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Cement: How dealers frustrated our N3,500/ bag policy – BUA

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The Chairman of BUA Cement, Alh. Abdul Samad Rabiu, yesterday recounted how cement dealers frustrated his company’s N3, 500/bag policy, last year.

He spoke at the 8th Annual General Meeting of the company in Abuja.

He said that while his company sold over a million tones 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 as high as N7000 and N8,000.

A ton is equal to 20 bags of 50 kg weight.

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He said the company had to discontinue 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.

Alh Rabiu said, “We were selling cement at N3,500 with the expectation that the dealers and the retailers would pass the benefits of the low price to the end-user customers.

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“It’s such that whatever price you sell cement at, you pay. It doesn’t matter what happens if the price doubles or triples if it’s less than that. So, we didn’t actually have that price.

“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 from.the very high margin. I think we had sold more than a million tons, yes 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.

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“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. We are subsidizing the dealers.

“So, I’m referring to the point where the FX rates, the exchange rates, from when we decided to sell it at N3,500, the rate was about N600 to maybe N1,800, N1,900 to the US Dollar. So, it became even more challenging and more difficult for us to actually sustain that price.”

The Chairman said, however, that the company had continued to work towards making 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, we see that cement is actually cheaper today than what it was last year.

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“The reason being that if the dollar was up, so we see there is, the price of cement should actually be maybe N10,000 Naira per bag. The dollar exchange rate has actually been goin up you know. 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. You know, it’s not correct.

“And our energy today is denominated in dollars. We buy gas to power our plants mainly. And gas is priced in dollars.”

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The Chairman revealed that one of BUA’s plants monthly invoice, NGKW is about N15 billion Naira for one plant, one factory.

Maybe N16 billion monthly. It used to be N3 or N4 billion Naira. 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% to N460 billion (2022: 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, which increased by 39.5% to N276 billion (2022: N197.9 billion).

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Within this period under review, a net foreign exchange loss of N70 billion (2022: N5.5 billion) was recorded, with N52.5 billion attributed to finance costs.

This was associated with the construction of an additional 3mmtpa lines at Obu and Sokoto, and the sum of N17.5 billion was attributed to foreign trade payables.

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

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2027: Tinubu’s details incompletes as primary, secondary qualifications missing from INEC EC9 documents

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President Bola Tinubu failed to include primary and secondary school qualifications in the educational qualifications section of the personal particulars submitted to the Independent National Electoral Commission, INEC, for the 2027 presidential election.

The documents, published by INEC on Saturday in line with its revised timetable for the 2027 general election, contain the nomination papers and supporting credentials of presidential and vice-presidential candidates.

A review of Tinubu’s EC9 nomination form shows that the President listed only a Bachelor of Science (B.Sc.) degree in Business Administration obtained from Chicago State University in 1979 under the educational qualifications section.

The sections provided for his primary and secondary school qualifications were left blank.

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However, Tinubu attached copies of his university degree certificate and National Youth Service Corps, NYSC, certificate to his nomination papers.

In the form, the President stated that he was born on March 29, 1952, in Lagos and described his occupation as “Politician.”

He also declared that he worked at Mobil Nigeria Limited between 1983 and 1992 before serving as Governor of Lagos State from 1999 to 2007.

He listed his current employer as the Federal Government of Nigeria from 2023 to date and stated that he had never been dismissed from public service.

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“Greatest Threat Is Misinformation, Not Technical Glitch” – INEC Chairman Tasks Media On Osun Poll Coverage

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The Chairman of the Independent National Electoral Commission, INEC, Prof. Joash Amupitan, SAN, has described misinformation and disinformation as the greatest threat to the August 15 Osun State Governorship Election, urging the media to prioritize verified and ethical reportage.

He made the call on Saturday in Osogbo during an interactive session with media executives, describing journalists as the “Fourth Estate of the Realm” and critical stakeholders in the democratic process.

“However, your role as the Fourth Estate is critical to the survival of the process. In this final day window, the greatest threat we face is not technical failure, but the pathology of misinformation and disinformation,” the INEC Chairman said.

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“Fake news, manufactured election-day panics, and the unauthorized declaration of parallel results are direct assaults on our public peace and democratic stability.”

He said the Commission has accredited field reporters through its dedicated portal “because we want you to see everything,” and in return demanded “a commitment to verified, ethical, and dispassionate reporting.”

“Verify your facts before you broadcast. When a glitch occurs in a single polling unit, do not report it as a systemic failure across the entire state,” Prof. Amupitan charged.
“Use your channels to educate voters: remind them that No PVC means No Voting, and that vote-buying remains a criminal offense that our partners at the EFCC and ICPC have been mandated to curb.”

