Economy
Obu-Okpella Mines Belongs to us—Dangote Insists
By Dipo Olowookere
The tussle over ownership of mining sites in Obu, Okpella in Edo State between BUA Group and Dangote Group may not end anytime soon.
Recently, BUA Group said it had obtained an order from a federal high court in Benin City affirming that it owns the site.
But Dangote Group, in a statement on Monday, slammed its competitors, describing its claims as false and insisting that the controversial mining sites do not belong to BUA Group as claimed.
In the statement, Dangote, which is the largest producer of cement in the country, said BUA’s claims were not only “unfounded and mischievous”, but were also “riddled with misrepresentations and deliberate distortions of facts.”
According to the Group Executive Director, Mr Devakumar Edwin, the Dangote Group through its lawyers had vigorously defended the Suit filed by the BUA Group seeking a perpetual Injunctive Order against further interferences with their purported fundamental rights to property and privacy.
Mr Edwin stressed that the group has appealed the high court judgment and until the appellate court rules, BUA cannot lay claim or even operate on the mining site.
Giving details of the case, Mr Edwin recalled that in 2014, the Dangote Group and AICO entered into an agreement for the transfer of 2541ML from AICO to Dangote Group.
“AICO thereafter applied to the Ministry of Mines for the approval of the Transfer vide a Mining Lease Transfer Form dated 11 July 2014.
“In 2016, the Ministry of Mines wrote to the Dangote Group to convey the approval of the Ministry for the Transfer/Assignment of 2541ML from AICO to Dangote Group with effect from 03 February 2016.
“Following the approval of the Ministry, the Dangote Group became the legal holder and owner of the Mining Lease No. 2541ML. The 2541ML Certificate was thereafter endorsed to reflect the transfer from AICO to the Dangote Group,” he explained.
Dangote Group, therefore, warned the general public and those working with BUA Group not to take any steps to enter, mine or interfere with the disputed mining leases pending the determination of the appeal and/or the 2 Suits pending before Umar J. as any such steps will be considered a contempt of court.
He noted that the Supreme Court in the case of Governor of Lagos State v. Chief Ojukwu (1986) 1 NWLR (pt. 18) 621), has held that, “Once a party is aware of a pending court process, even when the court has not made a specific injunctive order, parties are bound to maintain the status quo pending the determination of the court process.”
Mr Edwin insisting that BUA Group does not have any right to the mining sites even if BUA Group claims to have title pursuant to Mining Leases 18912 and 18913.
“However, as recently as 09 October 2019 while its wholly incompetent Fundamental Right Suit was still pending, the BUA Group through its subsidiary (Edo Cement Company Ltd) applied to the Director-General of Mining Cadastre Office & Centre, Abuja for the renewal of the said Mining Leases Nos. 18912 and 18913.
“In response to the BUA Group’s renewal applications, the Mining Cadastre Office, in Abuja in its letters dated 18 October 2019 wrote back to BUA Group to inform them in very categorical terms that the Mining Leases Nos 18912 and 18913 were non-existent and were not valid mineral titles,” he said.
Mr Edwin further explained that, “Interestingly and to show the character of the BUA Group, these supremely critical facts were never brought to the attention of the Federal High Court in the Fundamental Rights Suit even though the Mining Cadastre Office letters were written about eight months before the judgment of the court was delivered.
“In effect and significantly so, when that court was handing down its decision and issuing injunctive orders to protect BUA, BUA knew and was well aware, by virtue of the above-referenced letters, that its purported rights to the mining lease were non-existent!
“These facts were, however, mischievously and in a brazen display of mala fide concealed by the BUA Group from the court!
“Even these facts constitute sufficient proof that the BUA Group’s claim to Mining Leases Nos. 18912 and 18913 rest entirely on quicksand and is, therefore, invalid baseless and totally non-existent. The general public is advised to be guided accordingly,” Mr Edwin added.
By Aduragbemi Omiyale
The N3.04 billion rights issue of Regency Alliance Insurance Plc is expected to open on Monday, June 22, 2026, and close on Friday, July 3, 2026, with shareholders urged to participate.
The underwriting firm recently signed an agreement on the rights issue, with board members, management, issuing houses, legal advisers, stockbrokers, and other key stakeholders in attendance.
Regency Alliance is offering to shareholders 3,201,000,000 ordinary shares of 50 Kobo each at 95 Kobo per share on the basis of one new ordinary share for every five ordinary shares held.
The purpose of the fresh capital raise is to bolster the company’s solvency ratios, support business growth, and invest in digital infrastructure and new product development.
The insurance company noted that the rights issue provides an opportunity to existing shareholders to subscribe for additional shares in proportion to their current holdings, protecting them from dilution while enabling them to participate in the organisation’s future growth.
