BUA Group has warned Dangote group to remove its excavators and trenches used in barricading the entrance of Obu Mines in three days or face contempt of court proceedings.
BUA Group in a statement said that Dangote in its not so surprising tactic and in total disregard for the court and rule of law has laid siege on BUA’s Obu mines Okpella by placing excavators and creating trenches at the entrance to effectively prevent BUA Vehicles from operating at the mining sites even after a competent Federal High Court in Benin recently granted BUA rights over the mines.
While drawing public attention to the Dangote’s illegal self-help measures, BUA warned Dangote to restore access to its mining sites, by refilling the trenches and removing their excavator, within three days or it will Institute contempt proceeding against the Dangote Group and Patrick Omokagbor, an employee of the Dangote Group who coordinated the contemptuous act, acting on the instruction of Devakumar Edwin – an Indian and a director of the Dangote Group.
BUA further urged Dangote to obey the rule of law which is the pillar and foundation of any democracy noting that no one is above the law no matter how highly placed, powerful or influential. BUA also advised Dangote to Appeal the court’s judgement instead of engaging in illegal tactics.
According to the statement: “BUA Group is set to institute contempt of court proceedings against Dangote Group, Dangote Cement and two of its employees after the company flouted the recent judgement of the Federal High Court in Benin which granted BUA the rights to peaceful possession of its Obu Mines Okpella pending the determination of the other two suits before it.
“BUA wishes to draw the attention of the general public and the relevant authorities to the brazen attempt of the Dangote Group to frustrate a recent judgment of a Federal High Court, Benin in Suit No. FHC/B/CS/101/2017: BUA v. IGP & Ors, in a bid to deprive the BUA Group of the fruit of its successful litigation.
“It would be recalled that BUA instituted the aforementioned Suit in 2017 following the audacious and unlawful disruption of BUA operations at the mining sites in Obu, Okpella, Edo State by the Respondents in the Suit (the Nigeria Police, Dangote Industries Limited, and Dangote Cement Plc).
“BUA Group approached the Court to protect its fundamental right to peaceful possession of the mining sites and specifically applied to the Court for an order restraining the Respondents from further interfering in any manner whatsoever with BUA’s operation of the mining lease sites. Subsequently, an order of the court was granted restraining the 1st and 2nd Respondents (The Police) as well as the 3rd and 4th Respondents (Dangote Industries & Dangote Cement Plc) from interfering with BUA operations in the mining sites, on 28th May, 2020. The judgment of the court is very clear and explicit as the court ruled inter alias:
“That an order for an interim injunction is hereby granted against the 1st and 2nd Respondents (the Police) and the 3rd and 4th Respondents who are hereby restrained from interfering in any manner what so ever with the said mining lease site pending the determination of the 2 pending suits No. FHC/B/CS/7/2016 & FHC/B/CS/74/2016 before Honorable Justice Ajoku of the Federal High Court Benin accordingly.”
“However, in total disregard of the judgment of the Court and of the rule of law, on 15th June, 2020, the Dangote Group commenced excavation and dredging of the access road and surroundings to the mining site, which the Court had hitherto restrained it from; thereby creating huge trenches to effectively prevent BUA Vehicles from operating at the mining sites (a major disruption and interference with BUA’s possessory rights). Mr. Patrick Omokagbor, an employee of the Dangote Group, coordinated the contemptuous act, acting on the instruction of Mr, Devakumar Edwin – an Indian and a director of the Dangote Group. Please see attached pictures of the trenches dug by the Dangote Group.
“It is imperative to note that the resort to self-help by the Dangote Group is not a one-off occurrence and is instead a continuous, relentless and incessant endeavor to undermine the judicial process, which BUA has submitted to. Recall that prior to the Dangote Group disrupting the operations at the mining sites in 2017, it had approached the Courts in 2016, for a restraining order against BUA in Suit No. FHC/B/CS/74/2016 – Dangote Industries Limited & Anor. v. BUA International Limited & Ors, that was initially granted ex parte, but set aside by the Court upon challenge by BUA. It was therefore after the unsuccessful sojourn to Court that the Dangote Group resorted to the illegal self-help measures to stop operations at the mining sites.
