BusinessDay 04 Mar 2018
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Sunday <strong>04</strong> <strong>Mar</strong>ch <strong>2018</strong> C002D5556<br />
BDSUNDAY 7<br />
News<br />
AMCON gets commendations for role in reviving Delta Steel<br />
The management of<br />
the Asset Management<br />
Corporation<br />
of Nigeria (AM-<br />
CON) has been<br />
commended for the sustained<br />
efforts of the corporation<br />
in the resuscitation of the<br />
former Delta Steel Company<br />
Limited, which has been rebranded<br />
as Premium Steel<br />
and Mines Limited (PSML).<br />
Ifeanyi Okowa, governor<br />
of Delta State, and Kayode<br />
Fayemi, minister of Solid Minerals,<br />
made the commendations<br />
at the formally commissioning<br />
of the rejuvenated<br />
Premium Steel in Ovwian-<br />
Aladja, Delta State recently.<br />
According to Okowa, “We<br />
must appreciate AMCON for<br />
the very important role they<br />
played in being able to resolve<br />
the issues that surrounded the<br />
company without which we<br />
would not be here today commissioning<br />
Premium Steel and<br />
Mines Limited, which was<br />
previously known as Delta<br />
L-R: Umar Murtala Sanda, of Asset Management Corporation of Nigeria (AMCON); Prasnata Mishra,<br />
chief executive officer, Premium Steel and Mines Limited; Okoronkwo Onwukwe who represented<br />
Ahmed Kuru, AMCON MD/CEO and Jude Nwauzor, head, corporate communications, AMCON at the<br />
commissioning of Premium Steel and Mines Limited in Ovwian-Aladja in Delta State…at the weekend<br />
Steel Company Limited.”<br />
Speaking further, the governor<br />
said that the pivotal<br />
role played by AMCON has<br />
led to Premium Steel and<br />
Mines Limited coming back<br />
to life with the huge investment<br />
by its new management<br />
led by Prasnata Mishra<br />
as chief executive officer. It is<br />
also a source of excitement<br />
to the host community and<br />
Delta State at large.<br />
“It is a day of joy for all of<br />
us, one that have brought<br />
excitement to the Udu community<br />
and the good people<br />
of Delta State. We thank<br />
God that this steel company,<br />
which was abandoned<br />
for many years is coming<br />
back to life to the economic<br />
benefit of our people, the<br />
government of Delta State<br />
and the nation at large. We<br />
must therefore continue to<br />
appreciate AMCON and<br />
the Minister of Solid Minerals<br />
for making this possible.”<br />
In the same vein, Kayode<br />
Fayemi, the minister of Solid<br />
Minerals, represented by<br />
Ime Ekrikpo, acting director<br />
of Steel in the Ministry of<br />
Mines and Steel Development,<br />
also commended AM-<br />
CON and the new owners<br />
of Premium Steel and Mines<br />
Limited for bringing the<br />
company back on stream.<br />
“I thank AMCON and the<br />
resilience they showed in<br />
resolving all issues relating to<br />
Delta Steel, which eventually<br />
gave room for Premium Steel<br />
and Mines Limited to come<br />
onboard. We are willing to<br />
continue our partnership<br />
with AMCON and other<br />
relevant agencies of the government<br />
to revive as many<br />
ailing companies as possible,<br />
which would create millions<br />
of jobs for teaming youths in<br />
the country.”<br />
In his address, Ahmed<br />
Kuru, managing director,<br />
AMCON, took the governor<br />
and the attendant crowd<br />
down memory lane as to<br />
how strategic AMCON was<br />
in facilitating the whole process.<br />
Kuru who was represented<br />
by Mazi Okoronkwo<br />
Onwukwe said, “Your Excellency,<br />
I cannot fully express<br />
how happy we are to have<br />
been part of this massive development<br />
that will eternally<br />
change steel production narrative<br />
and its allied industries<br />
in Nigeria.<br />
