Aliko Dangote, the chairman of Dangote Industries Limited, has been invited by President Brice Oligui Nguema of Gabon to invest in cement and fertiliser production in the country.

According to a statement by the media office of Dangote Group, the billionaire was invited to explore investment opportunities in cement and fertiliser (urea and phosphate).

“President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon,” Dangote Group said.

“The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer sectors, specifically urea and phosphate production.”

According to the statement, Dangote conversed with Nguema and other top government officials during the visit.

“The talks focused on how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertilizer plants, which are vital for the country’s infrastructure development and agricultural productivity,” Dangote Group said.

“President Nguema expressed enthusiasm about the potential partnership, highlighting Gabon’s commitment to creating a conducive environment for foreign investments. 

“He noted that the collaboration with Dangote Industries would bring significant benefits, including job creation, technology transfer, and enhanced industrial capacity.”

‘INVESTING IN GABON ALIGNS WITH DANGOTE INDUSTRIES GOALS’

On his part, Dangote underscored his company’s dedication to fostering economic development in the continent.

He emphasised that investing in Gabon’s cement and fertilizer sectors aligns with Dangote Industries’ strategic vision of expanding its footprint and supporting sustainable development across Africa.

“We are excited about the opportunity to invest in Gabon. Our goal is to contribute to the country’s economic diversification and industrialization efforts,” Dangote said.

“By leveraging our expertise in cement and fertilizer production, we aim to support Gabon’s infrastructure and agricultural sectors.”

Dangote Group said the visit signifies a significant step towards deepening economic ties between Nigeria and Gabon.

The company said as Dangote Industries continues to explore and finalise investment opportunities, both nations anticipate mutual benefits that would propel economic progress and regional integration.

“The potential investment by Dangote Industries in Gabon is expected to bolster the country’s industrial landscape, ensuring a steady supply of essential materials for construction and agriculture,” the statement reads.

“This development aligns with President Nguema’s vision of transforming Gabon into a diversified and self-sustaining economy.

“In the coming months, further discussions and assessments will be conducted to finalize the investment plans. The collaboration between Dangote Industries and the Gabonese government holds promise for a robust partnership that will significantly impact Gabon’s economic landscape.”

The invitation comes days after Dangote announced he will halt investment in Nigeria’s steel industry. 

On July 21, the businessman said Dangote Industries would no longer continue with plans to enter Nigeria’s steel industry to avoid being accused of wanting to be a monopoly.

Dangote’s threat comes two months after his company said it was making plans to invest in the steel industry and expand the economy.

180 members of the House of Representatives Minority Caucus have unanimously called for the release of Nnamdi Kanu from custody. 

The motion which was moved by Rep Obi Aguocha, representing Ikwuano, Umuahia North, and Umuahia South Federal Constituency, appeal to the minority caucus of the 10th House of Representatives for the release of Kanu which was unanimously adopted by the caucus at a meeting in Abuja.

Appealing, Aguocha urged his colleagues to take a definitive position on the ongoing discourse surrounding the detention of Kanu and to explore a political solution to his release.

The caucus is made up of members from the Peoples Democratic Party (PDP) with 115 seats, Labour Party (LP), 35 seats, New Nigeria Peoples Party (NNPP), 19 seats, All Progressives Grand Alliance (APGA), 5 seats, Social Democratic Party (SDP), 2 seats, Young Progressives Party (YPP),2 seats, and the African Democratic Congress (ADC), 2 seats.

In his address, Aguocha emphasized the importance of a united stance within the minority caucus, highlighting that the resolution of Mazi Nnamdi Kanu’s case is crucial for national peace, stability, and unity.

He called for immediate and strategic engagement with relevant stakeholders to advocate for a peaceful and political resolution to the matter, which has significant implications for the socio-political landscape of Nigeria.

He further underscored the potential benefits of addressing the situation through dialogue and reconciliation rather than a prolonged abuse of legal processes and confrontation. He expressed his belief that a political solution could pave the way for enhanced national integration and the restoration of trust among various communities.

“Today, the opposition parties have taken a decisive stand on Mazi Nnamdi Kanu, the planned protest, insecurity, the dilapidated infrastructure, and the economy.

“The adoption of the position on Mazi Nnamdi Kanu by the influential caucus comes off the heels of my recent visits to the former President Muhammadu Buhari, successful mobilisation of 50 of our fellow colleagues across all parties and also the southeast caucus of the National Assembly. It will be recalled that the Southeast Governors forum also joined in the call for the release of Nnamdi Kanu. 

“This call to action by my colleagues serves as a reminder of the critical role that legislative bodies play in fostering peace and stability in the nation. I remains committed to championing initiatives that promote justice, equity, and harmonious coexistence across Nigeria.

