News
President Muhammadu Buhari has declined assent to the Electoral Amendment Bill over the removal of indirect primaries from the document. The Bill has therefore been returned to the National Assembly.
This is even as Governor Hope Uzodimma of Imo State frowned on the “infringement” of parties’ rights by the National Assembly.
Uzodimma, in an exclusive interview, said the removal of indirect primaries from the proposed amendment would render political parties powerless, especially those with low funds to finance direct primaries.
A senator revealed that the Bill was returned to the Senate and the House of Representatives in a letter addressed to the two principal officers.
The source said the president cited high cost of conducting direct primaries by Independent National Electoral Commission (INEC), which according to him, hovers around N500 billion.
He said the president met with INEC chairman, Yakubu Mahmoud, who briefed him on the dangers the law would pose to the conduct of elections in the coming months.
President of Senate, Ahmad Lawan and Speaker of House of Representatives, Femi Gbajabiamila, are expected to read the content of the president’s letter next week, when the two chambers reconvene.
Speaking on the dangers the law would pose, Uzodimma claimed the proposed amendment does not tally with the provisions of the 1999 constitution, insisting that parties’ supremacy and rights to opt for direct or indirect primaries must not be tampered with.
He said laws that cannot be implemented should not be passed, arguing that it was insensitive to do so.
For over two weeks, governors elected on the platform of the ruling All Progressives Congress (APC) and the Peoples Democratic Party (PDP) have been mounting pressure on President Buhari not to sign the Electoral Amendment Bill into law until contentious areas are resolved.
Many of the governors, who are at loggerheads with senators and members of the House of Representatives from their various states, had insisted that the National Assembly must yank off indirect primaries from the Electoral Act.
Two weeks ago, APC governors, represented by the caretaker committee chairman of the party and Governor of Yobe State, Mala Buni, met with Buhari. Others present during at the meeting were Governors Atiku Bagudu of Kebbi and Abubakar Badaru of Jigawa states respectively.
Though the governors did not speak on the ongoing controversy trailing the removal of indirect primaries from the Electoral Act by members of the National Assembly, sources in the APC said the issue featured prominently during the meeting.
The source said the three APC governors, who represented their colleagues, urged the president to return the Amendment Bill to the National Assembly to reflect some of the concerns raised by stakeholders.
The source said National Assembly leaders, who until now refused to listen to concerns raised by governors may lose out in the ongoing power play.
It said many APC lawmakers were already aggrieved that governors have hijacked the structures of the party ahead of the 2023 general elections.
It said lawmakers believe that direct primaries would raise their chances of returning to the Assembly in 2023 if allowed to scale through.
Similarly, Lawan two weeks ago, met with President Buhari on the same Electoral Amendment Bill. While briefing newsmen, he frowned at politicians lobbying the president not to sign the Bill into law.
Unlike Lawan who kept mum on the issue of indirect primaries yanked off from the Bill, Speaker Femi Gbajabiamila, last week, during a visit to the president explained why the exclusion of indirect primaries was good for the country’s democracy.
A source said the Speaker, who is the arrowhead behind the removal of indirect primaries from the 2010 Electoral Amendment Act, is also under fire from his Southwest leaders for taking a decision without due consultations.
Unlike the divided APC leadership on the issue, PDP is united in its call to have the decision rescinded or the entire amendment discarded by Buhari.
Sun
Independent National Electoral Commission (INEC) says it will not fund party primaries, whether direct or indirect.
Chairman of House of Representatives Committee on Appropriations, Muktar Batera, disclosed this to journalists after a meeting with Mahmood Yakubu, Chairman of INEC, on Thursday in Abuja.
According to Batera, the committee discussed INEC budget and the cost implications of direct primaries on the Commission.
He stated that INEC’s role in the process of primaries is minimal because political parties are in charge of primaries.
“In our discussions with the INEC Chairman, we wanted to know his requirements for the 2023 elections as well as the cost of direct or indirect primaries.
“On the primaries, when we discussed with him, he specifically told us the role of INEC in direct or indirect primaries which he said is just minimal. He said the responsibility lies with all the political parties. He said conducting primaries is the role of political parties and not INEC.
