Connect with us

News

Group cautions FG over acclaimed $1.5bn steel plant investment in Kaduna

Published

on

President Muhammadu Buhari

 

The federal government has been advised to embark on thorough verification of data of investment of foreign investors in the country to further ascertain the investment status of foreigners for proper planning.

 

This is contained a statement issued on Monday by a Kaduna based Non-Governmental Organization, Arewa Progressive Alliance, (APA), National Coordinator, Tijani Ahmad Girei, stressing that a news making the round about a $1.5bn steel plant that is nearing completion in Kaduna State owned by African Industries Group under the African Natural Resources and Mines group is mischievous and misleading.

2023: Kano Group Raises Alarm Over Clandestine Media Attacks On Prominent Indigene, Waya.

The report which was published in one of the leading national daily with the tittle: “Govt expecting one million MT steel from $1.5bn plant – Minister” is questionable and condemnable owing to the fact that previous publications clearly explained the true status of the investments of the firm in Kaduna State.

Advert

The Minister of Finance, Budget and National Planning, Zainab Ahmed, at the weekend embarked on inspection tour of the company saying that the facility would produce one million metric tonnes of steel annually and would help put an end to the importation of the commodity into Nigeria.

It is pertinent to set the record straight in order to avoid misinterpretation and misrepresentation of the actual investments in the state for the sake of posterity and avoid marginalization of our youths especially in the areas of job opportunities as well as revenue allocation from the federal government in future.

It would be recalled that the Nigeria Investment Promotion Commission had in its January 4, 2020 report quoted the Managing Director of African Industries Group of Companies, Mr. Alok Gupta, to have said: “the company’s $600 million Integrated Steel Plant will be Nigeria’s biggest non-oil foreign direct investment, FDI.”

The statement added that, “Surprisingly, the misleading report put the investments at $ 1.5bn from its original status of $600m. It is important to state that the project has been conceived into three phases with attention on phases one and two at the moment with design capacity of less than one million metric tonnes.

“In fact, while the COVID-19 pandemic outbreak paralyzed economic activities coupled with other global challenges, the company could not meet up its planned for June 2020 as the completion date for the first phase but now looks for mid or third quarter of 2021 to complete it.

“If that is the case, how is $1.5bn related to the original figure of investment estimate of $600m published in January of the same year. Who is fooling who? Let the Federal government embark on due diligence and work with the Kaduna State government in getting the correct data of work-plans of African Industries Group in order not to be misled or misguided in its action plans and policies.”

News

Uber Shutdowns Operations in Nigeria

Published

on

 

By Yusuf Danjuma Yunusa

Ride-hailing company, Uber, has shut down its operations in Nigeria.

In a statement, the company, which came into Nigeria in 2014, said its exit is effective from September 2, 2026.

“We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Nigeria, effective 2 September 2026.

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.

“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely. We know this may cause disruption to your routine, and we sincerely apologize for the inconvenience.”

In a memo on Wednesday, the ride-hailing company also announced elimination of roughly 3,300 positions.

The job cuts focused on management and coordination roles, according to its CEO, Dara Khosrowshahi.

Advert

“Today, we’re making a number of significant organizational changes across Uber. We are removing layers, simplifying team structures, refining our global location strategy, and focusing our people and investments against the biggest opportunities ahead of us.”

“As a result, we will be reducing the size of our team by about 10%. Everyone whose role has been affected has already been notified, except in countries where we will follow the required local process.

“This wasn’t a decision we made lightly, because it will have a real impact on our teammates and friends who have worked hard for Uber. It’s important to say that these changes are about how we’re organized and what we’re prioritizing, not about anyone’s contributions to Uber, which we will always value.

“I’m sure you’re asking, ‘Why, and why now?’ particularly since our business is performing so well. Over the last 5+ years, Uber has grown by orders of magnitude, with our top line nearly tripling. We’ve built new products, expanded into new businesses, reached more consumers and supported more earners, and become a much larger and stronger company. But that growth has also brought complexity: more layers, more coordination, more fragmented ownership, and in some cases structures that made sense when businesses were smaller but no longer serve us well at our current scale.