There was a rain of curses in Port Harcourt, Rivers State, as residents of the area discovered remains of an a-day-old baby in a manhole.

It was gathered that members of the Diobu vigilante group made the discovery in the early hours of Tuesday and that the dead baby was a boy.

A source disclosed that a dead baby was found in a manhole around Ekwe Street by Ikwerre Road, Mile 3 Diobu, Port Harcourt City Local Government Area.

Mr. Godstime Ihunwo, the Chief Security Officer of Nkpolu Orowurokwo working with Diobu vigilante said the community security team found the baby already dead during their patrol.

He said: “At the early hours of today, 23rd July 2024 at about 5 am, I and my team were on patrol. On getting to Ikwerre Road/Ekwe Street Mile 3 Diobu, Port Harcourt, we discovered that a newborn baby was dumped into a Manhole.

“We discovered that the baby was dead. It was a male. I quickly rushed down to Nkpolu Police Division to make an entry. I also contacted, Prince Wiro who is a human rights activist.”

Meantime, Prince Wiro, who is the National Coordinator of Centre for Basic Rights Protection And Accountability Campaign has condemned the action of the unidentified mother describing it as height of wickedness.

Wiro said: “It is sad that before the vigilante group discovered the infant male, he was already dead. The action of the mother of the child is a crime that is punishable under the Nigeria law.

“We use this opportunity to urge residents who may have useful information about the identity of the child’s mother to report to the Police for necessary action.” 

However, the Public Relations Officer of the State Police Command, Grace Iringe-Koko, a Superintendent of Police, has confirmed the incident.

Iringe-Koko said Police have contacted the relevant agency for possible evacuation of the dead body while investigations continue.

She urged residents with useful information on who may have dumped the baby to report to the nearest Police station.

The Central Bank of Nigeria (CBN), on Tuesday, raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75% amid soaring inflation and skyrocketing food prices.

The Governor of the apex bank, Olayemi Cardoso, announced this after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja.

The MPC had maintained a hawkish stance to tame inflation since it resumed meeting this year and thus far, it has hiked rate by more than 500 points.

The rate was raised to 26.25 per cent in May.

However, with inflation moving to 34.19 per cent in June, according to the National Bureau of Statistics, the headline inflation increased by 0.24 per cent relative to the May 2024 headline inflation rate which was 33.95 per cent.

On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher than that of June 2023 (22.79 per cent).

Also, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 per cent, which was 0.17 per cent higher than the rate recorded in May 2024 (2.14 per cent), meaning that the rate of increase in the average price level was higher in June than in May.

Repeatedly, the CBN governor has maintained that the MPC members were committed to price stability and were willing to keep tightening until inflation is tamed.

Multiple reports from investment houses had projected that the MPR would be hiked,

Cowry Asset Management, in its weekly report, projected a 25bps to 50bps hike in interest rates, while the Meristem report anticipates “a 100 basis point increase in the monetary policy rate to 27.25 per cent while likely keeping other parameters unchanged. Overall, we anticipate that the committee will prioritize inflation control and capital inflow sustainability, crucial for maintaining a stable exchange rate system, and accordingly, implement a rate hike to achieve these objectives.”

A member of the Labour Party or LP, Mr Ezenwo Onyewuchi, representing Imo East has defected to the All Progressives Congress (APC).

Onyewuchi’s defection letter was read on the floor of the red chamber by Senate President Godswill Akpabio on Tuesday.

Imo State Governor, Mr Hope Uzodimma, who chairs the Progressives Governors Forum (PGF), was in the chamber when the letter of defection was read.

Details soon…

The House of Representatives has approved the amended 2024 budget, raising the total to ₦35.5 trillion, an increase from the initial ₦28.7 trillion.

This decision comes after President Bola Tinubu sought an amendment to the budget in a letter sent to the House last week, requesting an additional ₦6.2 trillion.

In addition to passing the amended budget, the House has also approved the minimum wage bill and the police act amendment bill, aligning with similar actions taken by the Senate.

President Tinubu’s request for the budget amendment was articulated under Section 58, subsection 2 of the Nigerian Constitution, allowing for adjustments in the fiscal plan to meet the evolving economic demands and priorities of the nation.

The President’s letter, addressed to Senate President Godswill Akpabio and read at the plenary session on Wednesday, underscored the necessity of the budget increase to cater to various developmental projects and economic stabilization measures.

“I forward herewith the above bills for consideration and passage by the Senate.

“The Appropriation Act Amendment Bill 2024 seeks to amend the principal Act to provide the sum of ₦3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.

“And the sum of ₦3 trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which is to be funded by expected revenue accruing to the Federal Government of Nigeria,” the letter read.

