Economy

BUA Stealing, Illegally Mining Our Limestone—Dangote

Published

8 years ago

18/12/2017

By Dipo Olowookere

BUA Group has been accused by the management of Dangote Group of engaging in illegal mining of limestone deposited in its Mining Lease No. 2541, located in a boundary town of Oguda/Ubo in Okene Kogi State.

This claim was made over the weekend by Dangote’s Executive Director, Mr Devakumar Edwin, who frowned at the media war allegedly instigated by BUA against the Dangote Group, over a matter which is already pending before the Federal High Court, Benin Division.

Speaking at a media conference in Lagos, Mr Edwin stated that, “Dangote Group validly acquired its interest and mining title in the disputed Mining Lease No. 2541 from AICO Ado Ibrahim & Company Ltd sometime in 2014.

“AICO itself had applied to the Mining Cadastre Office and Ministry of Mines and Steel Development for the said Mining Lease No. 2541 located in a boundary town of Oguda/Ubo in Okene Kogi State in 2007.

“The Ministry in exercise of its power under the Nigerian Minerals and Mining Act, 2007 granted and issued to AICO ML. No. 2541 for the renewable period of 25 years effective from 1st February 2008 and to expire on 31 January, 2033.

“Thus AICO by virtue of the said grant, became vested with the legal title over ML. No. 2541.

“In 2014, the Dangote Group approached AICO and indicated interest in acquiring AICO’s stake in ML No. 2541. In 2014, AICO, in exercise of its right under the Mining Act, applied to the Ministry for the transfer of its title in the ML No. 2541 to Dangote Group. AICO and Dangote Group equally paid all the transfer and statutory fees demanded by the Ministry.”

He further explained that, “By a letter dated 05 February 2016, the Ministry wrote to the Managing Director of the Dangote Group to convey the approval of the Ministry for the Transfer/Assignment of ML No. 2541 from AICO to Dangote Group with effect from 03 February 2016.

“Following the successful transfer of ML. No. 2541 to Dangote Group, the Group became the holder of the Mining Lease No. 2541.”

He said even BUA in its process in court acknowledged that these illegal mining leases which it claimed were granted in 1997 were temporary mining leases.

Mr Edwin also recalled that the then Minister for Solid Minerals under Olusegun Obasanjo’s regime, Dr Oby Ezekwesili, sometime in 2006, waded into the dispute and invited the managements of Edo Cement Company Limited and AICO Ado Ibrahim & Company Limited for a meeting and that in the course of the meeting the then Minister again queried the legality of Mining Lease Nos 18912 and 18913 and the power of the Governor of Edo State to grant such mining leases.

“At the end of the meeting, the Minister declared the Edo Cement’s Mining Leases Nos. 18912 and 18913 illegal and declared the mining site open for interested investors.

“Given that AICO’s then existing Mining Lease No. 17825 was yet to be renewed even though application for renewal was pending, AICO in 2007 (under the Mining Act, 2007) applied for the fresh Mining Lease No. 2541 and the Ministry granted it in 2008 without any objection from Edo Cement Company,” Mr Edwin said AICO, who sold the right to Dangote, continued its mining operations in the Mining Lease No. 2541 undisturbed until BUA Group acquired Edo Cement Company Limited and resuscitated the dispute again.

Mr Edwin further revealed that it was the attempt by BUA to encroach on AICO’s mining title in Mining Lease No. 2541 that prompted AICO to write to the Ministry in 2015 complaining of BUA’s encroachment.

He said, “The Ministry after investigation in the same 2015 by the letter dated 21 January 2015 wrote to the Chairman of BUA Group directing BUA to stop mining within the ML. No. 2541. It was this same letter from the Ministry that prompted BUA to file a suit at the Federal High Court Benin in 2016.”

Mr Edwin added that, “It is therefore appalling that BUA Group in the midst of these overwhelming facts will still want the public to believe that Dangote Group is after its business when in actual fact BUA has been the one mining illegally in Dangote Mining Lease and attacking its officials without any justification…

“The crocodile tears being shed by BUA in its cry for help and open letter to the President is most laughable and a total distraction from BUA’s continuous illegal activities within Dangote’s ML 2541 aimed at depleting and exhausting the limestone reserves in order to sabotage Dangote Group’s legitimate investment.”

Economy

Sachet Alcohol Ban: NECA Demands Respect for Due Process

Published

30 minutes ago

30/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Employers’ Consultative Association (NECA) has expressed concern over the renewed enforcement of a ban on the production and sale of alcoholic beverages in sachets and small PET bottles by the National Agency for Food and Drug Administration and Control (NAFDAC).

The group’s director general, Mr Wale-Smatt Oyerinde, warned that the action of the agency could have adverse economic and governance consequences.

NECA is the organisation expressing worry of this issue after the Manufacturers Association of Nigeria (MAN) raised concerns about it earlier this week.

Mr Oyerinde said the enforcement contradicts a directive from the Office of the Secretary to the Government of the Federation dated December 15, 2025, which suspended the ban, as well as a March 14, 2024 resolution of the House of Representatives calling for restraint and broader stakeholder engagement.

The NECA chief said the continued enforcement is already disrupting legitimate businesses, unsettling ongoing investments, and putting thousands of jobs at risk, while weakening confidence in Nigeria’s regulatory environment.

