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Senate probes Ajaokuta Steel company over $496m settlement

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The Senate on Tuesday resolved to carry out a thorough investigation on the affairs of Ajaokuta Steel Company Limited and the National Ore Mining Company in Kogi State from 2008 to date.

It planned to unravel the mystery behind the payment of $496m allegedly made to Pramod Mittal, Chairman, Global Infrastructure Holdings Ltd by the Federal Government in September 2022 as a settlement over said contractual disputes.

It also resolved to investigate the circumstances that led to the re-concession of NIOMCO even when the initial Concession Agreement was validly terminated by the Yar’adua Administration with a positive review by the International Chamber of Commerce, London.

Senate’s resolutions to this effect were sequel to a motion sponsored by Senator Natasha Akpoti-Uduaghan ( PDP Kogi Central) and exhaustively debated by many of the Senators.

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Akpoti-Uduaghan said the Ajaokuta Steel Company Limited and the National Iron Ore Mining Company located in Kogi State were established sometime in the late 70s by the Federal Government with the potential to put Nigeria on the path of technological and industrial advancement and establish the country as one of the leading exporters of steel products in the world.

She lamented that decades after their establishment, the Ajaokuta steel mill and NIOMCO have remained inoperative and unable to produce steel despite seeming efforts by several administrations due to a lack of earnest political will and bureaucratic corruption.

According to her, Nigeria currently expends about $3.3bn annually on steel imports and is quite saddened that a nation blessed with abundant natural ore resources yet plagued by moribund Ajaokuta and Delta steel that have become conduits pipes for diversion of public funds at the expense of Nigerian tax payers.

She added that there exists an abnormal management structure at the Ajaokuta Steel Complex whereby a Sole Administrator has unilaterally decided upon the steel mill’s corporate affairs for the past 12 years.

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She said, “This has further worsened the inefficiency of the moribund company with the recently queried 33bn naira electricity debt incurred by Presidential villa.”

The Senate after debate on the motion, consequently set up a committee to be chaired by Senator Adeniyi Ayodele Adegbonmire ( SAN) with senators Natasha Akpoti (Kogi Central), Onawo Mohamed (Nasarawa South) Joel Onowakpa (Delta), Onyesoh Allwell Heacho (Rivers East) Abdullahi Yahaya (Kebbi North), Sen Patrick Chukwuba Ndubueze (Imo North), Tokunbo Abiru (Lagos East) and Osita Ngwu (Enugu West) as members.

While the committee is to report back to the Senate in two weeks, they are also to interface with relevant Ministries, Departments and Agencies and other critical stakeholders in the steel sector especially those with interest in Ajaokuta Steel Manufacturing Plant and (all mining company NIOMCO to obtain relevant information and submit a comprehensive report to the Senate regarding the affairs of the two plants between 2018 to date.

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NAF to get 50 new fighter jets

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At his second biannual meeting with branch chiefs and Air Officers Commanding NAF formations in Abuja, the Chief of Air Staff(CAS),  Air Marshal Hasan Abubakar, said the expected 50 fighter jets would complement the 12 already in NAF’s inventory.

Abubakar encouraged the officers to uphold the highest standards of professionalism, integrity, and loyalty as they contribute to the overall mission of the NAF.

He said: “A few months ago, we celebrated the 60th anniversary of the Nigerian Air Force, which ushered us into a golden era of transformation and evolution.

“Over the past year, we have successfully inducted 12 aircraft into our inventory, and God willing, we shall take delivery of 50 brand new aircraft between December this year and 2026.

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“This is a remarkable achievement that we have not witnessed in a very long time.

“Indeed, these are exciting times that demand innovative thinking, resilience, and dedication.’’

Also yesterday, the Defence Ministry said the ongoing military operations against insurgents in the Northeast and Northwest had reached an advanced stage with the deployment of sophisticated satellite assets.

It said: “Right now, we have moved from normal military operations to advanced military operations. We now use drones. We need satellite to do that. Our troops have to identify where our enemies are. As it is now, without satellites, we cannot operate our drones.

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“There will be pollution, or rather, what you call accidents, among the drones in the space. Therefore, we need satellites to do that operation.”

Permanent Secretary of the ministry   Ibrahim  Kana stated this at  the Stakeholders Engagement organised by the Nigeria Communications Satellite Ltd., NigComSat.

Kana lauded President Bola Tinubu, the military, and other security agencies for protecting  the country

He said: “I want to use the opportunity, really, to thank His Excellency, Mr President, for bringing us together and making sure that we all work together and providing all the necessary requirements, particularly launching of more satellites in space.”

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President   Tinubu’s efforts in the fight against insecurity in the North was also commended by the  Arewa Elders Progressive Group yesterday.

