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Business News

Ajaokuta Steel may commence full operation as it gets N3.79 billion allocation

As part of efforts to revive the long-abandoned Ajaokuta Steel company, the FG has allocated a total of N3.79 billion to the company for 2020.

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Ajaokuta steel

As part of efforts to revive the long-abandoned Ajaokuta Steel company, the Federal Government has allocated a total of N3.79 billion to the company for 2020.

The breakdown: Nairametrics understands that N2.67 billion was allocated for the payment of salaries and N858 million for social contributions. While N3.60 billion was earmarked as total recurrent expenditure, N75.2 million was budgeted for overhead cost.

N3.85 million will be spent on travels while N7.82 million is general utilities. Under general utilities, telephone and internet charges will cost the company N2.2 million and N2.46 million respectively. The sum of N2.84 million was budgeted for water rate.

[READ ALSO: Ajaokuta Steel capable of creating not less than 600,000 jobs – NIMMME boss]

For materials and general supplies, a total of N6.39 million was allocated. Out of the amount, N3.6 million is for office materials/computer consumables while newspapers and magazines/periodicals will cost N180,000 and N114,400, respectively.

Ajaokuta steel

The sum of N145.4 million will be spent on the purchase of fixed assets, out of which N41.3 million is meant for the purchase of buses. The steel company is to purchase security and industrial equipment with N10 million and N94 million accordingly. Rehabilitation/repairs of the company’s fixed assets will cost N43 million.

What you should know: Although the company is yet to commence full operations as it is still in the rejigging process, it has been projected to drive massive industrialisation in the country when operational.

Efforts to revamp the Ajaokuta steel mill failed in the past. However, there is the latest offer on ground by the Russian company, MetProm Group, which assessed the complex and tabled the issues facing it before the Federal Government.

It was made known that the Ajaokuta Steel was burdened by some ‘outstanding infrastructural issues’, and if the steel company is to resume operation, the Federal Government will have to address the issue.

[READ ALSO: Russian company, MetProm Group, identifies problem of Ajaokuta Steel]

Meanwhile, the Federal Government is yet to come out with a clear decision on the offer but the Minister of Mines and Steel Development, Olamilekan Adegbite, hinted that there was a possibility that the government was looking towards Russia in renewed efforts to revive the company.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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Tech News

Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.

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Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.

This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.

The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base

Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.

Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.

This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.

Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.

For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).

Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.

Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.

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