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

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…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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BUSINESS

Access Bank grows Q3 earnings to N375bn

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Access Bank Plc has announced top line earnings of ₦375.2 billion for the nine months ended 30 September 2018, up 3% from N365.1 billion recorded during the corresponding period in 2017.

The Bank’s Profit after Tax (PAT) increased 12% to ₦62.9 billion from ₦56.4 billion of which subsidiary contribution increased to 32%, from 15% from the corresponding period.

The asset base of the Bank remained strong and robust with growth of 11% Year to Date (YTD) in total assets to ₦4.55 trillion in September 2018 from ₦4.10 trillion in December 2017. Loans and Advances totaled ₦2.08 trillion as at September 2018 (December 2017: ₦2.06 trillion). Customer deposits increased by 10% to ₦2.48 trillion in September 2018, from ₦2.25 trillion in December 2017. Capital Adequacy of 20.3% and liquidity ratios of 44.2%, remained consistently above the regulatory minimum requirement.

Commenting on the result, Group Managing Director/CEO, Herbert Wigwe said, “Our capital and liquidity position remained adequately above regulatory levels, as we continued to implement a disciplined capital plan, ensuring sufficient levels of profit retention to support our growth. We remain committed to our cost containment plan, as we strive to balance operational efficiency with earnings growth in a constrained environment.”

Further analysis of the results showed Non-performing loans stood at 4.7% as at September 2018 compared to 4.8% in December 2017. Cost of risk decreased to 0.5% in 9 months to September 2018 from 0.9% in 2017 on the back of prudent risk management practices during the period.

“The Bank will remain resilient in the achievement of its strategic imperatives; maximizing our strong market position and solid capital base, while leveraging digital innovation to improve service touch points as we sharpen our retail play with emphasis on cheaper funding sources,” Wigwe said.

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First Bank reiterates commitment to leverage Fintech

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Nigeria’s leading Tier 1 lender, First Bank of Nigeria Limited, has reiterated its commitment to leveraging Financial Technology (Fintech) to deliver innovative services.

The Managing Director/Chief Executive Officer, First Bank of Nigeria Limited, Dr. Adesola Adeduntan, stated this in his address to the Fintech summit hosted by the lender in Lagos yesterday.

The event tagged, “FirstBank Fintech Summit 2.0,” was the second edition of the summit which the bank commenced two years ago.

Dr Adeduntan, who was represented at the event by the Deputy Managing Director of the bank, Mr. Gbenga Shobo, stated that the summit was conceived to enable financial sector players provide financial products and services with greater speed, accountability and efficiency.

He stated that the event commenced last week with a two-day hackathon on Artificial Intelligence (AI) and Big data at the FirstBank Digital Lab with the aim of finding new ways to apply artificial intelligence to banking operations and practices.

According to him, “to remain competitive, banks must make the most of this disruptive change. At the moment, some actors are using this new technology so enthusiastically that it’s hard to keep up whilst others are still channeling too much investment in old systems.

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Lagos set to host second Nigeria Beer Festival

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From Left to Right: Mr. Dele Balogun, Executive Secretary, Lagos State Film and Video Censors Board ;Mr. FolaAdeyemi, Permanent Secretary in the State Ministry of Tourism, Arts and Culture and Mr. Akinola Oluwaleimu, Chief Co-ordinator, Nigeria Beer Festival Group at the media interactive session on the festival in Lagos on Wednesday

After a successful and large participation of people at the first edition of the Nigeria Beer Festival which debuted last year in Lagos, the organiser the event has announced that Lagos will be hosting the second edition again.

The week-long event will hold on Thursday October 25th to Wednesday October 31st at the Eko Atlantic City, Bar Beach Water front Ahmadu Bello Way, Victoria Island, Lagos to give it a carnival-like atmosphere .

Speaking at a press conference to announce the event in Lagos on Wednesday, Mr. Fola Adeyemi, the Permanent Secretary in the State Ministry of Tourism, Arts and Culture explained that the festival is in line with government’s agenda to grow the tourism and economy of the state.

He stated that Lagos state is collaborating with beer brewers in the country and their counterparts across the globe to stimulate the economic and tourism potentials in the State.

He enjoined Lagosians to come out in their large numbers to enjoy the ambience of the festival, assuring that the city is safe for fun lovers because of the various infrastructure development by the state such as Light-up Lagos among others.

“Lagos is a city state and in league with great cities all over the world. We are actually moving the state to a 24 hour economy and this festival will be part of the beneficiaries. Lagos is safe for fun and business. We are joining the global tourism world to create impact on the economy of Lagos and Nigeria.” he said.

Also speaking at the event, Akinola Oluwaleimu, General Manager of On and One Events Limited, the organisers of the festival informed that the festival is to promote culture, tourism, friendship and for beer brands to connect with their consumers.

He added that the festival, will promote responsible drinking among drinking-age (18 +) consumers at all its touch points.

According to him, the event, since it debuted last year, has seen Nigeria enrolled into the league of Beer Festivals around the world, and boost the country’s tourism opportunities.

“It will be a gathering of the largest community of beer consumers from across the country and beyond.This year’s edition will be bigger, better and “beertiful”, he said.

He revealed that the 2017 edition attracted over ten thousand beer enthusiasts and consequently the Festival has proven to become a major international tourist event in Nigeria with a potential to compete with other international beer festivals around the world.

“Nigeria Beer Festival will be a carnival week of entertainment, sales and marketing and a gathering of the largest community of beer consumers from across the country to bond and ‘beer’,” Oluwaleimu assured.

He added that the Nigeria Beer Festival will provide a fitting ambience to showcase culture and lifestyle in a carnival atmosphere with various beer brands and other alcoholic drinks in Nigeria connecting with their existing and potential consumers.

Oluwaleimu maintained that the festival, which will commence 4 p.m daily is a big opportunity for major breweries to exhibit and deliver various offerings of beer brands to the teeming consumers to strengthen brand relationship with them. “The timing promises an after work relaxation environment to bond with friends and associates, he said”

He also acknowledged the support of the Lagos State government through His Excellency, Governor Akinwunmi Ambode who found the private driven initiative worthy enough of its endorsement and providing necessary logistics support in security, health, safety and publicity to ensure a hitch free event.

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