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Dangote Builds $1bn Cement Plant in Edo State

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The Dangote Group has started building $1 billion dollars cement factory in Okpella, Edo State, to expand its cement production in Nigeria.

The News Agency of Nigeria (NAN) reports that the six million metric tonnes per annum (mmtpa) Okpella plant and the upcoming six mmtpa plant in Itori, Ogun State will increase the company’s local production capacity to 41 mmtpa annually.

The Okpella project, which is to be constructed within 26 months, will provide 6000 direct jobs and 45,000 indirect jobs in the community.

Kayode Fayemi, minister of Solid Minerals, said at the ground breaking ceremony at Okpella on Sunday, April 10, that the cement plant was an evidence that the diversification agenda of the Federal Government was already working.

Fayemi said that the cement plant would be a model that would bring positive changes to the nation’s solid minerals sector in the areas of job creation, foreign exchange earnings and local content promotion.

He said that mining sector was currently contributing 0.34 per cent to the GDP and had potential to contribute over 25 million dollars annually to the economy by 2025.

Fayemi advised other investors to take a cue from Dangote’s commitment and support to transform the nation’s economy through active participation.

Okechukwu Enelamah, minister for Trade, Industry and Investment, commended the expansion drive of Dangote Group through its commitment to liberate the country from cement importation, increased job creation and foreign exchange earnings.

“Dangote Group is the second largest employer of labour in the country, se‎cond to the Federal Government. ‎The Ministry of Trade, Industry and Investment will continue to partner with Dangote in providing the necessary support for investment growth in the country,” Enelamah who was represented by Aisha Abubakar, minister of State for Trade, Industry and Investment.

Aliko Dangote, chief executive officer of Dangote Group, said that local cement manufacturers were saving the country three billion dollars annually through cement import substitution.

“The additional investment in the sector will guarantee that we always meet local demand as well as surplus for export and foreign exchange generation.”

Dangote urged other investors to explore investment opportunities in the country considering the federal government’s readiness to resuscitate the industrial sector through investment friendly policies.

“A key factor that drives investments in an economy is the presence of an investor-friendly business climate.”

Dangote said that economic reforms in the areas of tax, innovations in rural finance and investment in infrastructure created the enabling environment that made him consider investing in Edo State.

Yusuf Dirisu, the monarch of Okpella, commended the commitment of Dangote Group to the establishment of the plant, while pledging the community’s support to provide enabling environment for the investment to thrive.

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Controversial Sterling Bank caught in the act! CBN sanctions, parades officials for hoarding new naira notes [VIDEO]

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Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks, THE WITNESS reports.

 

In a trending video on social media, seen by THE WITNESS, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.

 

The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.

 

The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

 

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

 

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”

 

WATCH VIDEO HERE:

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FCMB Manager Arrested For Hoarding New Naira Notes

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A manager of the First City Monument Bank (FCMB) branch in Osogbo, Osun State capital, has been arrested for allegedly preventing Automated Teller Machines (ATMs) loaded with cash from dispensing money to customers.

The spokesperson of the Independent Corrupt Practices and other related offenses Commission (ICPC), Azuka Ogugua, in a statement on Friday said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines

“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly’.

Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.

 

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New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage

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The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage.

The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public.

The bank official, who is the branch service head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATMs) even when the cash was available and people were queuing at the ATM points.

The statement reads: “When the ICPC monitoring team stormed the bank at about 1:30pm on Friday to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, the team was informed by the branch’s head of operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash earlier around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“The ICPC said investigations were still ongoing and the Commission will take appropriate actions as soon they are concluded.

“Similarly, seven Point of Sale (PoS) operators as well as a security guard were arrested during an ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons were helping the anti-graft commission with information to assist investigations and bust other syndicates involved in the hoarding and sales of the redesigned Naira notes,” the anti-graft agency said.

 

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