“BUA wishes to reiterate its position that no one should be above the law, no matter how highly placed, powerful or influential, as the rule of law is the pillar and foundation of any democracy. The appropriate remedy available to a party disgruntled by the judgment of Court is to file an Appeal; a right that the Dangote Group has already exercised.
“We hereby demand that the Dangote Group immediately restore the access to the BUA mining sites, by refilling the trenches and removing their excavator, within Three (3) days from date of this notice, failing which BUA shall commence contempt proceedings against the Dangote Group and the 2 named officials – Edwin Devakumar and Partrick Omokagbor”.
The impact story of Nigeria’s biggest investment club, The Green Investment Club
The Group boasts of 1,100 members who have invested over N2bn in multiple small businesses in Nigeria.
The Green investment club was established in the wake of the economic recession in 2016 in Nigeria. At the time, the members were focused on getting financially educated in a community and gradually building investment in impact-driven investment opportunities. The current uncertain economic situation seems to be opening up a lot more investment opportunities for the members of the biggest investment club in Nigeria.
In the words of the founder, Tomie Balogun, ‘’I co-founded an investment club with four friends and this led me on an investment journey filled with lessons. Three years into operating our private investment club, we started to receive requests to join our investment club. We were not so keen on accepting new members. That’s why I decided to build a framework to teach how to start an investment club. To deepen my understanding more, I decided to implement the 3 models of investment clubs I developed. The green investment club is an example of a community model and we launched it as an experiment to see if anyone will be interested’’
Today, that experiment boasts of 1,100 members who have invested over N2bn ($5m) in multiple small businesses in Nigeria. The direct impact of investing in small and medium enterprises in sectors such as agriculture and micro-credit lending has contributed to economic growth and created jobs for over 2,000 people in Nigeria.
According to the founder, Tomie Balogun, ‘’The investment club’s focus was to teach young millennials like herself how to invest confidently. I had no clue how to invest confidently when I started so I made a lot of mistakes on my journey.’’
Things changed when she started an investment club and started to read books and seek out experts to learn practical investment tips from. This boosted her confidence in making investment decisions over time.
Her investment journey mirrors the challenges many young people face today in Nigeria. Most millennials who earn good income do not understand how to invest confidently. Their short-time financial needs make them drop long term goals. As a result, they end up spending all they earn or investing in bad investment schemes which promise money doubling returns.
Through the investment club’s financial literacy courses, resources, and curated investment opportunities, they help their members achieve sustainable income growth through investments at a rate higher than the average. Members of the Green Investment Club earn an additional stream of income from investing in credible investment opportunities. Being impact-driven as a community, they invest actively in small and medium businesses in key sectors of the economy in a bid to increase employment and encourage economic growth.
The investment club is also focused on reducing the inequality in the investment sector as more women are inspired to invest. 65% of the members of the Green Investment Club are women. It is confidence-boosting for women to be in a group with other women who are working towards financial independence. They get a clear picture of their finances and make better financial decisions
The Green Investment club has a thriving community of professionals and entrepreneurs who are mostly Nigerian but live in different countries. The community communicates strictly via email and a support group. To protect the privacy of its members, they do not have WhatsApp or Telegram groups. So if you see a WhatsApp or Telegram group in the name of the Green Investment Club or Tomie Balogun, it is a scam and they encourage everyone to report the group immediately.
As an investment club and community, the members of the Green Investment club are all connected by one goal; to get better with their personal finances and make an impact by investing in small businesses contributing to economic growth in Nigeria.
United Capital Plc releases H2 2020 Outlook report titled “Up In The Air”
The outlook report examines the volatility of the pandemic on global financial markets amongst other things.
Leading Pan-African investment banking and financial services group, United Capital Plc, today released its economic outlook report for the second half of the year. The bi-annual report analyzes the status of the Nigerian economy and outlines future projections informed by domestic and global events.
Based on extensive research, “Up in the Air”, as the report is titled, encapsulates the uncertainty triggered by the outbreak of the COVID-19 virus; a pandemic that threw a curveball at the trend of previous economic variables and policy forecasts for the year. Transcending evaluations of the Nigerian economy, the outlook report examines the volatility of the pandemic on global financial markets, evaluates the risk of a recession in fragile economies, and prognosticates the basis for a turnaround in global trade value.
