Business
S’Africa Raises Black Ownership Percentage In Mining Firms
South Africa has raised the minimum threshold for black ownership of mining companies to 30 per cent from 26 per cent, Mines Minister, Mosebenzi Zwane said on Thursday.
Zwane said in Pretoria that, the government had not decided if firms must retain that structure permanently and companies had 12 months to meet the new 30 per cent target.
The rand fell 2 per cent after Zwane unveiled details of the revisions while the Johannesburg bourse’s Mining Index extended its decline to more than 3 per cent.
Mining companies in the world’s top platinum producer have complained about a lack of consultation over revisions to an industry charter which sets targets for black ownership and participation.
They said, onerous rules would hurt investment.
The Mining Charter was introduced in 2002 to increase black ownership of the mining industry, which accounts for about 7 per cent of South Africa’s economic output.
The Chamber of Mines, an industry body, has taken the government to court over the interpretation of the ownership rules.
The government has said companies must keep to black ownership targets even if black shareholders sell their stakes.
The Chamber of Mines, which represents companies such as Anglo American and Sibanye Gold, did not take part in the launch because of what it said was a lack of consultation in drawing up the charter.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
