Economy

BUA Group-Dangote Crisis: Edo Indefinitely Shuts Down Disputed Mines

Published

8 years ago

19/12/2017

By Modupe Gbadeyanka

The disputed limestone mines between Dangote Group and BUA Group have been shut down indefinitely by the Edo State government.

Governor of the state, Mr Godwin Obaseki, ordered the closure yesterday when indigenes of the community where the mines are located, Obu in Okpella area of the state, paid him a courtesy visit at the Government House in Benin City.

Mr Obaseki told newsmen that the directive became necessary in the interest of peace and tranquillity.

Consequently, he directed the Edo State Commissioner of Police and the Army Brigade Commander in the state to halt further operations at the Obu mines with immediate effect.

It would be recalled that the ownership of the mines has been a subject of dispute between the Africa’s leading cement manufacturers, Dangote Cement Plc and BUA Cement, which the Federal Ministry of Mines had asked to vacate the mines because it was an exploiting limestones in the area illegally.

During the visit on Monday, members of Ukhomunyio Okpella expressed reservation at the alleged use of youths as militia to enforce perceived rights to ownership of the mines and thus creating security threat to the peace of the people.

Governor Obaseki described Okpella as the mineral gem of Edo State and as such mineral resources ought to be a blessing to the people of the state “but regrettably, the situation on ground has degenerated to a security threat and therefore there is the need to nip it in the bud.

“The Federal Ministry of Mines, which has authority over the mines, has proclaimed that what we have there now is illegal mining and we don’t want break down of law and order. The situation has degenerated badly.

“Those of you were concerned have moved and tried to resolve the matter, we lost two of the people on the road to Benin while on the trouble shooting mission to Benin. We had a meeting in Abuja two weeks ago and we analysed the Obu mines issue.

“Two people cannot lay claim to one asset, until the court decides the ownership or the federal supervising agency, the Ministry of Mines says otherwise, I am closing down the Obu mines with immediate effect because we believe there is globally acceptable way of determining ownership in a contentious matter as this without recourse to self-help”

The Governor noted that mines were on the exclusive list of the federal government and the ministry said there is illegal mining going on there, “from today, there will be no further mining operations in Obu”

The Okpela Chiefs applauded the government decision and declared their loyalty to the state government saying the decision will bring relief to the people who have been living under fear.

Earlier, spokesman of the Okpella Chiefs, Mr Moshood Aliu, told the Governor that they were in his office to declared their support for the state government’s effort at industrializing the state and for him to intervene in the dispute between Dangote Cement and Bua.

The community heads disclosed that the youths of the community were being incited against one another in a bid to enforce perceived right to ownership of the mines, a situation he said generated tension in the area.

Mr Moshood explained that while the location of the mines was not in dispute, what is being disputed is the ownership.

“Obu mines was in the then Mid-West, later Bendel and now Edo State. We are the occupier of the area and we don’t want trouble, the unilateralism and use of youths as militia to enforce ownership right is condemnable,” he said.

Economy

NASD Bourse Edges Up 0.23% as NSI Nears 3,970 Points

Published

8 hours ago

24/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.

The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.

Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.

During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 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, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

Economy

Naira Weakens to N1,353/$ at Official Market

Published

8 hours ago

24/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.

It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.

But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.

FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.

Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.

Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.

As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.

Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.

The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.

Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.

However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

Economy

NB Plc’s Strong Recovery, Improved Profitability Excite Shareholders

Published

10 hours ago

24/04/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.

Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.

At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.

“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.

Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.

“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.

Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.

She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.

“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.

Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.

“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.

She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.