FEATURES

FEATURES

Laments frustration of its N3,500/ bag policy

 

The Chairman of BUA Cement, AbdulSamad Rabiu, yesterday, said cement dealers frustrated his company’s plan to sell cement at N3,500 per bag last year.

 

Speaking at the 8th Annual General Meeting of the company in Abuja, Rabiu also said that while his company sold over a million tons of cement to dealers at N3, 500, per bag, with the intention that they would pass the benefits to end-users, the dealers sold a bag of cement to consumers at between N7000 and N8,000.

He said the company had to abandon the policy as its intervention was not to subsidise dealers.

According to him, BUA Cement could not stop the dealers whom he said made huge profits from the high margin because the company had no control over prices in the open market.

He added that the Naira devaluation last year and the fuel subsidy removal also played roles in making the policy unsustainable.

Rabiu stated: “So, a lot of the dealers took advantage of that policy. Rather than pass the low prices to the customers, they were selling at even double the price we sold to them.

“Some were selling at N7, 000 and 8 000 per bag. They made a lot of money with the very high margin. I think we had sold more than a million tons at N3,500 before we realised what the dealers were doing.

“And then, because of the issues that Nigeria faced at the time about devaluation of the Naira last year and the removal of fuel subsidy, we could not continue that policy. 

“We wanted that price to stay at that level but dealers refused. So, we could not sustain that simply because we did not want to be in a situation where we are subsidizing dealers.

“I’m referring to the point when the foreign exchange rate moved from about N600 to maybe N1,800 to the US Dollar. So, it became even more challenging and more difficult for us to actually sustain that price policy.”

He said, however, that the company had continued to work towards making sure that prices did not escalate at levels of the percentage increase of the Naira devaluation.

His words, “If you see the exchange rate then, and the exchange rate today, you will see that cement is actually cheaper today than what it was last year, the reason being that if the dollar was up the costs go up by same margin and the price of cement should actually be, maybe, N10,000 Naira per bag.

The price of cement, if you take the N4,000 that it was in the beginning of last year, at 4,000 and today’s N6,000, it’s only 50% increase. 

“So, we directly pushed to ensure that the price of cement is not getting higher than what it is today.

“But then again, you have areas where everything is dollar-dominated. Energy is the biggest cost. And our energy today is denominated in dollars. We buy gas to power our plants mainly. And gas is priced in dollars.”

The chairman revealed that one of BUA’s plants’ monthly invoice is about N15 billion or maybe N16 billion monthly. It used to be N3 or N4 billion. That is just one example.”

According to the financial report presented by the Board of the company, the company recorded a strong revenue growth of 27.4% rising to N460 billion against 2022 figure of N361 billion, resulting from its increasing market share.

However, with the devaluation of the Naira in June 2023, and its continued depreciation, as well as growing inflation, the Company experienced increasing price pressures which affected production costs, and consequently increasing the total cost by 39.5% to N276 billion as against 2022 figure of N197.9 billion. 

Within this period under review, a net foreign exchange loss of N70 billion was recorded, with N52.5 billion attributed to finance costs.

Despite these challenges, the Company reported a net profit after tax of N69.5 billion and declared a N2 dividend per share.

American actor, John Cena has once again opened up about his decision not to have children.

In a recent interview, the 47-year-old actor was asked by host Shannon Sharpe whether he still did not want kids.

He explained, “I’m 47. I don’t have them.”

 

Sharpe then questioned if Cena had ever considered the possibility of having children, perhaps even a “little Johnny” or “Joanna.”

“That’s great, and that’s usually what everyone says. And I gotta tell you, it’s not the easiest out there because a lot of why we’re here is to reproduce” he said.

Cena went on to elaborate on his decision explaining that while he is curious about life, he is aware of the significant commitment that parenting requires.

 

He said, “I have a certain curiosity about life, and I also know the investment that it takes. And my biggest fear is, as someone who’s driven, many times stubborn, and selfish, I try to approach the world with kindness and curiosity, but I don’t think I’m personally ready, nor will I ever be, to invest the time it needs to be a great parent because I want to live life for all it is. And I still have a lot to do. And I still want to do a lot.”

Cena further emphasized that, despite potential criticism, he is at peace with his choice. He acknowledged that it’s a difficult subject to discuss, as it often invites judgment, stating, “It’s human nature. We’re all judgmental.”

