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Iron rod dealers backs NASS investigation of substandard steel producers

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The Iron Rod and Steel Distributors Employers of Nigeria (IRSDEUN) has declared their support for the recent move by the House of Representatives Committee on Steel Development to harvest information regarding statutory compliance obligation and production processes of suspected iron rod producers from the Standard Organization of Nigeria, and Tax laws from the Federal Inland Revenue Service, to ensure validation of reports.

In a statement on Tuesday, the National President of IRSDEUN, Chief Gbenga Awoyale, said: “We applaud it ; it’s a bold step in the right direction after a long period of calling for a checkmate of the activities of SON, which has become ineffective in sanitizing the industrial production sector and ridding it of substandard product.

He reassured the National Assembly of the Union’s commitment to fully support efforts towards mopping up substandard steel products that have saturated the Nigerian market “because of the greeds of some producers, who are majorly foreigners working in collaboration with some government officials.

“We call on members of the National Assembly, especially the Steel Development Committee to remain undaunted and uncompromising as they are about to make history. We assure them of our unflinching support in the interest of the safety of Nigerian citizens and their properties.”

The statement also noted that “in a letter dated 4th August 2024, the National Assembly House Committee on Steel Development had written the SON and FIRS, to furnish the NASS with information on the extent of compliance with extant laws and regulations guiding metallurgical and foundry operations of some steel producing companies in Nigeria, by section 62(1) and (2) of the constitution of the FRN and Order 130 Subsection (2) (I) of the Standing orders of the House of Representatives.”

The reports, the statement further stated are expected to be submitted to the National Assembly on or before tomorrow Wednesday, 28th August 2024, according to a letter by the Committee Chairman, Hon. Zainab Gimba.

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OPay launches new office in Jos

” Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”

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OPay has officially launched its new office in Jos, Plateau State.

Speaking at the event, OPay’s Chief Operations and Technology Officer, Dotun Adekunle, said that the new Jos office reflects OPay’s continued commitment to putting customers first and advancing financial inclusion across Nigeria.

He said :” Our customers are at the center of everything we do.

Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”

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Governor Otti Commissions Ultimum Manufacturing Plant in Aba

Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.

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Ultimum Limited, the manufacturers of Razzl brand of carbonated soft drinks has commissioned its state-of-the-art beverage manufacturing plant in Aba, Abia State.

Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.

Located in the Osisioma Industrial Layout, the new plant was commissioned by the Governor of Abia State, Dr. Alex Chioma Otti.

Otti described the investment as a clear signal of economic revival and growing investor confidence in Abia State.

“This investment confirms that we are creating the right conditions for businesses to grow, thrive, and succeed. Investors will always go where there is clarity, stability, and opportunity.

Our focus has been to build that environment, and today’s commissioning shows that the strategy is working,” he said.

The Chairman of Ultimum Limited and representative of the investor group, Mr. Whalen Kadji, emphasized the company’s long-term commitment to Aba and Nigeria.

“We did not come here by chance. We came because of the energy and entrepreneurial spirit of Aba. This city has always been a center of enterprise, and we believe strongly in its future.

This plant is more than an investment in beverages; it is an investment in people, in jobs, and in the growth of local industry. We are here for the long term, and this is just the beginning of what we intend to build here.”

The Managing Director of Ultimum Limited, Mr. Austin Ufomba, described the plant as a bold step in the company’s journey.

“Ultimum Limited started with a simple idea, to build world-class products right here in Africa,”he said.

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Oil price jumps to $106, stocks drop on uncertainty over US-Iran talks

Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.

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Oil prices jumped and equities slid Thursday as hopes for a peace deal between the US and Iran wavered after Tehran rejected Washington’s bid to wind down the nearly four-week war.

Markets had been buoyed this week by US President Donald Trump’s announcement that strikes targeting Iran’s energy infrastructure would be postponed, adding that the two sides were in peace talks.

But uncertainty over the talks and the virtual closure of the Strait of Hormuz — through which around 20 percent of oil and liquefied natural gas passes — have cast a shadow over market sentiment.

“The market rollercoaster continues,” said Joshua Mahony, chief market analyst at Scope Markets.

Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.

( VANGUARD)

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