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

NGX Crossing N100trn Reflects Renewed Investor Confidence—Popoola, Chiemeka

Published

8 hours ago

06/01/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, and his counterpart at the NGX Limited, Mr Jude Chiemeka, have expressed delight over the value of the bourse breaking the N100 trillion ceiling on Monday.

Yesterday, the domestic stock exchange gained 1.74 per cent, with the market capitalisation rising by N1.869 trillion to N101.807 trillion ($71.15 billion) from N99.938 trillion ($69.61 billion) and the All-Share Index (ASI) growing by 2,725.86 points to 159,218.22 points from last Friday’s 156,492.36 points.

The growth was buoyed by renewed investor demand and broad-based gains across listed stocks, resulting in a year-to-date returns of 2.32 per cent.

It was observed that the rally was driven by strong buying interest in stocks such as Cadbury Nigeria, Fidson Healthcare, and Champion Breweries, reflecting the traditional “January Effect” that often characterises early-year market activity.

Investor sentiment strengthened markedly, with market breadth improving to 9.13x as 73 equities recorded gains against eight decliners, signalling widespread participation in the rally.

“The equities market capitalisation crossing the N100 trillion mark is a defining milestone for Nigeria’s capital market and a clear signal of renewed investor confidence as the year begins.

“It reflects the market’s growing depth, resilience, and ability to respond positively to improving macroeconomic conditions and structural reforms,” Mr Popoola stated, adding that sustained collaboration between market stakeholders and regulators has played a key role in strengthening market credibility.

“Over the past two years, closer alignment between market operators, policymakers, and the Securities and Exchange Commission (SEC) has enhanced transparency, liquidity, and investor protection, reinforcing the Exchange’s role in mobilising long-term capital for economic growth,” he said.

On his part, Mr Chiemeka said, “The breadth of the market tells a positive story. We are seeing strong participation across banking, industrial, and consumer stocks, alongside rising trading volumes, which suggest growing investor confidence and a more active market at the start of the year.”

Economy

2026: NASD Exchange Eyes Inclusive Economic Growth, National Transformation

Published

8 hours ago

06/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Managing Director of the NASD Over-the-Counter (OTC) Securities Exchange, Mr Eguarekhide Longe, has said the bourse in 2026 would play its role in expanding the economic space and anchoring enduring socio-political transformation and inclusive growth in the country.

Speaking as part of his new year message, the NASD helmsman noted that the steady gains recorded in the nation’s macro-economy will translate to further gains in 2026.

“In this regard, we are optimistic about the further structural reforms and gains that will attend the implementation of the Nation’s new tax law.

“We know that there are development gaps to be covered in improving hard and soft infrastructure, as well as supporting genuine entrepreneurs across the length and breadth of the country, providing justification for scaling up projects and businesses via the instrumentality of structured capital market platforms,” he said.

He also said the flagship OTC market performed moderately with new admissions and a consolidation of the staple performers in the trading year 2025.

“2025 has turned out, in many respects, to be a year of reasonably positive performance, financially, but more a year of tangible results from the diversification of the activities on NASD,” Mr Longe said.

Business Post analysis of the bourse’s 2025 Trading Summary showed that the exchange recorded a strong expansion in market capitalisation in 2025, even as overall trading activity by deal count declined compared with 2024.

Market capitalisation on the exchange more than doubled to N2.12 trillion in 2025, representing a 106 per cent increase from N1.03 trillion in 2024. The number of admitted securities also rose marginally to 47, up from 45 in the prior year, reflecting a 4 per cent growth.

The NASD Securities Index (NSI) rose by 18 per cent to 3,543.74 points, compared with 3,002.68 points in 2024. Similarly, the NASD Pension Index advanced by 21 per cent to 1,032.88 points, up from 954.33 points.

Trading volumes surged significantly during the year. Total volume traded climbed to 14.03 billion units, marking a 377 per cent increase from 2.98 billion units in 2024. However, this sharp rise in volume contrasted with a decline in transaction value, which fell by 43 per cent to N59.29 billion, down from N103.96 billion in 2024.

The total number of deals executed on the platform dropped to 6,456, representing a 26 per cent decline from 8,724 deals recorded the previous year, indicating fewer but larger or more strategic transactions.

The exchange also recorded notable listings in 2025, with Infrastructure Credit Guarantee Company PLC (InfraCredit), Paintcom Investment Nigeria PLC (Paintcom), and MRS PLC admitted to trading. In addition, the listing of the Access Bank PLC Rights Issue contributed to market growth. Combined, new listings on the NASD in 2025 were valued at approximately N1.121 trillion.

Commercial Paper admissions unto the NASD platform exceeded N34.32 billion in the trading year and maiden offer on the NASD Digital Securities platform of a tokenised Commercial Paper stood at N5 billion.

Economy

NASD OTC Bourse Soars 0.60%

Published

15 hours ago

06/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The trading compass at the NASD Over-the-Counter (OTC) Securities Exchange pointed north on Monday, January 5 after the market closed higher by 0.60 per cent.

The NASD Unlisted Security Index (NSI) added 21.49 points to close at 3,575.33 points compared to the previous session’s 3,553.84 points just as the market capitalisation inflated by N12.86 billion to finish at N2.139 trillion, in contrast to last Friday’s value of N2.126 trillion.

The growth recorded by the NASD OTC bourse yesterday was influenced by three securities led by FrieslandCampina Wamco Nigeria Plc, which gained N4.70 to close at N51.70 per share compared with the previous N47.00 per share.

Further, Geo-Fluids Plc appreciated by 43 Kobo to settle at N6.94 per unit versus N6.51 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 37 Kobo to N36.00 per share from N35.63 per share.

Data from the alternative stock exchange showed a drop in investor appetite as the volume of trades declined by 94.7 per cent to 193,973 units from 3.6 million units, while the value of transactions decreased by 68.2 per cent to N4.5 million from N14.1 billion, with the number of deals sliding by 34.8 per cent to 15 deals compared to 23 deals.

At the close of business, CSCS Plc was the most traded stock by value on a year-to-date basis with 341,080 units sold for N12.2 million, followed by Geo-Fluids Plc with 535,970 units valued at N3.5 million, and Industrial and General Insurance (IGI) Plc with 2.9 million units exchanged for N1.9 million.

However, IGI Plc was the most active stock by volume on a year-to-date basis with 2.9 million units traded for N1.9 million. trailed by Geo-Fluids Plc with 535,970 units worth N3.5 million, and CSCS Plc with 341,080 units valued at N12.2 million.