- Customs Intercept 102 Bags of Plastic Rice
The Federal Operations Unit, Ikeja, of the Nigeria Customs Service has intercepted 102 bags of plastic rice branded “Beat Tomato Rice’’ with no date of manufacture.
The Customs Area Controller of F.O.U. Comptroller Mohammed Haruna, made the disclosure in an interview with the News Agency of Nigeria on Tuesday in Lagos.
He said that the commodity was stored for distribution as Yuletide gifts for the public.
Haruna said that officers of the unit intercepted the plastic rice along Ikeja area on Monday, adding that a suspect was arrested in connection with the seizure.
“Before now, I thought it was a rumour that the plastic rice is all over the country but with this seizure, I have been totally convinced that such rice exists.
“We have done the preliminary analysis on the plastic rice. After boiling, it was sticky and only God knows what would have happened if people consumed it.
“I advise those economic saboteurs who see Yuletide season as a peak period for nefarious acts to desist from such illegal business.
“The unit has decided other operational modalities that will give them a run for their monies and count their losses,” NAN quoted the controller as saying.
He described smuggling as a global phenomenon, adding that such act could not be curbed entirely but could be brought to its barest minimum.
Haruna appreciated well-meaning Nigerians who provided the service with prompt information that led to the discovery of the bags of plastic rice.
The controller, however, advised the media to educate the public on the existence of plastic rice, adding that it was no longer a rumour.
Haruna assured Nigerians that the distribution point of the particular plastic rice seized by the unit had been blocked with immediate effect.
He said that investigation was still ongoing.
The controller said the unit would hand over the plastic rice to the National Agency for Food and Drug Administration and Control for proper investigation.
Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes
Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.
In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.
Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.
In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.
Portland Paints, Chemical and Allied Products Plc Agreed to Merge
Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.
In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).
Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.
“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.
“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”
Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17
Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.
The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.
It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.
The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.
A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.
In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.
“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.
Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.
“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.
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