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Dangote: BUA lies on claims to Mines ownership

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The management of Dangote Industries Limited has again vehemently rejected the many assertions of BUA Group, on its dubious claim to being the rightful owner of Mining Lease No 2541.
Dangote in a statement made available to our reporter revealed that its reaction became very necessary as a result of its status as a publicly quoted company and to further re-assure its shareholders, the regulators and members of the public that the company is and remains a responsible corporate citizen
Faulting   BUA’s fraudulent claim that the Dangote Group is trying to monopolize the Cement business in the Country, the Group   said that BUA has willfully, deliberately and mischievously concealed the fact that it has at least 12 Mining/Quarry Leases within and around the area in question as opposed to this sole Mining Lease No 2541 owned by the Dangote Group.
Dangote further stated that: “First and foremost, there is no Status Quo Order made by any Court that allows BUA to continue mining over the disputed Mining Lease area. In fact, there is no Status Quo Order at all. It is critical for us to point out that there is currently pending, a Motion for Interlocutory Injunction dated 27 April 2016 seeking to restrain the BUA Group from continuing with its illegal mining activities on the Mining Lease Area but in spite of having been served with this Application and contrary to all tenets of the law which forbid a party served with an Interlocutory Injunction Motion from taking any step in respect of the subject matter of the Suit, the BUA Group has in utter disdain to the Court continued with its illegal mining activities.”
Dangote said BUA, that is now using the media to cause confusion applied for a Mining Lease over the same area in 2013 but the Application was rejected by the Ministry on the sole ground that it overlaps ML. 2541 which at the time belonged to AICO. “If BUA  had title that dates back to 1998, is there any conceivable reason why it will apply for the same title over the same  area in 2013” the statement queried.
Dangote, while debunking the claim by BUA that it is trying to monopolize the cement business stated that: “It is misleading for BUA to falsely accuse Dangote of undermining its operations and attempting to create a monopoly in the Cement Industry in Nigeria, as we have always coexisted peacefully with other competitors in Obajana and Ibese”
The Claim by BUA that it has always been in possession of the disputed mining lease was also faulted by Dangote Group, as it affirmed that the Group “  … has been the one in possession of the Mining Lease since 2016 and this was recently confirmed by the Kogi State High Court’s Judgment delivered on 27 October 2017 in Charge No. HCL/65C/2017: State v. Joshua Oghene, Hon. Haruna Afegbua and Bulus Golit which sentenced the Chief Security Officer of BUA Group, Mr Bulus Golit to one year imprisonment without any option of fine, for attacking Dangote Group’s officials and workers in the Mining Lease No. 2541. The imprisonment of BUA Chief Security Officer amongst other things has confirmed that the claim by the BUA Group that it has been in possession is totally fallacious”
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BUSINESS

Airtel rolls out 4G LTE in Anambra State

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·        4G Service now live in Onitsha, Awka, Nnewi, other key towns

 

Airtel Nigeria today reaffirmed its positioning as a leading mobile Internet services provider as it announced the deployment of 4G LTE (Long Term Evolution Service) in Onitsha, Awka, Nnewi and other major cities and towns in Anambra State.

Airtel says the switch to an upgraded 4G network in Anambra will boost trade and commerce; empower entrepreneurs, improve productivity, enhance personal effectiveness as well as enable telecoms consumers in Anambra to connect to their dreams.

Speaking during a launch event at Soprom Hotel in Onitsha, on Wednesday, 19th September, Regional Operations Director – South Region, Dapo Dosunmu, who represented the Chief Executive Officer & Managing Director of Airtel Nigeria, Segun Ogunsanya, said the 4G roll-out reaffirms Airtel’s commitment to empower more Nigerians, stimulate economic activities across all sectors as well as provide unfettered access to affordable and reliable mobile Internet services in Anambra.

“Today, we are unveiling our 4G service in Onitsha, Awka, Amawbia, Nkpor, Obosi, Ogidi, Ogbunike, Umuoji, Nsugbe, Onitsha and Nnewi. With this launch, we will power people, businesses and aid governance through technology.

“Specifically, our 4G launch in Onitsha will help boost commerce and also provide entrepreneurs a veritable platform to connect with more stakeholders,” he said.

Also speaking at the event, the Deputy Governor of Anambra State, Dr. Nkem Okeke, commended Airtel Nigeria for modernizing its network infrastructure in Anambra State.

