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Shareholders associations knock Kogi Govt, say action on Dangote cement, dangerous for investment
Group of Shareholders Associations in Nigeria have urged the Federal Government to urgently intervene and prevail on the government of Kogi State to stop further harassment of investors in Kogi State.
They described as barbaric the use of thugs to embarrass investors, such as meted out on Dangote Cement and other companies located in Kogi State, noting that such unsavoury development will strongly discourage both local and foreign investments into the country.
It would be recalled that the Government of Kogi State last week, at the instance of the state Governor, Yahaya Bello, invaded Dangote Cement, Obajana plant with over 500 armed members of the state’s security outfit, the Vigilantes, shot 27 staff and wounded several others.
President of the Association for the Advancement of the Rights of Shareholders, Dr. Umar Faruk, while speaking on the development criticised the State Government for being so insensitive to its populace, thousands of whom are depending on the Dangote Obajana plant for their means of livelihood. He said it is unfortunate that someone who has championed investment, worth billions of Naira into a state in Nigeria, is being treated this way.
He called on the Federal Government to, as a matter of urgency, caution the Governor of Kogi State to be more civilized and professional in its dealing with Investors in the State. According to him: “Why should the governor of a state in Nigeria, mobilized vigilantes to seal a publicly quoted company? The same Governor did exactly the same thing to First Bank, making the bank close some of its branches in the state. Is that not executive rascality, using the state assembly to commit such an atrocious act?
“Federal Government should swing into action by protecting investors, else, the efforts being made to attract both foreign and local investors will come to naught. I hope the state realizes that Dangote Cement has foreign shareholders. What impression do you want these people to have of our government? I also urge the Federal Government to fish out those thugs, used by the State, for prosecution, so as to serve as a deterrent to others… This action will lead to loss of revenue, even for the Government, in terms of taxes, and erode the shareholder’s value.”
In the same vein, founder of the Independent Shareholders Association of Nigeria (ISAN) and President of Boys Brigade Nigeria (BBN), Sir Sunny Nwosu said a reasonable state government would have gone to court against any publicly quoted company rather than resort to a barbaric and ruthless method of chasing workers with guns and cutlass in the civilized age.
“What the Kogi State Government did, honestly was very bad and disappointing. How can a state use vigilante with guns and cutlasses against a company that is feeding thousands of its people? A reasonable government should have gone to Court and not taken laws into its hands.
“This action is bad and will smear the image of both the Federal and State government. It will also affect the ranking of ease of doing business in Nigeria. Kogi is blessed with so many natural resources, but with the attitude of this government, I doubt if any reasonable investor, either local or foreign, will want to do anything with the state anymore”
The President, Pragmatic Shareholders Association, Mrs. Bisi Bakare said, “As an investor, we are not happy about the way things are going. If the State has problems with Dangote Cement on tax issues or any issue at all, there are a far better-civilized ways of handling it than sealing a factory that is contributing more than 30 percent of the cement Nigerians are consuming.
“The Governor should realize that his position is transient and that the people of his state, whom he has deprived their means of livelihood will always remember him for bad! Can you imagine the number of people that will be out of jobs and the huge revenue loss to the government, the company, and us, the shareholders? The state, to me, has done a very grave mistake and the earlier the company is re-opened the better.”
Recall that the Organised Private Sector (OPS) operators under the aegis of the National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) have lent its voice to the ongoing spat between Dangote Cement and Kogi state government which culminated into the closure of the Obajana plant of the Cement company.
NACCIMA expressed regret that the issues between the company and the state over tax disputes ought not to have led to sealing of the company but should have been resolved in a conciliatory and amicable atmosphere.
The body, in a statement signed by its Director-General, Olusola Obadimu, and issued in Lagos, said the state government should have trodden a path of caution and called for the immediate reopening of the factory for normal production activities to resume.
Obadimu stated that NACCIMA’s position was based on some key considerations bordering on the impact of the factory’s closure on the economy and thousands of people whose means of livelihood depend on the production activities of the factory.
“It is vital to note that it is a huge production plant that supplies key domestic input (cement) into the economy and employs hundreds of thousands of Nigerians, directly and indirectly. This is aside from its substantial budget for corporate social responsibility outside of taxes.
“Shutting off the factory does not necessarily help the controversial issue of compliance on tax remittable to Kogi state government. Rather a continuous operation of the plant would more likely facilitate a faster resolution of the dispute,” he said.
The NACCIMA boss then urged that the factory be reopened as quickly as possible to enable it to continue its operation and fulfil its necessary responsibilities, not just on tax obligations, but also keep the hundreds of thousands of Nigerians in its direct and indirect employment dutifully engaged; while sustaining its crucial services not just to the people and government of Kogi State but Nigeria in general.
The Group Managing Director/Chief Executive Officer, United Bank for Africa, (UBA) Plc, Oliver Alawuba has been appointed as the Chairman of the Chartered Institute of Bankers of Nigeria (CIBN) Body of Banks’ CEOs.
The CIBN announced this appointment on its website on Monday, July 8, 2024.
This prestigious appointment underscores Alawuba’s extensive experience and visionary leadership in the banking sector, as well as his unwavering commitment towards advancing the financial industry in Nigeria and across Africa.
In his role as Chairman, Alawuba will be at the forefront of fostering collaboration and driving strategic initiatives among the top executives of banks in Nigeria.
