Category Nigeria News

The Chairman of BUA Group, Abdul Samad Rabiu, has disclosed that cement manufacturers in Nigeria have agreed to freeze the price of cement for Renewed Hope Projects. 

He disclosed this after a meeting with President Bola Tinubu in the State House, Abuja on Thursday.

Rabiu added that the initiative, which is to support the President’s Renewed Hope Agenda, will apply to any contractor that is involved with renewed hope projects.

READ ALSO: ‘We Will Keep Crashing Rice Prices,’ BUA Chairman Rabiu Warns Hoarders

He said, “Alhaji Aliko Dangote of Dangote Cement approached me, and I concurred with him that we should do everything to support Mr President Renewed Hope Agenda, and we have decided that we are going to freeze the price of cement for any contractor that is involved with the renewed hope project, or projects.

“So, what it means is that any company or anybody that is involved or that is doing a project that is under renewed hope, the price of cement will be frozen. There will be no increase for the foreseeable future. We are doing that to support Mister President’s renewed hope initiative. And that is something that Alhaji Aliko Dangote actually proposed.

“I must say, I must give him credit, and I concur with him. So we’ve agreed. We are going to do that. We are going to send out the letter sometime next week to the ministry. And I also want to commend the Honorable Minister of Works, Engineer Umahi, for the initiative he took to ensure that all the roads are concrete roads.

“Because concrete roads are more durable, they take much longer, you know, in terms of durability and the price is going to be, the cost is going to be cheaper than even bitumen.”

‘We Will Keep Crashing Rice Prices’

The BUA Chairman also promised to keep the price of rice down, commending President Bola Tinubu for granting waiver on imported food items. He said that his “foresight” helped crash food prices in the country.

Rabiu said BUA Foods keyed into that policy and was able to import quite a lot of wheat, maize and rice.

“At the time food prices were really very high last year. For example, the price of rice was about N100,000 or thereabout per 50 kilo bag. The flour was about N80,000 per bag and maize was about N60,000 per 50 kilo bag, and pasta above N20,000 per Carton. So what we did was, we keyed into that policy and BUA was able to import quite a lot of wheat, maize and rice.

“And the moment the shipment started coming, we started processing, we crushed the prices of some of these commodities. And today I’m happy to inform you that the price of rice is about N60,000 from what it was last year at N110,000. Flour is today N55,000 Naira per 50 kilo bag.

The Chairman of BUA Group, Abdul Samad Rabiu, has pledged to further lower the prices of rice and other food items, which he said have already decreased over the past year.

He commended President Bola Tinubu for granting waiver on imported food items, saying that his “foresight” helped crash food prices in the country.

In July 2024, the Tinubu administration announced the suspension of customs duties on imported food items to stem food inflation.

Speaking to State House Correspondents after meeting with President Tinubu on Thursday, Rabiu said BUA Foods keyed into that policy and was able to import quite a lot of wheat, maize and rice.

READ ALSO: Cement Prices Will Remain Stable For Renewed Hope Projects — BUA

“At the time food prices were really very high last year. For example, the price of rice was about N100,000 or thereabout per 50 kilo bag. The flour was about N80,000 per bag and maize was about N60,000 per 50 kilo bag, and pasta above N20,000 per Carton. So what we did was, we keyed into that policy and BUA was able to import quite a lot of wheat, maize and rice.

“And the moment the shipment started coming, we started processing, we crushed the prices of some of these commodities. And today I’m happy to inform you that the price of rice is about N60,000 from what it was last year at N110,000. Flour is today N55,000 Naira per 50 kilo bag.

“Maize is about N30,000. And this happened because of Mr President’s foresight and vision by introducing that one-off duty waiver for a period of six months, and with that, we’ve been able to bring down the prices of these commodities,” Rabiu said.

READ ALSO: Nigeria’s Inflation Dropped To 23.71 Percent In April – NBS

The billionaire businessman further explained the causes of the food price increases and how the President’s policy helped to curb the trend.

“So, what has been happening and a lot of people probably don’t know this, is that Nigerians, a lot of companies in Nigeria usually buy a lot of paddy. That is rice paddy. Rice Paddy is what you use to process rice. So, the moment the harvest season starts, a lot of people will now buy a lot of these paddy and hold it for a period of three to four months. The moment the season finishes, then the price will double. So a lot of people don’t know that, but that has always been the problem.

“That does not really in any way affect the farmer, because the farmer is getting his four to N500,000 per ton of paddy. But the people that are buying and holding for three to four months, once the season finishes, it goes back up to N800,000. Hence why you are getting N110,000 per bag.
“So, what that intervention did at the time when we brought in was to create an issue for those hoarders. Because the moment we imported, we were selling, and those orders had a lot of paddy, they could not sell, and the price now came down, and it is still down.
So a lot of those holders are actually crying now and losing money.”

He said that the Rice Millers Association has come together to address the issue of hoarding by some companies, adding that the association will not allow any of its members to hoard rice.

