NSCDC In Kogi Parades Petroleum Vandals

NSCDC pipeline arrestKogi State Command of the Nigeria Security and Civil Defence Corps has paraded two suspects who are involved in petroleum pipeline vandalism.

The two suspects; Micheal Urom and Obi Kelechi, were said to have been arrested in a forest in Geba with two loaded tankers filled with substance suspected to be crude oil at about 2am.

The State Commandant of the NSCDC, Adesuyi Dayo, who paraded them at the NSCDC State Command Headquarters in Lokoja, told newsmen that the suspects were caught at the scene of crime, but on sighting his men some of them took to their heels while the two paraded were arrested.

One of the  suspects, 27 year old Micheal Urom, who hails from Ebonyi State, said that he was a former staff of Dangote before he was laid off his job, and he was in search of another job when he got this one.

Mr Adesuyi Dayo said that vandalism of petroleum pipeline and oil theft remained a major destruction to the country’s economy which needs to be tackled, calling on Nigerians to cooperate with security agencies in fighting the menace.

While also warning those involved in petroleum pipeline vandalism in the state to desist from the act, he vowed that as the new head of the Kogi Command of the NSCDC, he would leave no stone unturned towards ensuring that the state is rid of the crime.

Having promised that the suspects would be prosecuted according to the law, he called on people in the state to give useful information to his command which would help in tracking down more of those involved in the illicit act.

NDDC, Ex-Agitators Partner For Peace In Niger Delta

nddcIn furtherance of the Presidential Amnesty Programme for ex-agitators in Nigeria’s oil-producing communities, the Niger Delta Development Commission, NDDC, has initiated a partnership with key stakeholders to work out strategies for enduring peace in the region.

Speaking at a meeting with about 65 ex-agitators at the Hotel Presidential, Port Harcourt, the NDDC Managing Director, Barrister Bassey Dan-Abia, said that the quest for peace was in line with a critical component of the transformation agenda of the Federal Government, which underlines peace as a necessary condition for the success of its development programmes.

He noted that the possible development of the region could only be, if there was peace. Hence, the commission would not develop if they had to battle with kidnapping, sea piracy, pipeline vandalism and other similar vices.

He stressed that the time had come for all to sit down as one family, look inwards and open a new chapter for the development of the Niger Delta region.

Flanked by other board members, Dan-Abia applauded the ex-agitators for what he called their heroic efforts at drawing attention to the problems of the Niger Delta which informed the rapid development in the area.

The NDDC MD said that the commission had over the years been committed to so many programmes and projects, many of which were still on-going. Consequently, he said, the commission was now reviewing its strategy to ensure that on-going projects were completed on schedule as directed by President Goodluck Jonathan.

“I salute you as the leaders of the struggle and thank you for your courage and patriotism, which has drawn attention to the challenges of the region. Indeed, we at NDDC appreciate all your sacrifices that have put the Niger Delta in the front burner”, he said.

Making his contribution at the meeting, the leader of the Niger Delta Salvation Force, Asari Dokubo, noted that that the NDDC was set up basically to bring rapid development to the Niger Delta.

He stated, however, that development was not only about roads and bridges but should also take into account the building of human capacity.

Thanking the NDDC for bringing the ex-agitators together to map out plans for peace and progress, he called on the commission to strengthen its programmes for empowerment and capacity building in agriculture and skill acquisition in the technical sector.

He said: “We must develop the economic capacity of our people. We should not allow our people to be beggars in the midst of plenty. We need to produce the Dantatas and Dangotes of the Niger Delta”, he

Asari Dokubo also warned northerners who were suggesting that the NDDC should be scrapped to perish the thought, as they would not succeed.

He was apparently referring to a position paper being canvassed by some northern delegates at the on-going National Conference, calling for the scrapping of the amnesty programme, Ministry of Niger Delta Affairs and the NDDC.

Also speaking at the meeting, the leader of the Peace and Development Initiative, Mr. Reuben Wilson, a.k.a General Pastor, assured the NDDC of the support of the former agitators, noting that the meeting was recognition of their role in the liberation of the Niger Delta.

Dangote Now Richer Than Russia’s Richest Man

The President, Chief Executive of the Dangote Group, Aliko Dangote, has become the first African entrepreneur to lay claim to a $20 billion fortune, thus becoming one of the 25 richest men in the world.

Dangote Cement becomes the first Nigerian company to achieve a market capitalisation of over $20 billion. Dangote’s 93 percent stake in the cement company is now worth $19.5 billion, according to Forbes magazine.

