Connect with us

Business

Drama as staff of Premium Steel Limited walk out on reps during probe into ‘asset mismanagement’

Published

on

Drama as staff of Premium Steel Limited walk out on reps during probe into ‘asset mismanagement’
Spread the love

Drama as staff of Premium Steel Limited walk out on reps during probe into ‘asset mismanagement’

It was a dramatic Monday at the house of representatives as staff of Premium Steel and Mines Limited (PSML) walked out on lawmakers during a probe into alleged mismanagement of the company.

The house committee on steel is investigating the collapse of the Delta Steel Company (DSC) in Udu, Delta state.

In 2019, the lower legislative chamber mandated the committee to investigate the collapse of the company said to have been built with the sum of $1.89 billion in 1982 and was handed over to PSML after it was privatised in 2005.

Speaking during the public hearing on Monday, Jite Brown, chairman of Udu LGA, Delta state, said PSML is incapable of managing the company.

He accused PSML of looting and vandalising equipment in the facility.

“We have all the pictures of the arrests we have made and other investigations,” he said.

“We have called several security meetings to address the residents and Premium Steel. The only response we get from them is that they don’t have any obligation with the government; that they only have business with Asset Management Corporation of Nigeria (AMCON) and AMCON has given them all the right to do all what they are doing.

ALSO READ:  “Ore Industrial Park to employ not less than 120,000 workforces within twelve years” Femi Akinkuebi

“We want this committee to revoke the sale of DSC. They can’t handle the company; the company is dying.”

But Albert Anozie, who represented AMCON, denied the involvement of the agency in the collapse of the company.

“AMCON came into the picture as a result of a loan. AMCON was created to resolve all outstanding loans and one of the loans was that which has to do with Delta Steel Company,” Anozie said.

“We took over the asset that was charged to the loan that was borrowed and as a result of that, we realised the loan that was taken.

“AMCON did not take over the running of and management of Delta Steel. Whatever transpired beyond the loan, beyond the assets that were charged beyond the various banks, we cannot say anything about that.

ALSO READ:  Ogun State Revives Dormant Imasayi Cashew Nut Processing Plant

“What we took over was the asset that was charged to the loan which the banks gave to the company.”

Also speaking, Uche Ogah, minister of state for mines and steel development, said the ministry was not carried along when the privatisation was done.

“I believe that one of the things we are doing here today is to investigate to know the reasons. First, what led to the collapse of DSC? Two, the process of sales and three, the continuity — the growing concern of the business,” he said.

“So, for us at the ministry, when all the assets were transferred to BPE, we have little or nothing; we were not carried along. So, we may not have much to say.”

When PSML was asked to make its presentation, the leader of the delegation who introduced him as a lawyer, refused to be put on oath.

The committee subsequently prevented him from speaking and demanded that the managing director of the company should appear instead.

At this point, the staff of PSML led by the counsel staged a walkout.

ALSO READ:  NNPC Sets To Deliver Refined Products In Port Harcourt Refinery 2022

Infuriated by the development, the representatives of the host community started protesting in the hall and described the action as an “insult”.

The fierce argument continue for about five minutes before relative calm returned.

After the drama, Abdullahi Ali, chairman of the committee, described the walkout as “criminal behaviour”.

He summoned the MD of PSML to appear before the panel on Wednesday, adding that if the MD failed to appear, the lawmakers will issue a warrant of arrest.

“You have all seen the criminal behaviour of Premium Steel and everybody is embarrassed. They cannot walk out on the parliament because this committee is an offshoot of the parliament and we cannot tolerate that,” he said.

“In view of their criminal behaviour — for Premium Steel to have walked out of the parliament is a disgrace to this nation — I hereby summon the MD of Premium Steel to appear before the parliament on the 3rd of November.”

Below is the video of the protest

TheCable.ng

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

MTN Nigeria launches sale of shares to Nigerians

Published

on

By

MTN Nigeria launches sale of shares to Nigerians
Spread the love

MTN Nigeria launches sale of shares to Nigerians

MTN Nigeria Plc (MTN) has announced the trial of e-SIM services on its network based on approvals received from the Federal Government.

MTN Nigeria Communications Plc (MTNN) has announced the price of its initial public offering to retail investors.

The company is making 575 million of its shares available to the public at N169 per unit, the telecoms heavyweight said on Tuesday.

Sales will open at 8:00 am on December 1 and close at 5:00 pm on December 14. It is the first time the company will invite subscriptions from the public nearly two years after it debuted on the Nigerian Exchange Limited (NGX).

ALSO READ:  Ogun State Revives Dormant Imasayi Cashew Nut Processing Plant

MTNN made the disclosure in a statement on the NGX website, signed by Company Secretary Uto Ukpanah and seen by newsmen.

“The minimum subscription is for 20 shares and lots of 20 shares thereafter. The offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor,” he said.

“The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.”

This retail offer will be delivered via a digital platform, the first in Nigeria. By using the power of technology, the telco intends to facilitate the maximum possible participation by Nigerian investors, MTNN said.

