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Uber Technologies Inc said on Wednesday it has received almost $2 billion in funding from Chinese investors, some as part of a recent fundraising round that valued the U.S. firm’s Chinese unit at $7 billion.

Uber’s main global entity received the rest of the money, though the company did not specify how much each unit got. The details were reported by Chinese media on Wednesday and confirmed by an Uber spokeswoman

 Previously unreported Chinese investors include China Minsheng Banking Corp, real estate developer China Vanke Co Ltd and China Broadband Capital.

 Other investors include HNA Group Co Ltd, parent of Hainan Airlines Co Ltd, China Taiping Insurance Holdings Co Ltd, China Life Insurance Co Ltd, Guangzhou Automobile Group Co ltd and CITIC Securities Co Ltd.

Uber’s Chinese unit was valued at $7 billion before taking on investment in its recently-closed Series B funding round, Uber CEO Travis Kalanick told reporters in Beijing on Monday
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Africa’s richest man and president of the Dangote group, Aliko Dangote, has announced plans to build a 1100-kilometer gas pipeline in a bid to increase the nation’s current consumption on natural gas from one billion cubic feet to three billion cubic feet.

The pipeline will go through the sea, 550 km each for two lines. This is about 1100km from Bonny to Dangote Industries Free Zone, Lekki, Lagos, producing about three billion cubic feet of gas. “At the moment, the entire consumption of Nigeria is one billion cubic feet. So, we are going to triple that all at a stretch,” said Aliko Dangote on a tour of the refinery, fertiliser and petrochemical complex being built in Lagos.

Nigeria, the 9th largest gas reserve in the world and the 22nd biggest producer of natural gas, has been unable to meet the demand for power supply in the country. As such, Dangote looks to explore and utilise the country’s untapped reserve of natural gas, enabling effective energy generation in addition to constant power supply.

Africa’s largest economy depends on natural gas for about 80 percent of its electricity generation, but the country suffers from a gas supply shortfall to its power plants. An increase from one billion cubic feet of gas to three billion cubic feet has the potential to improve Nigeria’s power generation. In October 2015, when Abdulazeez Abdullahi, spokesman of the Kaduna Electricity Distribution Company, was quizzed on the improved power supply in his state, he noted that the improvement in electricity power supply had to do with an increase in the supply of gas to the power generation companies.
The case of an epileptic power supply in Nigeria has been traced to vandalisation of various gas pipelines. Therefore there is a need for the government and other invested authorities to maintain adequate security to safeguard the gas pipelines to ensure stable power supply across the nation
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The world’s five richest people lost over $8.7 billion this week in a global stock selloff sparked by weak factory data in China and a flareup in tensions between Saudi Arabia and Iran. Inc. founder Jeff Bezos led decliners on the Bloomberg Billionaires Index in the first trading day of 2016, losing $3.7 billion as the world’s largest online retailer fell 5.8 percent. His net worth is now $56 billion. Spain’s Amancio Ortega dropped $2.5 billion to $70.4 billion as his Inditex SA, the biggest fashion retailer, fell 3.5 percent. Berkshire Hathaway Inc. Chief Executive Officer Warren Buffett, Mexico’s Carlos Slim and Microsoft Corp. co-founder Bill Gates, the richest person on the planet, lost a combined $2.5 billion.
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Tony Elumelu, Chairman, Board of Directors, United Bank for Africa (UBA) Plc, has been named among the “100 most influential Africans of 2015.”

The list published by pan African magazine ‘New African’ presents Africa’s definitive power list and profiles the continent’s top game changers in eight different fields: Politics, Public Office, Arts and Culture, Business, Civil Society, Technology, Media, and Sports.

Elumelu’s role as a game changer making a difference, changing perceptions and shaping our definition of what is possible in this increasingly global and interconnected world is why he made the cut.

Also on the list are President Mohammadu Buhari and former President Goodluck Jonathan. Both President Buhari and Jonathan made the list for the significant role they played in Nigeria’s 2015 elections, which saw the first successful transfer of power from a ruling government to an opposition party in Nigeria. Jonathan’s humility in defeat and Buhari’s magnanimity in victory ensured that Nigeria avoided a post-election crisis.

Other Nigerians recognized include:

Minister of Environment and former UN Special Advisor on Post Development Planning, Amina J Mohammed for her contributions to the shaping of the new 2030 Agenda for Sustainable Development Goals.
AfDB’s new President and former Minister of Agriculture, Akinwumi Adesina, for his contribution in curb corruption of the fertilizer distribution scheme and improvement in agricultural production.

Nigerian Diasporan, UK MP and Labour Party leadership hopeful, Chuka Umunna for the significant positive recognition he has brought Nigerians in the UK.

Arumah Oteh, World Bank Vice-President and Treasurer for her elevation to one of the most significant positions at the World Bank.
According to the Group Publisher, New African, Omar Ben Yedder, the list of “100 Most Influential Africans” celebrates the “men, women and organizations that have shaped our beloved continent, the trail blazers, influencers and the rising stars who are redefining Africa’s future in the various spheres in which they operate.”

