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Dangote Sugar Denies Involvement in Price Fixing, Asserts its Strong Participation in the NSMP

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Dangote Sugar Denies Involvement in Price Fixing, Asserts its Strong Participation in the NSMP

Dangote Sugar Refinery PLC (DSR) is aware of an online publication claiming that Dangote Sugar Refinery PLC is engaging in price-fixing and is not honestly engaged in any Backward Integration Programme as claimed.

DSR wishes to vehemently refute the allegations and assertions in their entirety as the false allegations are geared at tarnishing the good name and brand of Dangote Sugar Refinery Plc and Dangote Industries Limited.

“DSR does not engage in artificial price manipulation of its products, either during the Holy month of Ramadan or at any other time. We have never ever increased price of our food items or commodities during the Holy month of Ramadan in the history of our operations”, according to the Group Managing Director, Mr. Ravindra Singhvi.

READ ALSO: Dangote Sugar Refinery Reports N26.70bn Profit For 2020

He also added that the Company is socially responsible and considers price-fixing to be unethical. Such allegation is highly mischievous and a calculated attempt to smear the reputation of DSR. DSR can only sadly conclude that the online publication is mischievous and geared at creating some form of undue advantage to some Industry players, he said.

He said that the company began its Backward Integration Programme (BIP) with a 10-year sugar development plan, to produce 1.5 million MT per annum of sugar from locally grown sugarcane. The Project commenced with acquisition of large expanse of land in strategic locations such as Taraba State, Adamawa State and Nasarawa State. To this end, three (3) BIP sugar companies; Dangote Taraba Sugar Limited, Dangote Adamawa Sugar Limited, Nasarawa Sugar Company Limited were incorporated.

The Company had commenced rehabilitation and expansion of its Sugar Factory at Numan. Sugarcane planting has also commenced in the two other BIP locations.

DSR has a responsibility to the Government, the good people of Nigeria and the Sugar Industry and all other stakeholders to protect the integrity of the Sugar industry and wishes to assure its stakeholders as follows: It will do all that is necessary to vehemently protect the integrity of the Sugar Industry, it is not engaged in price fixing and it encourages healthy competition amongst the players.

READ ALSO: We’re Not Currently Recruiting, Disclaim Fake Recruitment Letter -EFCC

DSR highlighted a matter (BUA’s operation of a Sugar refinery in the Free Trade Zone in Port Harcourt, exporting refined sugar into the Custom territory) which may circumvent the National Sugar Master Plan’s (NSMP) framework and jeopardize its objectives by taking advantage of the location of its Port-Harcourt Refinery in the Free Trade Zone. DSR made this notification to the Hon. Minister of Industry, Trade & Investments bona fide, via its letter to the Minister dated January 28, 2021 asking the Minister to investigate the matter.

We believe our action is in line with our responsibility as a major stakeholder to alert the supervising Ministry on activities that would derail the plan of the Federal Government in its drive to self -sufficiency in Sugar under the NSMP.

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First Bank Appoints Nnamdi Okonkwo As New GMD

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First Bank Appoints Nnamdi Okonkwo As New GMD

First Bank Holdings, on Thursday, October 28, 2021, disclosed the appointment of Nnamdi Okonkwo as its new Group Managing Director (GMD).

Newsrand understands that this development marks the return of the award-winning banker barely ten months after he successfully served out his term at Fidelity Bank.

Okonkwo was immediately past Managing Director and CEO of Fidelity Bank of Nigeria PLC.

His appointment followed the retirement of U.K. Eke, who has completed his two-term tenure.

Uke, according to the board, tendered his Notice of Retirement on August 10, 2021

The board further announced the renewal of the appointments of Dr. Adesola Adeduntan and Gbenga Shobo as the managing director and deputy managing director of FirstBank respectively, for another term.

In the same vein, the Board announced the renewal of appointments of Kayode Akinkugbe and Taiwo Okeowo as the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Limited respectively, for another term.

“Uke’s retirement takes effect at the end of the current Financial Year on December 31, 2021. Mr. Eke’s retirement follows from a 35 years career in financial services, strategy, auditing, consulting, taxation, process reengineering, and capital market operations.

“FBNHoldings Board has also announced that Eke will be succeeded by Mr. Nnamdi Okonkwo, a focused and result-oriented top banker, who will assume office as Group Managing Director, FBN Holdings Plc effective January 1, 2022,” Seye Kosoko, the Company Secretary said

Okonkwo, the immediate past Chief Executive Officer of Fidelity Bank Plc, brings to bear on the Board of FBNHoldings more than 30 years of unbroken banking career spanning local and international experience. He has a wealth of experience in transformational leadership, business strategy development and visioning, innovative corporate governance, and risk management.

He has led the transformation of banks, with the most recent being Fidelity Bank, where he led the management team in seven years to achieve remarkable results culminating in tripling profit and shareholder value.

Okonkwo previously served as the Executive Director for Southern Nigeria in Fidelity Bank. He has worked meritoriously on an international level in his capacity as the Managing Director of UBA Ghana; Director, UBA Liberia, and a Director of the Ghana National Banking College.

