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Dangote Cement Acquires 2,000 Trucks For Distribution of Products

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To address challenges related to the ease of distribution and availability of cement across the country, especially among its value-chain service providers, Dangote Cement Plc has rolled out over 2,000 trucks for distribution services.

With an investment of $150 million, the company took delivery of trucks, trailers, bulk tankers, tippers, cargo trucks, and bulk cement tankers. These assets would meet the expected increase in demand for transportation of cement to every part of the country and create employment for over 4,000 people in Nigeria.

Besides, Dangote Fertiliser, which recently made a grand entry into the market, has already taken delivery of 500 trucks from Dangote Sinotruk West Africa Limited (a joint venture between Dangote Industries Limited and Sinotruk China) for the distribution of Urea to different States in Nigeria.

The newly acquired trucks are expected to improve the efficiency and effectiveness of Dangote Cement Logistics network of distribution nationwide, as the company plans to commission its new cement plant in Okpella Edo state in a few weeks.

“We have acquired the new trucks in line with our new expansion capacity in Obajana, Ibese, Gboko, and the new cement plant at Okpella. The acquisition is due to the growing needs of the business, especially as regards the increased trucking demands encountered lately, due to the surge in the demand for cement,” according to the Group Executive Director – Logistics and Distribution, Dangote Industries Limited, Alhaji Abdu Dantata.

He added, “The establishment of our clinker export terminals at Apapa and Onne Port led to the purchase of heavy-duty tippers for haulage of clinker from the plants to the terminals.

“The introduction of these trucks would improve customers’ demand, improve on job creation in the country, as well as promote the economic development of Nigeria.”

Dantata disclosed that the company takes seriously the issue of safety of truck drivers and road users, which necessitated the collaboration between the Federal Road Safety Corps (FRSC) and the company to attain zero tolerance to road crashes in the country. He said the company has embarked on adequate training on effective driving techniques.

According to him, the collaboration involves recertification of drivers, pre-trip and post-trip inspection, drug test, real-time tracking of vehicles, root cause analysis, convoy movement, checkpoint policy, and sanctions among several others.

The locally assembled Sinotruk Howo trucks came in as semi-knocked-down kits (SKD), which were effectively assembled and commissioned for operations.

Dantata, who coordinates the group Logistic and Transport function, assured that the Dangote Sinotruk would continue the importation of semi-knocked-down kits into the assembling plant to support customers’ demand and improve on job creation in the country.

BIG STORY

JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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Detained Binance Executive Gambaryan Drags EFCC, NSA To Court

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Tigran Gambaryan, the CEO of Binance who is currently in detention, has claimed that he has been violated in his fundamental human rights by the Economic Financial Crimes Commission and Nuhu Ribadu, the National Security Adviser.

Gambaryan, in an originating motion marked: FHC/ABJ/CS/356/24 sought a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution.

He urged the court to order the NSA and the EFCC to release him from their custody and return his international travel passport with immediate effect.

Gambaryan also sought an order of perpetual injunction restraining the respondents and their agents from further detaining him in relation to any investigation into or demands from Binance.

He also urged the court to order the respondents to issue a public apology to him.

Gambaryan averred that he was in Nigeria alongside fleeing Nadeem Anjarwalla to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

Anjarwalla escaped from the guest house where he and Gambaryan were being held

He argued that he had not committed any offence during the meeting, and neither was he informed in writing of any offence he personally committed in Nigeria at any other time.

“The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he added.

The fleeing Anjarwalla also filed a similar suit, marked: FHC/ABJ/CS/355/24.

At the proceedings on Thursday, T.J. Krukrubo (SAN) appeared for the plaintiffs, while the respondents had no representation.

Krukrubo informed the court that the respondents were served two days ago.

Shortly after that, he announced to the court that he was withdrawing from the matter as counsel for the fleeing Anjarwalla.

He did not give reasons for his withdrawal.

The trial judge, Justice Inyang Ekwo, adjourned the matter till April 8.

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Federal Government To Arraign Binance Executives Over ‘Tax Evasion’ On April 4

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On April 4, the federal authorities will file charges against senior executives of the cryptocurrency company Binance, Tigran Gambaryan, and Nadeem Anjarwalla, for allegedly engaging in “tax evasion.”

Anjarwalla is Binance’s regional manager for Africa, while Gambaryan oversees the company’s compliance with financial crimes.

The Federal Inland Revenue Service (FIRS) charged Binance with a crime on March 25th for “tax evasion.”

The service claims that the action is intended to maintain national economic integrity and fiscal discipline.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, is said to “implicate Binance with a four-count tax evasion accusation”.

However, on Thursday, NAN reported the federal government will charge the three defendants before Emeka Nwite, the presiding judge, at the federal high court (FHC) in Abuja on a four-count charge.

Despite not being a vacation judge, according to the report, the chief judge granted the fiat for the judge to oversee the case during vacation because it is a matter of critical national interest.

The lawsuit comes a month after Anjarwalla and Gambaryan were detained by the Nigerian authorities.

Anjarwalla and Gambaryan had flown into Nigeria but had their passports seized by ONSA.

On March 12, Anjarwalla was transferred to a local hospital after he fell ill while in detention in Nigeria.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Meanwhile, Gambaryan, on March 28, sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

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