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As one of the most well-known sharks on 'Shark Tank,' Mark Cuban didn't get where he is with luck alone. However, just like any other entrepreneur and investor, he had plenty of stumbles along the way.
 Are you willing to take the advice Mark Cuban has to offer? If so, you can streamline the entrepreneurial process and maybe even surpass his success one day. Just imagine how successful Cuban would be had he been able to give his younger self advice. Here are 10 tips he would have given to his younger self that you can repurpose for your own goal setting:

1. On tunnel vision

"Stay focused and believe in yourself and trust your own ability and judgment," says Cuban. There will always come times when you doubt yourself, but they should be few and far between. Having a bit of tunnel vision can be very helpful to entrepreneurs as long as you're looking down the right tunnel.

2. On preparation

"If you're prepared and you know what it takes, it's not a risk. You just have to figure out how to get there. There is always a way to get there." Of course, that doesn't mean there won't be plenty of obstacles. Unfortunately, too many people give up too soon. It's the figuring out how to get there that separates entrepreneurs from wantrepreneurs.

3. On wealth

"Being rich is a good thing. Not just in the obvious sense of benefiting you and your family, but in the broader sense. Profits are not a zero-sum game. The more you make, the more of a financial impact you have." There is no shame in wealth or wanting to be wealthy, but make sure you look beyond the apparent pluses of it.

4. On tech versus business

"There's way too much hype on the technologies and not enough attention on the real businesses behind them." Pay more attention to the businesses and the people, and you'll bypass a lot of the white noise the products make. You need both tech and business for a success story.

5. On work

"Work harder and smarter than most people in the businesses," says Cuban. It sounds obvious, but so many people want to take short cuts. If you do more, you get more. It's actually a pretty simple equation.

6. On improvements

"Continuously look for ways to improve all of your companies, and always be selling. Always." There is no such thing as an entrepreneur who is not also a great salesperson. There is no such thing as a perfect company. Keep moving up and forward.

7. On sweat equity

"Sweat equity is the most valuable equity there is. Know your business and industry better than anyone else in the world. Love what you do, or don't do it." This is the kind of sage advice you'd expect from someone a little "softer" than Cuban. However, if he's pushing passion projects, you know it's a winning strategy.

8. On customer service

"Treat your customers like they own you. Because they do." You won't have a business without customers--period. No matter how much success you enjoy, without customer service you won't reach your top potential.

9. On professional relationships
 "You can accomplish much, much more with direct relationships than by using an intermediary. And that cash you keep in the bank can be the difference between staying alive as a small business or not." This is where those customer service skills come into play again. Networking and relationships are the backbone of an entrepreneur's success.

10. On guaranteed returns

"If you've got $25,000, $50,000, $100,000, you're better off paying off any debt you have because that's a guaranteed return." Debt can destroy a business. Get in the clear before you branch out.

Since hindsight is 20/20, why not rely on the laser-focused perspective of someone who's been there, done that? There is no reason to reinvent the wheel, especially in the realm of entrepreneurship. Let a shark show you the way and you'll avoid a lot of hassles.
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According to the principal partner of Gaca Awards, Mr. Robinson Koyoyo, the Garden City Advancement Awards is aimed at celebrating virtues of excellence. This year, the theme was ' Attaining Industrialization Through Good Governance.'

Amongst the list of recipients was the prestigious and reputable NIGERIA AGIP OIL COMPANY(NAOC) which was honored at the Garden City Advancement Awards & Summit as an Organization Making a Difference in the MULTINATIONAL COMPANY OF THE YEAR award category was presented to Paolo Carnevale GMD NAOC JV . This award is in recognition of NAOC tremendous contributions in the promotion of Local Content, Community Development Project, Value Chain and Local Communities Relations with the aim of supporting SMEs/entrepreneurship. The award was also given for their involvement in socio-economic activities , the high level of professionalism and excellent leadership role demonstrated over the years in the oil and gas industry having over 90% of her staff strength as Nigerian Industries with great percentage (90%) of indigenous contractors is worthy of emulation.

The event which took place at the Hotel Presidential, Port Harcourt on the 31st Oct 2015 was highly successful and was hosted by Mr Benson Uwheru a corporate governance expert. In attendance was CP Musa Kimo Commissioner of Police, Rivers State who spoke on Peace and Security: A Panacea to Economic Development. Also in attendance was Mrs Titi Horsfall an Oil & Gas Expert and Novelist, who delivered a mind blowing keynote speech on mentoring the Youth for Strategic Leadership: Issues and the way forward.

Other award recipients at the ceremony included Sir Mike Elechi ,Dr (Mrs) Ngeri Benebo , Bro Felix Obuah, Mrs Titi Horsfall, Mr Elvis Donkemezuo, Sir Wilcox Abereton, EPEANAL Group, El-Totuama International Services LTD, Jephthah Comprehensive Sec. Sch. Ph, VIP Express Tourism LTD,AIT Port Harcourt, VIEW POINT-Rhythm 93.7 Ph and Family Love FM Ph, Cosmo Lounge, Community Initiative For amongst others. HERITAGE-PLUS official organizer of the event sincerely appreciate Amano Image, EZ Comm Resources LTD, Orange Magazine & MTN for their support to make the event a reality.

