Business

Iron rod dealers backs NASS investigation of substandard steel producers

Published

2 years ago

August 27, 2024

334 Views

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.

Business

Tony Elumelu’s United Capital Secures approval to operate in Ethiopia

Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.

Published

7 hours ago

June 9, 2026

OCHEFA

12 Views

United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.

Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.

” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.

Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.

The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.

With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.

According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.

That narrative is beginning to change.

This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

Business

Lagos developing world – class new business district —Sanwo-Olu

Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Published

10 hours ago

June 9, 2026

OCHEFA

19 Views

• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.

Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.

Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.

The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).

According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.