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Devilish Plans

NASCON board approves merger with Dangote companies

The Board of Directors of NASCON Allied Industries Plc has given the green light to a plan to merge the company with Dangote Sugar Refinery Plc and Dangote Rice Limited. These are all part of the Dangote Group.

In July, both NASCON and Dangote Sugar informed the Nigerian Exchange Limited about the proposal. They said it would be discussed at their next board meeting.

After the meeting, NASCON provided an update, stating that the board approved the merger plan, along with the unaudited financial statements for the second quarter of 2022.

This merger plan is expected to bring the companies together under the Dangote Group.

Read also: Dangote Cement grows H1 revenue by 17.7%

Ondo Govt inaugurates committee on 30-year infrastructure devt plan

On Monday, the Ondo State Government set up a special committee to create a long-term plan called “Ondo 2054.” The plan will cover the next 30 years and focus on developing infrastructure and the people of the state.

The Acting Governor of Ondo State, Lucky Aiyedatiwa, inaugurated the committee in Akure and urged them to come up with ideas that will improve the state’s infrastructure and help its people grow.

This initiative aligns with Governor Oluwarotimi Akeredolu’s REDEEMED agenda, aiming to create a development plan that includes everyone and ensures sustainability.

The acting governor emphasised that the government is committed to implementing the fiscal responsibility law, making the state attractive to investors without any political bias.

The committee members were encouraged to use their expertise to contribute to the plan. They have six months to complete and present the development plan.

FG inaugurates planning committee for 29th Nigerian Economic Summit

The Federal Government started a committee to plan the 2023 Nigerian Economic Summit on Monday in Abuja. This summit, the 29th one, is scheduled to take place on October 23 and 24, also in Abuja.

The committee was inaugurated by Nebeolisa Anako, the Permanent Secretary at the Ministry of Budget and National Planning. He said the summit is an important platform where both the private and public sectors can work together to make Nigeria’s development policies stronger.

The annual summit allows policymakers, business leaders, private sector organisations, civil society groups, and development partners to have discussions. It also helps improve the relationship between the government and businesses for the betterment of the country.

FG to collaborate with state govts. to eliminate illegal mining

The Federal Government said it is committed to working together with state governments to stop illegal mining all over the country. Mary Ogbe, the Permanent Secretary of the Ministry of Mines and Steel Development,  mentioned this during a visit by the Governor of Taraba, Dr. Agbu Kefas, in Abuja.

Ogbe explained that it’s important for the ministry and the Taraba government to join forces to put a stop to illegal mining in the state. These illegal activities are like a serious economic crime that causes a loss of revenue for the government.

She also pointed out that the ministry alone can’t handle this problem, so they need to talk and work closely with the Taraba government to enforce the laws against illegal mining.

The Permanent Secretary praised the efforts of state governments to prevent disorder caused by illegal mining. She also appreciated the proactive security measures taken by the Taraba government. She encouraged the governor to support legal miners in the state, which will make investors feel confident about investing in the region.

Big US asset managers cool on climate issues -think tank

Since 2021, big U.S. investment firms have become less interested in convincing the companies they invest in to reduce their use of fossil fuels. On the other hand, European investment firms have remained more engaged in this matter, according to the think tank InfluenceMap.

Overall, investment firms around the world hold almost three times more stocks in fossil fuel companies than in environmentally friendly investments. Unfortunately, they haven’t made significant progress in meeting commonly agreed-upon goals like cutting carbon emissions to net zero by 2050, as stated in the report.

In 2022, North American investment firms showed less support for climate resolutions at major companies that aimed to limit global temperature rises in line with the Paris Agreement, especially if these resolutions were not backed by the company’s management. In contrast, European groups supported a much higher percentage of such resolutions.

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