“What we are doing as rice Millers is that we want to ensure that rice Millers are not buying and hoarding Paddy, although at the end of the day, it’s quite difficult to stop that. But what is happening is that once they know that there is rice availability imported, because BUA has imported enough rice to last us until the end of the year, for example.

“So, they know that if they try to hot rice and try to take it up, Bucha is there and will crash the price. So I am hopeful that at the end of the day, the price of rice going forward is not going to go any higher than what it is today.

“And I’m sure as soon as the season starts, the farmers will get the price they’ve always gotten, and the price of rice is going to stay the same, because people will be wary of hoarding, because if they hoard it is going to be a problem for them, because they might lose money. So that is on rice.

“And again, let me use this opportunity to thank His Excellency, for his foresight, for his vision, because I actually didn’t see that. I didn’t know that that was going to work, but we keyed in. We imported and we have supported, and now prices are down. So that is what we did, and we will continue to do to support the efforts of the government to ensure that food prices continue to come down. And I’m sure prices will come down.

The Federal High Court sitting in Lagos has convicted 10 Thai sailors for smuggling 32.9 kilograms of cocaine into Nigeria.

The convicts were prosecuted alongside their vessel, MV Chayanee Naree, which was found to have been used in the unlawful importation of the prohibited drug.

Both the crew and the ship were apprehended on 13 October 2021 at Apapa Port, Lagos, upon their arrival from Brazil.

The convicted sailors are Krilerk Tanakhan, Boonlert Hansoongnern, Jakkarin Booncharoen, Thammarong Put-tlek, Worrapat Paopinta, Marut Kantaprom, Werapat Somboonying, Urkit Amsri, Panudet Jaisuk, and Amrat Thawom.

READ ALSO: Ex-Convict Arrested For Attempted Robbery, Three Months After Release

The National Drug Law Enforcement Agency (NDLEA) initially arraigned the sailors in February 2022, along with nine Nigerians accused of being their local accomplices.

The Nigerians, whose trial is ongoing, include Samuel Messiah, Ishaya Maisamari, Ilesanmi Ayo Abbey, Osabeye Stephen, Gbenga Ogunfadeke, Kayode Buletiri, Rilwan Omotosho Liasu, Saidi Sule Alani, and Jamiu Adewale Yusuf.

According to the NDLEA, the actions of the accused contravened Sections 11(a), 11(b), and 14(b) of the NDLEA Act, Cap N30, Laws of the Federation of Nigeria, 2004, which criminalise conspiracy, unlawful transportation, and importation of narcotic substances.

The crew and vessel were also accused of collaborating with three other individuals — Kehinde Enoch, Ayo Joseph, and one Tunde — all of whom are currently at large.

The case, prosecuted by NDLEA counsel Theresa Asuquo, A. Adebayo, and Paul Awogbuyi, was initially met with a no-case submission by the defence team, led by Senior Advocates of Nigeria (SANs) Babajide Koku, Femi Atoyebi, and Tunde Adejuyigbe.

The defence argued that the prosecution had failed to establish a prima facie case against the crew.

However, in his ruling, Justice Daniel Osiagor, upheld the prosecution’s arguments, holding that a prima facie case had indeed been established against the vessel and its crew. The court consequently ordered the defendants to open their defence.

READ ALSO: NDLEA Destroys Largest Drugs Seizure Of 1.6 Million Kilograms

Following the court’s decision, the convicted sailors entered into a plea bargain with the NDLEA.

At the resumed hearing on Thursday, Justice Osiagor adopted the terms of the plea bargain.

He ordered MV Chayanee Naree to pay a fine of $4 million or its equivalent in Nigerian naira.

Additionally, the three captains — Krilerk Tanakhan, Boonlert Hansoongnern, and Jakkarin Booncharoen — were each fined $50,000, while the remaining crew members were fined $30,000 each.

Other convicted sailors were ordered to pay a fine of ₦100,000 each.

President Bola Tinubu will depart Abuja for Rome, Italy, on Saturday at the invitation of Pope Leo XIV.

In a statement he issued on Thursday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, announced that President Tinubu will travel with senior Catholic leaders to attend a special Mass marking the beginning of Pope Leo XIV’s tenure as the 267th Bishop of Rome.

According to Onanuga, Cardinal Pietro Parolin sent the invitation from Pope Leo XIV, who said the ceremony reflects “a moment of particular importance for the Catholic Church and the world afflicted by many tensions and conflicts”.

READ ALSO: [‘No More War!’:] Pope Leo XIV Calls For Peace In First Sunday Address

The Pope also expressed a personal connection to Nigeria, stating, “Your great nation is particularly dear to me as I worked in the Apostolic Nunciature in Lagos during the 1980s.”

According to the statement, President Tinubu’s delegation will include the Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu; Archbishop Lucius Ugorji of Owerri and President of the Catholic Bishops’ Conference of Nigeria; Archbishop Ignatius Kaigama of Abuja; Alfred Martins of Lagos; and the Catholic Bishop of Sokoto Diocese, Mathew Hassan Kukah.