“I’d like to believe that I operate under the construct that everyone’s okay living their life… This is not a knee-jerk reaction. I’ve thought long and hard about this, even as my youngest age… like 15, 16, I remember thinking about it”, he added.

[OpinionNigeria]

A Federal High Court Sitting in Abuja has struck out a suit instituted against the #Endbadgovernance protesters, the Attorney General of the Federation (AGF), the Inspector General of Police (IGP), the Department Of State Services (DSS), and the Chiefs of Army and Defence Staff.

The suit filed by 17 Nigerians against the last nationwide protests was dismissed by the court for want of diligent prosecution.

Justice Peter Lifu terminated the suit on Thursday following the absence of the 17 plaintiffs and 26 defendants in court and without legal representation from the two parties.

Although the suit was fixed for hearing, the judge expressed shock that none of the 17 plaintiffs showed up nor were they represented by any legal practitioner.

The plaintiffs drawn from the six geo-political zones of the country had approached the court seeking an order of the court to terminate the protests because their fundamental rights to freedom of movement, human dignity, right to own property, economic, social and cultural development and right to national peace and security were being breached.

They asked the court to compel the DSS boss, IGP, army chiefs as well and the AGF to enforce their fundamental rights for them by bringing the protesters to order.

A staggering 55,910 Nigerians have been killed, and 21,000 others abducted by terror groups between 2019 and 2023, according to a report by The Observatory of Religious Freedom in Africa, ORFA.

The report, released on Thursday, blamed extremist groups, including Boko Haram, ISWAP, and armed herders, for these atrocities.

ORFA’s data revealed that Christians were disproportionately affected, experiencing 2.7 times more killings and 5.1 times more abductions than Muslims. Land-based community attacks accounted for 81% of civilian killings.

The study also found that armed herders killed at least 42% of civilians, while Boko Haram and ISWAP combined killed 10%. Kidnappings escalated, with 7,705 people abducted in 2022, and Christians were 1.4 times more likely to be abducted.

‘Islamist extremists enjoy relative freedom’

Frans Vierhout, ORFA’s data scientist, noted that the numbers are alarming.

According to him, the consistent increase in abductions and killings over the years indicates a worsening security situation.

He said, “Millions of people are left undefended. For years, we’ve heard of calls for help being ignored as terrorists attack vulnerable communities.

“Mass killings, abductions, and torture of whole families go largely unchallenged as the military pursue targets hundreds of miles away. Islamist extremists enjoy relative freedom to carry out atrocities against civilians in large regions of Nigeria.

“Across the country, over 11,000 incidents of extreme violence took place during the data period, with more than 55,910 killings and 21,000 abductions.

The little-known armed herders killed at least 42% of all civilians, while Boko Haram and ISWAP combined killed 10%.

“In the North Central zone alone, 3,007 incidents of extreme violence occurred. Of these, 2,010 involved killings, 700 were abductions, and 297 were a combination of killings and abductions.”

In the same vein, Rev. Dr. Gideon Para-Mallam, an ORFA partner and analyst, emphasized the need for government action.

FG’s priority
He insisted that the government must prioritize civilian protection and address the root causes of the displacement crisis. He stressed that the current security operations focusing on the North-East and North-West leave North-Central and Southern Kaduna vulnerable.

Para-Mallam said, “Nigeria’s government must prioritize civilian protection and address the root causes of the displacement crisis.

“Armed herders are targeting Christian populations, while Muslims also suffer severely at their hands. Kidnappers work to Islamist goals. Where young women are kidnapped, tortured, and sexually violated, hope for a normal married life and family may vanish.”

ORFA urged the international community to examine the data and understand Nigeria’s challenges.

Vice President Kashim Shettima has called for strengthening relations between Nigeria and the European Union, particularly in addressing malnutrition and other humanitarian challenges.

He expressed Nigeria’s appreciation for the EU’s support and noted the need for continued collaboration between the two partners.

Speaking during a courtesy visit by an EU delegation led by the outgoing EU Ambassador to Nigeria and ECOWAS, Samuela Isopi, on Thursday at the Presidential Villa, Abuja, the Vice President, in a statement by his spokesman, Stanley Nkwocha, expressed deep appreciation for Ambassador Isopi’s contributions during her tenure.

“You have contributed significantly to strengthening the relationship between the EU and Nigeria. Your assistance in humanitarian efforts in the North East and North West and trade between our two nations has been invaluable,” he told the envoy.