Like he has achieved as the GMD of Africa’s Global Bank, UBA, his leadership is expected to bring innovative solutions and strengthen the collective efforts of the banking community while addressing the dynamic challenges and opportunities within the financial sector.
The CIBN also announced the appointment of Mrs. Miriam Olusanya, the CEO of GTBank, as the Vice Chairman of the Body of Banks’ CEOs. Her appointment, alongside Alawuba’s, signifies a strong and unified leadership team poised to enhance the banking landscape in Nigeria.
UBA extends its heartfelt congratulations to Alawuba and Olusanya on their appointment and the Bank is confident that their combined expertise and visionary leadership will usher in a new era of progress and innovation for the banking industry in Nigeria, and that under their guidance, the Body of Banks’ CEOs will continue to play a pivotal role in shaping policies and strategies that will drive sustainable economic growth and enhance the overall stability of the financial system in Nigeria.
…says work to begin on Alagbole-Ajuwon, Akute-Ajuwon Roads, others soon-Abiodun
The Ogun State Governor, Prince Dapo Abiodun, on Monday, gave a matching order to the contractor handling the construction of Denro-Ishashi-Akute road to ensure the completion of the project within two weeks.
The governor also disclosed that work would begin on the Alagbole-Ajuwon and Akute-Ajuwon road in Ifo Local Government Area of the state soon.
Other roads, whose contracts are to be awarded soon include Hercules Giwa (Oke Aro Rd), some section of Akute- Ijoko road, and the road leading to Yakoyo.
The governor, who made this known during an on-the-spot assessment of roads in the local government, assured residents that his administration would also construct a brand new Primary Health Care Centre for them.
Prince Abiodun said the construction of the Denro-Ishashi-Akute Road started almost three years ago, adding that the contractor must mobilise to site immediately and ensure the completion of the project in two weeks.
He recalled his promise to ensure equitable provision of infrastructures across the state, adding that this is being followed religiously.
He said his administration has ensured that road construction is evenly spread across the 20 local governments in the state.
“My pledge is that I have come here today to see things for myself. There are two roads that are considerably important to our people.
“First of all, the Denro-Ishashi-Akute road, I have given the contractor a matching order that the road must be completed in the next two weeks, asphalt and the bridge.
“I want to assure you all that it is your time now. It is your right. You voted for us. I am a promise keeping governor. I will not make empty promises.
“Now, within the next two weeks, maximum three weeks, active construction will start on Alagbole-Ajuwon and Akute-Ajuwon roads.
“Today, here, we’ve reconstructed Olusegun Osoba-Toyin Street, Denro-Ishashi-Akute is under construction. We have so many other roads we’ve constructed here. But because there is so much deficit in the infrastructural development in this area, at times, it appears as if we are not reconstructing them as fast as they want us to.
“The Primary Health Care Centre here, I will reconstruct it. I have told Hon. Fola Salami and the Commissioner (health) to look for a land for me here because I will build a new one for you. I want to build a brand new Primary Health Care Centre that is befitting for Ajuwon-Alagbole-Akute,” he said.
Governor Abiodun, while noting that his administration owes everyone equitable infrastructure development, added that the deficit that he met on the assumption of office made him wonder what the previous administrations were doing.
Noting that although the past administration had very good intentions for the people of the state, Governor Abiodun, however, bemoaned why projects were abandoned after structures had been demolished and single carriageways were turned into dual carriageways,
He said: “When I assumed office on the 29th of May, 2019, the deficit that we met on assumption of office was such that we began to wonder what the previous administration was doing.
“In some instances, they appear to have good intentions, they go to the roads, they demolished houses, roads that should not be more than a single carriageway, they turned them to dual carriageway By so doing, they removed all the asphalt that was there serving the people and abandoned these roads.
“We inherited quite a lot of these roads. Some of those roads are federal roads, and you know our people cannot differentiate between federal and state. They will geo-locate their pains where and when they are feeling it.”
He stated further that his administration had to draw up a priority list taking into consideration vehicular traffic and economic impact of some of the roads it had embarked upon till date, adding that his administration would continue to put the people first.
“Let me give you an example of the road that goes from Agbara-Atan-Lusada road. When I assumed office, trailers carrying containers were falling off on that road. That is the road that leads to the biggest industrial estate not just in Nigeria but one of the biggest in Africa.
“It is a road that counts for hundreds of thousands of employees and employers. So, it is important for us in Ogun State. I had to prioritize it, and it is a federal road.
“So, we have to draw up a priority list and the priority list amongst others factored in the vehicular traffic, the economic impact.
“Ijebu-Ode-Epe road is a road that evacuates people from the Lekki corridor to the Eastern flank of Nigeria. That road was non-existent. I had to prioritize that road. Sagamu-Abeokuta Road, the road leading to the state capital, was not good. People were dying. I had to prioritize that road, another federal road, and so many other roads.
“Today we can brag and say not only have we constructed 600 kilometers of highway or roads, both inter-state, intra-state, inner-city roads, but, I beat my chest that there is no local government in Ogun State today that does not have at least one or two roads that we have reconstructed in the last five years and that is in line with been equitable and fair,” he said.
Abiodun called on those who derive pleasure in only reporting negative stories to, as a matter of fact, also learn to report about the over 600 kilometres of road constructed by his administration.
UBA GMD appointed Chairman, CIBN body of Banks’ CEOs
Abiodun sets 2 weeks deadline for completion of Denro/Ishashi/Akute road
