Business

Obaseki Looks To Lithium Mining, EV Battery Production As New FOREX Earner

Published

1 year ago

February 13, 2024

The Edo State Governor, Mr. Godwin Obaseki, is intensifying efforts to diversify the State’s economy with the exploitation of its solid minerals deposit, especially lithium as a new Foreign Exchange (FX) earner.

This was disclosed when the State welcomed international investors representing Renera Rosatom Energy Corporation hosted by the Edo State Ministry of Mining and Energy (Oil, Gas and Power)

Lithium, which is also known as white gold, is a mineral found in large deposits in some states in Nigeria such as Nasarawa, Kogi, Kwara, Ekiti, Cross-Rivers and Edo.

In a presentation at the conference meeting, the Director of Mining, Edo State, Mr. Omoruyi Ihianle, disclosed efforts by the Governor Obaseki-led administration towards exploiting its lithium deposit for the production of lithium batteries used in Electric Vehicles.

“The state government, after looking at the sector, thought it wise to come forward with what we call the SPV (Special Purpose Vehicle), and with this SPV, the state government aims to ensure that the mining sector gives value to the government and the investors,” Omoruyi said.

“We have the registration number of the SPV (Special Purpose Vehicle) Associates Mining and Investment Company Limited. It was incorporated last year and it has already started running.”

“Now the mandate as regards the Ministry of Mining & Energy and also the SPV is to ensure that the state is positioned in a way to assist miners and also to be a major player in the mining industry,” he added.

While outlining the objectives of the Edo State Mining and Investment Company Ltd. (ESMIC), the Director of Mining, Edo State, noted that the commission aims to provide support for mining companies operating in the state, providing services along the mineral market value chain in line with international best practice with environmentally friendly business methods and ensuring that their partners get the value for their investment.

He further guaranteed that the commission is geared towards ensuring a smooth synergy between investors, the companies, and the miners while creating jobs for indigenes of the communities in the State.

The Edo State Commissioner for Mining and Energy, Hon. Ojiefoh Enaholo expressed the readiness of the State Government in positioning Edo as an enabler and a major player in the mining sector.

Speaking on behalf of the international investors, the Vice President of Uranium One, Mr. Andrey Mineev, expressed his gratitude on the warm reception, expressing the group’s readiness to embark on the partnership with the Edo State Government, as they are trying to find new corporations.

Business

Naira Records Three Straight Depreciations Against Dollar As Foreign Reserves Drop

Published

6 days ago

July 24, 2025

Editor

Nigeria’s naira continued its depreciation streak against the dollar at the official foreign exchange market on Wednesday for the third straight time this week.

The Central Bank of Nigeria’s exchange data disclosed that the naira dropped again to N1,535.61 per dollar on Wednesday from N1,535.24 traded on Tuesday.

This means that the marginal weakening to 0.37 against the dollar on a day-to-day basis.

From Monday to Wednesday this week, the naira has shed N3.07 against the dollar at the official exchange market.

Meanwhile, at the black market, the naira remained stable at N1,540 per dollar on Wednesday, the same rate as the previous day for the majority of Bureau De Change Operators in Wuse Zone 4, Abuja.

This comes as the Central Bank of Nigeria Governor, Olayemi Cardoso, in his communique after the 301st Monetary Policy Committee held this week, said the country’s external reserves stood at $40.1 billion as of July 18, 2025.

However, checks on CBN’s website on Thursday showed that Nigeria’s external reserves had dropped to $38.37 billion as of July 22, 2025.

Business

French Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv

Published

7 days ago

July 23, 2025

Editor

French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal. The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23.

The approval comes after months of intense negotiations and regulatory reviews, and paves the way for the deal to be finalized by October 8, 2025. While the Tribunal gave the green light, it imposed several public interest conditions to protect local content and maintain South Africa’s media sovereignty.

For Canal+, the deal represents a major strategic expansion into Africa’s booming media and entertainment market. Already operating in 25 African countries with over eight million subscribers, Canal+ is now positioned to significantly scale up its presence, targeting 50 to 100 million subscribers across the continent in the coming years.

MultiChoice, Africa’s largest pay-TV broadcaster, brings more than 14.5 million subscribers in 50 sub-Saharan African countries, as well as flagship platforms like DStv and GOtv. The company is also home to premium content brands such as SuperSport, making it an attractive acquisition for the French media powerhouse.

Describing the deal as transformative, Canal+ CEO Maxime Saada said: “The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”

One of the key benefits of the merger is the integration of Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings—creating a multilingual media powerhouse capable of serving diverse African audiences.

Beyond strategic value, the acquisition is also a timely boost for MultiChoice. The deal is expected to inject fresh capital into the South African broadcaster, enabling deeper investment in local content production, technology upgrades, and digital innovation.

As part of the Competition Tribunal’s conditional approval, Canal+ has committed to spend approximately 26 billion rand over the next three years on initiatives aligned with South Africa’s public interest objectives. These include retaining MultiChoice’s headquarters in South Africa, maintaining investment in local content and sports broadcasting, and supporting local content creators.

In a joint statement, both companies reaffirmed their commitment to the South African media ecosystem: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”

Canal+ began its takeover bid in 2023 with a mandatory buyout offer of 125 rand per share, valuing MultiChoice at around $3 billion. With full ownership now secured, the French media giant is poised to redefine Africa’s pay-TV industry, tapping into its vast potential and shifting the competitive

Business

JUST IN: Again, NNPCL Reduces Fuel Price

Published

1 week ago

July 23, 2025

Editor

Nigerian National Petroleum Company Limited has reduced its premium motor spirit price for the second time in one week.

It was observed on Wednesday, that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.

This represents an N5 per litre downward price review when compared to its earlier N895 pump price.

NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.

The latest adjustment comes barely a week after the company implemented a retail price slash.

While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.

The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told DAILY POST earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.