Noting Nigeria’s strategic importance to the EU, Senator Shettima said, “Nigeria is the most populous nation on the continent and is projected to become the third most populous nation globally by 2050, after China and India. We appreciate your commitment and involvement in some of the most important programmes in Nigeria.”

The Vice President particularly commended Ambassador Isopi’s work in Nigeria, saying, “You have contributed immensely towards strengthening the relationship between the EU and Nigeria. You have midwifed many transactions and assisted in many humanitarian endeavours in the North East and the North West subregions.”

 

“You have been around for some epochal moments in Nigeria’s political evolution. You were part of the process that midwifed the current transition. You were actively involved in signing the peace accord with political parties before the 2023 elections. You have been the focal person even in championing humanitarian causes.

“We value the EU’s continued engagement and support, especially in humanitarian efforts and development initiatives. We need your support now more than ever, particularly in addressing humanitarian crises and security challenges in the Northwest,” he added.

Responding, Ambassador Isopi reflected on her three-year tenure in Nigeria, highlighting the progress and collaborations achieved. She declared, “After three memorable years, it’s time for me to say goodbye.

“Nigeria has been busy, and I leave with an even warmer feeling than when I arrived. Nigeria has made great progress, with much more development and improved infrastructure,” she added.

The Ambassador emphasised the close collaboration between the EU and Nigeria, particularly with the Vice President’s office.

She said, “We’re proud of our collaboration with the office of the Vice President on many programmes. Your office has led the way, and we’ve been working diligently”.

“We aim to support Nigeria in peace and security. We’re very present and committed in the Northeast, now looking increasingly at the Northwest.

“We recently launched a new education programme there. We’ll continue to support the government’s efforts in humanitarian assistance, including new development actions in education and health.”

The Ambassador also noted the EU’s role in Nigeria’s economic development: “We’re also very active in economic development, working closely with your office on several initiatives, particularly in agriculture. We’re supporting key value chains, especially in the North, as we know that creating jobs for youth is crucial.”

She expressed confidence in the future of EU-Nigeria relations. She said, “We want to reinstate our continued engagement and renewed determination from the EU to work with Nigeria. I’m sure my successor will find a good partner in Nigeria to develop our relationship further.”

The deputy head of the delegation, Zissimos Vergos, and the Political Adviser to the EU in Nigeria, Osaro Odewingie, were also present at the meeting.

[Leadership]

The committees of the Economic Community of West African States (ECOWAS) focusing on Social Affairs, Gender and Women Empowerment, Legal Affairs and Human Rights, Political Affairs, Peace, Security, and the African Peer Review Mechanism (MAEP), along with Legal and Human Rights, and Trade Customs and Free Movement, have advocated for the elimination of the residence permit requirement among member states.

Naija News understands that the joint committee presented their recommendation to member states and the ECOWAS Commission on Thursday in a draft report following their delocalized sessions in Banjul, The Gambia.

 

The ECOWAS Residence Permit, commonly referred to as the ECOWAS Residence Card, is a document provided to citizens of member nations who intend to reside in another ECOWAS country for an extended duration for purposes such as business, employment, or personal matters.

The establishment of the ECOWAS Residence Permit system was part of the ECOWAS Treaty, signed in May 1975.

The treaty aimed to foster economic integration and collaboration among West African nations, including provisions for the unrestricted movement of individuals within the region.

Nevertheless, the joint committee believes that the residence permit system hinders the free movement of citizens across the region.

The report, which would still go through plenary approval, stated in part that “the issuance of residence permits should be completely abolished in the region in conformity with the Community Text. “

The parliamentarians had previously expressed concerns about the failure to implement the ECOWAS free movement protocols at borders throughout the West Africa region.

In their recommendations, the joint committee has also advocated for the organization of comprehensive awareness campaigns to educate citizens and pertinent government officials about regional agreements, including the Protocol on Free Movement.

“The Free Movement Protocol should be made available to all Immigration Officers, especially at the border posts.

“All training programmes of Immigration and Customs officials should include training on the relevant Community Texts,” the draft report said.

The parliamentarians have also called for the assignment of officials at border posts to monitor, document, and report incidents of extortion and other forms of misconduct.

Furthermore, the report urged the ECOWAS Commission to ensure that their respective Member States effectively execute all Community Texts ratified by Heads of State and Government.

It emphasized the necessity for full adherence by Member States to the implementation of the ECOWAS Biometric Identification Card.

