Business
“I’m resting … ” Dangote replies Otedola’s Invitation to Invest in Eko Atlantic City”
“Maybe soon, not now I’m resting right now. Having delivered the refinery, I need some rest, but I’ll come; I’ll be here very soon. “
“I’m resting after delivering the $20 billion Dangote Petroleum Refinery.”
Alhaji Aliko Dangote stated the above words today in response to Mr Femi Otedola’s invitation to come and invest in Eko Atlantic City.
Speaking during the groundbreaking ceremony of the 43-storey building new First Bank Head Office at Eko Atlantic City in Lagos, Dangote said that he’s now resting after delivering the project.
“Maybe soon, not now I’m resting right now. Having delivered the refinery, I need some rest, but I’ll come; I’ll be here very soon. “
So I want to congratulate you (Otedola) and the entire board and management of First Bank for taking this bold move of building a massive edifice in the new City of Lagos,” he said.
He said that the Eko Atlantic has become the new City of Lagos and with FirstBank joining the list of corporate entities in the emerging industrial city, more banks would come in.
The groundbreaking is attended by Vice-President Kashim Shettima, Governors of Lagos, Ogun, and Ondo – Babajide Sanwo-Olu, Dapo Abiodun, and Lucky Aiyedatiwa, respectively.
Others are Deputy Governor of Lagos State, Dr. Femi Hamza; former Senate President, Dr. Bukola Saraki; former Governor of Delta State, James Ibori, among others.
Other billionaires and CEOs in attendance included the CEO of Pacific Holdings, Dr. Deji Adeleke; CEO of Sapetro, Senator Daisy Danjuma; Ambassador Gilbert Chagoury; Alhaji Mustapha Indimi, among others.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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