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Cement to sell at on N7, 000, N8, 000 as FG, manufacturers agree
By Francesca Hangeior
The Federal Government and cement manufacturers have agreed on a N7, 000 to N8, 000 per 50 kg bag price of cement to halt the astronomical rise in the price of the product.
This agreement was part of a deal struck after several hours of meeting held behind closed doors at the headquarters of the Ministry of Works, between the Federal Government and cement manufacturers, in Abuja, on Monday.
The manufacturers tentatively agreed to sell a 50kg bag of cement at a retail price between N7, 000 and N8, 000, depending on location nationwide,
They however put a caveat that the price drop from the current market price would largely depend on government fulfilling its promised interventions in certain areas of concern to ameliorate critical challenges faced in the industry.
Retail price for cement jumped from N5,000 to N10,000 within one week in the open market, after wholesalers citing increasing cost of transportation and other variables, made adjustments to the price they sell to retailers.
Retailers in turn transferred the additional cost burden to consumers to stay afloat.
This prompted President Bola Tinubu to order the Ministers of Works, David Umahi and his Trade and Investment counterpart, Dr. Doris Uzoka-Anite. to meet with Cement manufacturers to find a solution to the crisis.
Umahi, had while calling for the meeting expressed the Federal Government’s concern over the development adding that if the situation wasn’t brought under control, it had the potential of hurting the prosperity agenda of rhe current administration .
After the meeting, Umahi read out a communique in which he mentioned concerns raised by the manufacturers.
These concerns include: bad roads, smuggling, high cost of energy, and the Forex crisis. This according to the manufacturers were the primary reasons behind the price hike.
He also said the manufacturers expressed willingness to reduce the prices going forward. Manufacturers at the meeting include: Dangote Cement PLC, BuA Cement PLC, Larfarge Africa PLC and Cement Producers Association.
Representatives of the federal government include the Minister of Works and his counterpart in the Ministry of Industry, Trade and Investment,
While reading the communique, Umahi said: “The meeting noted the challenges of the manufacturers like: cost of gas; high import duty on spare parts; bad road network; high foreign exchange; and smuggling of cement to neighbouring nations.
“The government noted the challenges and reacted as follows: Federal Ministry of Industry, Trade and Investment to seek some remedies from Mr. President on cost of gas and import duties.”
The Chairman of Bariga Local Government Area of Lagos State, Kolade Alabi, on Wednesday, suddenly slumped at the All Progressives Congress stakeholders’ meeting held at the party’s Secretariat in Ikeja, the state capital.
According to The PUNCH, Alabi, who is the state chairman of the Association of Local Government of Nigeria, was addressing party members when the sad incident occured.
Fortunately, he was immediately revived and rushed away to the hospital in an ambulance for further treatment.
Details shortly…
The Federal High Court in Abuja on Wednesday, admitted a video recording allegedly showing the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu issuing inflammatory directives which the prosecution claims incited acts of terrorism across the South – East region of the country.
The Wednesday proceedings resumed with the continuation of the testimony of the second Prosecution witness, an operative of Department of State Services (DSS) codenamed PWBBB.
In the video played in open court, Kanu was seen addressing his followers in what he called, “the blessed land of Biafra”, wherein he announced the formation of the Eastern Security Network (ESN), urging followers to defend their land against what he referred to as “Fulani domination.”
He warned political leaders in the region against compromises and issued a directive forbidding the presence of fulani herdsmen, saying, “No Fulani parading as herdsman shall be allowed in our land. If you are an agent of the Fulani, turn your way this evening.”
The device was admitted as evidence alongside a certificate of compliance, despite objections from the defence.
They were marked as Exhibits PWA and PW1, respectively.
The court also admitted a letter dated June 17, 2021, authored by the former Attorney General of the Federation, Abubakar Malami, SAN, which accused Kanu of terrorism, murder, and incitement to violence.
The letter, addressed to the DSS, was tendered without objection and marked as Exhibit PWF.
Reading from the document, the witness, who was led in evidence by the prosecuting counsel, Chief Adegboyega Awomolo, SAN alleged that Kanu’s broadcasts were followed by coordinated attacks on police stations and correctional facilities, resulting in loss of lives and property.
He quoted the petition as saying Kanu had instructed that security operatives be “brought down” and their weapons seized.
Securities and Exchange Commission (SEC) has alerted the public on the activities of Property World Africa Network (PWAN), which holds itself out as a real estate investment company and solicits funds from the public for investment purposes through PWAN MAX.
In a statement on Tuesday, the SEC said PWAN/PWAN MAX are not registered either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.
The SEC said investigations revealed that PWAN’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns and failure to honour withdrawal requests from subscribers.
“Accordingly, the public is strongly advised to be wary about investing with PWAN/PWAN MAX, as any person who places such investment with these entities, does so at his/her own risk.
“The commission similarly reminds potential investors of the need to verify the registration status of investment platforms via the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” the SEC said.
(The Guardian)
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