Tinubu added that the proposed amendments to the Finance Act 2023 were required to impose a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements.

He explained that this was to fund capital infrastructure development, education, healthcare access, and public welfare initiatives.

According to the President, all of the projects are essential components of the renewed hope agenda of the administration.

Tinubu had, on January 1, 2024, assented to the ₦28.7tn 2024 Appropriation Bill passed by the Senate. On May 29, 2024, the president said he would present the 2024 Supplementary Budget to the National Assembly (NASS).

Social commentator and the publisher of Ovation Magazine, Dele Momodu, on Monday urged manager of Nigeria’s economy not to discourage both local and foreign business men from investing in the country.

He expressed concerns over the recent spat between the Nigerian Midstream and Downstream Petroleum Authority and the management of Dangote Refinery, saying the crisis is taking a toll on the owner, Aliko Dangote.

His concerns come in the wake of the Federal Government’s intervention into the lingering face-off.

Momodu raised the fear when he was featured as a guest on Channels Television’s Politics on Monday.

“It’s almost like it is a crime to be an investor in Nigeria. I saw the reports in the Financial Times, Bloomberg and others. It will not help Nigeria.

“I don’t know who has grudges to bear with him. He should call him into a bedroom. Let them go and settle it behind closed doors. We cannot afford to wash this dirty linen in public. It is going to boomerang for all of us. That is my attitude.

“I believe this man has invested so much in Nigeria, just like other people. We have a lot of good businessmen in Nigeria who are doing great things. We should encourage them and not allow them to run away. Now, he said one of his friends is laughing at him because he warned him not to put all his eggs in one basket. 

“I have seen other countries where Dangote invested. I have been to his plants in Ethiopia, Zambia and Tanzania. I can see the effort those countries are making to accommodate him there. We should not chase our businessmen away.

“I am sure other business people in Nigeria are watching. They might say, ‘hey, if this can happen to Dangote, it can happen to me.’ And everybody will be scared. We should not create this panic. We can’t afford this at this time,” Momodu warned.

The Minister of State for Petroleum Resources, Heineken Lokpobiri, has reportedly convened a crucial meeting with key stakeholders, including businessman Aliko Dangote and NMDPRA leadership, to address the ongoing disputes affecting the supply of crude to the Refinery.

But Momodu insisted that it would be a shame for Nigeria to allow its oil sector players and stakeholders to be washing their ‘dirty linen’ in public while the world looks on.

He said, “The whole social media is awash and abuzz with the issue of this Dangote refinery issue. Instead of me rehashing what people are saying, let me just tell you my own solution. Mr President, in this season of anomie in Nigeria, you need all the friends you can get in the private sector.

The Naira yesterday depreciated to N1,585 per dollar in the parallel market from N1,575 last week Friday. Similarly, the Naira appreciated to N1,500.32 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,500.32 per dollar from N1,596.92 per dollar last weekend, indicating N96.6 appreciation for the naira. The volume of dollars traded (turnover) in the market grew by 7.6 per cent to $269.88 million from $250.67 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rates widened to N84.64 per dollar from N21.92 last weekend.

The Federal High Court in Abuja, on Monday, declined to grant a motion to stop the Governor of Rivers State, Siminalayi Fubara, from spending from the state’s consolidated revenue fund.

Rather than grant the motion ex parte marked FHC/ABJ/CS/984/24, Justice James Nwite asked the plaintiffs to put Fubara and other defendants in the suit on notice.

The suit was filed by the faction of the Rivers State House of Assembly loyal to ex-governor Nyesom Wike.

The factional Assembly, led by Martin Amaewhule, had during its plenary on July 15, resolved to bar Fubara from spending from the Rivers State consolidated account following his refusal to present the 2024 budget afresh. 

The 25 pro-Wike lawmakers had at their previous sitting given Fubara a seven-day ultimatum to present the budget, threatening to take action against him if he refused.

Fubara, however, said he would not present afresh the N800bn budget already passed in January by the factional Assembly loyal to him.

He described the pro-Wike lawmakers as illegitimate, saying they had lost their seats as legislators following their defection from the Peoples Democratic Party to the All Progressives Congress.

The pro-Fubara factional Assembly, led by Victor Oko-Jumbo, also countered the call by the pro-Wike lawmakers on Fubara not to spend state funds.

Oko-Jumbo insisted that his faction of the Assembly was the legitimate Assembly and called on the Independent National Electoral Commission to conduct by-elections to replace the pro-Wike lawmakers.

In his ruling on Monday, Justice Nwite said he would not stop Fubara from spending the state’s revenue.

