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Senate summons Lafarge Africa Plc over planned divestment of 83.8% shares …As BPE says 16.19% shares held by Nigerians intact

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Senate in session

 

The Senate Committee on Capital Market on Wednesday  summoned Lafarge Africa Plc over planned divestment of 83.8% majority shares it controls in the cement industry .

Even  as the Bureau of Public Enterprises ( BPE ) , assured the Red chamber that the 16.19% share held by the Nigerian public in Lafarge , is intact .

The Committee had before summoning Lafarge Africa in line with resolution of the Senate on March 27, 2025, had interactive session with management of Securities and Exchange Commission ( SEC), Bureau of Public Enterprises ( BPE) and Federal Competition and Consumer Protection Commission ( FCCPC) on alleged planned sale of Lafarge Africa Plc to Chinese Investors .

In his submission before the committee, the Director General of SEC , Emmanuel Agama represented by Director , Securities and Investment Services , Abdulkafir Abbas , said SEC has not received any formal filling regarding the proposed divestment of majority shareholding in Lafarge Africa Plc .

He however explained that SEC was notified of an internal restructuring involving Holcim Group the majority shareholder in Lafarge Africa Pic .

” Holcim Group holds 83.81% of Lafarge Africa Pic’s issued share capital through the following wholly owned entities:

“As part of the internal restructuring, the 27.77% equity stake held by Associated International Cement Limited was transferred to another Holcim-owned entity. Davis Peak Holdings Limited. There has been no change in the ultimate beneficial ownership of the shares as a result of this transaction.

“In light of the foregoing, the Commission wishes to clarify that no format filing has been made with respect to any proposed sale of Lafarge Africa Pic to Chinese investors”, he said .

Representative of the Bureau of Public Enterprises , Satura Aisha Bello, in her capacity as Director , Post Transaction, told the committee that the Share Lafarge Africa Plc wants to divest , belong to the company and not the 16.19% share hold by Nigerians .

She explained further that Lafarge quoted on stock exchange holds 83% of the total shares of the three federal government owned cement companies , sold to it in 2001 and 2002 and has not in any way tampered with the 16.19% share meant for Nigerians .

However, the Committee chaired by Senator Osita Izunaso ( APC Imo West), resolved to summon Lafarge Africa Plc on the planned majority shareholding divestment.

It also directed its clerk to write the Corporate Affairs Commission ( CAC) on what memo and Lafarge article say in terms of divesting share holding .

Business & Economy

AGGE DEEP SEAPORT: Gov. Diri Calls for Concerted Partnership for Project Dev. …As Oyetola Flags Off Marine Safety Sensitization Initiative in Bayelsa

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Minister of Marine and Blue Economy, Chief Adegboyega Oyetola(middle)and officials of the ministry

 

By David Owei, Baylesa

Bayelsa State Governor, Senator Douye Diri, has again appealed to the Federal Government to make good its promise of supporting the state in developing the Agge Deep Seaport.

Gov Douye Diri of Baylesa state

Governor Diri, made the appeal at the flag-off of the Marine Safety Sensitization and Distribution of Life Jackets for Inland Water Travels at the DSP Alamieyeseigha Banquet Hall, Yenagoa, at the weekend.

Represented at the ceremony by his deputy, Senator Lawrence Ewhrudjakpo, the governor described the Agge Seaport project as a gateway to regional and international trade that would be of immense benefit to the state and the country at large.

Governor Diri, who assured the federal government of his administration’s commitment to actualising the project, called for effective collaboration from all critical stakeholders including development partners.

His words:” We are happy that you have spoken profusely about the Agge Deep Seaport. But we will be happier if all of us work together in pursuing this endeavour to its completion and use.

“We need complementation and not competition; collaboration and not confrontation because we believe that it is in collaborating and complementing each other that we can achieve the Agge Deep Seaport project

“The Agge Deep Seaport is not only important to Bayelsa. It will not only open the gateway to Bayelsa, but also open the gateway to the Nigerian economy in several ways.”