The group noted that Tinubu’s approach to tackling insecurity, particularly his decision to use military force to crush bandits, has shown promising results.

The commendation was contained in a statement by the group’s Chairman,  Mustafa   Dutsinma.

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Bandits got weapons from corrupt security agents, says NSA

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Bandits and terrorists got a sizeable number of their arms and ammunition from securitymen, National Security Adviser (NSA) Nuhu Ribadu has said.

Ribadu, at the destruction of seized/recovered 2,400 illicit small arms and light weapons in Abuja yesterday, expressed worry that most of such arms were sold to criminals by security personnel.

Also in Abuja, the Defence Ministry announced that the ongoing anti-terror war had moved from normal military operations to the use of drones, and advanced war technique.

Fifty new fighter jets are to be added to the Nigerian Air Force (NAF) fleet between December this year and 2026 to rev up the war against insurgents and other criminal elements in the country, Ribadu reaffirmed.

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At the arms destruction by the National Centre for the Control of Small Arms And Light Weapons (NCCSALW), a unit in the Office of the NSA,  Ribadu, assured that the government would do everything possible to keep the country safe and secure.

He said: “We have to find a way of putting a stop to this. We must if we want to recover our country and live in peace and stability.

“The worst human being is a policeman or a soldier who will take arms from his own formation and sell it or hire it out for the bad people to come and kill his own colleagues.

“We must fight these people but also there are merchants of death and evil from outside the world.

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“The proliferation of illicit small arms and light weapons remains a major threat to our national security, exacerbating issues such as insurgency, banditry and other violent crimes.

“We have laws that govern ownership of small arms. If you do not follow it, it is an illegal arm and it is supposed to be destroyed completely.”

The  NSA said the military and other security agencies would secure the country against the merchants of death by all means possible.

He said with the present leadership,  the country would overcome all the country’s security challenges within the shortest possible time.

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“We are not going to relent. They think we are jokers. We are not, we know what we are doing. And I can assure you with the leadership we have today in our country, with the set of people in charge, we have hope.

“Just give us time. It will change. The proliferation of small arms and light weapons remains a major threat to our national security.  We will fight it. We will secure this country,” Ribadu added.

NCCSALW Director-General Johnson Kokumo said the challenge posed by the proliferation of Small Arms and Light Weapons (SALW) was one of the major threats to peace and security not only in the country but in  West Africa.

He said the 2,400 destroyed weapons, comprised unserviceable, decommissioned, and recovered arms.

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Kokumo added: “These weapons were mopped up by the military, police and other security agencies across the country.

“By permanently removing these arms from circulation, we reduce the risk they pose to our communities and send a clear message that Nigeria will not tolerate the illegal trafficking and possession of small arms and light weapons.’’

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Unpaid Commission: Businessman Sues FCMB, Demands $60,206.66

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A businessman, Michael Ogbole, has sued First City Monument Bank at a Lagos State High Court in Lagos, demanding $60,206.66 as unpaid commission for allegedly facilitating a multi-million-dollar transaction with a United States-based company, Sky Enterprise LLC.

Ogbole, in the suit, filed by Falana & Falana Chambers accususe FCMB of circumventing him in the deal.

The claimant alleged on June 2, 2016, he met with FCMB’s Group General Manager and Chief Executive Officer, Ladi Balogun, to discuss how he could help the bank secure finance from Sky Enterprise, a Florida-based firm specialising in trade finance, risk, and debt management.

Following their discussion, Balogun allegedly directed him to contact FCMB’s Treasurer, Gerald Ikem, who introduced him to Nomso Ezenta, head of Structured Funding and Correspondent Banking, to coordinate the transaction.

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The businessman said on September 2, 2016, he arranged a meeting between Sky Enterprise’s Global Director for Africa, Yinka Akinlabi, and FCMB at the bank’s headquarters to structure the deal.

The claimant said those present were top FCMB executives. After the meeting, the parties exchanged emails and phone calls to finalise the transaction.

However, in February 2021, the businessman discovered FCMB went ahead with the deal through Sky British, a subsidiary of Sky Enterprise, without his involvement.

He claims this was confirmed by FCMB’s Annual Report and Financial Statements of December 31, 2020.

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In a letter of October 12, 2021, the businessman demanded $60,206.66, representing one per cent commission on the $6,020,660, facility secured by FCMB from Sky British. After FCMB failed to respond, another demand letter was sent on January 19, 2022. Despite these efforts, the businessman claimed FCMB has refused to pay.

FCMB, through its lawyer, Wale Olawoyin, said the suit lacks merit, admitting that in 2016, Ladi Balogun was approached by the claimant, claiming he can broker dollar loans for banks.

Subsequently, the bank said the claimant, through phone conversations, emails, and two meetings, held discussions with other FCMB executives.

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