“For direct primaries, what the INEC Chairman told us is that only the political parties have the responsibility on primaries and the funding of the primaries,” he said.
Yakubu, while speaking with journalists after the meeting, said the Commission is yet to give an estimate for the conduct of primaries. He also refused to divulge the content of his letter to President Muhammadu Buhari.
As reported earlier, Buhari wrote a letter to INEC, requesting counsel on the controversial direct primaries.
The House had resolved that the Committees on Appropriations and Communications to interface with Yakubu on the cost of direct primaries.
The resolution was a sequel to a motion moved last week by Leke Abejide.
PT
Nigerian stocks depreciated by 1.77 per cent or N391.3 billion on Thursday as a negative investor sentiment wiped out all the gains garnered at the preceding trading session, setting the market up for a negative return this week.
Dangote Cement, Nigeria’s largest company by market value, shed 10 per cent – the maximum daily downward movement permitted by the exchange – as hefty quantities of the firm’s shares were up for sale, triggering the fall. Sell pressure on NGX Group and Unity Bank also stoked the loss.
The board NEM Insurance announced a share reconstruction plan that will see every two of the underwriter’s shares converted to one in a bid to halve its outstanding shares, an ambition it said to had shareholders’ blessing.
Market breadth, a determiner of investor’s sentiment towards trade, was positive as 22 gainers emerged relative to 15 laggards.
“While we believe there is some room for near-term rebound in subsequent trading sessions, we retain a month-long bearish perspective on the equities market as sell pressures resume later in the month,” said analysts at Lagos-based broker and investment bank United Capital in a note.
The all-share index shrank by 749.94 basis points to 41,685.22. Similarly, market capitalisation declined to N21.76 trillion.
Year to date, the index is up by 3.51 per cent.
TOP FIVE GAINERS
SAHCO topped gainers, trading up 9.66 per cent to close at N4.88. Oando gained 8.33 per cent to close at N4.93. WAPIC rose by 8.51 per cent to N0.51. Mutual Benefits jumped to N0.26, notching up 8.33 per cent. Consolidated Hallmark completed the top 5, climbing up by 8.16 per cent to N0.53.
TOP FIVE LOSERS
Dangote Cement led losers, declining by 10 per cent to close at N252. UACN shrank by 10 per cent to end trade at N9. Neimeth tumbled to N1.63, losing 6.86 per cent. May & Baker dipped to N4.20, recording 6.46 per cent loss. Pharma Deko closed at N2, going down by 5.21 per cent.
TOP FIVE TRADES
Altogether, 472.5 million shares worth N5.2 billion were traded in 3,874 deals.
FBN Holdings was the most preferred stock with 228.5 million units of its shares worth N2.6 billion traded in 340 deals. Access transacted 45.6 million shares priced at N421.9 million exchanged hands in 242 transactions. Sterling had 37.9 million shares valued at N56.8 million traded in 46 deals. Unity Bank traded 26.5 million shares estimated at N11.7 million in 62 transactions. Zenith traded 18.7 million shares valued at N452.4 million in 278 deals.
PT
..3 housemasters charged with the 5 students
The Lagos State Police Command has charged to court the five students said to have been named by the late Sylvester Oromoni for allegedly beating him up, which led to his death and three House Masters.
The students who looked dejected were taken to court by the legal department of the State Criminal Investigation Department (SCID), Panti, Yaba.
According to the Officer in charge of the legal department, Mrs. Yetunde Cadoso, “this is a murder case, they have to take them to court.” She said,
“we cannot keep them in our custody, they are minors, we have to take them to court where they would be remanded pending the conclusion of the investigation.
“We cannot keep them in our custody, because we don’t want human rights issue, where they would come tomorrow and say police is detaining minors with adult. They would be remanded in juvenile house, we cannot toy with the law, we have to do the right thing.
“Immediately the officer in charge of legal department said they are taken them to court, the students’ parents’ attitude changed and they started weeping, while the children were also crying.”
The suspected minors were brought before Magistrate A.O. Olatunbosu, at Court 1, Yaba.
The plaintiff ’s lawyer prayed the court for 30 days before the hearing of the case, while the Magistrate turned it down and granted 25 days to await the advice Department of Public Prosecution on the matter.