“Our opportunity from here is enormous: we have the chance to bring Uber to hundreds of millions more people; to invest even more in drivers, couriers and merchants; and to innovate across our core businesses and build the autonomous future.

“The changes we’re making today are designed to do two things: make Uber simpler and faster, and create more capacity to invest in our future. A leaner organization will mean clearer ownership, faster decisions, and more time spent building rather than coordinating. It will also generate savings that we intend to reinvest in growth, innovation, and the capabilities that will matter most over the coming years.

“It’s our job as leaders to make these difficult calls, and to give you transparency into our thinking and our decision-making process.”

The layoffs are the latest round of job cuts for Uber, which eliminated roles in customer service and HR earlier this year.

Continue Reading

News

Author of ‘Rich Dad Poor Dad’ Languishes in Billion Dollar Debt

Published

on

 

By Yusuf Danjuma Yunusa

Robert Kiyosaki, the author of the bestselling ’Rich Dad Poor Dad’ book, has accumulated an estimated $1.2 billion debt connected to his aggressive real estate investment.

According to reports, the debt is the estimated amount the 79-year-old author and his business partners borrowed to acquire approximately 1,500 property units as Mr Kiyosaki continues to expand his real estate holdings.

Despite the significant debt, Mr Kiyosaki does not appear apprehensive about the liabilities, maintaining that borrowing money to acquire income-generating assets is a strategy commonly used by wealthy individuals.

Advert

“So, I’m a billion two in debt,” the author said on the ‘Get Rich Education’ podcast recently, adding that people “should not do what I do, right? But I studied it since 1974… If you’re going to learn to use debt, you’d better take some education.”

In a recent interview with Vanity Fair, Mr Kiyosaki’s ex-wife and business partner, Kim Kiyosaki, revealed that the debt did not reflect the amount her ex-husband personally owes.

She stressed that it is connected to the real estate properties owned by them and their business partners, adding that Mr Kiyosaki’s personal share of the liabilities is small.

Vanity Fair estimated Mr Kiyosaki’s share of the debt at around $30 million to $60 million.

“We have a lot of apartment houses with our partners. So technically, yes, we have all this debt,” the ex-wife told Vanity Fair.

Speaking to the magazine, Mr Kiyosaki stated, “If it all comes to hell, you can talk to my attorney. Firewalls—that’s the way the rich play the game.”

Continue Reading

News

Maulud: Best Choice Specialist Hospital Congratulates Kano Governor, Muslims Globally

Published

on

 

 

The Chairman of Best Choice Specialist Hospital, Kano, Auwal Lawal Muhammad (Dan Malikin Garo), has congratulated the executive governor of Kano State Alhaji Abba Kabir Yusuf, the good people of Kano State and Muslims across the world on the occasion of the Maulud celebration commemorating the birth of Prophet Muhammad (SAW).

In a statement he personally signed, Lawal commended Governor Abba Kabir Yusuf for his efforts towards fostering unity among the people of Kano State.

According to the statement, the chairman was amazed on how governor Yusuf placing emphasis on the development to the state particularly in matters concerning religion, saying such initiatives would help reduce divisions, promote mutual understanding and strengthen peaceful coexistence across the state.

Advert

He urged Muslims to use the occasion of Maulud to strengthen their relationship with Allah through increased devotion and prayers for peace, stability and prosperity in Nigeria and Kano State.

The Chairman of Best Choice also praised the Governor for his efforts to improve the healthcare sector in the state.

He cited the renovation and upgrading of healthcare facilities, provision of modern medical equipment, as well as the training and development of healthcare workers as some of the administration’s efforts towards improving healthcare delivery in Kano.

Auwal Lawal further commended Governor Yusuf for his dedication, compassion and commitment to the wellbeing of the people, noting that his efforts continue to have a positive impact on the lives of residents across the state.

He prayed for continued peace, unity and prosperity in Kano State and Nigeria, while wishing the Governor and the people of Kano a blessed Maulud celebration now and beyond.

Continue Reading

Trending