Economy
Ajaokuta Steel: Akpoti Backs Bello as Rep Begin Probe Monday
By Ebireri Henry Ovie
A lawyer and social reformer, Barrister Natasha Akpoti, on Saturday expressed delight with the high degree of determination so far exhibited by Kogi State governor, Mr Yahaya Bello to move Ajaokuta Steel Company forward.
She also dismissed insinuations of being sponsored by some individuals in the country.
“As a governor, Yahaya Bello must be met daily with tons of ideas. Ajaokuta Kogi Nigeria Limited could have been one of those he ventured into based on recommendations best available to him at that moment in time. I hold no brief for him and I still believe that in the spirit of democracy, his government owes an explanation to the good people of Nigeria.
“However, while focusing ahead, it’s good to know Bello supports the call for TPE of Russia as technical partners and has openly appreciated the resilience of our advocacy. So I chose to hold His Excellency to his words,” she said.
Ms Akpoti, who spoke to newsmen in Abuja Saturday, disagreed with the thinking in some quarters that her recent friendship with Governor Bello was for her own selfish purposes.
“In the past months, there have been some relationships forged between the Kogi State governor, Yahaya Bello and myself. Clearly, we are collaborating towards an accelerated resuscitation of Ajaokuta Steel Company amongst others. This alliance will no way overturn or tamper with our code of ethics and societal ethos which has laid the foundation upon which we seek economic justice for Ajaokuta Steel Company and her captive mine – National Iron Ore Company, Itakpe both in Kogi State”.
According to her, the involvement of the Kogi State government in the alleged lopsided attempted acquisition of the steel complex via a vehicle registered as Ajaokuta Kogi Nigeria Limited as exposed during the March 1, 2018 presentation before the House of Representatives was all true.
“Whether such actions were taken with the full knowledge of Governor Yahaya Bello or not or in the best interest of the state and country or not shall be decided in the course of the House of Reps investigation which commences on Monday, June 4, 2018”
The leader of Ajaokuta/Itakpe Revival Movement provided what may well be an insight into the twists and turns in the journey to revive the steel company
“However, as every journey has a destination, so also before I embarked upon this Herculean task alongside millions of patriotic Nigerians; there was a destination at heart. This was unequivocally to pursue and influence good government decisions towards the judicious revival of Ajaokuta Steel Company and the steel sector in general.
“Without mincing words, we stood against its privatization and pressed for a Government to Government engagement between Russia and Nigeria in order to reengage the original builders TyazhPpromExport (TPE) directly as technical partners for a short term thereby cutting out the middle men/companies to help curb corruption and in turn, yield desired socio-economic benefit of the masses.
“Having set these goals, we embarked upon a journey we had absolute no control of its twists and turns. For three years, a lone voice became a movement of millions. Relationships were bruised, characters were smeared, lives threatened but most importantly patriotism grew as Nigerians from the North to South, East and West found a cause worth uniting and fighting for irrespective of religious and ethnic sentiments,” she said.
The legal practitioner explained that as the case of Ajaokuta Steel Company, there was no cause for alarm as the company was on a sure path of revival.
“On the brighter side, Ajaokuta Steel Company is on a sure path of revival because the much needed political will is being stimulated across the tiers of government.
“I, alongside the reputable Nigerian Society of Engineers (NSE), African Iron and Steel Association (AISA) and a host of other professional stakeholders are working with the National Assembly to create a set of laws to establish a responsive and protective ecosystem for the steel sector.
“We are also advocating for the establishments of a Steel Development Authority (just like we had in the 70s). The rationale behind this is to promote the separation of powers which are presently mumbled up in the Ministry of Solid minerals.
“In essence, the Steel Authority shall oversee the operations and productivity of the steel sector; while the ministry shall serve as regulators for pricing, policy formulations and others. With all the right collaborations being set in place, however late, I have no doubt the resuscitation of Ajaokuta’s steel complex for the good of Nigeria will be a dream come true”.
Ms Akpoti excitely told newsmen that she decided to forge a healthy alliance to promote an accelerated resuscitation of Ajaokuta Steel Company along agreed common grounds.
“From childhood, after the sudden demise of my father at the age of 49; I developed a great appreciation for the value of time being the most precious of resources. We can always make the money we lose, but never the time wasted.
“In addition, I am also one with great respect for authority especially in this part of the world where the pen is still mightier than the voices of the populace; so I had to apply reason to save time for the greater good of Ajaokuta and its delayed promises to Nigeria and her sinking economy.
“So after the expose of conspiracies on the floor of the National Assembly; wise elders counseled on the importance of managing time and authority. We as a movement had a choice to either spend the next moments agitating about the mistakes of the past or cutting our loses, call on the relevant parties together, especially the stakeholders in government and forge a healthy alliance to promote an accelerated resuscitation of Ajaokuta Steel company along agreed common grounds,” she added.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 17, by N1.35 or 0.07 per cent to N1,380.18/$1 from N1,381.53/$1.
It also improved its value against the Pound Sterling in the same market segment during the session by N11.75 to trade at N1,854.42/£1 compared with the previous day’s N1,866.17/£1, and gained N5.69 against the Euro to sell at N1,576.99/€1 versus Thursday’s closing price of N1,582.68/€1.
In the same vein, the Naira chalked up N1 against the United States currency yesterday at the GTBank forex desk to quote at N1,388/$1, in contrast to the preceding day’s N1,389/$1, but closed flat at the black market at N1,405/$1.
The appreciation of the Nigerian currency on Friday came amid fresh signals that Nigeria is building its external reserves for protection against shocks and excessive currency volatility.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the country’s gross reserves had risen above approximately $52 billion by 15 July, while net reserves had increased from about $3 billion when the current CBN leadership took office to more than $40 billion.
Mr Cardoso linked the increase in reserves to reforms that had restored greater confidence in the foreign exchange system. He also pointed to efforts to diversify foreign currency inflows, including policies designed to increase remittances through official channels.
He noted that monthly diaspora remittances had risen above $600 million and the CBN expected them to reach approximately $1 billion by the end of 2026. The target is part of a broader effort to grow reserves through recurring inflows rather than temporary measures.
The improvement, he argued, had strengthened Nigeria’s capacity to respond when unexpected events threatened market stability.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
As for the crypto market, prices were up as markets overlooked geopolitical developments and macro forces weighing on the whole market ecosystem rather than anything crypto-specific, with Cardano (ADA) up by 4.6 per cent to $0.1661.
Bitcoin (BTC) jumped by 1.8 per cent to $63,968.32, Ethereum (ETH) improved by 0.9 per cent to $1,843.88, Dogecoin (DOGE) also rose by 0.9 per cent to $0.0723, Solana (SOL) soared by 0.6 per cent to $74.90, Ripple (XRP) also appreciated by 0.6 per cent to $1.08, and Binance Coin (BNB) advanced by 0.1 per cent to $567.32.
However, TRON (TRX) depreciated by 0.2 per cent to close at $0.3218, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
