Business

Metallurgical Stakeholders Want NIOMCO Pact Cancelled

Published

9 years ago

July 3, 2017

The Metallurgical Stakeholders Forum has called on the Federal Government to cancel reconcession of the National Iron Ore Mining Company (NIOMCO) to Global Infrastructure Holding Ltd. (GIHL), an Indian company.
The stakeholders made the call at a news conference in Abuja on Thursday.
The stakeholders comprised the Nigerian Society of Engineers, Nigerian Metallurgical Society, African Iron and Steel Association, Host Community, and the Nigeria Labour Congress (NLC), among others.
The Tide source reports that NIOMCO, which is capable of generating billions of naira annually, is located at Itakpe, Kogi State.
The Executive Secretary-General, African Iron and Steel Association, Alhaji Sanusi Mohammed, and convener of the news conference, said that the Federal Government should cancel the concession agreement.
According to him, the company lacks competence, trust as well as the ability to manage NIOMCO.
Sanusi said that the first concession of NIOMCO and Ajaokuta Steel company to GHIL in 2004 brought unquantifiable losses to the nation with monumental economic consequences.
He said that Nigeria was short-changed by the Indian company, as it vandalised Ajaokuta Steel Company and carted away valuable assets from NIOMCO.
It would be recalled that the Ajaokuta Steel Company was concessioned to GHIL between 2004 and 2005 by then, President Olusegun Obasanjo.
However, the Indian firm did not live up to expectations as it could not manage the company.
Following the failure of GHIL to manage the company, the Federal Government under late President Umaru Yar’Adua was compelled to revoke the contract.
However, the President Muhammadu Buhari-led Federal Government reconcessioned NIOMCO to GHIL, while it took charge of the Ajaokuta Steel Company.
With the reconcessioning, GHIL is yet to commence operations.
According to the stakeholders, NIOMCO did not only witness poor performance, but also non-compliance of Post-Acquisition Plan (PAP) in terms of injection of funds, while being operated by GHIL.
“GHIL never brought Foreign Direct Investments (FDIs) into the country as confirmed by the Central Bank of Nigeria (CBN) but rather orchestrated flight and repatriation of funds from the internal funds it earned from illegal exports of Nigerian assets.
“We have written several letters to the Federal Government on the need to cancel the agreement but to no avail.
“So we decided to come together to covey the same message through the media today,’’ Sanusi said.
Citing the Delta Steel Company (DSC), he said that the Federal Government concessioned and later sold the company built with 1.5 billion dollars in 2005 to GHIL at a paltry 30 million dollars.
Sanusi said the five-man administrative panel of inquiry set up by the Federal Government in 2007 revealed the rot that was perpetrated on Delta Steel Company.
“GHIL in the period of operation in DSC stripped the company down and accumulated more than N40 billion debt it collected from Nigerian banks and used the companies as collateral’’.
Sanusi said that the reconcession of NIOMCO did not go down well with stakeholders as the Federal Government did not involve them.
“This is not acceptable to all the metallurgical stakeholders.’’
Also speaking, Prof. David Esezobor of Extractive Metallurgical and Materials Processing urged the Federal Government to pursue a clear vision as well as clear policies and roadmap to ensure development of the iron and steel sector.Esezobor said that government should remove all obstacles militating against the growth and development of the sector.
He urged the government not to privatise Ajaokuta Steel Company, till the remaining two per cent and other external infrastructure were completed.
Esezobor said that any attempt to commercialise or privatise the company would not yield the desired result of Nigerians.
He also urged the government to re-establish contact and to initiate negotiation with the original builder of Ajaokuta Steel Company, TPE, a Russian company to complete the company.
He also noted that the Governor of Kogi State, Alhaji Yahaya Bello and Alhaji Musa Bello, a Kaduna based entrepreneur were laying claim to NIOMCO, adding that they both had registered the company with the Corporate Affairs Commission (CAC).
He said that stakeholders had informed the relevant security agencies to also look into the matter.

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

5 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.

Business

Customs Impound N2.35bn Cocaine, 15 Trailers of Rice

Published

5 days ago

May 13, 2026

The Tide

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, Ikeja, has impound Cocaine Substance valued at ?2.35 billion alongside 15 trailer-loads of foreign rice and a wide range of contraband across the South-West.

This was disclosed to Newsmen during a press briefing in Lagos by Controller of the Unit, Comptroller Gambo Aliyu,

Aliyu revealed that the seizures were made over an eight-week period, underscoring intensified enforcement efforts.

According to him, operatives foiled 473 smuggling attempts within the period, leading to the confiscation of 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, and 31,705 litres of Premium Motor Spirit (PMS).

He said other seized items include a Mercedes-Benz vehicle and various food products such as poultry, vegetable oil, spaghetti, and sugar.

Aliyu clarified that the rice displayed at the briefing represented cumulative interceptions made at different locations and times across the zone.

“All the rice you see here are accumulative of seizures carried out at different places, at different times, and through different interdictions,”

Beyond the economic implications, the Comptroller emphasized the social cost of drug trafficking, warning that narcotics continue to destroy families and fuel criminal activities.

“It may surprise you to know that many homes are broken due to drugs.

” Our mandate is to cut off the supply chain, and that is exactly what we are doing,”.

Similarly Customs operatives at the Gbaji outpost intercepted a 71 year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander.

The drugs, comprising both powdered and crystalline forms, were valued at ?2.35 billion.

Under a special enforcement drive, codenamed “Operation Hawk,” the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg.

The substances, along with three suspects, have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

In a related operation, officers intercepted four cylinders of mercury hidden in a vehicle along the same corridor. Aliyu described the substance as hazardous and subject to international regulation.

Overall, the Duty Paid Value (DPV) of the seizures stands at approximately ?5.5 billion, reflecting the scale of enforcement activities.

Additionally, the unit recovered ?97.7 million through Demand Notices issued on under-declared consignments.

Aliyu reaffirmed the Service’s commitment to deploying modern technology—including geospatial intelligence, drone surveillance, and real-time tracking—to strengthen border security and clamp down on smuggling networks.

CHINEDU WOSU

Business

Dangote, Nicolai Tangen To Partner In strategic sectors

Published

5 days ago

May 13, 2026

The Tide

Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen ( manager of the world’s largest sovereign wealth fund) has expressed interest in partnering with Dangote Group to expand investments across Africa, particularly in strategic sectors such as power, energy, renewable energy, agriculture, fertiliser and cement.

This was made known during a meeting of Chief Executive of Dangote Group, Aliko Dangote with Nicolai Tangen, the manager of Norwegian investment institution (with assets estimated at about $1.9 trillion) .

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

The engagement reflects growing international investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation across the continent.

Industry observers say the proposed collaboration could create significant opportunities for investments in critical sectors linked to energy transition, food security, industrialisation and infrastructure development.

The Norwegian sovereign wealth fund, regarded as one of the world’s leading institutional investors, has in recent years increased its focus on emerging markets, with Africa seen as a major frontier for long-term investment and value creation.

Analysts believe a partnership between Norges Bank Investment Management and Dangote Group could unlock substantial capital flows into infrastructure and industrial projects across Africa, helping to accelerate economic growth and regional integration.

Nkpemenyie Mcdominic, Lagos