“This capital raise will give us the firepower to meet evolving risks, expand our reach, and deepen the promise we make to every policyholder; that Regency Alliance will be there when it matters most,” the acting chairman of Regency Alliance, Mr Wale Taiwo (SAN), stated.
“We are particularly encouraged by the unwavering support of our shareholders who have stood by the company through its growth journey. We urge all eligible shareholders to take advantage of this rights issue and fully exercise their rights.
“By doing so, they will not only protect their investment from dilution but also participate directly in the exciting growth opportunities that lie ahead for Regency Alliance Insurance,” he added.
Also commenting, the Managing Director of the firm, Mr Bode Oseni, said, “Regency Alliance has always prided itself on being agile, customer-focused xd, and financially sound. The proceeds from this rights issue will accelerate our digital transformation, enhance claims efficiency, and enable us to introduce innovative products tailored to SMEs, Gen Z, and other underserved segments across Nigerian and beyond. We are not merely raising capital; we are raising our ambition.”
“We remain optimistic that our shareholders will embrace this opportunity and demonstrate their confidence in the company’s future by taking up their rights. Together, we are building a strong and more competitive insurance institution,” he added.
By Adedapo Adesanya
Oil palm processing firm, Okitipupa Plc, and two other securities weakened by the NASD Over-the-Counter (OTC) Securities Exchange by 0.4 per cent on Thursday, June 18.
During the trading day, Okitipupa Plc lost N20.00 to end at N280.00 per share compared with the previous day’s N300.00 per share, NASD Plc declined by 36 Kobo to finish at N37.00 per unit versus N37.36 per unit, and Central Securities Clearing System (CSCS) Plc depreciated by 23 Kobo to N86.34 per share from N86.57 per share.
As a result, the market capitalisation retreated by N10.39 billion to N2.609 trillion from N2.619 trillion, and the NASD Unlisted Security Index (NSI) slid by 17.36 points to 4,361.09 points from 4,378.45 points.
Business Post reports that the sole price gainer for the session was Afriland Properties Plc, which improved by 65 Kobo to N16.20 per unit from N15.55 per unit.
Yesterday, the volume of securities transacted by market participants shrank by 71.6 per cent to 792,835 units from Wednesday’s 2.8 million units, the value of securities fell by 61.8 per cent to N49.0 million from N128.3 million, while the number of deals went down by 39.4 per cent to 20 deals from 33 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 67.7 million units traded for N4.7 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
By Adedapo Adesanya
The Naira free-fall against the US Dollar continued in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, June 18, losing 0.24 per cent or N3.23 to trade at N1,363.30/$1 compared with the previous day’s N1,360.07/$1.
However, the domestic currency appreciated against the Pound Sterling in the official market during the session by N19.12 to trade at N1,805.69/£1 versus midweek’s N1,824.81/£1, and gained N12.89 on the Euro to sell at N1,565.07/€1, in contrast to the preceding day’s N1,577.96/€1.
At the GTBank FX counter, the Naira lost N1 against the Dollar to trade at N1,373/$1 versus Wednesday’s closing rate of N1,372/$1, and at the black market, it remained unchanged at N1,385/$1.
Tightness in FX liquidity continued to pressure the local currency, contributing to a decline in the official exchange rate due to rising demand for foreign payments.
Analysts also attribute the market liquidity dynamics to the lack of substantial Open Market Operation (OMO) bill positioning by foreign portfolio investors, who are key sources of hard currency inflows for the Central Bank of Nigeria (CBN).
The apex bank’s daily FX report revealed that interbank FX turnover increased to $69.918 million across 85 interbank transactions, up from $54.293 million the previous day.
As for the cryptocurrency market, Bitcoin (BTC) traded below $63,000 after losing 1.7 per cent to close at $62,742.28 on Thursday, as risk assets sold off worldwide, erasing the gains it made earlier in the week on the back of the US-Iran peace deal.
The pressure came from a wider retreat in markets as shipping through the Strait of Hormuz returned to normal under the signed US-Iran deal and eased what had been a historic supply shock.
Attention now turns to talks over Iran’s nuclear programme, with Vice President JD Vance saying a 60-day clock to settle the deal’s details has started.
During the session, Solana (SOL) crashed by 3.3 per cent to $68.68, Ripple (XRP) depreciated by 2.7 per cent to $1.13, Cardano (ADA) slid 2.4 per cent to $0.1606, Binance Coin (BNB) slumped 2.0 per cent to $576.11, Dogecoin (DOGE) slipped by 1.9 per cent to $0.0826, and Ethereum (ETH) went down by 1.7 per cent to $1,696.74.
However, TRON (TRX) improved by 0.1 per cent to $0.3204, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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