BUSINESS & ECONOMY
Obajana: Committee Asks Kogi To Cancel Existing C Of O
- Dangote Is Distorting Facts, Says Govt
The Kogi State Government has again debunked claims by the Dangote Group that Obajana Cement Factory is owned, 100 per cent, by the Conglomerate, insisting that there was no valid acquisition.
The state government also vowed to recover all accrued dividends from profits made over the years by the Dangote Group, including accrued interests on same e.
As a first step, the Specialised Technical Committee on the Evaluation of the Legality of the Alleged Acquisition of Obajana Cement Company Plc by Dangote Cement Company Limited has expressly asked the Kogi State Government to cancel the existing seven Certificates of Occupancy.
This was part of the recommendations contained in the report of the 10-man committee, headed by the Secretary to the State Government, Dr. (Mrs) Folashade Ayoade, and submitted to Governor Yahaya Bello of the state.
Reacting to an official statement by the Dangote Group on Friday, the Commissioner for Information in the state, Kingsley Fanwo, said it was important to make it clear to the general public that the state had all the relevant documents to prove that the purported acquisition of Obajana by Dangote was null and void.
He noted that Kogi State indigenes would not be intimidated into forgoing their birth rights to any individual or institution, no matter how highly placed, adding that Governor Yahaya Bello was committed to his inaugural promise that his administration “shall exist for the sole purpose of serving the superseding interests of the people of Kogi State”.
“We want to assure the good people of Kogi State that, with God on our side, what belongs to the state shall be recovered, including all dividends and interests on profits from inception till date. The Dangote Group is just distorting facts to save its face,” Fanwo said.
The detailed Committee report, which was made public on Thursday, by the SSG, also charged the government to take steps to recover Obajana Cement Company Plc now changed to Dangote Cement Company Plc.
Ayoade had revealed with documents that the purported transfer of Obajana to Dangote Industries Limited, was “invalid, null and void”.
She disclosed in the report that three Certificates of Occupancy for Obajana Cement Company Plc, which were solely owned by the Kogi State Government at the time, were used to obtain a loan of N63 billion by Dangote.
According to her, the Committee, in the givens findings, has therefore recommended that Kogi State should take steps to recover the Obajana Cement Company from the Dangote Group.
Stressing the aberration in the arrangement, the SSG said, “Agreement between Kogi State Government of Nigeria and Dangote Industries Limited, dated 30th July 2002 and supplemental agreement dated 14th February 2003, as contained in Exhibit 71 of the Judicial Commission of Inquiry Report, purporting the transfer of Obajana Cement Company Plc to Dangote Industries Limited, are all invalid, null and void.
“There is no evidence of consideration paid by Dangote Industries Limited to Kogthe I State Government from the alleged transfer of Obajana Cement Company Plc and no dividend was paid to the state from the profits realised from the inception of Dangote Cement Company Plc to date.
“By the assignment of the three certificates of occupancy, the title in Obajana Cement Company Plc, sill vests in Kogi State Government as the sole owner. The three documents were used to obtain a loan of sixty-three billion nainairasly (63,000,000,000.00) to finance the construction of the cement plant in Obajana.”
The Group Chief Executive Officer of Nigerian National Petroleum Company ( NNPCL), Mele Kyari, has confirmed that the oil firm would have gone into liquidation at the end of June and commended President Bola Ahmed Tinubu for removing the subsidy.
He also disclosed that there are about 4, 800 illegal connections on over 5,000 kilometres of oil pipelines across the country.
This is even as the company disclosed that as a fully commercial entity now, NNPCL between July and November this year, remitted N406 billion into the Federation Account as dividend.
Kyari, who spoke during an interface with the members of the committee on Appropriations on Friday in Abuja, also spoke on the workability of 1.78 million oil production per day and $77.96 oil price benchmark for the 2024 budget.
Kyari said that the oil component of the budgetary projections are realistic and realisable despite the fact that the country presently produces average of 1.5 million barrels of oil per day.
He said: “As it is today, about 4,800 illegal connections are made on the over 5,000 oil pipelines across the country .
“The illegal connections on oil pipelines in the Niger Delta is so rampant that within 100kilometres of the affected pipelines, 300 insertions are made on them, which eventually made the pipe to be weakend to the point of not being able to hold pressure of oil pumped, let alone, delivering it to targeted destination.
“Additionally , it is abnormal to engage non – state actors to protect critical assets like oil pipeline. We have however responded abnormally and getting results, because unlike as it was in July 2022 when less than 1.2million barrels of oil were produced by day, it has been 1.5million barrels per day within the last two to three months.”
He, however, disclosed when asked if the projected oil production per day, can be jerked up to 1.8million from 1.78million , that the projections and parameters set in the proposed budget, are okay for NNPCL and realisable .
He also informed the committee members that the 1.78million barrels per day oil production for the 2024 budget, include condensate, which are 200,000 to 300,000 barrels per day .
He added that as a fully commercial entity now, NNPCL between July and November this year , remitted N406billion into the Federation Account as dividend.
The Chairman of the Committee, Senator Solomon Adeola, said Kyari has strengthened their convictions on workability of the assumptions and projections of the 2024 budgetary proposals.
The Compliance Institute of Nigeria (CIN), Nigeria’s flagship umbrella body for all compliance professionals and practitioners in the country, will expand its membership on Saturday, December 9, 2023, with new members joining the League of Professional Compliance Officers as it holds its seventh Annual Induction ceremony in Lagos.