He expressed gratitude to President Bola Ahmed Tinubu and the Minister of Marine and Blue Economy, Adegboyega Oyetola, for selecting Bayelsa as one of the inaugural states for the marine safety initiative.

The Bayelsa Governor urged the people of the state, particularly boat drivers and their passengers to be more safety conscious by always making use of the life jackets, describing safety as a collective endeavour.

According to him, “I call upon all stakeholders-traditional institutions, transport unions, community leaders and security agencies to collaborate with us. Safety is a collective endeavour, and development is a shared pursuit.

“A life jacket is not a hindrance, but a lifesaver. It’s your protection, your safeguard. Wear it, encourage others to do the same, and let us cultivate a culture where safety is valued as a strength, not stigmatized as a weakness.”

In his remarks, the Minister of Marine and Blue Economy, Chief Adegboyega Oyetola, acknowledged the Diri-led prosperity administration’s alignment with the federal government’s vision on marine economy.

Chief Oyetola pledged the federal government’s commitment towards the actualisation of the Agge Deep Seaport project to engender job creation, economic development and attract local and foreign investments to the Niger Delta region and beyond.

He said: Your Excellency, Governor Douye Diri, I wish to commend your unwavering support for this initiative and your administration’s alignment with the broader Marine and Blue Economy vision of the Federal Government. Your commitment to the actualization of the Agge Deep Seaport is both timely and visionary.

“Let me briefly underscore what the Agge Deep Seaport means — not just for Bayelsa, but for Nigeria as a whole. This port will serve as a major maritime gateway in the South-South, facilitating international trade, reducing congestion at existing ports, creating jobs, boosting local and foreign investment, and accelerating economic development in the Niger Delta and beyond.”

In a goodwill message, the Chairman, Bayelsa State Traditional Rulers Council and Ibenanaowei of Ekpetiama Kingdom, King Bubaraye Dakolo, called on the federal government to establish marine safety corps to make the nation’s waterways safer and more secure.

Highpoint of the ceremony which had in attendance, the Managing Director of the National Inland Waterways Authority (NIWA), Bola Oyebamiji, the Amayanabo of Twon-Brass, King Alfred Diete-Spiff, and several government officials, including the Commissioner for Marine and Blue Economy, Dr Faith Zibs-Godwin, was the flagg off and distribution of safety materials.

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Business & Economy

Association advocates promotion of organic agriculture for healthy living, sustainable development

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President of the association, Jude Obi and a section of members at the AGM

 

By Abdul Ganiyyi Akanbi-Abuja

Association of Organic Agriculture Practitioners of Nigeria, NOAN, has called for the promotion of the organic agriculture system for sustainable food system and human health for nutritional and environmental benefits.

President of the association, Jude Obi, who made the call during the opening ceremony of the Technical Workshop, Organic Fair and Annual General Meeting (AGM) with the theme: “Innovative Organic Food Systems for Sustainable National Development” held in Ikeja, Lagos State, expressed happiness that many people desired to live and eat organic, but lamented that few are willing to propagate, practice and advocate organic.

Obi said there’s hardship in every sphere of life, increased incidents of strange ailments, diseases and deaths, poverty, and unemployment in the country, but affirmed that “production of healthy and qualify food is imperative for the livelihood of the citizenry.”

He pointed out that the achievement of food security is not without sustainability which environmental degradation and climate injustice will exacerbate requiring ingenious, concerted and coordinated approach.

“It is important to note that organic agriculture and agroecology is the easiest means of distorting circle of poverty because of its characteristics and long value chain.

“Emergence of organic agriculture and agroecology inspires a vista for sustainable living. It is enshrined in creativity ‘innovation’. Hence, the ability to conceive, develop, deliver, and scale products, services, processes, and business models is emphasized to engender best practices in organic agriculture.

“These can thrive in the presence of properly developed market with great opportunities. The roles of policy and regulatory frameworks remains indispensable to achieving these lofty objectives for organic agriculture and agroecology.

