Connect with us

BUSINESS

BUA Group boss, Abdulsamad Rabiu’s envious war against Aliko Dangote

Published

on

…The truth and lies you need to know

 

The claim by BUA Group that Dangote Group is trying to create a monopoly in the Cement Industry in Nigeria has been punctured by documents filed in a Court of law in a recent suit.

The documents revealed that Dangote’s interest and title in the dispute; Mining Lease is legitimate and was acquired through due process of law.

According to investigations, the battle for the ownership of Mining Lease No. 2541 started long before the Dangote Group came into the picture as far as its acquisition of the said Mining Lease No. 2541 is concerned.

“It is therefore wrong and misleading to suggest as being done by the BUA Group that Dangote Group is out to undermine BUA’s operations. “For those who care to know the truth, the dispute over the Mining Lease dates back to the days of Ukpilla Cement Company Limited which later metamorphosed into Edo Cement Company Limited.

“The Mining Lease No. 2541 was then known as Mining Lease No. 17825 and has always been owned by AICO Ado Ibrahim & Co Limited.

“Even before the advent of BUA, Ukpilla Cement had indeed acknowledged on several occasions AICO’s ownership of the Mining Lease No. 17825, which was granted as far back as in 1974 and when the then Governor of Edo State at the time attempted to carve out the Mining Lease Nos. 18912 and 18913, which fall within the then existing Mining Lease No. 17825 belonging to AICO, the defunct Ministry of Petroleum and Mineral Resources (which gave birth to the present Ministry of Mines and Steel Development) wrote to the Governor as far back as in 1993 directing it not to grant the said mining leases as they overlap with AICO’s then existing Mining Lease No. 17825 (now 2541),” the documents indicated.

The available documents equally showed that the same illegal Mining Leases Nos. 18912 and 18913, which were granted in error, formed the basis of BUA’s claim to ownership of mining lease in the disputed mining site.

Even BUA, in its process in Court, according to the document, acknowledged that these illegal mining leases, which it claim were granted in 1997 were temporary mining leases.

The document further indicated that “Beyond the issue of temporary nature of the BUA’s Mining Leases, they were illegally granted in the first place as they were granted by the Governor of Edo State, who lacked the power to grant Mining Lease even though BUA has documents, which purport to show that the Minister of Mines signed the mining lease.

“Of course, like they often say, one cannot put something on nothing and expect it to stand and the documents being paraded by BUA as emanating from the Ministry has been described to be illegal, null and void by the same Ministry,” it stated.

We learned through the document that prior to the enactment of the Mining Act, 2007, the then Minister for Solid Minerals under Olusegun Obasanjo’s regime, Dr Oby Ezekwesili, sometime in 2006, waded into the dispute and invited the managements of Edo Cement Company Limited and AICO Ado Ibrahim & Company Limited for a meeting.

It stated further that in the course of the meeting, the then Minister again queried the legality of Mining Lease Nos 18912 and 18913 and the power of the Governor of Edo State to grant such mining leases. “At the end of the Meeting, the Minister declared the Edo Cement’s Mining Leases Nos. 18912 and 18913 illegal and declared the mining site open for interested investors.

“Given that AICO’s then existing Mining Lease No. 17825 was yet to be renewed even though application for renewal was pending, AICO in 2007 (under the Mining Act, 2007) applied for the fresh Mining Lease No. 2541 and the Ministry granted it in 2008 without any objection from Edo Cement Company.

“AICO continued its mining operations in the Mining Lease No. 2541 undisturbed until BUA Group acquired Edo Cement Company Limited and resuscitated the dispute again.

“It was the attempt by BUA to encroach on AICO’s mining title in Mining Lease No. 2541 that prompted AICO to write to the Ministry in 2015 complaining of BUA’s encroachment,” the document revealed.

We learned further that the Ministry, after investigation in the same 2015 by the letter dated 21 January 2015, wrote to the Chairman of BUA Group directing BUA to stop mining within the ML. No. 2541.

“It was this same letter from the Ministry that prompted BUA to file a Suit at the Federal High Court Benin in 2016.