Pope Leo XIV, formerly Cardinal Robert Francis Prevost, will be formally installed as Pope on Sunday, 18 May, at St Peter’s Square in the Vatican.

Pope Leo, who is the first Pope from the United States was elected by the Cardinals during Conclave 17 days after the death of his predecessor, Pope Francis, on 21 April. He is to lead the world’s 1.4 billion Catholics.

President Bola Tinubu has reaffirmed Nigeria’s commitment to supporting Mali’s democratic transition and deepening economic ties between the two nations, declaring that West African countries are stronger when united.

The President said this on Thursday in Abuja in a message to Malian leader General Assimi Goita, while receiving the Letter of Credence from the Ambassador of the Republic of Mali, Cheick Oumar Coulibaly.

“We should strengthen our bilateral relations, and it is hoped that Mali will achieve its democratic goals. We are open to any support we can render. I want you to see yourself as a member of the family here,” Tinubu was quoted as saying in a statement by his spokesperson, Bayo Onanuga.

“For me, we are one in West Africa and Africa. The Alliance of Sahel States (AES) has made its position clear, but no nation can succeed alone. We see Mali as a brother and are ready to collaborate and exchange ideas.

“I can assure you that Nigeria is home for you. When you feel like seeing us, our doors will always be open,” the President said.

The Ambassador of Mali thanked the President for consistently providing leadership for the sub-region and the continent.

“I wish to convey the fraternal greetings of the Head of State, Gen. Assimi Goïta, and the highest appreciation of the Malian people for the Nigerian leadership and support,” he said.

Coulibaly said Nigeria had maintained its leadership role in Africa while acknowledging the Nigerian military’s supply of troops for various UN peace missions on the continent and the subregion.

“The Head of State particularly told me that I was on a mission to the biggest country in Africa. He said he knows it’s not easy, but I should look for solutions as a diplomat. We know that Africans must solve African problems.

He noted, “I appreciate you as a leader and father in Africa. ”

The statement said that Tinubu also received letters of credence from five other envoys, urging closer cooperation to promote global peace, understanding, and prosperity.

Among them were Ambassador Bengt Van Loosdrecht of the Kingdom of the Netherlands; High Commissioner Selestine Gervas Kakele of the United Republic of Tanzania; non-resident Ambassador Dr Sabit Subasic of Bosnia and Herzegovina; Ambassador Andrey Leonidovich Podelyshev of the Russian Federation; and Ambassador Patrick Egloff of Switzerland
Welcoming the Tanzanian envoy, the President praised the country’s leader, President Samia Suluhu Hassan, for her courageous leadership and impactful contributions to the African Union.

“We will continue to work together. You can see the situation across the world. No one can do it alone. We will continue to collaborate in areas of knowledge and technical know-how,” he said.

The Tanzanian High Commissioner was said to have acknowledged the significant impact of Nigerian investments in Tanzania, citing contributions from the Dangote Group, UBA, GTB, and Sahara Energy.

“We should strengthen collaboration not only government to government but also people to people as we see in the film industry and sports. Nigeria has a vibrant and wonderful film industry, and it is collaborating with Tanzania,’ the Ambassador stated.

In his meeting with the Russian ambassador, Onanuga noted that Tinubu highlighted Nigeria’s long-standing technical partnership with Russia and expressed a desire to expand cooperation in steel production, science, education, and nuclear energy to bolster electricity supply.

“Our partnership has been fulfilling, but we need more technological support with our rapidly growing population. The Ajaokuta Steel Complex, constructed by Russian companies, will only realise its potential when fully operational,” President Tinubu stated.

He said that Ambassador Podelyshev reaffirmed Russia’s readiness to expand cooperation, particularly in education and energy, emphasising ongoing agreements on nuclear power.

Addressing the Swiss ambassador, President Tinubu was said to have pledged to create a more investor-friendly environment through regulatory reforms, especially concerning potential litigation.

“We will address any legal issues that could impede progress in our economic relations,” he assured.

Ambassador Egloff highlighted growing Swiss investments in Nigeria, noting expansions by companies such as Nestlé and Lafarge in Lagos, Kano, and Gombe States, and praised ongoing collaboration on security and intelligence.

President Tinubu thanked the Bosnian ambassador for the progress in bilateral relations.

The Department of State Services (DSS) has sued Professor Pat Utomi over his alleged plan to establish what he calls “a shadow government” in the country.

In a suit filed at the Federal High Court in Abuja, the DSS prayed the court to declare the move an attack on the constitution.

Professor Utomi, the 2007 Presidential Candidate of the African Democratic Congress (ADC), is sued as the sole defendant.

READ ALSO: I Won’t Seek Public Office Again, Accept Govt Appointment In Nigeria — Pat Utomi

In the suit filed on May 13 by Senior Advocate of Nigeria, Akinlolu Kehinde, the Security Agency contended that the move by Utomi was intended to create chaos and destabilise the country.

The DSS argued that not only was the planned shadow government an aberration, it constituted a grave attack on the constitution and a threat to the democratically elected government that is currently in place.