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FG Releases N9bn for 550 Low-cost Houses

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  • FG Releases N9bn for 550 Low-cost Houses

The Federal Government has released N9bn for the construction of 550 low-cost houses in Zuba, a suburb of the Federal Capital Territory, in the pilot phase.

According to the Federal Housing Authority, the low-cost houses, which shall be replicated in the all state capitals across the country, will be specifically for low income earners.

The Managing Director/Chief Executive Officer, FHA, Prof Mohammed Al-Amin, disclosed this in Abuja after inspecting the ongoing construction work at the site of the pilot project in Zuba.

He said, “This project started 14 weeks ago. It is a mixture of one, two and three-bedroom houses and flats. A total of 550 houses are to be produced there. In every site is a direct stage of construction and we are expecting to invest N9bn in the project. Already, we have this money in our account.

“Government has given us this money and we are releasing it according to the dictates of the Public Procurement Act. This is not the only place in Abuja that we are building such a project. We have opened Kwali and in the next two weeks, we are going to open another in Lugbe. These are for low-income earners in Abuja.”

He noted that the project was for workers in the informal sector, adding that the Federal Ministry of Finance, in conjunction with the Office of the Vice President, was managing the fund for the project.

Al-Amin stated, “So principally, the Zuba housing project is created to be a pilot project of what is called Buhari Bricks, and this essentially entails having houses for all categories of Nigerians. For low income earners or those in the informal sector, we have what is called the Family Home Fund.

“This fund is being administered by the Office of the Vice President and the Federal Ministry of Finance. In this fund, once you can afford to contribute N30,000 monthly, then you get into the process of owning one of the buildings as far as you meet the stipulated criteria.”

He added, “The second aspect of it is for those who have jobs higher than those in the N30,000 monthly contribution category, and they need houses and keep migrating into our cities across the country. If you go to Aba, Lagos, Kano, Katsina and many other cities, you will see that on the fringes of these cities are many new neighbourhoods that are not well planned and the buildings are not good. The reason is that urban migration is taking place.

“So, the only way to check it is to have the mass housing scheme that targets these migrants and provide them with good accommodation, so as to free these cities. So, if you have good and cheap houses, any migrant that comes into the city will rather go there and stay and start coming into the main city. Instead of him to go and buy a farmland and start building and eventually contributing in defacing the city.”

The Chairman of the Board of Directors, FHA, Lawal Shuaibu, said the 550 housing project was a social intervention scheme of the Federal Government, adding that the agency was also involved in the construction of commercial houses for high income earners.

He stated, “This project in Zuba is a social mass housing project that is to accommodate people who cannot afford what it takes to acquire a house at an exorbitant price. So, what we are putting up here are affordable houses.

“Therefore, when we say social houses, it is the social responsibility of the government to extend its kind gesture to the Nigerian public. For the commercial housing project, here we are looking for people who have money and this can be seen in the kind of materials used for the buildings and their aesthetics.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

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“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

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IOCs Accused of Blocking Direct Crude Sales to Dangote Refinery

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Dangote Refinery

Dangote Industries Limited (DIL) has accused International Oil Companies (IOCs) of obstructing direct crude oil sales to its refinery and forcing the company to use costly middlemen.

This development comes after a statement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) suggested a “willing buyer-willing seller” dynamic was in place as mandated by the Petroleum Industry Act (PIA).

Devakumar Edwin, Vice President of DIL, countered NUPRC CEO Gbenga Komolafe’s claims, stating that IOCs consistently make it difficult for local refiners by pushing sales through international trading arms, which inflate prices and bypass Nigerian laws.

“These middlemen earn unjustified margins on crude produced and consumed within Nigeria,” Edwin stated.

He noted that only one local producer, Sapetro, has sold directly to DIL, while others insist on using trading arms abroad.

Edwin detailed the financial impact, citing instances where DIL was charged a $2-$4 premium per barrel above the official price.

In April, DIL paid $96.23 per barrel for Bonga crude, which included significant premiums, compared to a much lower premium for West Texas Intermediate (WTI) crude.

While acknowledging NUPRC’s support in resolving some supply issues, Edwin urged the regulatory body to revisit pricing policies to ensure fair market practices.

“Market liquidity is essential for fair pricing. We hope NUPRC addresses these issues to prevent price gouging,” he stated.

This dispute highlights ongoing challenges in Nigeria’s oil sector, where domestic refiners struggle to secure local crude amidst complex market dynamics.

The outcome of these negotiations could significantly impact the refinery’s operations and broader industry practices.

The situation underscores the need for transparent and efficient crude supply systems to bolster Nigeria’s refining capacity and economic growth.

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Dangote’s $20 Billion Refinery to Begin Petrol Sales Next Month

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Petrol - Investors King

Aliko Dangote announced on Monday that his long-awaited $20 billion refinery complex will commence petrol sales starting next month.

The announcement came during a press briefing held at the refinery site in Lagos, where Aliko Dangote, Africa’s richest man, detailed the project’s progress and future plans.

“We are proud to announce that the Dangote Refinery will begin selling petrol from August,” Dangote stated confidently.

“This milestone marks the culmination of years of meticulous planning, construction, and overcoming numerous challenges.”

Dangote’s refinery, touted as the largest single-train refinery in the world, is designed to process 650,000 barrels of crude oil per day once fully operational.

The facility aims to not only meet Nigeria’s domestic demand for refined petroleum products but also contribute significantly to export markets across West Africa.

“We have entered the steady-state production phase earlier this year, and now we are ready to begin commercial sales,” Dangote explained. “Initially, we will focus on petrol production, with plans to expand our product range as we ramp up to full capacity.”

The refinery’s launch is expected to alleviate Nigeria’s longstanding dependence on imported refined products, thereby boosting the country’s energy security and reducing foreign exchange outflows associated with fuel imports.

Beyond petrol sales, Dangote revealed ambitious plans to list both the refinery and its associated fertilizer plant on the Nigerian Exchange Group (NGX) by the first quarter of 2025.

This move aims to attract broader investor participation and unlock additional value for shareholders.

“We are committed to transparency and accountability in our operations,” Dangote emphasized. “Listing these subsidiaries on the NGX will not only strengthen our corporate governance framework but also enhance the refinery’s financial sustainability.”

Challenges and Future Prospects

Despite celebrating the imminent commencement of petrol sales, Dangote acknowledged challenges encountered during the project’s execution, including delays in securing land for a petrochemical facility in Ogun State, which incurred substantial costs.

“We faced bureaucratic hurdles that resulted in significant delays and financial losses,” Dangote lamented. “Nevertheless, we remain steadfast in our commitment to advancing Nigeria’s industrial capabilities and contributing to economic growth.”

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