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EFCC Arrests Businessmen Over N102m Scam

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EFCC Arrests Businessmen Over N102m Scam

The Economic and Financial Crimes Commission (EFCC), has arrested one Emmanuel Obinyan for allegedly obtaining by false pretences and diverting the sum of N77,773,700.

It was gathered that one late Daniel Chinemelum, sometime in July 2015, entered into a partnership agreement and also signed a memorandum of understanding with Obinyan for the formation of a real estate company, Fedan Courtyard Home Services Limited.

According to the complainants, who are the children of Daniel, Stephen and Emeka Chinemelum, their father paid the sum of N52 million into the suspect’s Zenith Bank account number 1011861572 as equity contribution to the business.

The complainants further alleged that the suspect, however, failed to render an account of the business at the expiration of the five-year duration of the agreement.

The Head of Media and Publicity, EFCC, Wilson Uwujaren said the failure of the complainants to retrieve the money from Obinyan prompted them to report to the commission.

Similarly, the commission has also arrested one Rasaki Adeyiga over an alleged N24,260,000 fraud.

It was gathered that Adeyiga allegedly presented himself to the complainant, Ahmed Shinkafi, as a businessman dealing in the importation of automobiles from the United States of America and Europe.

The complainant allegedly paid the sum of N25 million for a Lexus SUV into the suspect’s account number 0136968208 domiciled in Guaranty Trust Bank Plc.

However, the suspect reneged on his promise and diverted the money to his personal use.

According to Uwujaren, the suspects would soon be charged.

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Dangote’s $2 billion Urea Fertilizer Plant Pushes Out 120 Trucks Everyday

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Dangote's $2 billion Urea Fertilizer Plant Pushes Out 120 Trucks Everyday

After months of speculations, Dangote Urea fertilizer is now finally on sales nationwide and it currently pushes out a minimum of 120 trucks per day across the country.

 

Group Executive Director, (Strategy, Capital Projects & Portfolio Development) · Dangote Industries Limited,  Devakumar  Edwin, revealed to the press over the weekend that the Plant which has the capacity to turn out more than 4,500 tonnes of urea per day will conveniently meet the local demand and even produce for exports.

 

According to him: “…We have the capacity to turn out 4,500 tonnes of Urea everyday…this is a bulk application fertilizer…each crop in Nigeria or globally will require Nitrogen and this is a rich fertilizer, having 46 per cent nitrogen…The company has the capacity to meet local demand and also export to African countries… Currently the demand is less than 1 million tonnes and we alone can  produce 3 million tonnes, so we can easily meet local demand and also produce for export to other west African countries.”

READ ALSO: Dangote Fertiliser Commences Production Of Urea

Aside fertilizer production, the company, according to Edwin is already working to support the farmers with training on application of the fertilizer and even establish laboratories across the country for proper soil examination.

 

“The uniqueness of this plant, apart from the fact that we are producing is the focus on farmers’ support, on training, education, development as we are now establishing laboratories across the country and even mobile laboratories where we can go drive around and take soil samples for proper examination to effectively grow the agricultural outputs across the country”

 

The Urea Fertilizer plant was built to tap into Nigeria’s demand for fertilizer, a critical component of achieving food sufficiency for Africa’s most populous country.

The Fertilizer plant is expected to manufacture 3 million metric tonnes of urea per annum, with a view to reducing the nation’s fertilizer imports, and generating $400m annual foreign exchange from export to Africa countries.

 READ ALSO: Nigeria on The Way to Becoming Regional Fertilizer Capital – Buhari

Meanwhile, marketers and farmers in Kano have described the newly introduced Dangote Fertilizer as a game-changer and a forecast for the expected agricultural revolution in the country.

Marketers and farmers who were apparently excited, over the weekend welcomed the more than ten trucks that entered Kano markets at the weekend.