The physical induction ceremony will take place at Ijewere Hall, Bankers House, 19, Adeola Hopewell, Victoria Island, Lagos. The event will also be virtual broadcast via Zoom.
The Institute’s Annual General Meeting will also take place immediately following the induction ceremony.
The induction ceremony, by the institute, shall admit a new batch of Fellow Compliance Institute, Nigeria (FCIN), Associate Compliance Institute, Nigeria (ACIN), and Designate Compliance Institute, Nigeria Professional (DCP) who have passed its prescribed examinations.
Six eminent personalities within the public and private sectors in West Africa, who have contributed to the growth and development of the compliance ecosystem, will also be honoured with fellowship membership by the Institute, whilst deserving top performers in the examinations will be awarded prizes.
The hybrid event with the Keynote theme ‘‘Compliance in the Digital Era- The Role of Artificial Intelligence in Enabling an Effective Compliance Culture”, will be delivered by the GM & E, Mobile Telecommunications Nigeria, Ibe Kalu Etea as Keynote Speaker, and broadcast digitally to both virtual and physical audiences.
It will be witnessed by compliance professionals across the world including policymakers, regulators, law enforcement officers, and standard setters.
According to the Registrar, Compliance Institute, Nigeria (CIN), Mr. Ini Esau, “433 student members, who have completed the professional certification examinations of the institute in 2023, will be inducted, whilst deserving top performers in the examinations will be awarded prizes. Also expected at the ceremony are corporate titans from different sectors.’’
Compliance Officers and organizations today face an increasingly complex and evolving regulatory landscape, making compliance a critical aspect of business operations. In the digital era, artificial intelligence (AI) is emerging as a transformative force, enabling businesses to achieve a more effective and proactive approach to compliance.
The adoption of AI in compliance has the potential to revolutionize the way organisations manage compliance risks and foster a culture of ethical conduct. By leveraging AI, organisations can significantly enhance their compliance effectiveness, reduce costs, and protect their reputation. With the growth and widespread acceptance of Artificial intelligence, no doubt comes with it, its attendant risk.
This year’s thought-provoking topic, ‘‘Compliance in the Digital Era- The Role of Artificial Intelligence in Enabling an Effective Compliance Culture.’’, seeks to help Compliance professionals stay abreast of the interplay of Artificial intelligence, the associated risks and challenges to the workplace.
Reaffirming the institute’s commitment to this year’s topic, the President, of Compliance Institute, Nigeria, Pattison Boleigha, said: ‘‘The global compliance landscape is constantly evolving owing to several factors, including Artificial Intelligence, the dynamic nature of financial crimes, emerging money laundering, terrorist financing and proliferation financing (ML/TF/PF) threats, advancements in technology, and the ever-changing international standards”
Updating industry stakeholders on the progress made by the institute, the Vice President, of Compliance Institute, Nigeria, Isah Aminu Buhari, said, “The Compliance Institute, Nigeria (CIN) Charter Bill has passed its first reading on the floor of the Senate within a year.
“All necessary steps to ensure that the Bill is passed and signed into law, are being taken. The Bill, when passed will further enhance Nigeria’s efforts to address the deficiencies that led to the ‘Grey Listing’ of Nigeria by the Financial Action Task Force”
The Compliance Institute, Nigeria’s vision is to be acknowledged nationally and globally as the standard-setter for compliance practice within the financial industry in Nigeria, whilst its mission is to maintain and promote regulatory standards for the Industry by facilitating and encouraging professional development and accreditation for its members (individual and Corporate).
The Compliance Institute for Banks and Other Financial Institutions in Nigeria Ltd/GTE, also known as “Compliance Institute, Nigeria” (CIN) was registered on Thursday, 22nd January 2015 and commenced operations in 2017. The Institute was established to encourage, promote, and revive the consciousness of regulatory compliance within and outside the financial industry in the country.
The Institute seeks to create and build a body of professionals and corporate organizations from a range of industries established and recognised for integrity, professionalism, and strict adherence to regulatory and non-regulatory standards in and outside the business environment.
Peter Obi, the Labour Party’s presidential candidate, has bemoaned the loss of another major international corporation after Procter & Gamble announced its withdrawal from Nigeria this week.
Obi lamented in a message posted on his X account that the exits of major global brands such as P&G and GlaxoSmithKline signal dwindling faith in the country’s economic prospects.
“The presence of these iconic companies signifies trust and belief in the medium to long-term socio-economic outlook of the countries where they operate,” Obi explained, adding that “their investments create jobs, spur innovation, and develop local talent.”
“In the face of the absence of the rule of law, and a conducive business environment, it will be difficult to retain such iconic companies and talk more about attracting new ones,” he said.
He noted that P&G, maker of Pampers diapers and Gillette razors, invested heavily in local operations over the past 15 years but is now selling its state-of-the-art Agbara supply chain facility.
According to him, without changes, more flagship companies will follow them out the door.
He also noted that French pharmaceutical titan Sanofi-Aventis, and Norwegian energy leader, Equinor have already divested from the Nigerian market.
The loss of such giants and their contributions to growth, jobs, and technology represents a major blow, he reiterated.
Obi urged swift government action at the federal, state, and local levels to reverse the deterioration of the business environment before even more household brands exit Africa’s largest economy.
“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors,” he emphasised.
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