Speaking on the report, Group Chief Executive Officer, of United Capital Plc, Mr. Peter Ashade, said, “United Capital is committed to equipping our clients, seasoned investors, and the investing community at large with valuable insights to inform their decision-making processes in the second half of the year. With the advent of the pandemic, COVID-19, which proceeded to destabilize even the strongest economies worldwide, our research team has made use of their knowledge, expertise and understanding of the situation, and the economy to predict possible actions in the future and we believe this would be beneficial to investors.”
The 2020 Half-year economic outlook report by United Capital Plc is a strategic initiative by the organization that reflects its dedication to being the financial and investment role model across Africa; empowering its clients, through innovative methods, with a robust suite of investment solutions to achieve their financial goals.
The full report can be downloaded here www.unitedcapitalplcgroup.com/Research
About United Capital Plc
United Capital is a leading African investment banking, asset management, trusteeship and securities trading Group, providing a bouquet of diverse financial services to individuals, corporates, and governments, enabling growth at all levels.
Since it was founded over 50 years ago, United Capital Plc has cultivated and sustained a heritage of excellence in the finance space in Africa. Its track record of transaction execution, industry leadership and client focus are still unmatched. It has achieved this by providing top-of-the-line financial services, consistently demonstrating a commitment to execution, excellent service delivery and client satisfaction.
Through the years, the Group has innovated with each season, and found smart ways to provide even more value to its clients by showing a spectacular ability to adapt to change.
United Capital’s Pan African expansion drive is borne out of the need to replicate its numerous successes in the Nigerian market to the broader African space. This enables it to contribute to transforming the African continent by providing investment banking solutions to governments, companies, and individuals. It is poised to be the financial and investment role model across Africa, deploying innovation, technology, and specialist skills to exceed client expectations, whilst creating superior value for all stakeholders.
Looking ahead, with strategic financial partnerships, and a commitment to economic growth and prosperity on the continent, United Capital Plc will leverage its market leadership and strong relationships with financial market participants, Development Finance Institutions, multilateral agencies, as well financiers within and outside the continent to drive innovative solutions to funding challenges in Africa.
What Nigerian MSMEs must do to thrive in the new normal
With CICOD Suite, businesses can manage a whole database of customers.
To survive the harsh economic realities of the COVID-19 pandemic, Nigerian businesses have been tasked to embrace digital resources and innovation that will help them thrive in the realities of the new normal.
A leading Lagos-based software innovation company, Crown Interactive led by UK-trained IT Expert, Wumi Oghoetuoma made this known why introducing its digital resources known as CICOD Suite.
This opportunity comes at a time when the CBN recently introduced a N50 billion Targeted Credit Facility (TCF) as a stimulus package to support micro, small and medium enterprises (MSMEs) that have been affected by the pandemic.
According to Crown Interactive, “with the CICOD product, businesses will be more efficient, digital-friendly, and thus, resilient to some of the economic shocks we’re living through today. Currently, CICOD suite of tools is running a free 30day trial period so that for businesses at no cost at www.cicod.com”
“The CICOD suite of tools comes with all that businesses need to manage digitally, allowing them to run the shop remotely and enable other people to sell on their behalf, but still leaving them in charge of a centralized hub. Decentralizing by introducing new sales channels – like selling via agents, social media, call-to-shop – makes it more convenient for customers to shop with businesses and effectively, more convenient for them to increase revenues.”
Crown Interactive noted, “For some micro, small and medium enterprises (MSME), reopening means business owners may first have to get rid of the old stock that they have been sitting on during lockdown to make way for the new. With CICOD, businesses can run promotions, apply discounts directly, and track and monitor leftover stock in the inventory, all from the comfort of your home.”
“With CICOD Suite, businesses can manage a whole database of customers and easily text them, send them invoices, and even monitor buying patterns so that they can more suitably fulfill the needs of their clientele. They can even take this further and run a loyalty scheme, to make sure they keep the regulars coming back.”
The organization added, “as the shops open up and customers begin to stroll back in, they need to see that there’s been an upgrade by allowing CICOD bring their businesses into the now. It is not enough for businesses to survive in this period, we want them to thrive in it too. We can equip them with the digital tools that they need to thrive in this period and move to the next level.”