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Stanbic IBTC Asset Management (“the company”), a subsidiary of Stanbic IBTC Holdings PLC recently announced its final 2021 distribution of NGN2.00 per unit to unitholders invested in Tranche I of the Stanbic IBTC Infrastructure Fund (“the Infrastructure Fund”). The distribution, which was made in January 2022, is in addition to the interim distribution of N1.24 made in November 2021.

 

The Infrastructure Fund, designed to bridge the gap between the funding needs of promoters of viable infrastructure projects and long-term institutional investors, has distributed a total of NGN3.24 per unit to investors since completing regulatory approvals for its Tranche I launch on 30 September 2021.

 

The Infrastructure Fund focuses on delivering long-term sustainable returns to investors by unlocking investment opportunities across key infrastructure sectors in transportation, power and energy, telecommunications, healthcare, water treatment and waste management. The Infrastructure Fund specifically targets projects with positive social and economic impact whilst delivering sustainable and competitive returns to its investors.

 

“We are pleased to be playing a role in investing in projects that reduce our country’s existing infrastructure deficit while making positive contributions to the Nigerian macroeconomic landscape. We were able to make our first set of distributions to unitholders via investing in critical projects like gas storage infrastructure, which will increase the penetration of cleaner energy for domestic use,” Dolu Olugbenjo, Chief Investment Officer, Stanbic IBTC Infrastructure Fund, said.

 

“We urge institutional investors to take advantage of the Stanbic IBTC Infrastructure Fund by forming long-term partnerships with us to collectively support investments that bridge the infrastructure gap in our nation,” he added.

 

Stanbic IBTC Asset Management is set to launch the second tranche of its N100 billion Infrastructure Fund to enable more qualified investors to take advantage of this opportunity after securing all the necessary regulatory approvals.

 

The financial institution assures investors that the Infrastructure Fund will continue to make investments that have positive multiplier effects, particularly in the areas of social and environmental benefits.

 

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Business

NDLEA Recovers N8bn Tramadol In Lagos

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The National Drug Law Enforcement Agency has busted a mansion in the Lekki area of Lagos State where Tramadol was stored.

 

NDLEA Spokesman, Femi Babafemi, in a statement on Monday, said the pills recovered from the mansion were no less than 13,451,466 and worth N8.8bn in street value.

 

He said the mansion belonged to a billionaire drug baron, *Ugochukwu* *Nsofor* *Chukwukadibia* , who was now in custody.

The statement read in part, “The arrest of Ugochukwu, who is the Chairman of Autonation Motors Ltd, is coming barely two months after NDLEA uncovered at least 258.7kg of crystal methamphetamine in a clandestine laboratory in the residence of another drug kingpin in the estate, Chris Emeka Nzewi, who was arrested alongside a chemist, Sunday Ukah, who cooked the illicit drug for him, on September 30.

 

Following credible intelligence, NDLEA operatives on Friday 30th September stormed the Plot A45 Road 2 home of the 52-year-old billionaire drug kingpin. A search of the expansive mansion led to the discovery of 443 cartons of Tramadol Hydrochloride 225mg, which contains 13, 451, 466 pills of the drug while some cartons were already burnt in a fire incident in the house same day

“Before his arrest, Ugochukwu who hails from Ihiala local government area of Anambra state has been on the Agency’s watchlist as one of those behind the Tramadol drug cartel in Nigeria.

 

“Preliminary investigation shows that he has about six mansions within the VGC, one of which he uses to warehouse the Tramadol consignment, while he lives in the one at Plot Z-130 Road 67 and another as his office.

 

“Five exotic vehicles have also been located in two of his mansions, out of which two SUVs including a bullet proof jeep have been successfully removed to the Agency’s facility.

 

“Reacting to the latest drug haul, Chairman/Chief Executive of NDLEA, Brig. Gen. Mohamed Buba Marwa (retd.) commended the officers and men involved in the operation for their diligence while also appreciating Nigerians for supporting the Agency in its arduous task of ridding the country of the menace of drug abuse and illicit drug trafficking.

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Business

Dangote Cement Allegedly ForgedTax Receipt To Deceive Kogi Getovernment 

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The Kogi State Government through its agency Internal Revenue Service (KGIRS) has accused Dangote Cement Plc Obajana of forging its tax receipt.

 

The acting Chairman of KGIRS, Salisu Enehe, disclosed this during the ongoing investigative hearing by the State House of Assembly ad hoc Committee on revenue at the Assembly Complex in Lokoja.

 

Enehe was responding to the claim by the committee that the company had paid over 14 billion tax to the Agency between 2016 till date.

 

According to the state revenue boss, most of the figures the company claimed to have paid are totally incorrect, urging the company to check its record.

 

He said despite the billions of naira that company is making from the state monthly, it has failed to pay taxes that are due the state and Lokoja Local Government Area.

 

Enehe said instead of doing the needful, the Dangote company approached the court to stale payment of taxes that are legally passed by the state assembly and assented to by the governor.

 

He noted that the lack of tax payment has slowed down the development of the state.

 

Also speaking, the Commissioner of Commerce and Industry, Gabriel Olofu, said Dangote company has refused to pay for business premises in the last two years.

 

Olusegun Ogunbanjo, the Head of Accounts of the Company told the committee that the company had paid N14billion tax from 2016 till date.

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