Connect with us

News

‘Nigeria, Africa’s New Mining Destination’

Published

on

Foreign investors at the 2010 International Convention, Trade Show and Investor’s Exchange on Thursday in Toronto-Canada described Nigeria as the new mining destination in Africa.

  This followed the presentation of the Airborne Geophysical  Survey data of the nation to delegates at the convention.

  The Tide’s source covering the conference reports that the survey, which covered two million line kilometre of magnetic gradiometer and radiometric showed the occurrence of  new mineralised zones in several parts of the country.

  The investors said that having exhausted other parts of Africa, the survey data would encourage them to invest in Nigeria, which they described as a virgin territory, and new destination.

  President of the U.S. based Global Exploration and Development Company  Benbella Ndive told the source that the survey data was a national treasure which would ensure the continued development of the sector.

  Ndive said that the occurrence of mineralised areas as indicated  by the survey would make  investment more attractive, and exploration easier.

  “The presentation of the airborne geophysical survey is fundamental to the development of mining and exploration in Nigeria. For over 40 years, Nigeria relied on oil and gas, and that led to mining companies investing more in Ghana, Bostwana, but with the data,  the geology is unique that will encourage investment in the sector , as explorers will have a better interpretation and understanding of the geology,”  he said.

  Also speaking, Mr Tom Jennemann of the American Metal Market, said that the  friendly legislation and policy instituted by the Nigerian government would attract and encourage private sector to invest in the sector.

  Jennemann urged the government to go beyond conferences and and conventions to market the sector adding, “ with this data, government should carry out wide spread campaign in major international media to create better understanding of the potentialities abound in the sector’’.

  According to him, some countries depend on only one or two minerals as their biggest export“ but Nigeria is blessed with many, it should be explored to the maximum’’.

  The  Director General of the  Nigerian Geological Survey Agency, Prof Siyan Malomo, said the response of the investors had been excellent.

  He said the Ministry of Mines and Steel Development decided to present the data in Canada because the convention was the largest gathering of world stakeholders in the industry.

“We have been collating data in the last two years.  We did not have this type of data,  and that is what investors need , so we have to come out to showcase what we have and let them  know  that we can compete with the countries they go to’’ he said. the source recalls that the survey was carried out in two phases,  with phase one covering 44 per cent of the country and phase two covered 56 per cent, and lasted for two years from 2007 to 2009.

Print Friendly, PDF & Email
Continue Reading

News

Buhari Writes Senate, Seeks Passage Of Finance Bill 2021

Published

on

President Muhammadu Buhari has written the Senate, seeking the consideration and subsequent passage of the 2021 Finance bill that would guide the implementation of the 2022 appropriation.
In a letter addressed to the President of the Senate, Dr Ahmad Lawan and read during plenary, yesterday, Buhari said that the bill when passed will help support the 2022 Budget of Economic growth and sustainability that was presently before the National Assembly, awaiting passage.
According to the president, the bill would also help to carry out some radical reforms in the finances of the government.
While the cover letter was titled, ‘Transmission of the Finance Bill 2020 to the National Assembly for Consideration and Passage into Law in Support of the 2021 Budget,’ the bill proposes various amendments to existing tax laws and financial regulations in response to the negative impact of the COVID-19 pandemic on the economy and the current recession.
The president’s letter read, “Pursuant to Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), | formally request that the Finance Bill, 2021 be considered by the Senate for passage into law.
“The Finance Bill, 2021 seeks to support the implementation of the 2022 Federal Budget of Economic Growth and Sustainability by Proposing key reforms to specific taxation, customs, excise, fiscal and other relevant laws.
“Specifically, this bill provides for enhancing domestic revenue mobilisation efforts to increase tax and non-tax revenues, Tax Administration and Legislative Drafting Reforms, particularly to support the ongoing automation reforms by the Federal Inland Revenue Service ( FIRS’)”

Print Friendly, PDF & Email
Continue Reading

Front Pix

Again, RSG Begins Unveiling, Flag-Off Of Nine Key Projects, ’Morrow

Published

on

The Rivers State Government has rolled out the drums to herald another phase of official commissioning of key projects embarked upon by the Governor Nyesom Wike-led administration in the state.
A statement by the state government said that the process is in continuation of the commissioning and flag-off of projects by Governor Nyesom Wike.
It indicated that Rumuola flyover would be commissioned tomorrow, while the GRA flyover would be commissioned on Saturday.
The also stated that the government would commission the Ezimgbu Road on Monday, December 13, 2021; with another commissioning of Tombia Road Extension scheduled for Tuesday, December 14, 2021.
The statement said that the governor would commission the Safe Home, Borikiri, Port Harcourt on Wednesday, December 15; while on Thursday, December 16, 2021, the governor would commission the Odokwu internal roads.
Also, the governor would continue the flag-off of key infrastructure projects with Chokocho-Igbodo Road slated for Monday, December 20, 2021; Oyigbo-Okoloma Road on Wednesday, December 22, 2021; and Magistrates’ Court Complex, Port Harcourt on Thursday, December 23, 2021.

