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Odu’a Group To Begin Oil Exploration

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The Chairman, Odu’a Group, Bimbo Ashiru, said on Tuesday that it was planning to partner with the governments of the six South West states on power generation and distribution to improve power generation and distribution in the region.

Ashiru also said the group would soon begin oil exploration and production as part of efforts to boost the potentials of the group, reposition it and as well sustain the legacies of the founding fathers.

The Odu’a boss, who spoke in Ado Ekiti during a visit to Ekiti State Governor, Biodun Oyebanji, also assured that the board and management were working round the clock to revive the group’s investments and establishments which had been abandoned.

He said that the decision to partner the South West governments on power followed President Bola Tinubu’s signing of Electricity Law, which authorised states, companies and individuals to generate, transmit and distribute electricity.

This, he said, was to boost electricity supply to the South West and by extension, enhance the commercial activities in the region.

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Ashiru said, “Odu’a won the marginal field OML 95 on Ondo State. That is one of the things we are working on.”

According to him, the group had entered into partnership with an oil company for deeper and marginal exploration and production of oil with the aim of boosting fuel supply in the country.

He said, “We are here to let you know what we are doing. Our focus is to be the engine room of the business in the Southwest. We are here to support Ekiti State. Thank you, Mr Governor for approving the Certificate of Occupancy of our land in Oke Ako.

“We have taken all the complaints made by the governor. We are going to work on them. In the next few years, Odu’a presence will be felt here in Ekiti State.”

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Steel manufacturers hail Tinubu over $14bn deal

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Kamoru Yusuf

The Basic Metal, Iron and Steel Products Manufacturer, a sectoral arm of the Manufacturer Association of Nigeria, (MAN) has commended President Ahmed Bola Tinubu for his overwhelming performances and efforts towards the nation’s economic growth at the just concluded Nigeria-India economic roundtable meeting in India.

The group also commended the president for attracting the sum of $14 billion investment to boost the nation’s economy adding that the feats recorded by the Bola Tinubu-led government within 100 days of its inauguration will no doubt accelerate economic recovery and business growth in the steel sector.

This is contained in a statement issued on Sunday by the Chairman of the group, Dr. Kamoru Yusuf MON, stressing that, “Iron and Steel sector, if given the required attention and necessary support, is capable of ensuring accelerated growth of the nation’s economy.

Dr. Yusuf, who is also the Group Managing Director of KAM Holding Limited, a wholly owned indigenous Iron and Steel Industry in Nigeria added that, “President Tinubu has by all standards demonstrated his love and readiness to support industrialists. We, in the Iron and Steel sector of the Manufacturers Association of Nigeria, (MAN) are ready to support his administration with data, workable templates and roadmaps that will support Mr. President in his endeavour to succeed in his mandates to Nigerian citizens.

“As major stakeholders in Nigeria’s Project, we received this news with huge excitement and sense of fulfillment and hope that the breakthrough will further change the game of operations as ‘Risk Takers’ in the nation’s business environment. We pledge our unalloyed support to your administration towards ensuring and providing enabling atmospheres for industrialists to continue to thrive.”

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The statement also emphasised that, “President Tinubu’s exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector deserves standing ovation and applause.”

The group therefore promised to continue to support the Minister for Steel Development, Alhaji Shuaibu Audu, in the discharge of his duties at all times.

 

 

 

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Ex-CBN director urges FG to reduce cost of governance

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Dr Titus Okunrounmu, Former Director of CBN

Dr Titus Okunrounmu, former Director, Budgetary Department at the Central Bank of Nigeria (CBN), has advised the Federal Government to reduce the cost of governance in order to stem the country’s debt profile.

Okunrounmu, who gave the advice while speaking with the News Agency of Nigeria (NAN) on Thursday in Ota, Ogun, described the list of ministerial portfolio on Wednesday as over bloated for a country with huge debt profile.

According to him, funding the nation’s recurrent budget with borrowing does not need these large number of ministers and bloated special assistants, which inevitably must allow for allowances and official vehicles.

“These excess baggage was not projected for in the 2023 Federal Budget and the revenue estimates could not cover the recurrent budget.

“In addition, the federal government needs financial discipline to curb corruption in the Ministries, Departments and Agencies (MDAs) to reduce debt profile in the country,” he said.

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Okunrounmu advised the federal government to redouble its efforts and work against policy somersault to encourage influx of foreign investors into the country.

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