The defendants in the suit are the Central Bank of Nigeria, Zenith Bank Plc, Access Bank PLC, the Accountant General of the Federation, the Rivers State Governor, Fubara, the Accountant-General of Rivers, the Rivers Independent Electoral Commission, Chief Judge of Rivers State, Justice S.C. Amadi, Chairperson of RSIEC, Adolphus Enebeli, and the Government of Rivers State.

The pro-Wike lawmakers, through their lawyer, Joseph Daudu (SAN), also prayed the court to order substituted service of court papers on the defendants, a prayer the judge granted.

Justice Nwite, in his ruling, ordered that the Motion on Notice be served on the 5th to 10th defendants by substituted means.

He said, “Leave is hereby granted to the plaintiffs/applicants, to serve the 5th to 10th defendants/respondents with the plaintiffs/applicants’ Motion on Notice, and any other process(es) filed or issued in this suit by substituted means to wit: by publishing same in the Nation newspapers.”

The judge subsequently adjourned the matter till August 7 for the hearing of the Motion on Notice.

Meanwhile, the pro-Wike lawmakers, on Monday, demanded the arrest of the caretakers appointed by Fubara to run the 18 local government areas of the state.

The pro-Wike lawmakers made the resolution at their sitting on Monday.

They declared that the use of caretakers to run LG was a violation of the recent Supreme Court judgment upholding LG autonomy.

The resolution of the lawmakers was contained in a statement on Monday by the Speaker’s media aide, Martins Wachukwu.

According to the statement, the resolution followed a motion moved by the House Leader, Major Jack, and deliberated by members.

They described the LG caretakers as impostors and entities unknown to the law.

The statement reads, “The Rivers State House of Assembly at its 7th Legislative Sitting of the Second Session of the 10th Assembly, Monday, deliberated on a statement by the House Leader, Hon. Major Jack, wherein he drew the attention of the House to the illegal activities of some persons in the state, masquerading as Chairmen and members of Caretaker Committees.

“These individuals, the Leader said, go about imposing and collecting fees, levies and rates  from unsuspecting members of the public, in breach of the recent Supreme Court judgement, and the provisions of the Rivers State Local Government (Amendment)Law, 2023 that prohibit Caretaker Committees in whatever guise or nomenclature.”

The Speaker, Amaewhule, in his contribution, said it was worrisome that ‘these individuals not known to the law go to the banks and withdraw money meant for the Local Government Councils’ for wanton squandering in the name of non-existing Caretaker committees.”

Amaewhule urged the police and other security agencies to swing into action and arrest the impostors to avoid a breakdown of law and order in the state.

He said the House would not fold its arms and condone the “crass disregard for the laws of the state and the judgment of the Supreme Court of the land by some impostors.”

President Bola Tinubu has called on young Nigerians to refrain from participating in planned protests against the Federal Government’s economic reforms.

Recall that some Nigerians, particularly the youth, have planned a nationwide protest from August 1st to 10th to draw the government’s attention to the prevailing hardship in the country.

Speaking in Abuja at the National Council of Traditional Rulers meeting, Tinubu, represented by the Secretary to the Government of the Federation, George Akume, cautioned against allowing economic hardship to be exploited by individuals with ulterior motives to incite protests.

He emphasized the need for patience and commitment from Nigerians during this critical period of economic reform, urging citizens to remember past instances where crises threatened national peace and diversity.

Tinubu highlighted the lessons to be learned from India and Sudan’s experiences, noting that Nigeria, with its population of over 200 million, cannot afford such instability.

“Capitalising on the economic hardship in the country, some men and women with sinister motives have been reported to have been mobilising citizens, particularly youths, to stage a protest.

“Let’s learn from India and Sudan’s experiences. We are a country with more than 200 million people.

“Therefore, we can’t afford to have this kind of situation,’’ he said.

The President assured that the government has implemented policies to alleviate economic challenges, including procuring Compressed Natural Gas vehicles, introducing a student loan scheme, distributing palliatives, and providing agricultural inputs like tractors and fertilizers.

He also emphasized ongoing efforts to address security issues in the country.

Tinubu urged traditional leaders to promote peace within their communities and engage with young people and parents to foster harmony.

The Sultan of Sokoto, Alhaji Sa’adu Abubakar III, supported this view, advocating dialogue as the best means to resolve conflicts and highlighting the necessity of peace.

The Ooni of Ife, Adeyeye Enitan, stressed the importance of patriotism and national cohesion for development, asserting that any threat to unity must be resisted.

He acknowledged President Tinubu’s efforts to address the nation’s challenges and reiterated that Nigeria belongs to all its citizens.

Dr. Mainasara Umar-Kogo, Chairman of the Code of Conduct Tribunal, noted the effectiveness of traditional institutions as local administrative bodies since pre-colonial times.

He called for their roles to be restored in the constitution to preserve socio-cultural values, suggesting that past administrative reforms have diminished their influence.