He has served in various leadership positions across other financial institutions including Broad Bank of Nigeria Ltd; Citizens International Bank, Nigeria; FSB International Bank Plc, Nigeria; Guaranty Trust Bank Plc, Nigeria; and Merchant Bank of Africa, Nigeria.

Okonkwo made remarkable feats as a Director in various organizations including UBA Ghana, UBA Liberia, Nigeria e-government Strategy (Negst), Nigeria Interbank Settlement System Plc, Unified Payment System Ltd and as Chairman, Shareholders Audit Committee FMDQ, amongst others. His appointment is subject to the approval of regulatory authorities.

The board also approved the appointment of Tope Orhionsefe Omage as a Non-Executive Director of First Bank of Nigeria Limited by the Board of FirstBank, subject to the approval of the CBN.

The Board also announced the appointment of Meristem Registrars Limited as the new Registrars to take over the Register of Members of FBN Holdings Plc in replacement of First Registrars and Investors Services Limited, with effect from December 1, 2021.

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First Bank: Otedola Is Not Our Largest Shareholder

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First Bank: Otedola Is Not Our Largest Shareholder

First Bank has made a u-turn against its statement that confirmed the emergence of billionaire Femi Otedola, as its largest shareholder.

Newsrand had exclusively gathered that Otedola was buying a lot of shares to become First Bank’s chief.

Responding to the report, First Bank released a statement, saying it was unaware of the development, and promised to inform the investing public after being briefed by involved parties.

“The attention of FBNH has been drawn to media reports of today, Oct. 22, purporting that a certain individual has acquired a significant shareholding interest in FBN Holdings, making him the majority shareholder in the company.

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares are expected in the normal course of business,” the statement read.

In less than 24 hours after releasing the statement, First Bank released another, confirming Otedola as its largest shareholder with a 5.07% stake.

But in a surprise turn of events, First Bank has now come out to say Tunde Hassan-Odukale is his largest shareholder, and not Otedola as previously claimed.

According to the financial institution, while Otedola has a 5.07% stake, Hassan-Odukale has a 5.36% stake, which made the former the second-largest shareholder in the company.

First Bank’s explanation

While acknowledging that Otedola and Hassan-Odukale individually have more than a 5% controlling stake, First Bank noted that Odukale has a 5.36% stake through his 0.07% direct shares and 5.29% indirect stake through Leadway Holdings Limited subsidiaries.

Newsrand understands that this is higher than Otedola’s 5.07% stake which he holds through his direct 0.03 stake and 5.04 percent through his indirect stake at Calvados Global Services Limited.

In its explanation as to the confusion, First Bank said it didn’t list Odukale as a 5% holder, but instead recorded it as 4.16% (Direct) and 1.20% (Leadway).

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How I-invest Is Creating Investors from Everyday Nigerians

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I-invest

In line with the Central Bank of Nigeria’s financial inclusion target as well as to promote an efficient savings culture among Nigerians, I-invest, a first-of-its-kind mobile application has provided a secure and safe platform for millions of Nigerians at home and in the diaspora to invest in and secure their future.

Developed by Parthian Partners, an organisation regulated by the Securities and Exchange Commission (SEC) and FMDQ, I-invest allows retail investors to conveniently buy and manage Eurobonds, Treasury Bills, Commercial Papers, Equities, and many more without the help of a broker on a secure platform.

Through the I-invest app, Nigerians are able to access a plethora of investments based on their risk appetite. Potential investors do not need banking officials, fill lengthy documents or spend valuable time in banking halls.

A major objective of the app is to enable Nigerians secure their future through investment, an objective that very much aligns with this year’s edition of the Nigeria Economic Summit (#NES27) themed, “Securing Our Future: The Fierce Urgency of Now.” The summit is holding at the Transcorp Hilton Hotel, Abuja from 25th to 26th October 2021.

Speaking at the Summit, Oluseye Olusoga, Founder of I-invest and Group Managing Director, Parthian Partners, said I-invest is leveraging technology for Nigerians to invest and build a savings culture. Olusoga said the unique advantage of the App is the safety, ease-of-use and convenience, in addition to being regulated.

“The #NES27 theme, ‘Securing our Future’ can be realised through saving and investing for tomorrow hence I-invest has been designed to allow users do this in the most seamless and convenient way, for not only the user but for dependants as well. The application is built by Nigerians to help Nigerians invest in Nigeria.

He added that, “The impact of the application on the Nigerian economy is to create an environment where Nigerians are involved in the development of the country through their investments, instead of taking their money out of the country.”

Olusoga explained that the app allows Nigerians to invest in different sectors of the capital market in both Dollar and Naira instruments; ranging from mutual funds to fixed deposits with different banks.

“I-invest is an App for everything financial services in Nigeria, it even allows you to buy insurance. With the advent of BVN, we are taking the advantage of technology to be able to invest directly. Users can buy equities straight from the stock exchange, and Treasury Bills from any of the accredited banks, all from the mobile App,” he enthused.

Speaking on his expectations from the #NES27, Olusoga said he wants Nigerians to be more aware and involved in tackling challenges facing the nation in turn changing the country’s narrative.

The I-invest App is available for download on Google Play or Apple store.

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