Business
Dangote Cement Okpella Commits To Dev’t, Social Support For Hosts
In demonstration of commitment to the development and overall well-being of host communities and their people, the Dangote Cement, Okpella has signed a development and social support agreement with its Okpella Edo State host communities.
According to a statement from the Dangote Group, the signing of the Community Development Agreement (CDA) came just as the Edo State and the federal government commended the company for being proactive in planning for the growth of its host communities as a sure means of promoting peaceful co-habitation.
The Okpella Plant Director, Dangote Cement Plc, Mohammed Ismaeel, pointed out that the cement company has fully complied with the provisions of the Minerals and Mining Act, 2007 as well as that of the Minerals and Mining Regulation 2011 of the federal republic of Nigeria.
ALSO READ: BREAKING: Alaibe Brokers Business Relationship Between Bayelsa, Dangote
Signing the agreement on behalf of the company at Okpella, Ismaeel said the ceremony was very significant in that it aimed at promoting harmonious and mutual benefits between the cement company and its host communities.
“Today’s occasion is not only a demonstration of our compliance to these regulatory provisions as a responsible corporate organization but it also a demonstration of our commitment to the development and overall wellbeing of our host communities.
“For us as a company, we believe in the mantra, good neighbourliness is good business, hence we are doing everything possible to maintain harmonious relationship with all the communities where we operate”, Ismaeel added.
He also noted that the occasion marked the beginning of concrete infrastructural development and social supports in the areas of education, improved access to health care, economic empowerment programmes targeted at the youths, women and the farming population, improved access to potable water, support to improve electrification and power supply among other things.
According to the Plant Director, the CDA also provides for scholarship grants for students in secondary and tertiary institutions to promote excellence in educational pursuits of indigent students from Dangote Cement, Okpella host communities.
He added that the CDA document clearly states the consultative framework for engagements, grievance management and obligations of both the Plant and the host communities for mutual growth and development stressing that, it is clearly a path to define relationships, commitments, obligations and expectations with potential to address immediate concerns and future social issues that may arise in the course of the relationship between the company and its host communities.
Ishmaeel then requested the host communities to keep their end of the bargain by supporting and collaborating with the company so as to foster all round development.
“Be assured that we are always ready to listen, dialogue and resolve all concerns”, he noted.
The Edo State Commissioner for Mines and Energy, Hon. Donatus Ojiefoh, who represented the State Governor, Godwin Obaseki, praised the company’s management for taking the path of peace with its host communities pledging by so doing, that the state governor will always support any investors who wants to invest in the state.
He assured the people of the communities that more investors are willing to come and invest in the state but that the people most be willing to cooperate and provide the enabling environment for them to operate.
Ojiefoh admitted that it is imperative for students to study the mineral resources that are abound in their communities in order to be able to appreciate them.
In her own remark, the host Etsako East Local Government Chairman, Benedicta Atu, commended the company for signing the agreement despite the odds and the delay occasioned by some factors saying it was good that the signing took place at the time.
She called on the companies operating within the local government to urgently help with the payment of the monumentization of the boundary between Okpella and Kogi State.
Speaking for the host communities, High Chief Afiabor Peter, Secretary, Ukhomunyio Council of Village Heads, Afokpella thanked the Dangote’s Cement for the signing of the CDA, saying that it was a welcome development as it will benefit all the parties involved.
He expressed confidence that all that are contained in the agreement were thorough reflections of the wish and aspirations of the host communities and promised that the host communities would be up and doing to fulfil their own side of the bargain.
The Central Bank of Nigeria (CBN) has mandated payment service providers (PSPs) to route all point of sale (POS) transactions through its licensed Payment Terminal Service Aggregators (PTSAs) to standardize operations across the industry.
The directive, issued in a circular dated September 11, 2024, and made public on Thursday, is aimed at ensuring consistent technical and operational standards for POS devices used at merchant and agent locations.
Read Also: JUST IN: Armed Bandits Block Major Highway In Zamfara, Abduct Travelers
According to the CBN, PTSAs play a crucial role in certifying POS terminals, ensuring their functionality and availability.
