Business

Ownership: Kogi, Dangote Cement Management Trade Words

Published

3 years ago

October 9, 2022

The Kogi government and the management of Dangote Cement Plc. are at loggerheads over the ownership of the company.

The previous temporary closure of the company by some youths recently has caused a stand-off between the state government and the company, located in Obajana, near Lokoja.

On Saturday, the state government alleged that the management of the company was plotting to disrupt public peace in the state.

The state government in a statement issued by the state Commissioner for Information, Kingsley Fanwo in Lokoja, said that the government was in possession of evidence to prove its allegations.

“We have uncovered certain plans by the company at a meeting held last night to cause chaos across the state as a fight back strategy against the state government’s decision to get its own legally supported equity from the cement company” the commissioner said.

The commissioner further alleged that the management of the company intended to engage other security means to harrass some government officials.

“They resolved to block all the major highways across the state with their trucks to make traffic unfriendly in the state.

“If the company attempts to carry out any of his threats or deny our claims which are supported by facts, we will release visuals and audio of their meeting on this,” Fanwo said.

One of the company’s public relations officiald, Mr Abubakar Jibrin, would not comment on any issue related to the matter.

But the management of Dangote Cement Plc. said that the state government allegedly used some groups of persons to destroye the company’s assets and inflict injuries on some staff.

In a statement issued by the Corporate Communications Department of Dangote Cement Plc. in Lokoja, the management of the company alleged that some people invaded the cement plant on Wednesday.

“No fewer than 27 staff of the company are currently in bad conditions after the invasion.

“Cement trucks were also burnt, and many others were vandalised, as they forcefully took the company’s buses and vans.

“Since the attack, our vehicles carrying diesel have been attacked on Anyigba road,” the statement alleged.

The statement said that some victims of the invasion were currently admitted to the emergency section of the Kogi State Specialist Hospital in Lokoja.

Business

French Media Giant Canal+ Takes Over S.Africa’s Multichoice

Published

22 hours ago

September 22, 2025

Editor

French media giant Canal+ said Monday it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries in Africa, Europe and Asia.

The companies said in a joint statement that the combined group will have a workforce of 17,000 employees and serve more than 40 million subscribers.

The acquisition is “the largest transaction ever undertaken” by Canal+, the statement said.

Canal+, which is already the sector’s leader in French-speaking African countries, now controls what it described as the leader in the continent’s English- and Portuguese-speaking regions.

“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” Canal+ chief executive Maxime Saada said in the statement.

The buyout was given a final green light by South Africa’s competition authority in late July, more than a year after Canal+ launched its bid.

Canal+ offered 125 rand ($7.2) per share for MultiChoice when it launched its offer last year, valuing the South African firm at around $3.0 billion.

Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.

MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.

It includes Africa’s premier sports broadcaster, SuperSport, and the DStv satellite television service.

AFP

Business

BREAKING: Nigeria’s GDP Grows By 4.23% In Q2 2025 – NBS

Published

1 day ago

September 22, 2025

Editor

Nigeria’s Gross Domestic Product grew by 4.23 per cent (year-on-year) in the second quarter of 2025, the National Bureau of Statistics revealed in its Q2 2025 GDP Report.

According to the report released on Monday on its website, the figure shows a significant improvement compared to 3.48 per cent recorded in the second quarter of 2024 and the 3.13 per cent recorded in Q1 2025.

The figures signal a strengthening economy, driven by recent rebasing, rebound in oil production and a resilient non-oil sector.

The report said, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates

“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.

“This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.

According to NBS, “The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.”

The report said in terms of share of the GDP, “the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.”

It added, “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.”

Details later…

Business

Why Nigeria’s Crude Oil Production Dropped To 1.63mbpd In August – NUPRC

Published

2 days ago

September 21, 2025

Editor

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has explained that unscheduled maintenance at a refinery facility made Nigeria’s crude oil production drop on a month-on-month basis in August.

This comes as Nigeria’s crude oil production dropped to 1.63 million barrels per day month-on-month in August, down from 1.71 million bopd in July.

NUPRC disclosed this in its Crude Oil and Condensate Production for August 2025, released on Saturday.

This means a 4.7 per cent drop in combined crude oil and condensate production from 1.71 million bopd in July.

In the same vein, crude oil production itself declined by 4.8 per cent, down from 1.5 million bopd in July 2025.

“The month-on-month drop was driven by a single-day unscheduled maintenance at an oil facility.

“In the month of August, the lowest and peak combined crude and condensate production were 1.59 million bopd and 1.85 million bopd, respectively,” NUPRC said.

The data showed that while there was a decline month-on-month, the country’s crude oil production rose on a year-on-year basis by 5.5 per cent to 1.63 mbpd in August this year from 1.58 million bopd in the same period last year.

Further analysis indicates that daily condensate production in August stood at 197,229 bpd, reflecting a decline.

Also, Nigeria’s crude oil output in August achieved 96 per cent of its OPEC quota, which is set at 1.5 million bopd.

Accordingly, in the period under review, Forcados Terminal topped the production charts, delivering a total of 8.99 million barrels, including 8.08 million barrels of crude oil and 915.2k barrels of condensates.