New Telegraph
The Chief Medical Director of Excel Victory Hospital and Maternity Home, Dr. Christian Osakwe, has been accused of raping his 15-year-old housemaid and paying N1m to cover up the alleged crime.
A human rights activist, Mr Harrison Gwamishu, who disclosed this on Tuesday in Asaba, said Osakwe’s hospital was located at Umuaji quarters, Asaba, Delta State capital.
He said, “The doctor allegedly defiled the 15-year-old maid living with him.
“From our private investigation, we discovered he also sexually harassed his wife's niece. The doctor initially denied all the allegations but owned up when presented with evidence.
He offered to pay N1m to close the case.
“We handed the victim, the suspect and the N1m bribe to the police.”
When contacted, the State Police Public Relations Officer, DSP Edafe Bright, confirmed the incident.
He said, “Currently, the suspect is in custody and once investigation is completed, we will charge him to court.
Punch
A British engineer says he is facing a Christmas away from his family after Nigeria was put on the travel red list.
Oche Ameh is working in Lagos and was due to return home to Nottingham on 23 December to enjoy the festivities with his children.
New rules mean he will now need to quarantine in a hotel for 10 days on arrival to the UK.
Ameh said this would mean he would miss Christmas and New Year with his family, which was "heartbreaking".
He said he has not yet broken the news to his children who will be "very disappointed".
Nigeria became the 11th country to go on the UK's red list for international travel on Monday amid fears over the Omicron Covid-19 variant.
All nations currently on that list are African - a move that has been described as "travel apartheid".
'Buy time'
Ameh, a British citizen working in Nigeria, said the change in the rules came at too short notice for him to change his travel plans.
"It means a lot to me to spend these festivities with my children. I haven't seen them in over a month and they are looking forward to seeing their dad.
"I had my ticket booked for 23 December. If I came on that day I'll be in quarantine for Christmas and New Year.
"It's pointless. It costs too much," he said.
Ameh said he does not think the rules are fair and is still holding out hope they will change again before Christmas.
"This type of control should be applied to non-residents who choose to still come into the country and are willing to pay the costs.
"Why can't all British citizens and residents who are fully jabbed and test negative pre-departure and on arrival quarantine at home instead?
"I'm double-jabbed, I could quarantine with my family," he said.
UK government minister Kit Malthouse, previously told the BBC: "We understand the difficulties created by these travel restrictions, but we're trying to buy a little bit of time so that our scientists can work on the virus and assess how difficult it's going to be."
BBC
Up to one million Covid-19 vaccines are estimated to have expired in Nigeria last month without being used, two sources told Reuters, one of the biggest single losses of doses that shows the difficulty African nations have getting shots in arms.
Governments on the continent of over one billion people have been pushing for more vaccine deliveries as inoculation rates lag richer regions, increasing the risk of new variants such as the Omicron coronavirus now spreading across South Africa.
In Nigeria, Africa's most populous nation and home to more than 200 million people, fewer than 4% of adults have been fully vaccinated, according to the World Health Organization (WHO).
A recent surge in supply has caused a new problem, however: many African countries are finding they do not have the capacity to manage the shots, some of which come with a short shelf life.
The expired doses were made by AstraZeneca (AZN.L) and delivered from Europe, the sources with direct knowledge of vaccine delivery and use told Reuters. They were supplied via COVAX, the dose-sharing facility led by the GAVI vaccine alliance and the WHO which is increasingly reliant on donations.
A third source with knowledge of the delivery said some of the doses arrived within four-to-six weeks of expiry and could not be used in time, despite efforts by health authorities.
A count of the expired doses is still underway and an official number is yet to be finalised, the sources said.
"Nigeria is doing everything it can. But it's struggling with short shelf life vaccines," one told Reuters. "Now (supply is) unpredictable and they're sending too much."
A spokesperson for the National Primary Health Care Development Agency - the body responsible for vaccinations in Nigeria - said the number of vaccines received and used is still being tallied and it would share its findings in the coming days.
The WHO said doses had expired, but declined to give a figure. It said 800,000 additional doses that had been at risk of expiry in October were all used in time.