Speaking at the event organized by Dan Hydro Company in Kano to mark the introduction of the fertilizer into the northern market, chairman of the Kano state Agro Dealers Association Alhaji Shuaibu Akarami said agro-dealers have confidence in Dangote fertilizer as they have in all his products, adding that as a dealer who spent decades in the business he has discovered that Dangote fertilizer will have no problem penetrating the market in the North.

“I have checked the product and have found out that it will have no problem penetrating the market. With my experience in agro products, I can authoritatively say the product has met our expectations and that has confirmed the confidence we have in Dangote fertilizer and other sister products of the Dangote Group,” he said.

The Dan-Hydro fertilizer Company in Kano which took delivery of the first batch of trucks in Kano said the timing and strategy for the introduction are rife.

Head of operations, Dan- Hydro operations Mr. Hamadi Sekou Drammeh said the Dangote fertilizer conforms to all set standard required by the regulatory agencies.

He said the phenomenon of perennial shortage of the fertilizer product will be over in the country.

He said as part of its public enlightenment plan, the company was going to work with all stakeholders in the agricultural sectors.

In the same vein, Sales Manager of Dan Hydro Mr. Sulaiman Tanko assured that the product will be sold at a reasonable price that will enable fair competition in the market. 

 

 

 

 

 

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NGX Limited Launches Enhanced Brokers Performance Ranking Report

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NGX Limited Launches Enhanced Brokers Performance Ranking Report

Nigerian Exchange Limited (NGX) has launched an enhanced broker performance ranking report designed to provide detailed insight into the performance of Trading License Holders across asset classes and improve participation in other exchange products. The new ranking report was launched on Thursday, 10 June 2021, via a webinar themed, “The New Broker Performance Ranking: An Analytics Approach”.

The new Broker Performance Report, which shows the performance of Brokers ranked by the weighted calculated points in deals, volume, and value across all asset classes, comes in three different levels, distinguished by fields to be displayed.

READ ALSO: NGX Group launches new brand identity and website

In his opening remarks, the Divisional Head, Trading Business, NGX, Mr. Jude Chiemeka, noted that;

Today’s traditional asset managers and stockbrokers find themselves increasingly pressured by demands to monitor and measure their activities in all asset classes (Equity, Debt, ETFs), as the regulator and operating environment require better tracking, monitoring, and reporting of market activities. At NGX, we came up with the new Broker Performance Ranking report as one of the solutions to this challenge”. 

“The new Broker Performance Ranking adopts an analytical approach in determining the total ranking of the brokers. It shows the performance of brokers (Volume, Value and Deals) in different asset classes (Equity, Bond and ETPs) and ranks brokers by weighted average performance across all asset class. Thereby providing a level playing field and fair recognition for active market participants”, Mr. Chiemeka added.

Through frequent communications across its touchpoints and engagements such as this webinar, NGX is working tirelessly to ensure that Trading License Holders and other stakeholders are empowered with information to deliver more values

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TotalEnergies: 50% Gas Energy Mix To Be Achieved By 2030

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TotalEnergies: 50% Gas Energy Mix To Be Achieved By 2030

Mr. George Oguachuba, Executive Director  Commercial, and Strategy, TotalEnergies says the company targets a 50 percent gas energy mix by 2030.

Oguachuba made this known at a panel discussion at the 4th Nigeria International Petroleum Summit in Abuja on Thursday.

READ ALSO: The African Energy Chamber’s Investment Committee commits to facilitate investments worth

”As a company and a business,  the strategy is to become more and more as a company and our target is that by 2030 we should have about 50 percent gas energy mix in TotalEnergies.

”And this coincides with Nigeria government as it announced Decade of gas, saying that gas will play a significant role in the country’s economy,” he said

He said that the company had started monetization of gas resources to put in infrastructure for the delivery of gas to end-users.

He added that they are also putting up pipelines for the delivery of gas to the domestic action.

“We have another option which is 300 million gas pipeline dedicated for supply for domestic gas obligations with government and we have signed three contracts on it.

He noted that the company was faced with challenges of appropriate price, how to make sure that gas gets to end-users,  among others

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