“BUA in the said Suit continued to maintain that it has Temporary Mining Leases ML. 18912 and 18913 both dated 24 October 1997, which it claims are located in Obu-Okpella, Etsako East Local Government Area of Edo State and only recently amended their claim to state that the BUA group now has full Mining Leases signed by the then Minster of Solid Minerals Development, Alhaji Mohammed Kaloma Ali even though the said Mining Leases are still predicated on the illegal Mining Nos 18912 and 18913 created by then Governor of Edo State who lacked the power to do so.

“Why BUA waited this long to come up with these questionable Mining Lease documents is a puzzle that is yet to be resolved but one thing is certain – the said Mining Leases have their root in illegality as confirmed by the Ministry of Mines and Steel Development having being granted in error and in respect of existing Mining Lease belonging to AICO then and now Dangote, the document read.

This campaign of calumny and playing to the gallery to wipe up a badly bruised underdog sentiments did not start today against Aliko according to sources, in  2016, in a  4-page advertorial on March 14th, 2016 in Thisday, Business day and Leadership Newspapers, BUA group alleges an act of sabotage against Dangote Group through a crony under the pen name; David Osa-Ighodalo.

When the advertorial hit the newstand, Samad pretended as if he knew nothing about it but it was later revealed that the advert was sponsored and paid for by BUA Group.

What worries most observers is the pretence love of the owner of BUA Group, Samad Rabiu for Aliko Dangote in public, while allegedly harbouring a deadly bile inside.

What  most people close to these two eminently blessed personalities are saying is   that they  that Samad should see the accomplishments of Dangote as the work of providence rather than competing with him. They made it clear to him that most things that happen in life have been ordained by God and that he should have studied the upward movements of Dangote and see how he could also move forward rather than being envious.

They believe that Samad was being petty by his actions and that the time has come for his likes to agree that Dangote deserves whatever God is doing for him now as he has paid his dues over the years,” said a concerned individual.

An observer emphasized that Samad has only displayed the kind of character he is made of, while advising him to channel his energy to more productive ventures that could help his business rather than “seeking the downfall of a man like Dangote, who has become the pride of Africa and even the black race all over the world.”

Dangote Group, he said, has come up with innovative products that have made life easy and better for the people, adding that he is a blessing to the country, Africa and indeed the whole world with “his creative, people-oriented and relevant products that have stood the test of time.”

Samad is a movie buff, who has also done very well for himself and his family, though unlike Aliko who started his business in a very modest way,Samad built on his legendary father’s huge financial strength and now owns two private jets-Golf Stream G 550 worth $44.9 Million as well as $18 Million Legacy Aircraft, owns a Bentley and Aston Martin cars in London.

“He is almost in the same line of business with the richest man in Africa, Alhaji Aliko Dangote.

“He owns Sokoto Cement, Okpela Cement in Edo State, a floating cement ship in water, flour mills in Lagos and Kano, vegetable oil mills in Kano and Lagos and also a sugar refinery.

“He is a concessionaire of a part of the port in Port-Harcourt, Rivers State, biggest vegetable oil manufacturer in West Africa, owns the largest shares in privatized Delta Steel.

“He ought to be grateful to God for all these and stop looking for what is not lost” said a source.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

​Keystone Bank: Emerging whiz-kid on the banking block

Published

on

By: Felix Onajite

Since the financial crisis that enveloped the global market a decade ago, the profitability and reputation of banks has been under tremendous pressure worldwide, Nigeria inclusive. Whilst the banking industry is now regaining its health, the entrant of fintechs and neo-banks in the industry is posing a new threat. This digital disruption is changing the traditional way through which customers obtain financial services, hence putting more pressure on banks’ profitability.

However, a bank in Nigeria, Keystone Bank Ltd, is challenging the status quo by making transformation and profitability appear like a mere walk over as revealed in its achievements within a short time span. From the perspective of the results on ground, it appears to be a great time for Keystone Bank. In just one year of AMCON’s divestment, the bank has changed its narrative from “one of those banks” to a financial institution to be reckoned with and as a result is experiencing an influx of business minded customers.

Keystone Bank’s ambitious and holistic transformations have taken industry watchers by surprise, and the industry itself by storm. Besides the revamping of its branches across the nation and bolstering its workforce, it has invested substantially in technology and developed fully integrated service models that enable its customers enjoy banking services through a wide range of channels.

The bank’s journey to reckoning had been long and winding, which necessitated a takeover by the Asset Management Company of Nigeria (AMCON) in 2011.

However, its acquisition by Sigma Golf – Riverbank consortium seemed to trigger a turnaround as it precipitated a change in the management team to the one that holds the magic wand for the positive outlook it has been experiencing to date

On taking over, the new management team led by its Group Managing Director/CEO Mr. Obeahon Ohiwerei drew up a holistic and integrated approach to business modernization which elevated the bank to deliver a superior customer-centric experience.  The impact of this change reflected positive results in its Q1 report card, which, from all indications, is a restoration of customers’ trust in its system.

The bank for the half-year ended June 30th, 2018 recorded a profit before tax of N5.83bn, compared to a loss of N6.78bn over the same period in 2017. Deposit grew by 51%, from N206bn to N312bn between June 2017 and June 2018

From evolving technologies to changing customer expectations to new regulatory demands – it has never been more important for banks to come up with the right strategies for digital transformation and innovation; the Ohiwerei team nonetheless made this a reality at Keystone Bank. This entailed initiating partnership processes with foremost technology-enabled concerns to drive its digital revolution.

Its partnership with CeLD Innovations Limited to launch a ground-breaking loyalty reward initiative which involves the gifting of ‘CashToken’, is one of such moves. This innovative gift commodity, Cash Token, which was formally launched in Lagos on Thursday April 19, 2018 at a conference tagged “500 Top CEOs Conference – Unleashing – The Age of Hyper Consumer Centricity, is an electronic reward and celebratory gift commodity which costs only N30.

The initiative, according to CeLD, creates a chance for every customer in Nigeria to win life-changing cash rewards every Friday night on the National CashToken draws which is monitored by Alexander Forbes and audited by Deloitte. This initiative is designed to optimize customer loyalty investment for business, celebratory gift value optimization and public emotional equity for government.

The bank has also launched its revamped mobile banking application upgraded with new and exciting user-friendly features for a more convenient banking experience. Customers can now enjoy many benefits & access self-service options, such as, easy account opening, convenient self- booking and liquidation of fixed deposits, an expanded list of bill-payment options and easy activation of standing instructions & recurrent future payments.

Other notable features of the mobile App are, a “Switch Card ON/OFF option” which allows users to disable their cards temporarily if missing & re-enable at the click of a button, the “Hide Balance Feature” safeguards against third-party viewing and the “Meet Your Relationship Manager Option” allows users to call or email their account officers right within the app.

In addition, the Bank was the first in the sector to introduce the Chat-bot feature called OXYGEN which enables banking on Telegram and Facebook. It guides users through a whole range of desired transactions step-by-step.

Another first from the Bank is the Zero Data Banking feature that enable customers transact on their phones without data. Keystone Bank has remained the only Bank with this feature on its Banking App.

And for the first time in its operations, Keystone Bank also introduced a new SMART number for customer support, this eliminates the need for customers to remember multiple numbers while removing the uncertainty as to which of the lines are actively engaged.

These and many other moves leveraging technology and building a culture of innovation is fast repositioning the bank as a new whiz kid on the banking block, which, according to its group managing director, Mr. Obeahon Ohiwerei is a proof of the hard work and resilience of the board, management and staff of the bank.

Today, Keystone Bank’s branches are fast becoming a hub for transactional activities witnessing a huge footfall of customers trooping in to carry out transactions, open bank accounts and experience the innovative trends that the bank has introduced to its business. This overall experience has also been boosted by the enhancement of staff morale which inherently drives the commitment to serve their customers better.

From the look of unfolding events at Keystone Bank, it’s clear to see that, it’s just a matter of time before the bank starts operating in the first tier again.

– Felix Onajite, a financial analyst writes from Lagos, Nigeria.

