Connect with us

Business

Dangote, BUA in War of Words Over Mining Site

Published

on

BUA Sugar
  • Dangote, BUA in War of Words Over Mining Site

The war of words between the Dangote Group and BUA Group continued on Sunday with the former accusing the latter of illegally mining limestone deposited in its Mining Lease No. 2541, located in the boundary town of Oguda/Ubo in Okene, Kogi State.

However, BUA denied the claim and accused Dangote of attempting to disregard the judicial process and scheming a viable competitor out of business.

The Executive Director, Dangote Group, Mr. Devakumar Edwin, said in a statement, “The Dangote Group validly acquired its interest and mining title in the disputed Mining Lease No. 2541 from AICO Ado Ibrahim & Company Limited sometime in 2014. AICO itself had applied to the Mining Cadastre Office and Ministry of Mines and Steel Development for the said Mining Lease No. 2541 located in a boundary town of Oguda/Ubo in Okene Kogi State in 2007.

“The ministry, in exercise of its power under the Nigerian Minerals and Mining Act, 2007, granted and issued to AICO Mining Lease No. 2541 for the renewable period of 25 years effective from 1st of February, 2008 and to expire on 31st of January, 2033. Thus AICO by virtue of the said grant, became vested with the legal title over Mining Lease No. 2541. In 2014, the Dangote Group approached AICO and indicated interest in acquiring AICO’s stake in the lease.

“In 2014, AICO in exercise of its right under the mining Act, applied to the ministry for the transfer of its title in the ML No. 2541 to the Dangote Group. AICO and Dangote Group equally paid all the transfer and statutory fees demanded by the ministry.

“By a letter dated February 5, 2016, the ministry wrote to the Managing Director of the Dangote Group to convey the approval of the ministry for the transfer/assignment of ML No. 2541 from AICO to Dangote Group with effect from February 3, 2016. Following the successful transfer of Mining Lease No. 2541 to the Dangote Group, the Group became the holder of the Mining Lease No. 2541.”

However, BUA insisted that its mining sites were in Obu, Okpella, Edo State and not Kogi State.

The Group Head, Corporate Communications, BUA International Limited, Otega Ogra, said in a statement, “This latest statement by the Dangote Group stinks of desperation in its continued attempt to disregard the judicial process and scheme a viable competitor out of business. We thus wish to reiterate once again that whilst we do not want to take issue with anyone on this matter as it is currently before a court of competent jurisdiction, we are, however, compelled to use the opportunity presented by Devakumar Edwin’s reckless statements to clarify the cycle of misinformation being proliferated.

“In specific response to Devakumar Edwin of Dangote Group’s claim of BUA operating on ML2541 in Okene, Kogi State, we wish to restate that BUA does not have any operations whatsoever in Okene, Kogi State where the purported ML2541 is situated. Our mining operations are limited to Obu-Okpella, Edo State for which licences ML18912 and 18913 were issued and revalidated by the same ministry in a publication.

“These licences have been owned, operated and fulfilled by BUA and its predecessors-in-title since 1976 as it is also a notorious fact that we have exercised total control and possession over the mining area covered by the above mining leases since 1976 when we operated under the name of Bendel Cement Company Limited.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Company News

SEC Gives Dangote Cement Waiver to File AFS Within 60 Days of Year-End

Published

on

Dangote Cement - Investors King

Dangote Cement Plc has received approval from the Securities and Exchange Commission (SEC) not to file its fourth-quarter unaudited returns within thirty days of its period end.

The company disclosed in a statement signed by Edward Imoedemhe, Deputy Company Secretary.

However, the company must file its annual audited financial statements within sixty days of its year-end.

Dangote Cement, therefore, announced that it will file its Audited Financial Statements for the period ended December 31, 2021, on or before February 28, 2022.

The statement reads “Dangote Cement Plc (“DCP”) hereby announces that further to its request for a waiver, the Securities and Exchange Commission has granted approval for DCP not to file its Fourth Quarter Unaudited Returns within thirty days of its period end, but to file its Annual Audited Financial Statements within sixty days of its year end.

“In view of this, DCP will file its Audited Financial Statements for the year ended December 31 2021, on or before February 28 2022.”

Continue Reading

Company News

Ardova Plc Commends Stanbic IBTC’s Support for LPG Storage Project

Published

on

Olumide Adeosun Ardova - Investors King

AP LPG terminal, a fully owned subsidiary of Ardova PLC, on Wednesday, 19 January 2022, performed the groundbreaking ceremony for the construction of a 20,000 metric tonne Liquified Petroleum Gas (LPG) storage terminal at the project site in Ijora, Lagos. The ceremony signified the official commencement of construction activities which is expected to be completed in December 2022.

