- 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.”
BUA Cement Announces 24.6 Percent Increase in Profit to N43.4 Billion in H1 2021
BUA Cement Plc, Nigeria’s second-largest cement manufacturing company, on Thursday reported a 22.7 percent increase in revenue in the six months ended June 30, 2021.
Revenue rose from N101.261 billion recorded in the first half (H1) of 2020 to N124.278 billion in the first half of 2021.
The company disclosed in its unaudited financial statements release through the Nigerian Exchange Limited and seen by Investors King.
As expected, the cost of sales inched higher by 19.1 percent from N55.539 billion in H1 2020 to N66.158 billion in H1 2021. While gross profit expanded by 27.1 percent to N58.120 billion in H1, up from N45.723 billion.
The cement manufacturing company grew other income by 52.3 percent from N47.653 billion filed in H1 2020 to N72.6 billion in H1 2021.
Administrative expenses rose to N4.17 billion in the period under review, representing an increase of 57.9 percent when compared to N2.643 billion recorded in H1 2020.
Operating profit increased by 23.8 percent from N40.809 billion in the corresponding period of 2020 to N50.524 billion in the period under review.
Profit before income taxes rose by 26.9 percent to N49.700 billion in H1 2021 from N39.165 billion in H1 2020.
The company paid N6.3 billion in income tax in the first half of 2021.
Therefore, profit after tax stood at N43.396 billion in the first six months of 2021, an increase of 24.6 percent when compared to N34.819 billion achieved in the same period of 2020.
Seplat Energy Appoints Dr. Emma FitzGerald as an Independent Non-Executive Director
Seplat Energy Plc has appointed Dr. Emma FitzGerald as an Independent Non-Executive Director of the Company, the company disclosed on Thursday.
Dr. FitzGerald will replace Lord Mark Malloch-Brown who retired from the Board of the Company on 1st August 2021.
Dr. Emma FitzGerald Profile
Dr. FitzGerald is a seasoned executive in Energy & Water, with hands-on experience in transformation through her many years of working at Shell, ranging from building its lubricants business in China to running its Global Retail network.
From 2007-2010, she was accountable for Shell’s Downstream strategy and played a key role in reshaping Shell’s renewables strategy including the creation of Raizen, a game changing biofuels JV with Cosan. From 2013 to 2018 she ran gas distribution and water & waste networks for National Grid and Severn Trent where she successfully
positioned them as sustainability thought leaders in their Industries.
Most recently Dr. FitzGerald served as CEO of Puma Energy International, a global energy company owned by Trafigura and Sonangol, which is focused on high potential developing markets in Africa, Asia and Central America. In 2020 she set up Puma’s Future Energies division to play a critical role in helping customers and communities find the right energy solutions to support the energy transition. Over the last 10 years she has served on various Boards in executive and non-executive capacities and currently sits on the board of UPM Kymmene, an international paper & biomaterials business focused on innovating for a future beyond fossil fuels.
Commenting on the appointment, Dr. A. B. C. Orjiako, Chairman of SEPLAT Energy said: “The Board of SEPLAT Energy is indeed delighted to have Dr. Emma Fitzgerald on board as she brings vast knowledge in important areas such as the energy sector, renewables and sustainability. SEPLAT Energy has a great future ahead and looks forward to the enormous contribution she will make towards its continuing global success.”
Robinhood IPO Priced at Lower End of Range, Firm Valued at $32B
Stock and crypto-trading app Robinhood has secured a $32 billion valuation via its initial public offering (IPO) and is set to debut on the Nasdaq exchange on Thursday.
According to a press release on Wednesday, Robinhood has priced its offering at $38 per Class A common stock share.
The pricing is at the lower end of the $38-$42 per share price range the company had targeted and had planned on selling 5.5 million shares targeting a $1.89 billion raise.
Net proceeds from the sale will go toward working capital, capital expenditures, funding tax obligations, hiring efforts, customer support services, among others.
Shares will be listed on the Nasdaq Global Select Market on Thursday, according to the release.
Earlier this month, Robinhood began unconventionally offering a portion of its IPO to users via its app — a view some consider to be a risky gamble.
Known for its zero-fee trading structure, the company has continued to endure hits to its image as well as legal and political ramifications stemming from the fallout of the GameStop saga and limitations to users trading crypto.
The company is trying to reshape that image and is reportedly working on a new feature that will help protect users from crypto price volatility while hiring a former Google alumn to improve its overall product design.
“Robinhood intends to use the net proceeds for working capital, capital expenditures, funding its anticipated tax obligations related to the settlement of RSUs, and general corporate purposes including increasing its hiring efforts to expand its employee base, expanding its customer support operations and satisfying its general capital needs,” the firm said in the announcement.
Robinhood filed the public offering prospectus on July 1, noting at the time that 17 percent of its total revenue in Q1 came from crypto trading transaction fees, which represented a big jump from the 4 percent in Q4 2020.
“While we currently support a portfolio of seven cryptocurrencies for trading, for the three months ended March 31, 2021, 34 percent of our cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin, as compared to 4 percent for the three months ended December 31, 2020,” the firm said in the initial filing.
Still, the company’s CEO Vlad Tenev is staring down allegations from the Financial Industry Regulatory Authority over his failure to register Robinhood Financial relating to compliance issues.
Technology4 weeks ago
Opera Becomes the World’s First Alternative Browser Optimized for Chromebooks
Economy4 weeks ago
130 Countries Signs Commitment to Global Tax Rate, Nigeria Abstains
Naira4 weeks ago
Naira Exchange Rates Today, Monday, July 5, 2021
Business3 weeks ago
How to Redeem Gift Cards, Gift Card Rates in Nigeria
Business3 weeks ago
Jeff Bezos Steps Down as Amazon CEO- How Much Power Will He Give Up?
Finance3 weeks ago
African Development Fund Extends $83.6 Million in Grants to Boost Ethiopia-Djibouti Electricity Trade
Government1 week ago
Security Operatives Arrest Sunday Igboho in Cotonou, Benin Republic
Government2 weeks ago
National Intelligence Agency Receives N4.87 Budget to Track Conversations