“This event calls for celebration as Airtel’s current upgrading and modernizing of its network infrastructure across manor cities has come into Onitsha, the major commercial city in Anambra State.

“It is my sincere hope that the Board and Management of Airtel will continue to be committed to the empowerment of Nigerians in general and Ndi Anambra in particular; advancing the telecommunications’ infrastructure that stimulates accelerated economic activities across all sectors as well as provide affordable and reliable mobile network to your teeming customers.”

The event was attended by several dignitaries including Igwe Mike U.N Okonkwo Etusi, Owelle of Eziowelle; Onowu Eziowelle, Obi J. Akukwe; Dr. Charles Nwufor, Senior Special Assistant to the Deputy Governor of Anambra State (Special Duties); Nze Uche Nwora, Managing Director & Chief Executive Officer, Anambra Broadcasting Service; Chief Ikechukwu Ekwegbelu, Chairman, Main Market, Osha and Desert Explorer, Chief Newton Jibunoh.

Airtel prior to the Onitsha 4G launch had unveiled its 4G LTE services in Ibadan and Abuja earlier in the year.

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Forex: CBN intervenes again with $210m

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The Central Bank of Nigeria (CBN) has again intervened in the inter-bank Foreign Exchange Market to the tune of $210 million.

According to the figures obtained from the CBN on Tuesday, September 18, 2018, the Bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Customers requiring 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.

Confirming the figures, the Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor reiterated the Bank’s commitment to continue to intervene in the country’s interbank foreign exchange market. Mr. Okorafor assured that the apex Bank will continue to ensure liquidity in the market and sustain the stability in the market.

It will be recalled that on Tuesday, September 11, 2018, the Bank injected the total sum of $303.91 million and CHY46.58 million into the spot and short tenored forwards of the inter-bank foreign exchange market with.

Meanwhile, the Naira, on Tuesday, September 18, 2018 exchanged at an average of N361/$1 in the BDC segment of the market.

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FBNQuest supports cancer awareness campaign in Nigeria

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In line with its commitment to deliver impactful community focused initiatives, FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc has continued to drive partnerships with reputable institutions to implement financial literacy programs, women empowerment initiatives, as well environmental and social projects as part of its Corporate Responsibility & Sustainability focus.

In furtherance of this, FBNQuest Merchant Bank joined the 2018 NSE Corporate Challenge to support the fight against cancer. The event was a one-day competitive 5-kilometer race aimed at creating awareness on early detection and fundraising for the cause. Proceeds from this year’s Corporate Challenge are planned towards the provision of free cancer treatment and screening facilities across Nigeria with the purchase of Mobile Cancer Centres (MCCs).

Through this sponsorship, FBNQuest Merchant Bank reaffirms its position as a socially conscious organisation. In the financial literacy space, the organisation trained over 1,800 students at secondary school level on the importance of saving and investing by leveraging platforms such as the Global Money Week and World Savings Day in support of the Central Bank of Nigeria (CBN) financial literacy goals.  Its activities also extend to female economic empowerment and capacity building seen in support for the Women in Management and Business (WIMBIZ) annual lectures and conferences, which facilitate strategic discourse and highlight growth opportunities for women in an ever-changing economic landscape.

In support of education & skills development, the Bank recently partnered with the Teach First Nigeria (TFN) Training Institute, which recruits outstanding university graduates and young professionals of all academic disciplines to teach as full time teachers (Fellows) in underserved and low income schools. Through the program, Fellows will gain exposure to the realities of Nigeria’s education system, identify their role in building a wider movement for educational equity, and ultimately expand education and life opportunities for Nigeria’s most marginalised students.

Speaking on the organisation’s Corporate Responsibility & Sustainability footprint, Lolade Sasore, Head Communications and Knowledge Engagement at FBNQuest Merchant Bank said, “We have consistently supported the NSE Corporate Challenge, which is commendably in its 5th year, as it remains a strong platform committed to addressing cancer as a critical health issue.

“We have been proud to partner with them and other worthy causes over the years, and will ensure that we continue to develop and seek new partnerships that will increase our impact and contribution to society as a responsible corporate citizen. ” she added.

The NSE Corporate Challenge is an annual race which employees from organisations listed on the Nigerian Stock Exchange (NSE) as well as the capital market community are invited to participate. The Challenge is a CSR initiative of the NSE, which is aimed at promoting health & well-being in our operating community, while offering a platform for promoting teamwork and networking among industry players.

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