News
Dangote, BUA’s Fight Get Messier over Mining Right

There seems to be no end in sight in the crisis between the managements of Dangote Group and BUA Group over the mining rights in Edo State, according to New Telegraph.
The management of Dangote Industries Limited has, again, vehemently accused BUA Group of making untrue assertions against it. Dangote said that BUA was being dubious in claiming to be the rightful owner of Mining Lease No 2541.
The two companies, who had, on Wednesday, agreed to wait for a judicial outcome rather than resorting to self-help and/or using influence and agencies of government in disrupting operations at disputed mining areas in Edo State, yesterday, resumed the media war and continued to throw tirades at each other.
While Dangote, in a statement made available revealed that its reaction became very necessary as a result of its status as a publicly quoted company and to further re-assure its shareholders, the regulators and members of the public that the company was and remained a responsible corporate citizen, BUA said it was worried by Dangote Group’s penchant for seeking to further its the cycle of misinformation over the dispute through falsehoods and bigger lies.
Dangote is owned by Africa’s richest man, Alhaji Aliko Dangote while BUA is owned by billionaire, Alhaji Abdusamad Rabiu.
Alhaji Abdusamad Rabiu.
The Federal Government had, on Tuesday, ordered the shutdown of the mining site over the crisis. Faulting BUA’s claim that the Dangote Group was trying to monopolize the cement business in the country, Dangote said that BUA has willfully, deliberately and mischievously concealed the fact that it has at least 12 Mining/ Quarry Leases within and around the area in question as opposed to this sole Mining Lease No 2541 owned by the Dangote Group.
Dangote said: “First and foremost, there is no Status Quo Order made by any court that allows BUA to continue mining over the disputed mining lease area.
In fact, there is no status quo order at all. It is critical for us to point out that there is currently pending, a Motion for Interlocutory Injunction dated 27 April 2016, seeking to restrain the BUA Group from continuing with its illegal mining activities on the Mining Lease Area.
But in spite of having been served with this application and contrary to all tenets of the law which forbid a party served with an Interlocutory Injunction Motion from taking any step in respect of the subject matter of the suit, the BUA Group has, in utter disdain to the court, continued with its illegal mining activities.” Dangote said BUA applied for a Mining Lease over the same area in 2013, but the application was rejected by the Federal Ministry of Mines and Steel on the sole ground that it overlaps ML. 2541, which, at the time, belonged to AICO. “If BUA had title that dates back to 1998, is there any conceivable reason why it will apply for the same title over the same area in 2013?” the statement queried.
Dangote added: “It is misleading for BUA to falsely accuse Dangote of undermining its operations and attempting to create a monopoly in the cement industry in Nigeria, as we have always coexisted peacefully with other competitors in Obajana and Ibese.”
The claim by BUA that it has always been in possession of the disputed mining lease was also faulted by Dangote Group, as it affirmed that the Group “…has been the one in possession of the Mining Lease since 2016 and this was recently confirmed by the Kogi State High Court’s judgement delivered on 27 October 2017 in Charge No. HCL/65C/2017: State v. Joshua Oghene, Hon. Haruna Afegbua and Bulus Golit which sentenced the Chief Security Officer of BUA Group, Mr. Bulus Golit to one year imprisonment without any option of fine, for attacking Dangote Group’s officials and workers in the Mining Lease No. 2541.
“The imprisonment of BUA’s Chief Security Officer, amongst other things, has confirmed that the claim by the BUA Group that it has been in possession is totally fallacious.” But in a reaction, BUA noted that it viewed attempts by the Dangote Group to play to the gallery in the dispute over the Mining Areas covered by Mining Leases ML18912 and ML18913. In a statement released by its management, the company said that it has never laid claim to ML2541 “as our operations covered by ML18912 and ML18913 are in Obu, Okpella, Edo State and not Okene, Kogi State, where Dangote’s license 2541 is sited.”
“As Dangote has asserted, BUA’s licenses for ML18912 and 18913 were issued in 1997 and their ML2541 issued in 2016 (AICO, his predecessorin- title, claims to have received his in 2008). How can they then claim to be in possession when even their predecessor-in-title, AICO, was issued his license 10 years after BUA’s licences were issued and two years after the completion and commencement of production at our over $1 billion Obu Cement Factory? “In any event, AICO had instituted a suit at the Federal High Court, Lokoja claiming to assert his title to ML2541. Whilst that was pending, AICO, against all known principles of law, transferred his title to Dangote.
It is also worthy of note that Dangote further applied to the courts to assert his rights to ML2541. How can a party who claims to be in possession ask the courts to assert his rights to his licence? “It should also be noted that this is asides the notorious fact that our licence was initially issued in 1976 to Bendel Cement Company, one of our predecessors- in-title. “With reference to Dangote’s claims that we applied for a lease in 2013, to our knowledge, we are not aware of any application of this sort. In any event, it is common knowledge that participants in the mining industry continuously apply for mining rights on a regular basis and if/when we were made aware of such, we discontinued such a process.
“To further buttress our point, the Nigerian Boundary Commission’s report of 2006 clearly states that Obu, Okpella is in Edo State and not Kogi State. Even as recent as July 2017, the ministry confirmed, through a letter to BUA, our right to possession of licences ML18912 and ML18913 up till 2017.
“Isn’t it rather strange that Dangote who claims to have acquired Mining Lease 2541 from AICO in 2015, now seeks to interfere with BUA’s mining rights in ML 18912 and ML 18913 in Obu, Okpella in Edo State? It is also instructive to state that Dangote has, on several occasions, attempted to obtain injunctive reliefs from the Federal High Court, Benin, Edo State, in the course of the pending litigation, but the court declined making such injunctive Orders because whilst Dangote claims right to Mining Lease 2541 located in Okene, Kogi State, BUA claims right to Mining Leases 18912 and 18913 located in Obu, Okpella, Edo State. “Dangote has now resorted to using other means to achieve what it could not legally achieve in a court proceeding before a court of competent jurisdiction.”
News
CAC Flags Three Companies, Warns Nigerians