I will run a transparent administration,<br />
Cross River new APC boss pledges<br />
Firm accuses expatriates<br />
of disobeying court orders<br />
MIKE ABANG, Calabar<br />
Newly elected<br />
Chairman of<br />
the All Progressives<br />
Congress<br />
(APC), John Etim John, has<br />
assured his party faithful<br />
that he would run a transparent<br />
administration<br />
that would put the party<br />
in the part of progress and<br />
growth with a view to winning<br />
the governorship elections<br />
and all other election<br />
in the state.<br />
John<br />
Speaking at the party<br />
secretariat shortly after<br />
taking oath of office, the<br />
former Etung Council<br />
Chairman said the era of<br />
disloyalty to the party was<br />
over.<br />
“Ladies and gentlemen,<br />
I greet you all; today is<br />
another epoch-making<br />
day in the history of APC<br />
Cross River State. Couple<br />
of days ago, precisely,<br />
Saturday, 24th February,<br />
<strong>2018</strong> all of us were in this<br />
APC secretariat Calabar,<br />
where I was duly declared<br />
in a fiercely contested congress<br />
and was announced<br />
as the winner of that congress.<br />
“Having scored 56 valid<br />
votes against my opponent,<br />
Matthew Ojong<br />
Achibe, who scored 36<br />
votes and I was announced<br />
here as the state chairman<br />
of APC Cross River State<br />
chapter.<br />
“Today as I said is another<br />
epoch-making day having<br />
been officially sworn<br />
in and having taken the<br />
oath of office as the State<br />
Chairman of APC Cross<br />
River State Chapter. In this<br />
address, my beloved, very<br />
amiable, very patience,<br />
dependable and reliable<br />
state executive officers<br />
of the party. Let me take<br />
this time to appreciate<br />
your goodness to me also<br />
the fact that you declared<br />
me, stood behind me during<br />
the hard times of this<br />
struggle.”<br />
“It has been a struggle of<br />
close to two years today,<br />
but we became winners of<br />
this tussle and decided that<br />
the national party having<br />
decided of this congress<br />
took hold that the new<br />
party chairman should<br />
emerge so that all tussles,<br />
all forms of problems, all<br />
bickering should stop,” he<br />
said.<br />
“A lot of you in your<br />
numbers decided that I,<br />
Godwin Etim John should<br />
take the lead and mantle<br />
of leadership to head this<br />
party to the next level, I<br />
so accept the decision I<br />
now made. I want to assure<br />
us that by the special<br />
grace of God this party<br />
which has been like limping,<br />
which seems to be<br />
as if periwinkle kingdom<br />
where almost everybody<br />
have a crown and there<br />
is no respect for one another,<br />
no authority.<br />
“By the grace of God, we<br />
shall ensure the unity of<br />
this party, respect for one<br />
another and form a very<br />
strong force. The symbol<br />
of our party is the broom,<br />
of course as you look at this<br />
broom if you remove just<br />
one of them and squeeze it,<br />
it will break. But in attempt<br />
to break this bunch you will<br />
be injured very badly. It<br />
behooves on us that with<br />
effect from today, every<br />
one of us in this office must<br />
put ourselves together as<br />
one.”<br />
Oxford and Cambridge Club of Nigeria institutes scholarship<br />
The Oxford and<br />
Cambridge Club<br />
(OCC) of Nigeria<br />
has partnered<br />
with the Cambridge Commonwealth,<br />
European<br />
and International Trust<br />
(CCEI) to offer jointlyfunded<br />
scholarships for<br />
study at the University of<br />
Cambridge.<br />
The OCC Nigeria Cambridge<br />
Scholarships are<br />
targeted at postgraduate<br />
students on one-year<br />
Masters Courses at the<br />
University.<br />
