Niger Delta
Experts Want Impediments To Industrial Capacity Utilisation Addressed
An Industrialist, Mr Lucky Onyesom, has urged the Federal Government to address the challenging economic environment which currently impedes capacity utilisation by manufacturers across the country.
Onyesom, the Managing Director, Master Chemicals & Fertiliser Limited, made the appeal at the first Annual General Meeting (AGM) of the company in Asaba on Wednesday.
He explained that providing urgent solutions would enhance industrial growth and boost the nation’s Gross Domestic Product.
The Managing Director identified the collapse in oil prices, global economic meltdown and COVID-19 as major causes of foreign exchange shortage in Nigeria since 2020.
He added that the naira’s depreciation also arose from the shortfall in revenue and resultant pressure on the foreign reserves.
According to him, the currency depreciation led to increased costs of materials in the year under review.
“Forecasted high inflation remained high in 2022 and this impeded improvements in business sentiment and dampened real purchasing power.
‘’A major raw material in our product chain, MOP Pellet, was a major issue that negatively affected the company’s performance during the year under review”, he said.
Onyesom described the company’s performance in the difficult macroeconomic environment as a testament of the commitment, diligence and resilience of its management and personnel.
He said these qualities worked to create long-term value for stakeholders based on the company’s vision and mission.
The Managing Director announced a proposal to increase the authorized share capital from 1,000,000 of N1.00 each to 100,000,000 shares of N1.00 each in 2023.
He added that while shareholders would be allotted 60,000,000, the remaining 40,000,000 will go to the directors.
Onyesom said the company planned to invest in Urea plant with 300 metric tons per day capacity, and had hired a consulting firm to work with a Chinese company to actualise the plan.
The management adopted the motions and ratified the decisions while the financial statement report, presented by a Lagos-base audit firm, Ogagavworia & Co, was adopted by the directors of the company.
News
King Jaja Impacted Beyond Rivers -Deputy Gov
Rivers State Deputy Governor, Professor Ngozi Odu, has poured accolades on late Amayanabo of Opobo, HRM Dandeson Douglas Jaja V, saying his footprints went beyond the State.
Speaking during a condolence visit to the wife of the late king, Prof. Odu said the late monarch contributed meaningfully beyond the shores of Rivers State.
“He contributed not only to Opobo, not only to Rivers State, but to Nigeria as a nation. We all know the various positions he held until his passing. For us as a Commission, we are really going to miss him greatly, especially at this time when his guidance was most needed,” she stressed.
She described the late king as a distinguished traditional ruler whose life and service contributed immensely to the development of Rivers State and Nigeria at large.
The deputy governor, who also serves as Chairman of the Rivers State Boundary Commission, noted that until his demise, King Jaja was an Ex-Officio member of the Commission, representing Rivers South East Senatorial District.
According to her, the late monarch actively participated in several meetings of the Commission and played an important advisory role.
“He actually participated with us in a couple of meetings. It was with great shock that we received the news of his passing. We saw daddy as someone who was very strong, healthy and athletic,” Prof. Odu said.
Prof. Odu explained that the Commission relied heavily on the wisdom of traditional rulers like the late monarch to ensure that its responsibilities were carried out properly and conscientiously.
She assured the family of the Commission’s continued support, saying they will remain close to the family throughout the burial arrangements and beyond.
Addressing the widow, Queen Prudence Dandeson Douglas Jaja, Prof. Odu said the visit was to commiserate with her and encourage her during the period of mourning.
“Please accept our condolences. Please be strong and put your hope in God. The God who watches over widows will never abandon you,” the deputy governor prayed.
“We cannot question God. What has happened has happened. All we can do is to pull ourselves together. That is why we are here to pray that the Holy Spirit will strengthen you, that God will turn your sadness into joy and clothe you with a garment of beauty,” she added.
Responding, Queen Jaja described her late husband as a gentle, humble man who was deeply committed to the progress of Rivers State, and Nigeria at large.
She expressed gratitude to the deputy governor and other members of the Boundary Commission for identifying with the family in their moment of grief.
“We are praying that his soul will rest in perfect peace. I thank you very much for coming to console me at this trying moment. Seeing you here has given me comfort. God bless each and every one of you,” she said.
She also offered prayers for the delegation, wishing them a long life and good health.
Highlight of the visit was the presentation Letter of Condolence from the Rivers State Boundary Commission to Queen Jaja.
Kevin Nengia
Niger Delta
Former Bursar Savours Leadership Merit Award
The former Bursar of Ignatius Ajuru University of Education, Rumuolumeni, Port Harcourt, Dr Davis Ojima, has expressed delight over the Leadership Merit Award recently presented to him by Ohiauga Community in Igburu Clan in Ogba/Egbema/Ndoni Local Government Area of Rivers State, describing it as a befitting crowning moment in his life.
Dr Ojima, who made the remarks while speaking with newsmen shortly after receiving the award, said it was an endearing milestone to be considered by his community for that rare honour, and expressed gratitude to the community for recognising his modest contributions to the development of the area.
The former Bursar, who is still in active public service, noted that the honour done to him came at a time when he least expected it, and thanked God for the rare privilege, as well as providing him the opportunity, the enabling environment and zeal to contribute his quota to the development of the area.
Dr Ojima, therefore, assured the people that he would remain committed to promoting peace, unity and sustainable development initiatives in the community.
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