As part of the new regulation, PSPs are required to integrate their systems with the CBN-approved PTSAs, which include the Nigeria Interbank Settlement System Plc (NIBSS) and Unified Payment Services Limited (UPSL).
The apex bank has given PSPs 30 days to comply with the new directive and report their compliance to the CBN within that period.
The circular reads, “In order to achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria (CBN) in August 2011, granted a Payment Terminal Service Aggregator (PTSA) licence to Nigeria Interbank Settlement System Plc (NIBSS),” the apex bank said.
“As part of efforts to mitigate the concerns regarding channelling Point of Sale (PoS) transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL).
“In furtherance of the above, the CBN hereby directs as follows: acquirers are henceforth required to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator (PTSA).
“PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN.
“All licensed Processors must be integrated with both PTSAS, thereby allowing Acquirers the flexibility to choose which Processor(s) and PTSA to utilize
“All Payment Terminal Service Providers (PTSPs) must ensure that their PoS devices. Applications are configured to route transactions through any PTSA, as directed by the Acquirer.
“All PTSPs shall submit monthly returns to the CBN, detailing the number of merchants and agents they manage, along with the PTSA services used to route the corresponding transactions.
It added “Each PTSA is required to submit monthly returns to the CBN, detailing all transactions processed through their platforms.”
In addition, the financial regulator announced that all PSPs and PTSAs must submit their monthly reports to the CBN’s Director of the Payments System Management Department within seven days after the end of each month.
The CBN has advised PSPs and aggregators to adhere to this requirement, warning that failure to comply will result in appropriate sanctions.
In a dramatic turnaround, the Naira significantly appreciated against the dollar at the foreign exchange market on Wednesday, just 24 hours after experiencing a decline.
According to data from FMDQ, the Naira surged to N1,555.75 per dollar, representing an impressive N81 gain from the previous day’s rate of N1,637.59.
Read Also: Davido Responds To Critics Over Comments About Isreal DMW’s Marriage
This remarkable recovery not only erased the N57.13 depreciation recorded on Tuesday but also surpassed it, indicating a strong rebound for the Nigerian currency.
Confirming the development, Dayyabu Ashiru, a Bureau De Change operator in Wuse Zone 4, revealed that the Naira traded at N1,650 per dollar on Wednesday, up from N1,660 on Tuesday.
The foreign exchange market also witnessed increased activity, with transaction turnover rising to $221.24 million on Wednesday, a significant jump from $197.37 million on Monday.
Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has announced that he will no longer engage with the media on Nigeria’s economic crisis.
Moghalu cited the government’s lack of interest in his expertise as the reason for his decision.
The former CBN chief’s announcement comes as Nigeria grapples with severe economic hardship and hunger, exacerbated by the government’s policies, including the floating of the Naira and removal of fuel subsidies.
Read Also: Tinubu’s Policies Have Made Life Harder For Nigerians – APC
Moghalu’s decision has sparked concerns about the government’s willingness to listen to expert advice on economic matters.
Financial analyst Kalu Aja has also criticized the administration’s handling of palliatives, noting that it took them a year to address food imports and that promised CNG buses have yet to materialize.
Moghalu explained his absence from media interviews, stating that he has already shared his insights on reviving Nigeria’s economy and sees no value in repeating himself.
He said, “I’ve declined virtually all requests for interviews on the Nigerian economy from Nigerian media over the past several months. Why? There is no point in a dialogue of the deaf. I’ve already spoken a lot about how to fix Nigeria’s economy. Anyone interested can find what I’ve said.
“It’s ironic that people like us who actually do not need Nigeria and its economy for our personal survival are so concerned simply out of passion for our country, but after a while, we must recognize the harsh truth and act accordingly.”
BREAKING: Ronaldo Hits Billion Followers On Social Platforms
Backlash Hits Bauchi Lawmaker’s Wife For ‘Empowering’ Youths With Sugarcane
Gov Alia Appoints Benue’s First Female SSG
FG Implements Cape Town Convention To Cut Airline Costs
Nollywood Filmmaker Shina Sanyaolu Is Dead
Comedian Basketmouth Goes Public With New Lover[VIDEO]
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
Adeosun: We are investing in infrastructure to grow the private sector
Shell launches Nigeria campaign on energy efficiency