Additionally, the parliamentarians requested that the ECOWAS Commission and Parliament undertake review processes of all ratified Community Texts at the national level to reduce discrepancies between regional Texts and national legislation.

Earlier in the week, the joint committee facilitated a town hall meeting with stakeholders and an interactive session with border officials in The Gambia and Senegal to assess the degree of implementation of the ECOWAS free movement protocols and to identify the challenges obstructing their complete execution.

[NaijaNews]

-Nigerian billionaire Aliko Dangote said that by entering the textile industry, his company lost billions of naira in investment

-The billionaire businessman also said he was forced to sell his bank, Liberty Merchant Bank, for N1.2 billion

-He said the government failed to offer any protection through policy decisions, which resulted in the closure of the two factories

 

 

Behind every success story, there is always that struggle which is not so known to many. Such is the case of some billionaires like Aliko Dangote, who had records of failed businesses before finally becoming Africa’s number one billionaire.

Dangote shared personal experience during his keynote speech at the 2024 Manufacturers Association of Nigeria (MAN) summit in Abuja, according to an Independent.ng report. He claimed his company lost billions of naira in investment due to his entry into the textile sector.

Dangote talked about his challenges in the rapidly expanding Nigerian textile industry and why his two plants had to close.
Following the 1960s textile boom, the chairman of the Dangote Group said his company invested billions of naira in the sector.

However, the two plants were shut down because the government did not protect policy decisions. Dangote stated that he was forced to sell Liberty Merchant Bank for N1.2 billion to cover the pensions and gratuities owed to Nigeria's textile mill employees.

“When textile businesses were booming, we set up our textile mills called Dangote General Textile Mills in Kano. Then, we massively invested billions at that time

“We also went and bought the foreign shareholder of Nigeria Textile Mill, which was a textile mill set up for the Western Region by Chief Obafemi Awolowo. That was 1960. At the end of the day, there was no government protection. We had to shut both the two factories."


The billionaire claimed that the Nigeria Textile Mill presented the most obstacle because most of its employees had been there for 25 to 30 years, making it challenging to pay their pensions and gratuities.

Dangote said: “Luckily for us, somebody now came and said he wanted to buy our bank, Liberty Merchant Bank. By the time we sold Liberty, I cashed out N1.2 billion. After cashing out N1.2 billion, the industry consumed N985 million to pay pensions and gratuities just to get out of the business. That is how we now got out of the business. We burnt our fingers."


Dangote claimed that even when former President Obasanjo then encouraged him to make investments in the textile sector, he had to decline the suggestion because of his prior experiences.

The Inter-Party Advisory Council (IPAC) has urged the Independent National Electoral Commission (INEC) to remain neutral during the governorship elections in Edo and Ondo states. 

Yusuf Dantalle, IPAC national chairman, spoke on Thursday at a meeting of INEC and political parties at the commission’s headquarters in Abuja.

Dantalle said the election is a chance for political party leaders to restore confidence in the electoral process by ensuring the sanctity of the ballot box, and respect the mandate of the people.

“After 25 years of uninterrupted democracy in Nigeria, we must get it right this time,” he said.

 

“The Edo state gubernatorial polls will be a litmus test for the Ondo state governorship election scheduled for Saturday 16th November 2024, which in turn gives direction to future elections in the country.

“Certainly, the integrity of INEC is at stake. The commission should justify the confidence citizens reposed in it to conduct free, fair, credible, transparent, inclusive and peaceful elections. The success of these elections will rebuild trust in the electoral process and boost voter turnout.”

The council urged political parties and their candidates to imbibe issue-based campaigns that will unite the people and foster development.

 

“There is no place for politics of bitterness and violence that has impeded the nation’s hard earned democracy. It is time to change the narrative. It is time for patriotism. It is time to strengthen, deepen and advance our democracy,” he said.

“It is a collective task in the quest for a strong, united, progressive, prosperous, equitable and just democratic society.

“To further enhance the nation’s representative governance, political parties should adhere strictly to internal democracy as provided in their respective constitution. We must live and lead by example.

“It is obvious that the failure to comply with parties’ constitutions is the remote cause of crises, leadership disagreements, factionalizations and litigations that have retarded the development of party politics in Nigeria.

 

“We should be the solution we seek in advancing democracy in the country. It is easy to blame the electoral body, security agencies and the Judiciary when as leaders of political parties we cannot comply with clear provisions of our parties’ constitutions and basic provisions of the electoral act and guidelines.

