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 Approves 4 New Channel Management Firms For Seaports

Published

1 day ago

October 26, 2026

The Tide

The Federal Executive Council (FEC) has approved four new channel management companies for seaports across the country in a move aimed at improving vessel navigation and port operations.

Speaking at the recently concluded Annual General Meeting of the Nigerian Association of Master Mariners (NAMM), former General Manager, Marine and Operations, Capt. Ebubeogu Ihenacho, disclosed that there would be changes in the ownership of the Lagos Channel Management Company Limited and the Bonny Channel Management Company.

According to Ihenacho, the four channels serving Nigeria’s major port clusters will have different channel management companies as approved by the FEC.

He said a new company had been approved to manage the Lagos port channel, with a change of name, while the Calabar Channel would be managed by the Calabar Channel Management Company.

He added that Bonny Channel Management Company had also undergone a change of ownership.

On the Warri Channel, Ihenacho said the Federal Government had approved China Harbour Engineering Company (CHEC) and two other companies to form a consortium to manage the Escravos Channel.

He said: “For Warri, it was approved for China Harbour Engineering Company, CHEC, and two other companies, who would now form a consortium.

That consortium will now form a Special Purpose Vehicle (SPV) with the Nigerian Ports Authority to manage the Escravos Channel.”

Recall that the management of the NPA had declined to renew the concessions of the Lagos Channel Management Company Limited and the Bonny Channel Management Company, opting instead for six-month extensions of the existing arrangements.

By; Enoch Epelle

Business

RIRS Warns Against Unauthorised Tax Collection

Published

1 day ago

October 26, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has warned motorists, transport operators and business owners against paying taxes, levies or charges to Unauthorised persons and organisations, insisting that only the Service and its duly appointed agents are legally empowered to collect taxes on behalf of the state government.

The Service gave the warning in a public notice dated October 21, 2026, signed by its Executive Chairman, Sir Israel O. Egbunefu, FCTI, in which it clarified that the Rivers State Ministry of Transport was not authorised by the state government to collect road tax or any other tax, levy or charge from motorists and transport operators.

RIRS also specifically disowned Explore Strategic Alliance Ltd, located at No. 7 Rumuodaolu Market Road, Port Harcourt, declaring the company had not been appointed or authorised by either the state government or the Service to collect Motor Vehicle Transport (MOT) tickets or any other tax on its behalf.

The revenue agency consequently cautioned members of the public against making payments to the company or any of its staff, stressing that anyone who ignored the warning would do so at their own risk.

It reaffirmed that only the legally authorised agency responsible for tax collection in Rivers State and the appointed agents that would carry out such duties in accordance with the law.

The Service urged taxpayers to demand official identification from anyone claiming to be its tax agent and verify the person’s credentials directly with RIRS before making payments.

It further warned that individuals or groups found impersonating tax consultants, agents or their representatives to collect Unauthorised taxes would be arrested and prosecuted in accordance with the law.

RIRS also called on members of the public to report suspicious persons and activities relating to Unauthorised tax collection to the Service for appropriate action.

The agency advised taxpayers seeking clarification or assistance to visit any of its offices or contact it through its official email address, info@riversbirs.gov.ng.

The Service reiterated its commitment to protecting taxpayers, promoting voluntary compliance and safeguarding the integrity of tax administration in Rivers State.

By: King Onunwor

Business

Bayelsa consumers Groan Over Inflation As Traders Remain Helpless Over Low Patronage

Published

1 day ago

October 26, 2026

The Tide

Consumers and traders at the Swali ultramodern market in Yenagoa, capital of Bayelsa State have continued to groan over high prices of commodities and poor Patronage due to cost-push inflation.

The Tide reports that in the past weeks prices of goods and services in Yenagoa metropolis has experienced increase.

Notable services like transportation have also increased lately due to increase in the pump price of fuel that has recently further exacerbated inflation in the prices of staple foods like rice, beans, garri and others.

Speaking with The Tide on a market survey, a trader, Mrs Tovie Barakabo said a bag of bean which sold between N120,000-N130, 000 now goes for N140,000-N145,000.

Mrs Barakabo also hinted that the only commodities whose price has not gone up was price of millet which sells N60,000, while big bag of garri now sells for N30,000.

The Tide further gathered from other inside Source that 25 litres of Kings cooking oil currently sells N75,000 as against the former price of N57,000.

Other commodities such as delicious vegetable oil now goes for N68,000, Pure vegetable oil currently goes for N66, 000, while spaghetti is now N18,800 per bag.

The market survey also discovered that Sonnia tomato mix sells N75,609, while a big and small basket of fresh tomatoes are sold for N30,000 and N6,500 respectively.

A disappointed custom, Mrs Juliet Domo who fielded questions from The Tide expressed her worries over the inflation, calling on government to take decisive stands against inflation.

By: Ariwera Ibibo-Howells, Yenagoa