Print Friendly, PDF & Email
Continue Reading

News

$418m Paris Club Debt: Again, Court Stops FG From Deducting States’ Funds

Published

on

A Federal High Court in Abuja, yesterday, refused to vacate its order restraining the Federal Government from deducting monies accruing to the 36 states from Federation Account to settle $418 million judgement debt in relation to Paris Club Refund.
Justice Inyang Ekwo, who declined to grant the plea by counsel to the defendants in the suit, adjourned the matter until December 13.
Ekwo held that since the order was made based on the plaintiffs’ motion on notice filed before the court, all pending applications would be taken on the next adjourned date.
The judge had, on November 5, made the order after counsel to the 36 state governments (plaintiffs), Jibrin Okutekpa, SAN, moved an ex-parte motion, seeking for an order of interim injunction, restraining the Federal Government from deducting any money accruing or due to all or any of the 36 states of the federation.
The court had also ruled that the restraining order would subsist pending the determination of the substantive suit.
While the 36 states Attorneys-General are the plaintiffs, some of the defendants listed in the suit include the Attorney-General of the Federation (AGF), Accountant General of the Federation and Ministry of Finance.
Others are Central Bank of Nigeria, Debt Management Office, Federation Account Allocation Committee, Incorporated Trustees of Association of Local Government of Nigeria (ALGON), among others.
According to the motion dated and filed October 27, 43 defendants are sued in the matter.
At the resumed hearing, counsel to the plaintiffs, Okutekpa told the court that the matter was slated for hear.
He said he had two motions which he intended to move.
He told the court that though most of the defendants had responded by serving on them various applications, the 9th defendant (Dr Chris Asoluka, who does business under the name and style of NIPAL Consulting Network) had refused to receive their court processes.
“We have a motion ex-parte to serve the 9 defendant an originating process. The process dated December 6 was filed on December 6 and it is praying for an order of substituted service on the 9th defendant,” he said.
The judge then granted prayer one of the motion and ordered that the service be made on the 9th defendant within three days through pasting of the notice on his address.
The senior lawyer told the court that the second motion was an application praying the court for an extension of time to file and serve their counter affidavit and all other processes in response to the defendants’ applications.
Ekwo also granted prayer one of the motion and granted prayer two in part subject to the service of the motion on the two counsels who appeared for 15th, 16th, 10th and 11th defendants.
The two counsels had opposed the motion on the ground that they had not been served with the copy.
Okutekpa then asked for a date for hearing.
However, Oyin Koleoso, who appeared for the 1st, 2nd, 4th and 6th defendants (President of Nigeria, AGF, Ministry of Finance Incorporated and Debt Management Office), informed the court that a motion asking the court to vacate the earlier order made had been filed.
Wole Olanipekun, SAN, who appeared for the 14th defendant (Dr Ted Iseghohi-Edwards), also urged the court to set aside the order.
He argued that he made the plea based on the Supreme Court and Appeal Court decisions under which the judge took the application.
Olusola Oke, SAN, who is lawyer to 12th and 13th defendants (Riok Nigeria Ltd and Prince Nicholas Ukachukwu), also supported Olanipekun’s submission.
Oke, who told the court that his clients were affected by the order, urged the court to take their application seeking for the order to be vacated.
Orji Orizu, who appeared for himself in the suit as 18th defendant, backed Oke’s statement.
He argued that since an ex-parte motion lasts within 14 days, the lawyer prayed the court to discharge the order.
“That is what we are here for. A motion ex-parte is something done without the presence of the other parties and it Is the first thing the court ought to do before adjournment,” he added.
Idumodin Ogumu, who represented 15th and 16th defendants (Panic Alert Security Services Systems Ltd and Dr George Uboh), said he aligned himself with submissions of other counsel.
He argued that based on the rule of the court, the order granted by the court was deemed to have elapsed and no longer had effect.
However, counsel to the plaintiffs, Okutekpa, disagreed with the defence submission.
He referred the court to the order which its made.
The senior lawyer argued that it was an order of interim injunction restraining the Federal Government, acting through its agencies also joined in the suit, from deducting the plaintiffs’ monies pending the determination of the motion on notice.
He said the order was also made in compliance with the rule of the court.
“Your Lordship was aware of the rule when you were making the order.
“What I am saying now is that all we are doing now is a nullity because I am yet to serve the 9th defendant.
“This is not an application that your lordship should hurriedly take. Let other defendants be here so that it will not be taken piecemeal,” he enjoined.
After taking all the arguments, Ekwo noted that the restraining order was made subject to the motion on notice filed by the plaintiffs.

Print Friendly, PDF & Email
Continue Reading

Trending