Business
Court stops FG concession of Ajaokuta Steel, Itakpe Iron Ore Mining firms
Court stops FG concession of Ajaokuta Steel, Itakpe Iron Ore Mining firms
A high court in Lokoja, Kogi State, has ordered the Federal Government not to proceed with the concession of the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO) at Itakpe.
The court also stopped the government from conducting its planned virtual pre-qualification conference interview fixed for May 4, 2023, pending the hearing and determination of the Motion on Notice.
The FG had commenced concession process for the two companies which are located in Kogi State and had placed an advertisement to that effect.
However, the Attorney General of Kogi State, on behalf of the government and people of the state, approached the court with a suit marked HCL/211M/2023 and sought for enrolment order of the court stopping the government from continuing with the concession process.
While the Attorney General of Kogi State is the Claimant/Applicant, the Attorney General of the Federation, Ministry of Mines and Steel Development, Infrastructure Concession Regulatory Commission (ICRC), Bureau of Public Enterprises (BPE), Ajaokuta Steel Company Limited (ASCL) and National Iron Ore Mining Company (NIOMCO) are the Defendants/Respondents in the motion numbered 211M/2003 and brought pursuant to Order 11, Rules 7 of the Kogi State High Court (Civil Procedure Rules) 2006.
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Leading seven other lawyers, M. Y. Abdullahi, SAN, Applicant’s Counsel, drew the attention of the court to the affidavit of urgency deposed to in the application while seeking the enrolment order.
The two orders prayed by the Kogi State Attorney General included: “An order for interim injunction restraining the Defendants/Respondents, their agents, representatives, officials and whosoever acting for them, or through them, or on their behalf, from proceeding with the concession of the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO) and or from doing anything whatsoever connected or incidental thereto, pending the hearing and determination of the Motion on Notice.
“An order for interim injunction restraining the Defendants/Respondents from carrying out any of the itemized functions/activities as contained in their publication, ‘Request for the Qualification for the Concession of the National Iron Ore Mining Company Solicited PPP Process’ and ‘Request for Qualification for the Concession of Ajaokuta Steel Company Limited Solicited PPP Process’ published on Friday, 21st April, 2023 in the Daily Trust Newspaper of Friday, 21st April, 2023” to wit: Submission of Request for Qualification (RFQ), Submission of Request for Proposal (RFP), virtual pre-application conference interview slated for May 4th, 2023; pending the hearing and determination of the Motion on Notice.”
Delivering his ruling, Justice Josiah Majebi, the Chief Judge of the state and presiding judge of the High Court 1, found substance in the motion and granted the two prayers of the applicant.
He said the affidavit of urgency deposed to by the claimant clearly established that he “has a prima facie case on a claim of right to the 5th and 6th defendants (ASCL and NIOMCO) and that except the court intervenes at this stage to prevent the defendants from proceeding with their plan on concession of the companies, their action will foist a state of helplessness and hopelessness.”
He said it would also lead to the “loss of his (Applicant’s) cause of action leading to his right and interest extinguished completely (and) that the defendants would have completed the process of the concession in less than 30 days which is before the period of 30 days allowed by the rule of court for the defendants to file their defence.”
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Consequently, Majebi ruled: “In the circumstance, I hold that the grant of order of interim injunction is appropriate and necessary to preserve the rest in this case as a matter of urgency and to prevent a situation of irreparable damage to the applicant as one having interest in the 5th and 6th defendants pending the determination of the motion on notice.”
The orders given by Majebi Thursday, April 27, 2023, against the six defendants read in full, “It is ordered as follows:
“The Defendants/Respondents, their agents, representatives, officials and whosoever acting for them, or through them, or on their behalf, are hereby restrained from proceeding with the concession of the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO) and or from doing anything whatsever connected or incidental thereto, pending the hearing and determination of the Motion on Notice.
“The Defendants/Respondents are hereby restrained from carrying out any of the itemized functions/activities as contained in their publication, ‘Request for the Qualification for the Concession of the National Iron Ore Mining Company Solicited PPP Process’ and ‘Request for Qualification for the Concession of Ajaokuta Steel Company Limited Solicited PPP Process’ published on Friday, 21st April, 2023 in the Daily Trust Newspaper of Friday, 21st April, 2023′ to wit: Submission of Request for Qualification (RFQ), Submission of Request for Proposal (RFP), virtual pre-application conference interview slated for May 4th, 2023; pending the hearing and determination of the Motion on Notice.
“The Motion on Notice shall be heard on 4th day of May, 2023.”
Court stops FG concession of Ajaokuta Steel, Itakpe Iron Ore Mining firms
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
Business
CBN jacks up interest rate amid soaring inflation
CBN jacks up interest rate amid soaring inflation
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.
Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.
The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.
Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.
He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also voted to retain the liquidity at 30 per cent.
He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”
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