"Vaccine wastage is to be expected in any immunization programme, and in the context of Covid-19 deployment is a global phenomenon," the WHO said in a statement responding to Reuters' questions. It said vaccines delivered with "very short" shelf lives were a problem.
Nigeria's vaccine loss appears to be one of the largest of its kind over such a short time period, even outstripping the total number of vaccines that some other countries in the region have received.
It is not alone in wasting vaccines, however.
Across Europe, countries including Germany and Switzerland have struggled to maximise the use of doses. In January, officials in Britain forecast wastage of about 10% of vaccines. In April, France's health minister told local media that 25% of AstraZeneca, 20% of Moderna (MRNA.O) and 7% of Pfizer (PFE.N) vaccines were being wasted at the time.
WEAK FOUNDATION
High vaccination rates in Africa are vital to ending the Covid-19 pandemic globally, health experts say. Only 102 million people, or 7.5% of Africa's population, are fully vaccinated, according to the WHO.
Shortages of staff, equipment and funds have hampered rollouts. An anticipated surge in supply, comprising millions of doses in the coming weeks, could expose those weaknesses further, experts warn.
Nigeria's underfunded health system lacks everyday supplies like cotton swabs. Spotty power supply means fridges holding vaccines need to be kept on expensive fuel generators. Millions of citizens live in areas racked by banditry or Islamist insurgencies that medics cannot reach.
"The foundation is not strong. And if you don't have a strong foundation, there's not much you can build on top," Health Minister Osagie Ehanire told a public forum last week.
The short shelf life of donated vaccines does not help African nations.
South Sudan and Democratic Republic of Congo, both desperate for doses, had to send some back because they could not distribute them in time. Namibia warnedlast month it may have to destroy thousands of out-of-date doses.
The situation serves only to increase vaccine inequality, experts warn.
"More than 8 billion doses have now been administered – the largest vaccination campaign in history," WHO director-general Tedros Adhanom Ghebreyesus said on Twitter on Monday, marking a year ago this week since Covid vaccines were first administered.
"But we all know that this incredible achievement has been marred by horrific inequity."
Reuters
Pandemonium broke out along the Ogunusi Road, Grammar School Bus Stop, in Lagos on Tuesday afternoon when the driver of an articulated truck lost control and rammed into over 20 pupils.
The pupils were on their way home after school activities and had wanted to cross the road when the truck ran over them.
A mob immediately chased him to the Ogba area before the police apprehended him. The angry youths also burnt the truck.
The mob, comprising angry youths and passersby, clashed with policemen at the scene who tried to maintain law and order.
It was also gathered that the mob attacked some policemen and descended on officials of the Lagos State Traffic Management Authority, even as police officers fired teargas canisters to disperse the mob.
Also, emergency responders including operatives of the Lagos State Emergency Management Agency reportedly turned back from the scene in the ensuing riot.
The incident grounded vehicular movement as motorists deserted the road and stranded commuters trekked long distances. LASEMA, in a situation report after the incident, confirmed the development.
It was titled, ‘Situation Report on the truck accident at Ogunusi Road, Grammar School bus-stop, Ojodu Berger,’ signed by LASEMA director-general, Olufemi Oke-Osanyintolu.
The statement read, “The Agency received a distress call at 2:56 pm about a truck accident at Ogunusi Road, Grammar School Bus-stop, Ojodu Berger.
“However, the information gathered from LASTMA and NPF Officials at the scene revealed that an unidentified truck lost control and rammed into students returning from School. “The incident led to severe injuries to some victims, others were discovered dead.
“This unfortunate incident provoked some bystanders into taking laws into their hands by attempting to lynch NPF, LASTMA officials and other first responders at the scene, destroying vehicles and other properties.
“The number of fatalities and casualties could not be ascertained as at the time of reporting. “The attack by the miscreants led the Emergency Team to head back to base as the scene was insecure and unsafe for rescue and recovery operations.”
Also, spokesperson for the police command in the state, Adekunle Ajisebutu, said, “Students, in reaction, attacked the Ojodu Police Station wanting to carry out jungle justice on the arrested suspect (driver). In the process, the rampaging students destroyed some vehicles parked at the Police Station.
“The violent students and hoodlums who joined them were dispersed professionally. However, normalcy has been restored. Investigation into the fatal motor/pedestrians accident has since commenced.”
