Business
Metallurgical Stakeholders Want NIOMCO Pact Cancelled
The Metallurgical Stakeholders Forum has called on the Federal Government to cancel reconcession of the National Iron Ore Mining Company (NIOMCO) to Global Infrastructure Holding Ltd. (GIHL), an Indian company.
The stakeholders made the call at a news conference in Abuja on Thursday.
The stakeholders comprised the Nigerian Society of Engineers, Nigerian Metallurgical Society, African Iron and Steel Association, Host Community, and the Nigeria Labour Congress (NLC), among others.
The Tide source reports that NIOMCO, which is capable of generating billions of naira annually, is located at Itakpe, Kogi State.
The Executive Secretary-General, African Iron and Steel Association, Alhaji Sanusi Mohammed, and convener of the news conference, said that the Federal Government should cancel the concession agreement.
According to him, the company lacks competence, trust as well as the ability to manage NIOMCO.
Sanusi said that the first concession of NIOMCO and Ajaokuta Steel company to GHIL in 2004 brought unquantifiable losses to the nation with monumental economic consequences.
He said that Nigeria was short-changed by the Indian company, as it vandalised Ajaokuta Steel Company and carted away valuable assets from NIOMCO.
It would be recalled that the Ajaokuta Steel Company was concessioned to GHIL between 2004 and 2005 by then, President Olusegun Obasanjo.
However, the Indian firm did not live up to expectations as it could not manage the company.
Following the failure of GHIL to manage the company, the Federal Government under late President Umaru Yar’Adua was compelled to revoke the contract.
However, the President Muhammadu Buhari-led Federal Government reconcessioned NIOMCO to GHIL, while it took charge of the Ajaokuta Steel Company.
With the reconcessioning, GHIL is yet to commence operations.
According to the stakeholders, NIOMCO did not only witness poor performance, but also non-compliance of Post-Acquisition Plan (PAP) in terms of injection of funds, while being operated by GHIL.
“GHIL never brought Foreign Direct Investments (FDIs) into the country as confirmed by the Central Bank of Nigeria (CBN) but rather orchestrated flight and repatriation of funds from the internal funds it earned from illegal exports of Nigerian assets.
“We have written several letters to the Federal Government on the need to cancel the agreement but to no avail.
“So we decided to come together to covey the same message through the media today,’’ Sanusi said.
Citing the Delta Steel Company (DSC), he said that the Federal Government concessioned and later sold the company built with 1.5 billion dollars in 2005 to GHIL at a paltry 30 million dollars.
Sanusi said the five-man administrative panel of inquiry set up by the Federal Government in 2007 revealed the rot that was perpetrated on Delta Steel Company.
“GHIL in the period of operation in DSC stripped the company down and accumulated more than N40 billion debt it collected from Nigerian banks and used the companies as collateral’’.
Sanusi said that the reconcession of NIOMCO did not go down well with stakeholders as the Federal Government did not involve them.
“This is not acceptable to all the metallurgical stakeholders.’’
Also speaking, Prof. David Esezobor of Extractive Metallurgical and Materials Processing urged the Federal Government to pursue a clear vision as well as clear policies and roadmap to ensure development of the iron and steel sector.Esezobor said that government should remove all obstacles militating against the growth and development of the sector.
He urged the government not to privatise Ajaokuta Steel Company, till the remaining two per cent and other external infrastructure were completed.
Esezobor said that any attempt to commercialise or privatise the company would not yield the desired result of Nigerians.
He also urged the government to re-establish contact and to initiate negotiation with the original builder of Ajaokuta Steel Company, TPE, a Russian company to complete the company.
He also noted that the Governor of Kogi State, Alhaji Yahaya Bello and Alhaji Musa Bello, a Kaduna based entrepreneur were laying claim to NIOMCO, adding that they both had registered the company with the Corporate Affairs Commission (CAC).
He said that stakeholders had informed the relevant security agencies to also look into the matter.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter