Business

Court stops FG concession of Ajaokuta Steel, Itakpe Iron Ore Mining firms

Published

2 years ago

April 29, 2023

Ajaokuta Steel

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

Related Topics:Ajaokuta court Featured FG Itakpe

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Lagos Rail Mass Transit part of FG free train ride – NRC

Published

1 day ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

1 day ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.