“It is time to jettison impunity and embrace internal democracy in our activities, particularly in the nomination of candidates for elections.”

[TheCable]

Atiku Abubakar, Presidential Candidate of the Peoples Democratic Party (PDP) in 2023, has said that he is not concerned about the politics of the 2027 elections.

Atiku spoke through his media adviser, Paul Ibe, in a statement on Thursday night.

Ibe said the former Vice President is preoccupied with recent happenings, especially in the hardship facing most Nigerians since President Bola Tinubu assumed office in May 2023.

This response follows recent comments by Bode George, the former deputy national chairman (south) of the PDP, who suggested that Atiku should consider retiring from active politics and wait until 2031 if he still aspires to the presidency.

Reacting to George’s remarks on Thursday, Ibe said that Atiku’s focus is on the present challenges facing Nigeria, not the politics of 2027.

“At this point, Atiku Abubakar’s preoccupation is not 2027. His concern is about 2024,” Ibe said.

“It is about 2025 and 2026 and beyond. His concern is about the plight of Nigerians who are literally going through hell because of the failed trial-and-error policies of this administration.”

Ibe further criticized the current administration, stressing that it is “insensitive” to discuss future elections when Nigerians are suffering under the current leadership.

He also urged George to focus on advising President Tinubu to reconsider policies that have worsened poverty and division in the country, rather than prioritizing the politics of 2027.

[politicsnigeria]

Nigeria’s Securities and Exchange Commission (SEC) said it has granted an Approval-in-Principle to two crypto exchanges Quidax and Busha, giving them the status of legally recognised crypto trading platforms in the country.  

The two exchanges were approved under the Accelerated Regulatory Incubation Program (ARIP) program of the Commission. 

In addition to that, the Commission said it has also admitted four companies to test their models and technology under its Regulatory Incubation (RI) Program. 

 

The four firms are digital assets offering platforms, which include Trovotech Ltd, Wrapped CBDC Ltd, Dream City Capital, and HousingExhange.NG Ltd. 

Announcing the development via a statement on Thursday, the SEC the listed above firms are not the only entities that have applied to ARIP and the RI Program.  It added that other applications received are being assessed would be granted Approval-in-Principle on a case-by-case basis as they meet all SEC requirements. 

Legal recognition for crypto trading 

While noting that the referenced Approvals-in-Principle is a precursor to the grant of full registration by the SEC, the Commission emphasized the legal status of the companies as crypto trading platforms in Nigeria.   

“The SEC uses this medium to reiterate that only approved digital exchanges and platforms are legally authorized to carry out the business of crypto trading in any form in Nigeria.  

“In this regard, the ARIP and RI remain the only avenues for well-intentioned entities to legitimately introduce their digital products and services to the Nigerian Capital market. 

“The public is strongly advised to refrain from dealing with illegal operators who have not applied to and received the SEC’s approval under the ARIP or the RI Program.  

“Intending investors are also reminded to always confirm from the various SEC information portals whether entities purporting to provide investment services are legally empowered to so do,” the Commission stated. 

Backstory 

It would be recalled that the SEC introduced the ARIP to strategically on-board firms that had commenced operations prior to the release of the Rules on Virtual Asset Service Providers in May 2022.  

  • This was in response to several calls by stakeholders on the need to regulate crypto trading in the country. 
  • Conversely, the RI Program was created to assess the business models of Digital Assets firms and test innovative products, services, and technology in a real-time market environment under close supervision by the SEC. 
  • The SEC said the first set of companies approved are to test its regulatory model, adding that the outcome of the process would inform further policy development in the crypto space in Nigeria.   

What you should know 

Despite the negative posture of the Nigerian authorities to crypto trading, many Nigerians have continued to transact with digital assets.  

Several reports on global crypto trading have recognised Nigeria as one of the top countries trading in cryptocurrencies all over the world.  

  • Meanwhile, stakeholders in the blockchain space in Nigeria have blamed the recent controversy that surrounded the operations of crypto exchanges and the alleged manipulation of the Nigerian currency through peer-to-peer (P2P) crypto trading on the policies and actions of the Central Bank of Nigeria (CBN), which tends to distance the regulator from the market. 
  • According to them, the stance of the banking regulator opened the doors for bad actors, who were involved in currency manipulation through crypto trading.  
  • The activities of the bad actors are believed to be denting the image of several legitimate players in the industry. 

[Nairametrics]