News
Cement: How dealers frustrated our N3,500/ bag policy – BUA
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.
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.
“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.
“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.
“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.”
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).
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.
News
Court Gives Falanas, January Date To Prove Case Against VDM
By Kayode Sanni-Arewa
A Lagos High Court has adjourned the defamation suit brought by Femi Falana and his son against social media influencer, Vincent Otse, also known as VeryDarkMan, until January 23, 2025.
The case was brought by human rights activist Femi Falana and his son, Folarin, popularly known as Falz.
VeryDarkMan arrived in court dressed in a red native outfit, accompanied by fans who cheered him on, but the Falanas were not present.
The case could not proceed as several applications filed by the parties were still not included in the court file. As a result, the court decided to adjourn the hearing until January 23, 2025.
On October 14, Justice Matthias Dawodu ruled on an ex-parte application filed by the Falanas, granting them legal protection from defamation. The judge ordered that VeryDarkMan remove a defamatory video he posted on September 24, 2025, which targeted the senior lawyer and his son. Additionally, the court prohibited VeryDarkMan from posting or sharing any defamatory content about them on his social media accounts until the matter is resolved.
The Falanas had filed separate lawsuits seeking N500 million each in damages, claiming that VeryDarkMan posted a video accusing them of accepting N10 million from Idris Okuneye, also known as Bobrisky, to influence a legal matter.
They argued that VeryDarkMan knew the allegations were false but chose to spread them, causing harm to their reputations. The Falanas further pointed out that the video continues to circulate online, further damaging their reputations.
In response, VeryDarkMan applied to the court for permission to appeal the ruling.
He argued that refusing his request would be an injustice, as the case involves significant legal questions that require further examination. He stated, “A refusal to grant leave may result in the enforcement of a decision that does not reflect a correct application of the law, leading to outcomes that may be detrimental not only to the parties involved but also to the administration of justice as a whole. The appellate court’s role in clarifying and, where necessary, correcting trial court decisions is vital in maintaining the integrity of the judicial system.”
News
READ 8 Facts About New Lakurawa Terror Group in North West
By Kayode Sanni-Arewa
Lakurawa, a new terror group is now wreaking havoc in northwestern part of the country. It was once dismissed as harmless herders.
Initially seen as seasonal migrants, the Lakurawa group has evolved into a powerful militant force linked to jihadist networks in the Sahel.
With roots stretching back six years, Lakurawa has grown under the radar, exploiting Nigeria’s porous borders and limited government oversight.
Here’s what you need to know about this escalating threat and the challenges it poses to the region’s security.
From Herders to Terrorists
Originally seen as seasonal herders from Niger, the Lakurawa group quietly entered Sokoto communities in search of pasture, later gaining a reputation as militants with ties to jihadist networks across the Sahel.
Authorities’ Early Misjudgment
Locals first reported suspicious activities by Lakurawa herders nearly six years ago, but authorities dismissed them as non-violent. However, recent intelligence from Nigeria’s Defense Headquarters reclassifies Lakurawa as a new terror group with connections to extremist networks.
Cross-Border Threats
The Lakurawa exploit Nigeria’s porous borders with countries like Niger, Chad, and Mali, entering remote areas to promote radical ideology, often in Hausa and Fulfulde languages, and impose strict “Islamic” rules on communities.
Unusual Alliances
Invited by local leaders to fend off other bandits, Lakurawa quickly grew from an auxiliary force into a dominant presence, controlling communities through a mix of militant enforcement and religious influence.
Camp ‘Darul Islam’ in Forests
Lakurawa established camps around Gwangwano, Mulawa, Wassaniya, and Tunigara along the Nigeria-Niger border, naming them Darul Islam, or “Abode of Islam.” Their membership has since swelled to over 200 young men.
Escalation and Armed Attacks
Once tolerated by local communities, the group’s violent tendencies surfaced through alleged attacks on military bases and confrontations with Nigerian security forces, marking a shift to full-scale militancy.
Radical Ideology and Social Control
The group enforces stringent rules, often forbidding music and dancing, and collects levies disguised as religious Zakat. They pressure locals to obey these laws, maintaining authority over vulnerable communities.
A Growing Regional Concern
With ties to jihadist groups across the Sahel, Lakurawa’s presence reflects broader security challenges. The breakdown in joint border patrols after Niger’s recent coup has only worsened Nigeria’s exposure to such extremist threats.(PRNigeria)
News
It’s wrong to arrest individuals in place of suspects — Says PSC chairman
By Kayode Sanni-Arewa
The Chairman of the Police Service Commission, DIG Hashimu Argungu (retd) has condemned the practice by Nigeria Police Force operatives of arresting individuals in place of actual suspects.
He also frowned at the handcuffing of suspects during arrests, adding that the law prohibits these practices.
A statement on Wednesday by the spokesperson for the commission, Ikechukwu Ani, said Argungu made this known
during training on international Human Rights-based policing and effective oversight of personnel of the Police Service Commission.
Ani said the PSC chairman stressed that every suspect must be accorded humane treatment and must not be subjected to any form of torture, cruelty, inhuman, or degrading treatment.
The statement read, “DIG Hashimu Argungu, x-rayed human treatment of arrested suspects and declared that a suspect shall be accorded human treatment, having regard to his right to the dignity of his person and not be subjected to any form of torture, cru
Argungu noted that a suspect shall not be arrested merely on a civil wrong or breach of contract and shall be brought before the court as prescribed by law or otherwise released conditionally or unconditionally.
He explained that “a person shall not for any reason be arrested in place of a suspect adding that the law prohibits the handcuffing or any other unnecessary restrain of an arrested person, except if there is reasonable apprehension of violence or an attempt to escape; the restrain is considered necessary for the safety of the suspect or defendant or by order of court.”
Ani added the PSC chairman also noted that all over the world, police officers generally have broad powers to carry out their functions and duties.
“He noted that the constitution as amended and other procedural laws, however, place limits on how far Police can go in trying to enforce the law.
“According to him, one of the primary purposes of these laws is to protect citizens from abuses by the government, including police misconduct,” the statement added
-
News13 hours ago
Trump picks ex-Democrat Tulsi Gabbard as US Intel Chief
-
News13 hours ago
JUST IN: Govt Declares Friday As Public Holiday
-
News13 hours ago
NNPC Carries Out Leadership Shakeup, Appoints Adedapo Segun As New CFO
-
News12 hours ago
Umahi Frowns At Slow Pace Of Suleja-Minna Road Construction
-
News12 hours ago
Abia Assembly orders Deputy Governor, Emetu to apologise over assault on House member
-
News12 hours ago
NYSC announces date for ‘2024 Batch C’ registration
-
News21 hours ago
Stop importation of fake fuel to Nigeria, professionals in Europe tell Tinubu
-
News12 hours ago
NNPC, Dangote Sign GSPA Agreement To Boost Local Production, Revamp Industrial Growth