Upon completion, the project will be the largest LPG storage facility in the nation and will ease some of the existing bottlenecks in the value chain for the supply of cleaner and more efficient energy for domestic use (cooking gas) in Nigeria, amongst other strategic benefits.

Olumide Adeosun, Group Chief Executive Officer, Ardova PLC, expressed his appreciation to Stanbic IBTC Infrastructure Fund for its commitment to the project and noted that the importance of having formidable partners for project development, planning, execution, and investment support cannot be overemphasised.

“We are pleased to have the support of the Stanbic IBTC Infrastructure Fund for its pioneering role in a transformational project within the LPG value chain, which will undoubtedly accelerate the various energy transition initiatives currently underway at Ardova PLC. This support has helped us commence construction of this 20,000 metric tonne LPG storage terminal, which is expected to bring efficiency and reliability of LPG supply to Nigerian consumers as well as create long term value for our shareholders; and for this, we are thankful”.

He noted further that “Beyond the cleaner energy premise, approximately 600 direct jobs will be created during the construction of the project and there is a multiplier effect of about additional 1,400 indirect jobs that will be created during the construction period after which it settles to about 250-300 jobs once the project becomes operational.

Oladele Sotubo, Chief Executive, Stanbic IBTC Asset Management, noted in his remark that “Across the globe, cleaner energy investments have continued to be the focus. Given the environmental sustainability benefits of this project, Stanbic IBTC Infrastructure Fund’s investment philosophy is properly aligned, hence the support for the 20,000 metric tonne Liquified Petroleum Gas (LPG) storage facility terminal”.

A portion of the first Tranche of the N100 billion Stanbic IBTC Infrastructure Fund, which closed in August 2021, was used to part finance the LPG storage terminal.

Sotubo went on to express his gratitude to Ardova for partnering with Stanbic IBTC Infrastructure Fund and used the opportunity to also commend all the Tranche 1 investors, including institutional investors such as Trustfund Pensions, Veritas Glanvills Pensions, NPF Pensions, Fidelity Pensions, Crusader Sterling Pensions, Agip CPFA, Progress Trust CPFA, AIICO Insurance, and other High Networth Individuals (HNIs), for the confidence reposed in the fund. He pointed out the impact their investment is making in terms of solving some of Nigeria’s infrastructure bottlenecks, creating jobs while earning returns. “As an organisation, we remain committed to bridging Nigeria’s infrastructure deficit through the provision of investment capital needed to develop projects”, he added”.

The Stanbic IBTC Asset Management Chief Executive highlighted that the Stanbic IBTC Infrastructure Fund remains dedicated to meeting the investment needs of its clients, providing them with the right investment vehicles, opportunities and professional investment services needed to achieve their financial objectives. He urged institutional investors such as pension fund administrators, insurance companies and asset managers to explore the unique opportunities of the Stanbic IBTC Infrastructure Fund in meeting their long-term financial goals.

Stanbic IBTC Infrastructure Fund remains committed to funding infrastructure projects with competitive return profiles, sustainable environmental practices, and the potential to positively impact the economy.

Continue Reading

Business

CBN Plans to Start E-invoice For Import, Export Operations Feb 1

Published

on

e-invoice

The Central Bank of Nigeria has stated that it will begin the use of electronic invoices for import and export transactions in the country from February 1, 2022.

It noted that the electronic invoice will be submitted through the portal – Trade Monitoring System, a Nigeria single-window portal.

This was made known in a circular, on Friday signed by the CBN Director, Trade and Exchange Department, O. S. Nnaji, sent to all authorised dealers as well as made available on its official website for the general public.

With the title– ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria,’ the circular stated that all import and export operations will now be done with an electronic invoice.

It noted that the e-invoice must be authenticated by an authorised dealer bank as part of the seller’s documentation for payment.

The CBN pointed out that the use of a hard copy final invoice will not be accepted from February 1 as it is now to be replaced with the electronic invoice.

Explaining the reason for the new regulation, it said the use of e-invoices is aimed at getting the exact value of import and export transactions in the country.

“This is to inform dealers and the general public that the introduction of e-valuator and e-invoice replaced the hard copy final invoice as part of the documentation required for all import and export transactions.

“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria. 

“No importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by authorised dealer banks presented together with the relevant document for payments,” the circular read.

It also stated as part of the electronic invoice principles that products that are more than 2.5 percent around the vertical price would not be accepted nor allowed successful completion of Form M or Form NXP as the case may be.

Every importer or exporter of goods must ensure that the purchase/sale contract with a foreign supplier/buyer is in compliance with the guidelines of the new regulation.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending