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



…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.


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Decade old story wins GTBank’s Dusty Manuscript Contest



The MD/CEO Guaranty Trust Bank Plc, Mr. Segun Agbaje with Winner of the contest, Kukogho Iruesiri Samson


A manuscript written almost ten years ago has been selected as the winner of the Dusty Manuscript Contest; a Prize organized for budding Nigerian writers. Written by Kukogho Iruesiri Samson, the winning manuscript, titled Devil’s Pawn clinched the top prize ahead of The Orchid Protocol by Onoche Emeka Onyekwena and The Other Side of Truth by Nneoma Anieto, which came first and second runner-up respectively.

Organized in partnership with Kachifo Ltd. and Okadabooks, the Dusty Manuscript Contest is the latest in a long line of GTBank’s YouREAD initiatives aimed at fostering the culture of reading and creating a platform for the appreciation of Africa’s literary excellence. As part of the contest, Nigerians were invited to submit their unpublished stories and stand a chance to get publishing deals for their works. The contest received over 1,000 entries and had a panel of four judges made up of authors Eghosa Imasuen, Yejide Kilanko and Toni Kan and Assistant Professor of English, Dr Ainehi Edoro-Glines.

As part of the prizes in the Dusty Manuscript Contest, the authors of the top 3 manuscripts received 1,000,000, N500,000 and N250,000 respectively, as well as publishing contracts with Kachifo Ltd. The authors of the 10 manuscripts also received e-publishing contracts with OkadaBooks, while the authors of the top 20 manuscripts were hosted to a two-day intensive writers boot-camp to sharpen their literary and business skills.

Speaking about the winning entry, the lead judge, Dr Ainehi Edoro, said; “Devil’s Pawn was a unanimous choice. Told in a fast paced narrative style that keeps you glued to the pages, the story is a gift that keeps giving’’. “The Orchid Protocol is an intriguing detective story, call it CSI Lagos and you won’t be too far off the mark,” said Eghosa Imasuen, one of the judges. “The Other Side of Truth presents a woman’s life, without judgement. In making the case for the novel a single word comes to me: Empathy,” added another judge, Toni Kan.

Commenting on the Dusty Manuscript Contest, Mr Segun Agbaje, the Managing Director of Guaranty Trust Bank plc, said; “At GTBank we see Art as not just a medium for creative expression but also as a means of livelihood, and by organizing the Dusty Manuscript Contest we are helping budding writers share their stories with the world whilst providing them with a platform to build successful writing careers.”

GTBank is regarded by industry watchers as one of the best run African financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation. The Bank’s footprints in Corporate Social Responsibility are guided strategically by its decision to operate on four major pillars: Education, Community Development, Arts and the Environment, which it believes are essential building blocks for the society and prerequisites for economic growth and societal development.

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CBN boosts Forex market with $210 million



The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange market.
In its desire to meet customers’ needs in the various segments of the market, the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got boosted with the sum of $55 million.
According to figures obtained from the Bank on Wednesday, 20th June, 2018, customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.
It will be recalled that the Bank last Thursday, June 14, 2018 intervened to the tune of $343.06 million to cater for requests in the retail segment of the forex market.
Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Wednesday, June 20, 2018.
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FirstBank celebrates CSR Week across 8 countries, over 800 business communities



First Bank of Nigeria Limited is commemorating the second edition of its Corporate Responsibility and Sustainability (CR&S) Week scheduled for June 19 – 23, 2018.  The event themed ‘Touching Lives; You First’ would offer FirstBank employees the opportunity to give their time and resources in the service of humanity. The week-long event which is being commemorated across its business communities in Nigeria, United Kingdom, Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal is a reflection of the Bank’s brand promise to always put stakeholder needs first, while it reinforces the Bank’s role in driving sustainable development in the communities where it operates.

The CR&S Week would witness the culmination and consolidation of the Bank’s interventions in social responsibility, promoting random acts of kinds across 800 communities to reignite acts of kindness in our society. The events are tailored towards re-orientating the society along the right values; encouraging the citizenry to intentionally create positive impact in their immediate environment.

Major Highlights of the 2018 commemoration include:

Promoting Acts of Random Kindness in over 800 Business Communities– This initiative launched in 2017 as Staff Promoting Acts of Random Kindness has been expanded to give opportunities to everyone who wants to participate. Consequently,  it  has been tagged ‘Start Promoting Acts of Random Kindness’ (SPARK)  and a Giving platform has been put in place to encourage all interested parties to donate to humanitarian causes. All stakeholders are encouraged to nominate people they believe are deserving of kindness. Nominations can be sent to with supporting reasons in not more than 100 words; entries close on June 23, 2018.

Giving and Visits to Orphanages/Less Privileged Homes Across Sub-Saharan Africa and United Kingdom:  FirstBank staff would drive welfare through visits to homes of the less privileged and elderly across the Bank’s footprints in Sub-saharan Africa and the United Kingdom to present the items  which have been procured based on a prior needs assessment at the chosen locations.

Career counseling for over 3000 students: Executive Management and staff will deliver impactful career counseling sessions with secondary school students across the regions to inculcate financial literacy and inclusion in young students.

Provision of Vision Screening and Eye Glasses for 2000 People: The Bank is partnering with VisionSpring to provide vision screening and affordable eye glasses for consumers earning less than $4 per day. This initiative is structured around three social impact themes: See to Earn, See to Learn, and See to be Safe to impact the lifestyles of their communities.

Empowerment for over 500 Widows: As part of the week’s activities, FirstBank will also commemorate the International Widows Day (IWD) on June 23, 2018 and is partnering with the International Women’s Society (IWS) to empower women, especially widows that will be present at an event organised to commemorate the IWD.

FirstBank’s CR&S Week is the first of its kind in the Financial Service industry in Nigeria and it is tailored to spotlight the Bank’s corporate citizenship interventions to drive positive impact across various communities all in one week. The Bank is encouraging people everywhere to step out of their comfort zones, perform a random act of kindness, post a picture and tag FirstBank on social media using the hash tag #FirstBankCRSWeek on Facebook –; Twitter – @firstbankngr and Instagram – @firstbanknigeria

Speaking on the initiative, the MD/CEO, First Bank of Nigeria Limited, Dr. Adesola Adeduntan stated that The 2018 Corporate Responsibility and Sustainability week will amplify the Bank’s Employee Giving and Volunteering scheme as we all collaborate across our business communities to create sustainable impact, touch lives and make our societies a better place to live.

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