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Business News

FG lures UK investors with mineral potentials, incentives 

Investors in the United Kingdom (UK) have been urged to consider investing in Nigeria’s mineral and mining sector.

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FG lures UK investors with mineral potentials, incentives

The Federal Government has tasked investors in the United Kingdom (UK) to consider investing in Nigeria’s mineral and mining sector, as it features attractive incentives and potentials. The call was made by the Minister of Mines and Steel Development, Arc Olamilekan Adegbite during the “Nigeria Beyond Oil” conference held in the UK.

mining

The Minister, who was the chief host at the event, made it known that before President Muhammadu Buhari’s administration, there were lots of challenges and neglect in the mining sector. However, since the commencement of the present administration, efforts have been made to revive the sector so that it could contribute as much as 5.6% to the national GDP like it did in the 1980s.

Adegbite said the present administration recognises mining as a strategic income stream in the face of dwindling oil revenue. He said he looked forward to increasing its contribution to the national GDP by 3% in the year 2025.

“President Muhammadu Buhari’s Administration met serious challenges in the mining sector occasioned by long neglect. It was apparent that we must re-enact the ‘Nigeria before oil’ policies when the sector contributed as much as 5.6% in 1980 to the national GDP.

“Our approach to the enactment of a ‘Nigeria Beyond Oil’ era is holistic, the integrated method involves the development of the necessary infrastructure to support the mines and mining communities.  

“We are working assiduously to ensure the development of a Central Corridor around the steel development complex, this includes the provision and upgrading of the railway network to link Abuja to the mineral centres and ports for easy evacuation of minerals resource and products,” he stated.

[READ MORE: FG reiterates commitment towards implementing broadband strategy)

Speaking further, he encouraged participants at the conference to invest, as he said that the Nigerian government was determined to protect direct foreign investments as indicated in the Nigerian Mineral and Mining Act 2007.

“Our focus is now on de-risking the sector, by the provision of more up-to-date and comprehensive data on mineral occurrences in Nigeria and enabling a more investor-friendly environment through favourable incentives,” he said.

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]

1 Comment

1 Comment

  1. Ekopetop Uduk

    January 24, 2020 at 1:55 pm

    Its a Welcome development. My opinion is that the Federal Government should sponsor a bill which will be pass into law; such a bill should grant licences to local/ indigenous companies should be given ambience opportunity to invest and explore our mineral resources first and create enabling conditions that will attract foreign investors.

    By so doing thousands of jobs will be created, local fabricator will get to work and business/ economic activities will be buffered.

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Appointments

Greenwich Merchant Bank appoints Bayo Rotimi as MD/CEO

Bayo Rotimi has been appointed the new MD/CEO of Greenwich Merchant Bank.

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Greenwich Merchant Bank has announced the appointment of Mr Bayo Rotimi as its new Managing Director/ Chief Executive Officer.

This is according to a notification made available on the bank’s social media handle, seen by Nairametrics.

As part of his responsibilities, Mr Rotimi is expected to provide leadership and direction to the management team and take charge in optimizing the company’s overall strategic objectives and operational performance, in a bid to deliver optimal value for stakeholders, without compromising quality and standards.

About Bayo Rotimi

Mr Rotimi is an experienced investment banking professional with over 27 years’ experience. He worked for various financial institutions such as Lead Merchant Bank and FCMB Capital Markets, where he rose through the echelons to become the CEO of the latter in 2008. Prior to his recent appointment, he was the chairman of the investment committee of ARM’s Discovery, Aggressive, Growth, Ethical, Money Markets, Fixed income and Eurobond funds with over N110 billion under management.

What they are saying

Commenting on the recent development, Chairman of Greenwich Merchant Bank, Kayode Falowo said: “Bayo’s track record and pedigree speaks for itself and offers a reassuring nexus between the corporate ideals that Greenwich is reputed for and proactive dynamism required to stay on the cutting-edge of innovation, product development and stakeholder satisfaction.”

What you should know

  • Recall that Greenwich Trust Limited was officially renamed Greenwich Merchant Bank in September 2020, after obtaining regulatory approval from CBN to operate as a Merchant Bank.
  • Greenwich Merchant Bank Limited was incorporated on the 25th of February, 1992 and subsequently commenced operations in June 1994.

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Sports

Police raid FC Barcelona’s Camp Nou, ex-President, three others arrested

Spanish police raided the headquarters of F.C. Barcelona, seizing evidence and detaining four people.

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Mossos d’Esquadra, Catalonia’s regional police force has carried out a search on Monday morning on all the offices of the Spanish giants, FC Barcelona and reportedly arrested four people in the process.

The raid carried out by the Police was in search of evidence in relation to the “Barcagate” social media scandal that happened in February, where the Catalan giants allegedly paid third party companies to produce disparaging contents about some people including former players that are opposed and critical of former president, Bartomeu’s administration. A similar raid was also carried out in the club last year June.

The companies allegedly hired by the Spanish giants include I3 Ventures SL, NSG Social Science Ventures SL, Tantra Soft SA, Digital Side SA, Big Data Solutions SA and Futuric SA. There were allegations made that I3 Ventures SL were behind fake social media accounts despising as Barcelona fans that produced disparaging contents about the likes of Victor Font, the club’s presidential candidate. It also attacked high profile players like Lionel Messi and Gerard Pique and also former players like Xavi, Guardiola, etc.

According to reports, those arrested were former Barcelona president, Josep Bartomeu; the club’s chief executive, Oscar Grau; Roman Gomez Ponti, the head of legal services and Jaume Masferrer, an adviser to Bartomeu. The decision to arrest them was not the court’s decision. The arrests were made by the exclusive decision of the Mossos d’Esquadra. The Instructing Court number 13 in Barcelona which is in charge of the case only ordered for a search.

The Catalan giants have been mired in political turmoil and debt prompted by the coronavirus pandemic and this further stains the club’s image.

The raid comes less than a week before the club’s presidential elections are to be held which is coming up on March 7. Three candidates – Victor Font, Joan Laporta and Toni Freia – are on the final ballot for the crucial vote.

In a statement, Barcelona has offered to give their full collaboration regarding the ongoing investigations.

The club stated: “Regarding the entry and search by the Catalan Police force this morning at the Camp Nou offices by order of the Instructing Court number 13 in Barcelona, which is in charge of the case relating to the contacting of monitoring services on social networks, FC Barcelona have offered up their full collaboration to the legal and police authorities to help make clear facts which are subject to investigation.

“The information and documentation requested by the judicial police force relate strictly to the facts relative to this case.

“FC Barcelona express its utmost respect for the judicial process in place and for the principle of presumed innocence for the people affected within the remit of this investigation.”

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