According to the Club,<br />
the scholarship is aimed<br />
at supporting outstanding<br />
students from Nigeria<br />
who require financial<br />
support to pursue Masters<br />
Degrees at the University.<br />
The Club noted that<br />
one scholarship may be<br />
awarded each year, if sufficient<br />
funds are available.<br />
To be eligible for the<br />
scholarship, applicants<br />
are expected to be resident<br />
in Nigeria; must have<br />
applied to the University<br />
by the normal procedure<br />
and by the published application<br />
deadline, and be<br />
offered admission; and<br />
require financial assistance<br />
in order to be able<br />
to study at the University.<br />
The scholarship is tenable<br />
at any College within the<br />
University.<br />
Dammy Laoye was supported<br />
financially by the<br />
Club due to his outstanding<br />
academic record. He<br />
currently studies Human,<br />
Social and Political Sciences<br />
at Cambridge University<br />
ODINAKA ANUDU<br />
West Africa<br />
Ventures<br />
(WAV) has<br />
accused Sea<br />
Trust Group (STG) of disobeying<br />
court orders relating<br />
to its properties.<br />
In a statement sent to<br />
BDSUNDAY, WAV alleged<br />
that”in spite of subsisting<br />
court order to maintain<br />
status quo placed on West<br />
Africa Ventures (WAV)<br />
and Sea Trust Group (STG)<br />
by the court in Nigeria,<br />
management of STG have<br />
gone ahead to forcefully<br />
take over the properties of<br />
WAV.”<br />
WAV had gone to court<br />
to seek an order preventing<br />
STG, managed by expatriates,<br />
from liquidating<br />
its assets and taking over<br />
its business in Nigeria and<br />
West Africa.<br />
WAV says that STG was<br />
formed from the proceeds<br />
of WAV and its intent was<br />
to manage offshore investments<br />
while it manages<br />
local investments.<br />
WAV alleges that STG,<br />
led by Fraser Moore,hired in<br />
2002 by Jacques Roomans,<br />
founder and owner of<br />
WAV/STG, allegedly attempted<br />
to steal Jascon<br />
55 on Nigeria’s territorial<br />
waters in partnership of<br />
Iyke Ejizu and one Ikioda,<br />
a retired rear admiral of<br />
the Nigerian navy but were<br />
stopped by men of the Nigerian<br />
Navy. This was after<br />
they had taken possession<br />
of four vessels outside Nigeria’s<br />
territorial waters<br />
namely Jascon25,Jascon<br />
28, Jascon 31 and Jascon<br />
34 which Fraser allegedly<br />
renamed Telford 25, 28,31<br />
and 34,with Telford based<br />
in Dubai,the name of the<br />
new company formed by<br />
Fraser and other expatriates<br />
that left WAV/STG.<br />
Fraser was once the chief<br />
operating officer and managing<br />
director of WAV/STG<br />
as Jacques Roomans stayed<br />
behind as the chief executive<br />
officer but problem<br />
started when Fraser wanted<br />
to be the CEOO which<br />
Jacques prevented and led<br />
to the resignation of Fraser<br />
in 2016, WAV alleges.<br />
Fraser was alleged to<br />
have instigated other expatriates<br />
hired to resign,<br />
but not after luring Jacques<br />
into taking a $456 million<br />
bond, transfer his assets to<br />
a Trustee in Jersey named<br />
Anglo Saxon Trust (AST)<br />
and made him defaulted in<br />
the repayment of the bond<br />
by two months, though<br />
Jacques had paid $120 million<br />
of the bonds face value<br />
by 2016, through Graeme<br />
Pennycook, the acting<br />
COO appointed after Fraser<br />
left.<br />
Jacques had hired Moore<br />
Fraser, Stephen Assiter,<br />
Graham Pennycook and<br />
other expatriates to oversee<br />
WAV/STG businesses<br />
in Nigeria and West Africa.<br />
But reacting, Fraser-led<br />
STG, now Telford, said<br />
there was no order preventing<br />
them from doing business<br />
in Nigeria and West<br />
Africa.