Added to this are his controlling stakes in other publicly-listed companies like Dangote Sugar and National Salt Company of Nigeria, and his significant shareholdings in other blue-chip companies like Zenith Bank Plc, UBA Group and Dangote Flour; his extensive real estate portfolio, jets, yachts and current cash position, which includes more than $300 million in recently-awarded Dangote Cement.

Forbes reported that the Nigerian billionaire was now richer than Russia’s richest man, Alisher Usmanov; India’s Lakshmi Mittal; and running neck and neck with India’s Mukesh Ambani.

According to the magazine, he is catching up to such Americans as Google’s billionaire founders, Larry Page and Sergey Brin.

It will be recalled that Dangote Cement had recorded an unprecedented surge in its share price largely due to market response to the company’s impressive results in the first quarter of this year.

Forbes in its report reasoned that other companies might eventually achieve this, but it was going to take a bit of time.

Dangote Cement currently accounts for more than a quarter of the total market capitalisation of the Nigerian Stock Exchange (NSE). The second largest company on the NSE is currently Nigerian Breweries Plc, West Africa’s largest manufacturer of alcoholic and non-alcoholic beverages, which has a market capitalisation of $8.5 billion.

Dangote made a debut on the Forbes billionaires list in 2008 with a fortune pegged at $3.3 billion. His fortune dropped to $2.5 billion in 2009 and plunged further to $2.1 billion in 2010.

His fortune surged 557 percent in 2011 to $13.8 billion after he took Dangote Cement public. Dangote dropped to $11.2 billion in last year’s rankings, but rebounded at $16.1 billion this year. Since March, his fortune has jumped another 30 percent.

Dangote started building his fortune over three decades ago after taking a loan from Sanusi Dantata and started trading in commodities like flour, sugar and cement.

Another Illegal Cement Factory Uncovered By Police

Barely one week after the discovery of illegal cement factory at Zango in Ogaminana in Adavi local government area of Kogi state, another illegal cement factory has been discovered by the police command in Aku village along Lokoja-Okene road.

The factory which was located in the bush about 600 meters from main road is being used for repackaging of adulterated cement.

The state commissioner of police, Mr Mohammed Katsina who conducted ChannelsTV round the factory, said the second illegal cement factory was uncovered through the intelligence report of the security personnel who had placed surveillance in the area.

Katsina explained that the syndicate who buys Dangote cement in large quantity will divert the trucks into the bush were the original cement are mixed up with sand before they will be re-bagged for the public to buy.

Adebayo said that he came from Osun state, adding that he was linked up with Baba Ayo who brought them to the factory and trained them.

He pointed out that they were paid N30 per bag, stating that the can only afford to re-bag 40 bags per day and he informed that the business was about re-bagging of cement.

Items found at the store of the big factory are one generating set to generate power, about 25 bags of re-bagged cement with fake Dangote bags, several fake empty bags with inscription of Portland cement, Dangote Cement, Gboko Plant, Funnels and other useful materials.

Dangote buys majority stake in Savannah Sugar

Dangote Sugar Refinery announced the acquisition of a 95 percent equity stake in Savannah Sugar Company Ltd.

The deal, according to a notice filed with the Nigerian Stock Exchange, was executed through a Share Sale and Purchase Agreement with Dangote Industries Ltd. through the acquisition of N2.14 billion ordinary shares of N1.00 each in Savannah Sugar.

Dangote’s committee raises N12 billion for flood victims…gets tax incentives

The Presidential Committee on Flood Relief co-chaired by business mogul, Aliko Dangote and a lawyer, Olisa Agbakoba on Thursday realised about N12 billion in the first round of its fund raising.

The 34-man committee had set N100 billion as its ultimate target.

Both Mr Dangote and the Federal Government donated the sum of N2.5 billion each, making both the highest donors at the event held at the Banquet Hall, State House, Abuja.

The Ministers of Petroleum and Communication Technology pledged to mobilise the IOCs and telecommunications companies respectively, to respond to the donation.

Incentives for donors

Meanwhile, President Goodluck Jonathan has announced tax incentives for all corporate organisations that donate into the flood relief fund to alleviate the sufferings of Nigerians who were affected by the recent flooding in the country.

He made the announcement at a fund raising dinner organised by the presidential committee he set up to cater for the needs of the flood victims.

The president also used the opportunity to launch the website for the fund-www.nigeriafloodrelief.org

Nigeria stock index closes near one-year high

Nigeria’s all share index on Wednesday closed near a one-year high on rising 1.16 percent, lifted by strong half-year earnings from banks and cement firms, and an increase in foreign capital inflows.