According to Mr Oyerinde, regulation should be based on evidence, proportionality and the rule of law. He noted that the affected products were tested, registered and periodically revalidated under NAFDAC’s regulatory procedures, with alcohol content clearly labelled in line with internationally recognised Alcohol by Volume standards.

He added that underage drinking is primarily an enforcement issue at the retail level rather than a packaging issue, and called for stricter licensing, monitoring, and sanctions for erring retailers rather than a blanket ban on certain product formats.

NECA boss also warned that sachet and small-pack formats reflect affordability realities for many adult consumers, and that eliminating them could push demand into informal, unregulated markets, increasing public health risks and shrinking the formal economy.

He further expressed concern that enforcement efforts are focused on a regulated segment of the beverage industry while more dangerous illicit narcotics and abused pharmaceuticals continue to circulate widely among young people.

On the economic impact, NECA said the wines and spirits value chain supports significant direct and indirect employment across manufacturing, packaging, distribution, transportation, retail and agriculture.

It cautioned that sudden regulatory actions could threaten livelihoods, reduce government revenue and undermine investor confidence.

Addressing environmental concerns, NECA said plastic waste issues should be tackled through improved waste management, recycling systems and extended producer responsibility frameworks, rather than selective product bans.

Economy

NASD OTC Index Drops 0.27% as Market Cap Slides to N2.167trn

Published

2 hours ago

30/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange lost 0.27 per cent on Thursday, January 29, weakening the Unlisted Security Index (NSI) by 9.79 points to 3,622.77 points from the previous session’s 3,632.56 points, as the market capitalisation recorded a N5.85 billion loss to end at N2.167 trillion compared with Wednesday’s closing value of N2.173 trillion.

Three securities were responsible for the downfall of the alternative stock market, with leaders being Okitipupa Plc, which shrank by N15.70 to end at N218.90 per unit versus the previous day’s N234.60 per unit. Afriland Properties Plc declined by 50 Kobo to close at N14.00 per share compared with the N14.50 per share it finished at midweek, and Food Concepts Plc dropped 9 Kobo to sell at N2.63 per unit versus N2.72 per unit.

Business Post reports that there were two price gainers yesterday led by Nipco Plc, which added N17.48 to its value to settle at N259.48 per share versus N242.00 per share, and Central Securities Clearing System (CSCS) Plc appreciated by 35 Kobo to N40.50 per unit from N40.15 per unit.

During the trading session, the volume of securities went down by 57.3 per cent to 1.9 million units from 4.7 million units, the value of securities decreased by 74.4 per cent to N13.4 million from N52.4 million, and the number of deals slipped by 50 per cent to 16 deals from 32 deals.

When the market closed for the day, CSCS Plc was still the most active stock by value on a year-to-date basis with 15.3 million units traded for N622.9 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units exchanged for N108.4 million, and Geo-Fluids Plc with 8.9 million units worth N60.4 million.

CSCS Plc was also the most active stock by volume on a year-to-date basis with 15.3 million units valued at N622.9 million, followed by Mass Telecom Innovation Plc with 10.1 million units sold for N4.1 million, and Geo-Fluids Plc with 8.9 million units transacted for N60.4 million.

Economy

RT Briscoe, Others Lift Stock Exchange by 0.22%

Published

2 hours ago

30/01/2026

Dipo Olowookere

By Dipo Olowookere

The gains recorded by RT Briscoe and 40 other equities lifted the Nigerian Exchange (NGX) Limited by 0.22 per cent on Thursday after a day with the bears.

Rebound of the stock exchange was triggered by renewed bargain-hunting activities by the market participants, with RT Briscoe gaining 10.00 per cent to sell for N7.15.

SCOA Nigeria appreciated by 9.91 per cent to N31.60, Deap Capital also jumped by 9.91 per cent to N10.43, Veritas Kapital appreciated by 9.85 per cent to N2.23, and Zichis chalked up 9.80 per cent to trade at N3.81.

Conversely, Haldane McCall depreciated by 9.84 per cent to finish at N3.94, Union Dicon shed 9.79 per cent to close at N8.75, University Press shrank by 8.00 per cent to N5.75, Legend Internet crashed by 7.56 per cent to N5.50, and Austin Laz lost 7.50 per cent to quote at N3.70.

Data indicated that the bourse ended the session with 41 price gainers and 27 price losers, implying a positive market breadth index and strong investor sentiment.

Business Post reports that the industrial goods index was flat yesterday, but this was offset by the others, with the banking space up by 0.68 per cent, the insurance segment rose by 0.64 per cent, the consumer goods counter expanded by 0.46 per cent, and the energy sector grew by 0.10 per cent.

Consequently, the All-Share Index (ASI) went up by 362.93 points to 165,527.31 points from 165,164.38 points and the market capitalisation gained N232 billion to finish at N105.969 trillion versus the previous day’s N105.737 trillion.

The most traded stock for the day was Cutix with 144.6 million units worth N464.9 million, Veritas Kapital traded 56.6 million units for N124.3 million, GTCO sold 26.0 million units valued at N2.6 billion, Tantalizers exchanged 26.0 million units worth N110.0 million, and Japaul transacted 25.9 million units valued at N67.2 million.

When Customs Street closed for business, the activity chart showed the trading was up by 10.94 per cent to 691.4 million shares from 623.2 million shares, the trading value was down by 6.67 per cent to N15.4 billion from N16.5 billion and the number of deals shrank by 8.32 per cent to 38,665 deals from 42,172 deals.