“The hallmark of the principles, practices and advocacy in organic agriculture and agroecology is to ensure sustainable food system and human health for nutritional and environmental benefits.

“These could be achieved through the collective process that empowers small holder farmers and rural communities, emphasizing and popularizing urban production without diminishing post harvest handling. The combination these processes targets achievement of food security and probably sovereignty,” he stressed.

The NOAN President disclosed that Lagos was chosen for the programme that has been held in different geopolitical zones because of its population, market, networking, policy, advocacy and signaling the readiness of the association to change the dynamics of the food and nutrition system for improved health and sustainable environment.

He added that establishing the foothold of the association in Lagos, being the commercial and financial nerve centre of the Nigeria, attracting major corporations, financial institutions, and businesses, driving a significant portion of its economic output and foreign investment, is another way of setting the tone for significant growth and development of organic agriculture and agroecology in the country.

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Business & Economy

Ekowe Fed-Poly workers down tool over unpaid Dues

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Minister of Education, Dr Tunji Alausa
By David Owei, Baylesa
The Non-Academic Staff Union (NASU) Federal Polytechnic of Ekowe, Bayelsa State, has embarked on strike over the suspension of check-off dues deduction for members of the union by the management of the institution from January to March 2025.

branch chairman of the union, Mr. Etebu Ebiyefe,

The leaders of the union who thronged the campus of the institution to prevent fellow workers from rendering services, also staged a peaceful protest to compel the management of the institution to enter a signed agreement with the union to lift the suspension of their check-off dues.
The protesting workers said that despite the intervention of the Federal Ministry of Labour and Employment, the management of the institution has maintain a persistent stance not to withdraw the earlier directive on stoppage
of Union dues deduction for NASU members.
Daily Echoes Media gathered  that in a letter dated 6th February, 2025 and signed by the General Secretary of the national leadership of NASU, Prince Peller Adeyemi, the union advised management to resume the deduction of check-off dues for NASU members to avoid legal consequences.
Speaking to newsmen during the protest, the branch chairman of the union, Mr. Etebu Ebiyefe, explained that “the rector of the institution, Dr. Agbabiaka Adegoke, has been using our members for security and labour services, knowing that the Federal Government in 2012 contracted those services.
“There is fund made available for those contracts but he is using our members for the jobs that he paid to contract. N5 Million is coming as subvention from state government to the institution to pay for these services, yet he is still using our members for jobs he paid for.
“Our national secretariat wrote to inform him that the suspension of the deduction of check-off for our members is illegal, and that he has one week to meet with the national and state leadership of the union to resolve the issue, up till now he has not responded to that invitation.
“Instead rather called the branch leadership to a management meeting asking us to resolve issue within ourselves, and that by end of April 2025, he lift the suspension on the deduction of chech-dues. What about the arears. And it would be wrong for us to negotiate with him with the national and state leadership.
“He is also claiming that 42 persons wrote to him personally that they want to withdraw their membership from the union, and that that was the reason he suspended the remittance of our check-off dues.
“The national told him that the proper thing any member who wishes to withdraw his membership is to write the union and not the management of the institution. That is the constitutional thing to do, yet he went ahead to suspend the deduction of our check-off dues.
“What we know is that the national has given a directive that we should embark on this strike until he goes to Abuja and sign a Memorandum of Understanding (MoU) between the national, state and branch leadership of the union before this strike would be called off.
A management staff who pleaded anonymity said the decision to suspend the deduction of members the union was taken because management felt it was wrong for union to forcefully collect dues from people have pulled out.
He further said “when matter raised concerns, the unions met with management, it resolved that by the end of April 2025, the suspension will be lifted, both ASSUP and SSANIP but NASU rejected the offer on some grounds that we can handle in-house.
“If management has said, they would commence payment from April based on your agitations, we can do well to understand and watch it would be implemented before further issues can be raised.”
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