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 Adedapo Adesanya
The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
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