The index rose to 23,329 points, the highest close since August 5 last year, when it reached 23,397 points.

Nigeria’s  index has gained almost 12 percent year-to-date, recouping earlier losses it sustained due to dwindling oil prices in May and weak global risk appetite in the wake of ongoing European economic turmoil.

Top gainers on Wednesday include Dangote Cement, rising 3.51 percent to 114.02 naira.

Others were Zenith Bank up 3.89 percent and FCMB up 2.24 percent.

AP shareholders ask Supreme Court to restrain Dangote as NSE President

Shareholders of African Petroleum, (AP) PLC, have asked the Supreme Court to set aside the judgment of the Court of Appeal, Lagos, which allowed Mr Aliko Dangote resume as President of Nigerian Stock Exchange, NSE.

The aggrieved AP shareholders, through their counsel, Mr Onyebuchi Aniakor submit that the appellate court erred in law, in its proceeding.

The shareholders want the Supreme court to restrain Mr Aliko Dangote from taking any step and/or further steps to occupy and/or assume the duties & rights of President of NSE, in pursuance of the decision of the Court of Appeal pending the hearing and final determination of the appeal at the Supreme Court.

They also want the appellate court to restrain the defendant from parading himself and/or allowing himself to be paraded as President of NSE, pending the hearing and final determination of the appeal at the Supreme Court

Dangote resumed back as the president of the NSE on Tuesday, June 19 following a Court of Appeal ruling which reversed a federal high court judgement that nullified his election as the president of the nation’s bourse.

Africa’s richest man was in August 2009, elected the 17th president of the NSE based on a unanimous acclamation by the council members.

Justice Muhammed Liman of the Federal High Court, Lagos, nullified the election, ruling that it was in clear violation of an order of August 4, 2009, which directed all parties to maintain status quo in a suit by aggrieved shareholders of AP Plc.

The suit was against Dangote, Nova Finance and Securities Limited; a stock broking firm, and others on allegation that AP’s share prices were manipulated.

Dangote appealed against that decision and urged the Court of Appeal to set aside the ruling of the lower court.

In its judgment, the Court of Appeal held that since the federal high court was wrong to order parties to maintain status quo, there was no need to annul the election.

The court also held that Mr Dangote cannot be held for contempt over the elections.

 

Dangote to spend $7.5 billion on expansion

Billionaire industrialist, Aliko Dangote said on Thursday his conglomerate needed to spend $7.5 billion in the next four years to expand operations in a range of sectors.

“We are going into something big. We are going into mining, petrochemicals, cement and infrastructure. We need to spend $7.5 billion in the next four years, so definitely we need a lot of concentration,” he told a Reuters on the sidelines of the World Economic Forum in Addis Ababa.

Mr Dangote said this changing focus was one of the reasons he was looking for a partnership for his flour business, Dangote Flour Mills, with Tiger Brands, South Africa’s biggest consumer foods maker.

“We are actually trying to have a partnership between us and Tiger Brands,” he said. “We believe they are much better than us in terms of the retail business.”

Banking and company sources told Reuters that Tiger Brands was bidding for an 80 percent stake in Dangote Flour Mills, which makes pasta and flour in Africa’s most populous country.

Buying all or part of Dangote Flour Mills would give the maker of bread, breakfast cereal and energy drinks a substantial presence in the Nigerian food market. Dangote said a deal was about partnership, not offloading assets.

“We are not selling. If it was to raise money, we would have … sold the whole business to them. But no. What we are trying to do is actually to have them so that we can now enjoy the downstream of the business,” he said.

Nigeria’s population of more than 160 million is a massive potential retail market, although corruption and the government’s focus on oil exports still deter many investors.

Dangote said he hoped to list his $11 billion cement company on the London stock exchange by the third quarter of 2013. Dangote Cement trades on the Nigerian stock exchange and is West Africa’s largest listed company.

REUTERS

Dangote to open US$35M cement factory in Liberia

The President and Chief Executive Officer of Dangote Cement Nigeria PLC, Aliko Dangote on Friday his company is planning to infuse over US$35 million dollar into the Dangote Cement Liberia limited a subsidiary of the Dangote Cement PLC of Nigeria.

Speaking during the signing of the memorandum of understanding between the Liberia government and the company, held at the head office of the National Port Authority, in Monrovia on Friday, the Mr Dangote spoke highly of the interest his company has in helping to robustly boost the growth of the Liberian economy.