ALSO READ:  SERAP Sues Buhari Over $25 Billion Overdrafts Taken From CBN

Commenting on the price announcement, MTN Nigeria’s Chief Executive Officer, Karl Toriola, said: “The success and growth of MTN Nigeria is intrinsically linked to that of Nigeria and Nigerians. Therefore, we are very excited to offer Nigerians the opportunity to own shares in MTN Nigeria.”

“Our journey to becoming the largest network in Nigeria has been humbling, but we still have a long way to go. There is much more to do to support the evolution of an inclusive digital economy, and we continue to invest as we evolve into a truly digital operator, capable of seamlessly integrating value across the evolving telecommunications, digital and fintech segments.”

The MTN Group President and Chief Executive Officer, Rolph Mupita, said the offer aligns with MTN Group’s strategic priority to create shared value.

ALSO READ:  FG To Spend ₦900 Billion On Fuel Subsidy In 2022

“In the last 20 years, we have worked diligently to connect 68 million subscribers onto voice and data networks and ensure that we deliver the benefits of modern connected life. With this Offer, we will contribute to the further deepening of Nigeria’s equity capital markets. It is the first in a series of transactions as the MTN Group implements its plans to ensure broad-based ownership by reducing its shareholding in MTN Nigeria to 65% over time.

This move is a broader arrangement to enlarge its market capacity to other African countries including Zambia and Uganda.

MTNN’s shares, listed in Lagos, closed at N190 per unit on Tuesday, recording no movement.

Continue Reading

Business

Cryptocurrencies Bear High Risks – Putin

Published

on

By

Cryptocurrencies Bear High Risks - Putin
Spread the love

Cryptocurrencies Bear High Risks – Putin

On Tuesday, Vladimir Putin, President of the Russian Federation, voiced his criticism regarding the state of the criticism sector at the “Russian Calling” investment forum in Moscow.

According to local news outlet lenta.ru, the president made the following remarks, as translated: “It is not backed by anything, [and] the volatility is colossal, so the risks are very high. We also believe that we need to listen to those who talk about those high risks.”

Putin called for the greater monitoring and regulation of cryptocurrencies and pointed out that certain countries worldwide are seeing significant adoption of digital currencies. Currently, cryptocurrency regulation is still in its infancy in Russia. Although the government is considering the launch of a central bank digital currency, at least eight federal laws and five legislative codes must be changed for the digital ruble to take effect.

ALSO READ:  Why We Place Job Creation Ahead Of Others - Osinbajo

Cryptocurrencies Bear High Risks – Putin

Furthermore, no regulation exists in the country regarding cryptocurrency mining. This has led some to claim that $2 billion in crypto mining revenue is generated annually in Russia, but on that, no taxes are paid. Due to the lack of a regulatory framework, cryptocurrency use has soared among ordinary Russians, with transactions surpassing $5 billion each year.

In other parts of the former Soviet Union, cryptocurrencies are also rapidly gaining in traction. Kazakhstan has become the world’s largest Bitcoin (BTC) miner by hash rate, and its president is seeking to collect more taxes from such activities to fund the country’s expenses. In Ukraine, the government is actively encouraging legal crypto operations. Last year, the city of Olsztyn, Poland, began adopting the Ethereum (ETH) blockchain for emergency services.

Continue Reading

Business

Buhari: Agric Varsities Should Tackle Dependence On Imported Food

Published

on

By

Buhari: Agric Varsities Should Tackle Dependence On Imported Food
Spread the love

Buhari: Agric Varsities Should Tackle Dependence On Imported Food

Nigeria agricultural policy is focused on achieving sustainable green policy.

The President, Major General Mohammadu Buhari (retd.), stated this on Saturday in Umuahia at the 10th convocation of the Michael Okpara University of Agriculture, Umudike.

He noted that Nigeria universities of agriculture “must play their crucial specialized role in catalysing the development of the agriculture sector.

Represented by the Minister of Agriculture and Rural development, Dr. Mohammad Abubakar, the President said, “We have challenges, of funding, no doubt, but our endowments are far greater than our constraints.

ALSO READ:  Why We Place Job Creation Ahead Of Others - Osinbajo

“Government expects that universities of agriculture should bravely confront the heavy dependence of our nation on imported food and raw materials with the view to reducing it to the minimum at the shortest possible time.”

Buhari: Agric Varsities Should Tackle Dependence On Imported Food

He noted that universities of agriculture were established with the strong conviction that they were cardinal tools for the rapid transformation of Nigeria agricultural sector, which he said “remains a major driver in industrial development, diversification from heavy dependence on non-renewable mineral oil, as well as achieving self-sufficiency in food production for local consumption”.

He said he expected “universities of agriculture, rapid development of the knowledge and skills to increase local production of food and raw materials” adding that his government was making efforts to put in place, policies and programmes to strengthen agencies and parastatals to provide an enabling environment for increased productivity.

Continue Reading

Trending