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L-R: Minister Counsellor - Embassy of the Republic of Indonesia, Fahmi Aris Innayah; Chief Operating Officer, Biovaccines Nigeria Limited (BVNL),Everest Okeakpu; Director, BVNL, Ayodeji Aboderin; Indonesia Ambassador to Nigeria, Dr. Usra Hendra Herahap; BVNL Chairman, Professor Oyewale Tomori and Defence Attaché Embassy of Republic of Indonesia, Abuja-Nigeria, Colonel Ottow Resalino Maniagasi at the collaboration meeting between Indonesia and nigeria for local vaccines manufacturing, held in Lagos.
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Ogun, Kogi lead as Nigeria’s mineral production increased by 25m in
The National Bureau of Statistics (NBS) says Nigeria produced 89,482,541.07 tons of solid mineral resources in 2021.
The NBS disclosed this in its latest mineral production statistics for 2021, released on Tuesday.
According to the report, production figures increased by 39.19 percent or 25.2 million from 64.28 million tons in 2020.
The report noted that the mining and quarrying sector is a vital sector that should be tapped into for economic growth in Nigeria.
“The aggregate production of mineral products in Nigeria in 2021 grew by 39.19% from 64.29 million tons recorded in 2020 to 89.48 million tons in 2021, indicating an improvement in production,” the report reads.
“On state profile analysis, Ogun state recorded the highest production in 2021 with 32.04 million tons, followed by Kogi with 18.40 million tons and Cross River with 11.64 million tons.”
“The least was recorded in Borno with 231 tons.” The federal government has re-constituted the national steel council to improve the growth of the industry.
Olamilekan Adegbite, minister of mines and steel development, said this at the inauguration on Tuesday in Abuja.
He said the committee would ensure the revival of the steel industry, thereby making it selfsufficient in production.
“This decision is a step in the right direction, which brings us closer to our goal of achieving selfsufficiency in steel production. Indeed, the importance of achieving such a feat cannot be overemphasised as the steel industry remains the backbone of modern society,” Adegbite said.
“The National Steel Act makes adequate provisions for the establishment of the National Steel Council, which will be responsible for the central planning of the iron and steel industry.
“The council consists of a chairman, executive secretary, four board members, and one representative drawn from the following federal ministries — finance, power, and steel.
“They will serve as central planning for the steel industry; research and development for the steel industry, including research and development of the technology and other aspects of iron and steel production.”
Adegbite also said the committee would coordinate the exploration of iron ore, cooking coal, limestone, dolomite, refractory clay and other minerals related to iron and steel production.
He added that the committee would collaborate with the ministries of power and steel, the Nigerian Coal Corporation and the Nigerian Mining Corporation to achieve the task.
“Training Nigerians in all aspects of the iron and steel industry and related fields and the deployment of senior Nigerian management staff and trainees to steel plants and other sectors of the industry,” he added.
“Research into the development and manufacture of equipment to be used and with basic engineering in the steel industry will all be coordinated by the committee.
Ardova Plc reacts to windingup suit against Prudent Energy
• Says ‘We’re not a party’
From Abubakar Yunusa, Abuja
The management of Ardova Plc says there are no winding-up petitions filed against the company.
In a corporate filing on the Nigerian Exchange (NGX) on Tuesday, Oladehinde NelsonCole, Ardova’s company secretary, said the reports about the company were misleading.
Nelson-Cole said the issue was between Ignite Investments and Commodities Limited and Zenon with its affiliates.
“The issues relate to the claims and warranties under the Share Purchase Agreement (“SPA”) between Ignite Investments and Commodities Limited (“Ignite”) and Zenon together with its affiliates for the acquisition of shares in Forte Oil Plc (now Ardova Plc),” the statement reads.
“There are no winding-up petitions threatened or filed against Ardova Plc in respect of these issues or any other issue.
“For the avoidance of doubt, Ardova Plc is not a party to any of the proceedings, and the proceedings neither affect Ardova Plc’s rights nor create any liability for Ardova Plc in any way.”
While confirming the windingup suit, Ardova said there were ongoing efforts at resolving the dispute.
“Ardova wants to avoid being drawn into a media spectacle and considers it important to clarify that this report relates to a dispute between former shareholders and a current shareholder and has nothing to do with Ardova Plc as a separate entity,” it added.
On Monday, reports emerged that Zenon Petroleum and Gas Limited had filed a winding-up suit against Prudent Energy and Services — its parent company — over unpaid $6 million debt.