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Nigerian newspapers have reported a N1billion fine slammed on Guinness Nigeria Plc by Nigeria’s regulatory agency, the National Agency for Food and Drug Administration and Control (NAFDAC).

Guinness was accused of re-validating expired raw materials without approval.

NAFDAC also accused the company, which has been operating in Nigeria since 1962, of maintaining poor documentation and not complying with some of its regulations.

According to Punch newspaper, the local unit of Diageo has a  two-week deadline to pay the fine.

But the the report said Guinness has  denied the accusation and opened  talks with NAFDAC over the sanction,

“As a responsible corporate organisation, we take these allegations which relate primarily to raw materials stored in one of our raw materials stores very seriously,” Peter Ndegwa, managing director of Guinness Nigeria PLC, said in a statement issued on Thursday.

“We are engaging NAFDAC for clarifications and resolution of the issues. “The high quality of products from Guinness Nigeria’s breweries,” he said, “has been attested to repeatedly not only by NAFDAC but also by the Standards Organization of Nigeria, as well as the internal quality controls of the Diageo Group.
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According to Dangote Oil Refinery Company Limited who has its plant that produces 600,000 barrels of crude oil per day (bpd) situated at the Lekki Free Trade Zone, Lagos, has said the refinery would soon be the world’s largest. This was announced by Mr. Madhav Kelkar, the company’s Senior General Manager, Civil and Structural while on a facility tour of the plant recently.

The Dangote refinery sits on a 2,600 hectares of land and the plant will produce, slurry as raw material for carbon black, gasoline, diesel, aviation fuel and kerosene for households.

Mr. Madhav Kelkar said, “Most companies build refineries in phases and porches and on different locations across the globe. But for the Dangote Refinery, everything is situated on one site. Most of the refineries you see around are 20 to 30 years old, but for the first time, we will be seeing the first of such in the world and in Africa.

“This has never been done anywhere in the world before. Dredging from the high sea with a very high level of precision while bringing in state-of-the-art equipment alongside top-notch expertise from everywhere across the world.”

He further said that the vision of the Chairman of the Dangote group, Aliko Dangote was not only to supply the local market alone but also to have a nation that will be self-sufficient in the production of petroleum products.

“We have in place state-of-the-art technology and equipment to ensure the value chain, which consists of crude reception facility to the processing facility are adequately integrated,” he said.

The company’s General Manager, Dangote Fertilizer, Jaiswal Anurag, said that the plant is has reached 90% of engineering work and 80% of the the equipments needed to complete the site have arrived Nigeria.

He also said that, “We will complete dredging, loading and offloading facilities this month (October). The dredging will link the facility from the lagoon to the sea. We are moving at a very high speed because we commenced work in July 2014 and this October, we shall be completing all the work,”
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The long-overdue 2014 FY results of one of Nigeria’s oil and gas giant, Oando Plc has been posted. It was posted alongside its Q1 2015 results, racking up record after-tax losses of N183.9 billion in FYE 2014, creating a wild hysteria on Twitter and Facebook.

The results announced by Oando at the NSE showed that mounting losses continued into 2015, with a N20.9 billion after tax loss in Q1.

According to THEWILL, Nairametrics reported that Oando’s FY 2014 total revenue fell by 5% to N424 billion from N449.8 billion, while Q1 2015 revenue increased by 83% to N33 billion, up from N18 billion in Q1 last year 2014.

Foremost financial analyst, Proshare said it had lost confidence in the financials released by the Oando, adding that it would no longer cover the company.
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Dangote Industries Limited, one of Africa’s largest business conglomerates is deepening its relationship with CNN International by renewing on-air and digital sponsorship of the prestigious ‘Facetime’ segment within ‘CNN Marketplace Africa’.

 â€˜CNN Marketplace Africa’ is a weekly show on CNN International, which offers a unique window into African business. The new edition of the show is hosted by British-Nigerian CNN anchor Zain Asher, who breaks down the economic trends affecting Africa, interviewing business leaders making and shaping the continent.

 The ‘Facetime’ element within the programme is a high-profile segment in which a major player from the global business community is interviewed about Africa business matters. On-air content is complemented by distinctive online editorial at a ‘CNN Marketplace Africa’ microsite, where popular and innovative content is shared across a range of social channels.

 Since taking over as full-time host in May 2015, Zain Asher has interviewed esteemed ‘Facetime’ guests including:Patrice Motsepe, founder and Executive Chairman, African Rainbow Minerals; Russell Stokes, CEO, GE Transportation; Kofi Anan, former UN Secretary General; Taleb Rifai, Secretary General, UNWTO and Maria Ramos, CEO, Barclays Africa.
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