Giving an update on readiness, the Chairman said the just-concluded mock accreditation proved the resilience of the BVAS.
“The Bimodal Voter Accreditation System (BVAS) demonstrated optimal field resilience. On average, it took between 30 seconds to 2 minutes to successfully verify a voter using either their fingerprints or facial recognition,” he stated.
“As a result, we have increased the total number of BVAS for the election from 4,427 to 5,130 so as to service split polling units in large PUs in Ife East, Irewole, Egbedore, Ede North, Osogbo. In the process, we increased the number of back-ups from 664 to 1,328 for quick intervention in case of any malfunction.”

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Prof. Amupitan also addressed insecurity, saying INEC has moved “from reactive monitoring to proactive prevention” through ICCES. He listed hotspot LGAs to include Atakumosa East and West, Boripe, Ede North and South, Ife Central, Ifedayo, Ila, Osogbo, Ifelodun, and Oriade.

On inclusivity, he reaffirmed the Commission’s commitment to vulnerable voters.
“Democracy is incomplete if it excludes vulnerable populations. The Commission has integrated practical assistive devices across polling locations based on our disability mapping in Osun State. We have provisions for braille ballot guides for visually impaired voters; magnifying glasses for voters with albinism and low vision; EC40H poster manifests for hearing-impaired citizens and Priority Voting Queues for Persons with Disabilities (PWDs), pregnant women, nursing mothers, and the elderly,” he said.

The Chairman said 32,000 NYSC members have been engaged as ad-hoc staff via the INECPRES portal and that training for Supervisory Presiding Officers has been concluded.

“We do not care who wins the election; we only care how they win. Our sole job is to ensure that the process is clean, that every valid vote counts, and that the declaration reflects nothing but the true sovereign will of the Osun electorate,” Prof. Amupitan concluded.

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The session had in attendance National Commissioners, the Osun REC Barrister Oluwatoyin Babalola, NUJ and BON leadership, Bureau Chiefs, Editors and other senior media executives.

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Coalition want explanation over alleged BVAS failure in Osun mock accreditation exercise

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A group, aegis of Coalition of Concerned Nigeria Citizens (CCNC), has called on the Independent National Electoral Commission (INEC) to immediately explain the alleged widespread failure of the Bimodal Voter Accreditation System (BVAS) during Saturday’s mock accreditation exercise conducted ahead of the August 15 Osun State governorship election.

The group alleged that the mock accreditation, designed to test the commission’s readiness for the election, experienced significant technical challenges after commencing in selected polling units across the state, raising concerns about INEC’s preparedness for the governorship poll.

In a statement signed by its spokesperson, Comrade Raufu Sodiq, popularly known as “Oluomo Success,” the coalition claimed that although the exercise was scheduled to begin at 8:30 a.m., it started behind schedule in some polling units. It further alleged that less than 40 minutes after the exercise commenced, many BVAS machines stopped recognising fingerprints, facial features and Permanent Voter Cards (PVCs), preventing the successful accreditation of voters in the affected locations.

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Describing the development as disturbing, the group said a mock accreditation exercise should ordinarily boost public confidence in the electoral process, adding that the reported malfunction of the accreditation devices during the test exercise had instead raised questions about the commission’s level of preparedness.

The coalition argued that accreditation remains the foundation of every credible election because it determines voter eligibility and protects the integrity of the electoral process. According to the group, any failure at that stage could undermine public confidence in the outcome of the election if not urgently addressed.

CCNC also queried why such challenges allegedly occurred despite what it described as years of preparation and substantial public investment in electoral technology. It called on the Osun Resident Electoral Commissioner and the national leadership of INEC to provide a comprehensive explanation on the cause of the reported BVAS malfunction and disclose measures being taken to prevent a recurrence during the August 15 governorship election.

Among its demands, the coalition asked INEC to clarify whether the reported glitches resulted from software, hardware or configuration problems, explain its contingency plans for the 3,763 polling units across Osun State, replace any faulty BVAS machines and consider conducting another mock accreditation exercise before the election to restore public confidence.

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“We believe in strong democratic institutions and do not want to see INEC fail. However, public confidence must be built on competence, transparency and accountability. The people of Osun deserve an election where every eligible voter can cast their vote without avoidable technological failures,” the statement read.

The group further urged the Chairman of INEC to personally address Nigerians before the governorship election by explaining the outcome of the mock accreditation exercise, outlining corrective measures and assuring voters that all identified technical challenges would be resolved before Election Day.

INEC had organised the mock accreditation exercise to assess the functionality of the BVAS and other electoral processes ahead of the governorship election scheduled for August 15 across the state’s 3,763 polling units.

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