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 Dipo Olowookere
The refusal of the bears to give the bulls a chance further depleted the Nigerian Exchange (NGX) Limited by 1.41 per cent on Thursday.
Persistent selling pressure left the equity market depressed at the close of business yesterday, with profit-taking still witnessed in the financial services sector.
The All-Share Index (ASI) decreased by 3,397.80 points to 237,404.92 points from 240,802.72 points, and the market capitalisation shrank by N2.179 trillion to N152.266 trillion from N154.445 trillion.
Africa Prudential dropped 10.00 per cent to trade at N11.70, Cadbury Nigeria lost 10.00 per cent to finish at N62.10, Tripple Gee crashed by 10.00 per cent to N3.60, John Holt depreciated by 9.93 per cent to N12.25, and McNichols stumbled by 9.33 per cent to N6.80.
On the other side, Legend Internet grew by 9.52 per cent to N5.75, NPF Microfinance Bank gained 9.18 per cent to settle at N5.35, Transcorp advanced by 7.32 per cent to N44.00, Neimeth improved by 7.03 per cent to N9.90, and DAAR Communications added 5.29 per cent to trade at N1.79.
Analysis of the price movement log indicated that the mood remained bearish, as Customs Street ended with 15 price gainers and 39 price losers, representing a negative market breadth index.
The activity level went up yesterday after investors bought and sold 691.6 million stocks worth N116.9 billion in 50,025 deals, in contrast to the 663.0 million stocks valued at N40.0 billion transacted in 51,143 deals on Wednesday. This showed that the trading volume increased by 4.31 per cent, the trading value surged by 192.25 per cent, and the number of deals decreased by 2.19 per cent.
First Holdco was the busiest equity during the trading day, with a turnover of 115.8 million units valued at N7.1 billion. Access Holdings traded 109.7 million units for N2.5 billion, Dangote Cement exchanged 71.5 million units for N83.4 billion, Japaul transacted 26.0 million units worth N83.6 million, and FCMB sold 25.9 million units valued at N285.9 million.
By Adedapo Adesanya
Oil prices rose on Thursday after American Vice President JD Vance warned Israel against further attacks on Iran-backed Hezbollah in Lebanon, raising doubts about the durability of the US-Iran ceasefire agreement.
Brent crude futures settled at $79.85 a barrel after chalking up 30 cents or 0.38 per cent, while the US West Texas Intermediate (WTI) crude futures gained 19 cents or 0.25 per cent to finish at $76.60 a barrel.
US Vice President JD Vance on Thursday issued an extraordinary rebuke to Israeli critics of the Iran deal, warning them not to alienate their “only powerful ally” left in the world.
The deal gives negotiators 60 days to reach an agreement on the status of Iran’s nuclear programme and set up a $300 billion reconstruction fund for Iran and other financial incentives.
Mr Vance told members of Israeli Prime Minister Benjamin Netanyahu’s cabinet to “wake up and smell the reality,” amid growing tensions between Netanyahu and US President Donald Trump.
Market analysts noted that the statements about Israel may have put things back on edge, as the two countries jointly launched the war on Iran on February 28.
Ultimately, oil markets will be focused on what happens in the Strait of Hormuz, through which 20 per cent of the world’s oil flowed before the start of the war.
Analysts expect a gradual recovery in flows through the Strait of Hormuz, while industry experts have cautioned that prices may not plummet as demand recovers and inventories are refilled.
Investment bank Goldman Sachs expects Gulf exports to normalise to pre-war levels by the end of July, with crude production recovering by October. The bank estimates that a normalisation in exports to pre-war levels might be achieved with a 13 million barrel-per-day increase in Hormuz flows from current levels to around 70 per cent of pre-war levels.
Markets will be watching closely in the coming week to see exactly how much oil begins to flow, especially Iranian oil, which will no longer be sanctioned thanks to the latest ceasefire agreement.
China, the world’s second-largest oil consumer, is forecast to consume 753 million metric tons of petrol in 2026, down 4.9 per cent from 2025 amid a pivot to new energy and high oil prices.
By Modupe Gbadeyanka
The transition guidelines on the Tax Acts 2025 to provide direction to taxpayers, tax practitioners, revenue authorities and other stakeholders on how to address various issues arising from the old regime to the new framework have been released by the federal government.
The framework was issued on Thursday via a statement signed by the Director of Press Relations in the Federal Ministry of Finance, Efe Ovuakporie.
The guidelines set out the process for transition from the repealed tax laws to the new tax framework effective January 1, 2026.
Under the guidelines, the Tax Acts 2025, comprising the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act, apply from the respective commencement dates as enacted in each law. In particular, January 1, 2026, for the Nigeria Tax Act, 2025.
Tax liabilities, assessments, audits, investigations, disputes and enforcement actions relating to periods before that date will be treated under the repealed tax laws, the notice stated.
Tax returns relating to accounting periods ending before January 1, 2026, will be filed under the previous tax laws, while returns relating to accounting periods ending from January 1, 2026, onward will be administered under the new tax framework.
The document also covers the treatment of income taxes, transaction taxes, development levies, tax incentives, exemptions, record-keeping obligations and transactions that span both the old and new tax regimes.
Existing tax incentives and exemptions granted under the repealed laws will remain in place until their expiration dates. New applications and pending requests, however, will be considered under the provisions of the Tax Acts 2025.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, described the Tax Acts 2025 as a significant milestone in Nigeria’s tax reform programme, noting that the Guidelines set out how existing obligations, ongoing matters and future transactions will be treated under the new regime.
According to the Minister, the guidelines are anchored on three key principles – clarity, fairness and administrative certainty, adding that they are intended to promote uniform implementation and support effective administration across the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, tax practitioners and taxpayers nationwide.
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