Corporate Affairs Commission (CAC) has warned Nigerians against transacting with three fake Nigerian firms, citing fraudulent incorporation documents and registration numbers not issued by the commission.
According to the CAC, these companies are using fake certificates of incorporation with two different RC numbers each, none of which exist in the commission’s official records.
The affected companies are SPEF Cooperative Society Ltd with RC Numbers 1265884 and 512862, UPIL Staff Cooperative Society Ltd with RC Numbers 1265837 and 553220, and PREM Staff Cooperative Society Ltd with RC Numbers 1265844 and 545901.
The CAC warns that any Nigerian conducting business with these entities does so at their own risk.
“Anyone that transacts any business with the above-mentioned companies does so at their own risk,” the commission warned.
The commission further advised potential partners and investors to verify registration details directly through its official portal before signing contracts or making payments.
Similarly, the CAC, in a bid to enhance its services, introduced an AI-powered business registration platform on July 3, designed to streamline incorporations.
This new system offers instant name reservations, automated business-name suggestions, and same-day registration using a National Identification Number (NIN).
Additionally, the commission plans to review its service fees starting August 1, aiming to make its services more efficient and cost-effective.
News
AfDB to Introduce Systems Reforms to Prioritize Investing in Africa’s Youth

The African Development Bank, in partnership with the International Labour Organization, has launched a transformative system to mainstream youth employment, skills development, and entrepreneurship across its investments.
The approach, called the Youth, Jobs and Skills Marker System, is aligned with the Bank’s latest Ten-Year Strategy, which places Africa’s young people at the center of development efforts to maximize the impact of every dollar invested, turning demographics into a dividend.
The Marker System ensures that Bank projects spanning diverse sectors, such as agriculture, transport, energy, water, and education, systematically incorporate components that enhance youth employability, foster entrepreneurship, and build market-relevant skills.
“The Youth, Jobs and Skills Marker System is about ensuring Africa’s young people have a real say and active role in building sustainable economies and creating jobs – not as passive recipients of youth programs,” said Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development. “This transformation of Bank practices and systems is a step toward making sure our investments have a positive impact on Africa’s young women and men.”
The integrated system has three focus areas:
Youth: Supporting youth-led micro, small, and medium-sized enterprises through targeted investments and operational integration.
Skills: Expanding access to practical, market-driven training and apprenticeships to enhance career prospects.
Jobs: Ensuring Bank-funded projects create sustainable job opportunities, particularly by developing youth skills for employability and the promotion of youth-led businesses in priority value chains.
Each year, around 10 to 12 million young Africans enter the labor market, which offers only three million formal jobs annually. The Bank will prioritize youth entrepreneurship and mobilize private sector partnerships to strengthen industry-oriented skills training as well as job creation over the coming decade.
“[This initiative] is very important because it allows us to significantly contribute to the United Nations Sustainable Development Goal #8 that includes decent work for all,” said Peter van Rooij, Director of Multilateral Partnerships and Development Cooperation at the International Labour Organization. “It also allows the International Labour Organization to influence the Bank’s work, to support their lending that is more geared toward more job creation and better jobs in a sustainable way.”
The Youth, Jobs and Skills Marker System is modeled on the success of the Bank’s Gender Marker System and its online dashboard, which categorize Bank projects based on their contribution to gender equality and women’s empowerment.
Similarly, the new system will feature an online platform enabling Bank staff and consultants to access real-time data for preparing country strategy papers, mid-term reviews, annual reports, project supervision, and reporting on youth-related skills, businesses and jobs outcomes.
The Bank has just launched a pilot version of the Youth, Jobs and Skills Marker System in readiness for the full implementation in 2026. This system will enhance data tracking, improve estimates of youth skills attainment and employment, strengthen labor market information systems, and support policymakers in making evidence-based decisions that drive meaningful change.
The International Labour Organization provided technical support for the system’s development with financial support from the Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund. The Youth, Jobs and Skills Marker System is the first deliberate action of its kind developed by a development finance institution worldwide.
News
SEC Probes Ponzi Scheme Linked to FF Tiffany

The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
“These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
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