Continue Reading

BUSINESS

Forex: CBN boosts wholesale market, others with fresh $210m

Published

on

The Central Bank of Nigeria (CBN) has sustained its intervention in the inter-bank foreign exchange market by injecting yet another sum of $210,000,000 into various sums of the market on Tuesday, August 14, 2018.

At Tuesday’s trading, the Bank offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55,000,000 each for Small and Medium Enterprises (SMEs) forex window and the invisibles sector, for customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others.

Confirming the figures in Abuja, the Acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, said the Bank was pleased at the performance of the naira, noting that the currency had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its resolve to ensure liquidity in the forex market and maintain stability. He reiterated that the steps taken by the CBN in forex management had resulted in further reduction in the country’s import bills and accretion to its foreign reserves.

It will be recalled that the CBN last Friday, August 10, 2018, intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $327 million in the agricultural and raw materials and CNY 69 million in the spot and short-tenored forwards.

The naira continued to maintain its strong stand against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Tuesday, August 14, 2018.

Meanwhile, the CBN will on Wednesday, August 15, 2018, sensitize stakeholders in Abuja and the adjoining States on the Bilateral Currency Swap Agreement between the CBN and the People’s Bank of China (PBoC) signed on April 27, 2018.

 

Continue Reading

BUSINESS

Over 5000 entrepreneurs for 4th Tony Elumelu Foundation entrepreneurship forum in Lagos

Published

on

Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its 4thannual TEF Entrepreneurship Forum.

The largest gathering of African entrepreneurs and the broader entrepreneurship ecosystem will unite over 5,000 entrepreneurs, global investors, leaders from the African public and private sectors and developmental organisations at the Federal Palace Hotel, Lagos.  The event is a unique opportunity to generate ideas, forge networks and bring policymakers and the private sector together, in a spirit of robust debate and interaction. The 2018 cohort from the Tony Elumelu Entrepreneurship Programme, as well as mentors and partners, will be present, as the culmination of their intensive twelve-week induction.

In keeping with the Foundation’s track record―most recently with President Macron of France―of bringing politicians face to face with the new generation of young business women and men shaping Africa, the Forum will include an interactive session with President Uhuru Kenyatta of Kenya and President Nana Akufo-Addo of Ghana, moderated by TEF Founder, Tony O. Elumelu.

The Forum will also feature the launch of the TEFConnect, the world’s largest digital platform for African entrepreneurs, dedicated to connecting African entrepreneurs and the entrepreneurship ecosystem.

Founder, Tony O. Elumelu, CON, stated: “In just four years, we have directly impacted 4,460 entrepreneurs, and we are beginning to see the results – job creation, ripple effects, but most importantly a recognition that Africa’s economic well-being is driven by entrepreneurs: female and male, large and small – they are the engine of our continent’s transformation. We will be championing and celebrating them. This year, we are truly achieving scale and impact; we received over 150,000 applications in 2017 alone, up from 20,000 applications in 2015. We are now calling on the current generation of African success stories and others to partner with us to see how we can all further create impact, genuinely transform millions of lives and increase the number of inspiring stories we will be hearing in Lagos”.

TEF CEO, Parminder Vir OBE stated: “The TEF Entrepreneurship Forum is the only event across the continent that brings together the complete African entrepreneurship ecosystem, demonstrating our commitment to capturing the whole continuum – from the entrepreneurs themselves, governments who must provide enabling environments, to capital, advice and perhaps most importantly access and network”.

Inspired by Tony Elumelu’s economic philosophy of Africapitalism and his vision to institutionalise luck and democratise opportunity for a new generation of African entrepreneurs, the Tony Elumelu Foundation has implemented one of the most ambitious entrepreneurship programmes globally.

The Programme is a 10-year, $100 million commitment to identify, train, mentor, and fund 10,000 entrepreneurs. Its goal is to invest in businesses that will generate at least 1,000,000 new jobs and contribute at least $10 billion in new annual revenues across Africa. In its 4th year, TEF Entrepreneurship Programme has empowered 4,460 entrepreneurs with a total investment of USD20million; 4,000 funded directly by the Foundation and 460 have been funded by partners.

Continue Reading
Advertisement

Facebook

Advertisement
Advertisement

Trending