He also said that his company which is expected to start operation in the next six weeks will employ hundreds of Liberians, and other nationals.

He said that the parent company of Dangote Cement Liberia (Limited), Dangote Cement PLC Nigeria which was established in 1978 has to its credit over US$15 billion investment capital, and therefore, promised to infuse similar assets into the Liberian economy.

Signing on behalf of the Liberian Government, the Managing Director of the National Port Authority (NPA), Matilda Wokie Parker welcomed Mr Dangote and his delegation to Liberia, and lauded the initiatives being applied by his company to come to Liberia and invest.

Speaking to reporters immediately after the signing ceremony, Mrs Parker said the NPA will play host to the operation of the new cement factory, noting, “We are glad to have this multimillion dollar company to begin operation here at the NPA.”

After the signing ceremony, Mr Dangote and his 5-man delegation including the Group Managing Director, Knurt Ulvmoen visited the Liberian President, Ellen Johnson Sirleaf at the Ministry of Foreign Affairs.

The opening of a new cement factory in Liberia will bring to two the number of cement factories in Liberia. CEMENCO which is currently enjoying monopoly in the sector has been around for over fifty years.

Dangote’s Land dispute in Cameroon to be resolved soon – Cameroon official

Dangote Cement opens new $1 billion plant
A land dispute that has halted construction of Dangote Group’s $115 million cement plant in Cameroon will be resolved amicably and the project completed on time, a government official said on Wednesday.

Dangote started work on the 1.5 million tonnes-per-year plant in the financial capital Douala in September with an eye to finishing the project within 18 months, but construction was halted after residents filed an injunction arguing the land belonged to the ethnic Sawa people.

“The Prime Minister and the government are very keen that the project should go on as planned, given the growing demand for cement in the country,” an aide to Prime Minister Philemon Yang told Reuters, asking not to be named.

“So the Prime Minister has already held a meeting with the Sawa chiefs and will be sending an official delegation of very senior government personalities to the city one of these days so that the problem can be solved amicably and construction work on the plant site (is) completed as scheduled,” he said.

“We cannot afford to miss this opportunity,” he said, adding talks would likely be held this week or early next week.

The company had issued a statement in the national register saying it was ready to renegotiate its accord and had already shipped in heavy equipment from Germany.

Dangote, also facing opposition from residents fearing pollution, said it was planning to use state-of-the-art environmental technology on the site, held on a 30-year renewable lease from the government.

Cameroon currently has only one cement company, CIMENCAM, with annual output of about 1 million tonnes.

But the Ministry of Economy, Planning and Regional Development says annual demand in the country is about 4 million tonnes, growing at about 8 percent per year.

Dangote Cement opens new $1 billion plant

Nigeria’s biggest listed company, Dangote Cement, opened a $1 billion cement plant on Thursday, raising its production capacity in Nigeria by more than 40 percent.

Dangote Cement opens new $1 billion plant

The new plant is situated in Ibese, Ogun State in southeast Nigeria, just outside the commercial hub Lagos. It will produce 6 million metric tonnes of cement per annum (mtpa), which along with Dangote Cement’s two other plants will take total production to 20.25 mtpa.

“We are working towards making the company one of the eight biggest producers of cement in the world,” Dangote’s billionaire owner Aliko Dangote said at the plant opening.

“With the commissioning of the Ibese plant, Nigeria has been transformed from major importer of cement to self-sufficient in production and export.”

Mr Dangote said in the next two years the company’s Obajana plant, in Kogi state, would have its capacity upgraded to 15 mtpa from 10.25 mtpa currently, which would make it the world’s biggest cement plant.

Speaking at the commissioning of the plant, the Ogun state governor, Ibikunle Amosun commended the company for the choice of the state as location for the cement plant. He pleaded with the management of the company to assist the government in fixing the Lagos-Ibadan express road which is in a deplorable state.

President Goodluck Jonathan, who commissioned the plant expressed satisfaction with the expansion of Dangote Cement plants saying that soon Nigeria “will not only be exporter of crude oil, but will be exporter of cement.”

Mr Jonathan hailed the billionaire owner of the plant and said that it was because of Mr Dangote’s contributions to the economy that justified the conferment of Grand Commander of the Order of the Niger (GCON) award on him, an award that hitherto have been conferred on Vice President.

The President said that the plant which will directly employ over 7,000 workers will help to reduce the rate of employment in the country and reduce the cost of housing in Nigeria.

He said for the country to achieve its aim of joining the top 20 economy in the world by the year 2020 “we need to multiply people like Dangote”