According to reports, Zenon Petroleum, in a suit at the Federal High Court, Lagos, with No. FHC/L/CP/1450/2022 alleged that the $6 million was part of a deferred consideration which became due on June 18, 2022.
It added that Zenon has refused to fulfil the obligation despite several demand letters.
FG inaugurates National Steel Council to drive sector’s growth
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L-R: Institute Secretary, National Judicial Institute (NJI), Abubakar Maidama, Acting Chief Judge of Kogi State, Justice Joe Majebi, Administrator of NJI, Justice Salisu Garba Abdullahi and President, Customary Court of Appeal Oyo State, Justice Mashud Abass, during the opening ceremony of the National Workshop for Confidential Secretaries, Executive Assistants, Protocol Officers, Information Desk Officers, Public Relations Officers and other Administrative Staff of the Judiciary, held at the National Judicial Institute, yesterday in Abuja. Photo: Mahmud Isa
Elon Musk sells $6.9bn worth of Tesla shares over Twitter deal
Elon Musk, the billionaire founder of Tesla Inc., has sold another $6.9 billion shares of Tesla shares in the electric vehicle manufacturer.
The development is coming amid a court case with Twitter.
The billionaire had terminated the $44 billion Twitter deal on the refusal of providing information on fake accounts on the platform.
In filings published by the Securities and Exchange Commission on Tuesday, Musk sold some Tesla shares between August 5 and August 9, worth 7.9 million.
According to Reuters calculations, the billionaire now owns 155.04 million Tesla shares or just under 15 percent of the automaker and about $32 billion shares sold in less than one year.
Last year the billionaire sold more than 15 million Tesla shares.
Musk’s fortune is majorly dependent on Tesla and SpaceX which is valued at 100 billion after a funding round last year.
Twitter had sued Musk over the acquisition of the social microblogging platform.
The trial for the case has been fixed for October 17.
Musk said proceeds from the Tesla sales could be used to finance a potential Twitter deal if he loses the legal battle.
Airtel Africa secures $125m loan facility to support operations
From Abubakar Yunusa, Abuja
Airtel Africa says it has secured a $125 million revolving loan facility from Citi to support operations in its subsidiaries.
A revolving loan facility is a credit issued by financial institutions that allow borrowers to withdraw, repay, and withdraw again.
Simon O’Hara, Airtel Africa’s secretary, said this on Wednesday in a corporate filing on the Nigerian Exchange Limited (NGX).
“Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces the signing of a $125m revolving credit facility with Citi through its branch offices/subsidiaries in sub-Saharan Africa,” the statement reads.
“This facility is in line with our strategy to raise debt in our local operating companies and will include both local currency and US dollardenominated debt.”
It said the facility has a tenor up to September 2024 and would be used to “support Airtel Africa’s operations and investments in four of its subsidiaries”.
“The facility provides potential interest rate savings in exchange for achieving social impact milestones relating to digital inclusion and gender diversity, with a focus on rural areas and women, and aligning with the Group’s sustainability strategy launched in October 2021,” the statement added.
“The facility further strengthens the group’s commitment to transforming lives across the communities in which we operate.”
NRC Reduces Lagos-Ibadan Trips Due To Rising Diesel Costs
From Abubakar Yunusa, Abuja
The Nigerian Railway Corporation (NRC) says it has reduced the number of trips on the LagosIbadan train service due to the hike in the price of automotive gas oil, better known as diesel.
Peoples Daily gathered that the move would hamper the revenue drive of the sector, as rail transport raked in N6 billion last year.
In an interview on Tuesday, NRC Managing Director, Fidet Okhiria, said the corporation has cut down the number of return trips on the route from six to two every day.
“The Lagos-Ibadan train service is running, but we have reduced the number of trips on that route because of the diesel problem. We reduced the number of trips we are running because of the hike in diesel price,” Okhiria told The Punch.
According to the NRC boss, it was outside the corporation’s powers to hike fares, despite the rising cost of operations.
He however stated that the corporation had sent recommendations to the federal ministry of transportation for an adjustment in the train fare.
“We just can’t increase it by ourselves. The government has to do that. We have made some recommendations. But even with the recommendations we made, the new price of diesel has overshot our workings as contained in the recommendations.
“However, we don’t want to price ourselves out of the market too, because the price of petrol is not increasing as such, rather the increase is little when compared to diesel price. And you know we are competing with transporters on roads, ” Okhiria added.
The price of diesel has hit N800 per litre, representing a 28 per cent increase — it sold for 625/litre in March.
