons per annum and create additional employment opportunities. The minister commended Beta Glass for the investment in their Agbara Plant, assuring the company of Federal Government’s support for the project. Managing director/CEO of Beta Glass and Frigoglass Industries (Nig.) Limited, Darren Bennet-Voci, said the incremental capacity would help the company meet the growing demand
for its glass bottles and jars in Nigeria as well as boost their exports to neighbouring West African countries. He confirmed the introduction of the Narrow Near Press & Blow (NNPB) technology for the first time in West Africa, enabling Beta Glass to produce lightweight non-returnable glass bottles. The capacity expansion will also include an additional production line, improvements to existing production lines and a new quality inspection facility that would further enhance the plant’s operational efficiencies.
FilmOne announces historic $1m fund to finance improved production quality of Nollywood films OBINNA EMELIKE
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ilmOne Entertainment, an independent distributor of filmed entertainment with emphasis in Nigeria territory, has launched the first-ever international capital fund created mainly for investment in Nigerian films. Core investors in the $1 million fund are Huahua Media and Empire Entertainment (South Africa). While Huahua Media is a Chinese company known for investing in Godzilla: King of the Monsters, Transformers: The Last Knight and Star Trek Beyond, as well as AY’s next movie, 30 Days in China, Empire Entertainment is a leading African distributor representing major Hollywood studios and a host of leading independent studios and producers. Both companies will assist in identifying the films with the most potential for theatrical release and box office success in global markets. On hand to witness sign-
ing of the historic agreement by executives of Huahua and FilmOne are Chu Maoming, consul general, People’s Republic of China; Uju Emagha, zonal coordinator, National Film and Videos Censors Board, representing Adedayo Thomas, the executive director; Kefei Wang, CEO, Huahua Media; Johnny Fu Cong, Huahua Media; Kene Okwuosa, co-founder, FilmOne; Moses Babatope, co-founder, FilmOne, and Chinaza Onuzo, director, FilmOne. Consul General Chu welcomed the new development, saying that, “This is the very first film fund between Chinese and African partners, which is signaling a growing interest in Nollywood by China and the international film community. We welcome this partnership between Chinese and African companies, as they seek to increase the number of premium Nollywood films being made, by providing filmmakers with bigger budgets and technical advice to improve the quality of their films.”
Moses Babatope, managing director, FilmOne, is excited about what the fund means for the Nigerian film industry. “This is the first of many investments being planned by Huahua, Empire Entertainment (South Africa) and FilmOne, to take Nollywood to a higher level of production quality and global appreciation of our content. “Our filmmakers have the talent, but lack access to the capital that would allow them to produce the movies they dream about. This fund aims to change that paradigm by partnering with them, to provide the resources they need to make better films, and create more jobs and opportunities for other creatives”, Babatope said. Babatope also gave credit to the Nigerian government for facilitating seamless visit of Huahua executives, as well as, the support of the National Film and Videos Censors Board. Further announcements will be made regarding the slate of films to be funded.
Special task force on power to reposition sector DIPO OLADEHINDE
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inister of power, Saleh Mamman, Thursday inaugurated Special Task Force Committee on Electric Power Sector to address the country’s power challenges. The task force was inaugurated by the minister at the Ministry’s headquarters in Abuja. Speaking at the event, Mamman said the committee would serve as an advisory team on policies and innovative technologies in the power sector, noting that the Taskforce was part of Federal Government’s plan to accelerate the pace of ongoing reforms and improve power output as well as availability in the short/long term in the sector. “It is in line with this that I have designed the concept of setting up this committee so as to achieve short term service delivery gains while maintaining policy consistency of the Federal Government. Therefore, the Ministerial Taskforce on Power, within its tenure of two years is to help with developing, planning and driving forward, the reform
plan for the Nigerian Power Sector,” he said. Addressing the press shortly after the inauguration, the newly appointed chairman of the committee, Abubakar Sani Sambo, said the Nigeria power sector was moving in the right direction in the electricity supply industry. According to Sambo, “The task force is going to take time to study the sector thoroughly and look at the specific aspects that have not changed over the years. But those aspects are the ones preventing electricity supply in regular manner that all Nigerians require and we would attend to things that have not been changed over the years.” Similarly, vice chairman of the Taskforce, Olabamiji Ogunleye, said the committee would ensure that the electricity sector was stable for Nigerians, saying achieving stable electricity supply would promote rapid industrialisation and sustainable economic development. The taskforce comprises of a team of sector experts and technocrats, assembled by the minister of power, to help design a pathway for tackling the myriad of problems bedevilling the Niwww.businessday.ng
gerian power sector, Ogunleye explained. “It is upon the understanding that the problems of the sector are multi-layered, and transverse a broad spectrum of agencies and departments, and thus, has been perennially bugged down by the bureaucracy and entrenched inter-departmental lock-horns and silo-working. “The setting up of a none bureaucratic expert team has been essential for the professional and prompt service delivery in those sectors, and the lack of such an advisory and Taskforce team had been responsible for the sluggish and uncoordinated progress in the power sector,” he said. Members of the committee are Sunusi Muktar Bichi, Sam Uche Okoro, Goodluck Enimakpokpo, Chidi Adabanya, Musa Usman Yola, Abubakar Atiku Tambuwal. Others are Shehu Inuwa, Tunji Ariyomo, S.S Adamu, Faruk Yusuf, Ivy Joyce Adi-Elekwa, Abba Aliyu, Isa Ado Maidoya, Mahmud Tukurm, Haruna Musa, Vincent Dogo, Abubakar Jika Jiddere, Nurain Hassan Ibrahim, E.O Ajayi, including, Haruna Ladan, DD APD Power as the secretary. https://www.facebook.com/businessdayng
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