Meanwhile, the Federal Road Safety Corps has said that its officers were not involved in the cause of the crash, saying that its officers were only called upon by passersby to help intervene after the crash had happened.
Punch
Palpable fear enveloped Adehun Area of Ado-Ekiti on Tuesday as some irate youths set ablaze the residence of a Pastor of Redeemed Christian Church of God (RCCG) over a missing seven-year-old girl.
It was gathered that trouble started when the lifeless body of a girl simply identified as Demilade was found in the pastor’s residence in Adehun area of Ado-Ekiti, in the early hours of Tuesday. Multiple sources told newsmen that the seven-year-old girl who was sent on an errand by her parent was waylaid and murdered in cold blood by the daughter of the pastor who was said to be mentally derailed.
The sources further disclosed that Demilade had gone missing around 8 am on Monday while on an errand to buy pap for her parent and siblings to drink. The parents were said to have raised an alarm when she did not return home and could not be found, the situation which prompted some residents to conduct a search party for Demilade, which turned out to be unsuccessful.
It was learnt that after their effort proved abortive, the incident was reported at the nearby Police Station by the parents and family friends. The girl, according to sources in the area, who preferred not to be named, was found lifeless at a house in the neighbourhood. The sources said, “Yesterday morning, Demilade’s mother sent her child to buy pap around 8am and within a very short time, the girl was declared missing. She traced her to where she sent her but couldn’t find her.
“A search party was launched for the girl by her parents and some residents and she was never found before her corpse was found this morning at residence of a Redeem Christian Church Pastor in the neighbourhood. “So, it was later on, we heard the Pastor and his wife had went to the State Police Command to report his mentally derailed daughter’s act. I even heard the girl had once matcheted her father’s head”, they said.
Angered by the development, some irate youths armed with petrol and cutlasses mobilised themselves to the scene and burnt down the pastor’s house.
When contacted, the Ekiti State Police Command Spokesman, Sunday Abutu, said a suspected has been arrested in connection with the alleged murder.
Abutu stated that the arrest was effected based on the information given by the parents, saying the alleged culprit is in detention at the police headquarters in Ado Ekiti.
“The dead body of the girl had been recovered and deposited at the morgue.
“The CP had directed that the matter be investigated thoroughly. We are studying and extracting information from the suspect in our custody and we shall inform the members of the public about our findings when we are through”.
Vanguard
SYLVESTER OROMONI: IT'S AN ALLEGATION ON NAMED TEENS UNTIL POLICE CONCLUDES INVESTIGATION - LAGOS CP
.. 2 Dowen students at large, 3 in police custody
The Lagos State Commissioner of Police, Hakeem Odumosu, says that three students of Dowen College in the Lekki area of the state are currently in police custody for allegedly assaulting 12-year-old Sylvester Oromoni.
Odumosu, who spoke on Tuesday morning, also said two other students of the school fingered in the assault, are now at large, adding that those in police custody are helping the Command with information on how to track them.
The Lagos CP added that the school principal, housemasters, and other officials of the Lekki-based school are also assisting the police with information as the Command launched a full-scale probe into the circumstances culminating in the death of Oromoni on November 30, 2021.
The father of the deceased boarding student had alleged that the Junior Secondary School 2 pupil died from the injuries sustained during an assault by five of his colleagues who wanted to initiate him into cultism but the school claimed he died after sustaining an injury during a football match.
Reports of the detention of the three of the students allegedly involved in the bullying of the deceased student filtered in on Tuesday. When asked on Tuesday whether three of the students are in police custody, the Lagos CP, in a phone interview, replied, “It is true.”
He further explained, “It is still an allegation until we conduct our investigation. We just started full investigation yesterday (Monday). Two out of those mentioned in the viral video are at large while three of the students are helping us to get others.”
“I am in contact with my counterpart in Delta State. I spoke with the parents yesterday, we are perfecting everything scientifically,” Odumosu added.
Earlier, the National Association of Nigerian Students had alerted foreign missions to deny entry to the five students of Dowen College alleged to have bullied and beaten 12-year-old Oromoni to a point of coma which led to his eventual death.
Over100,000 persons have also signed a petition domiciled on the Change.org platform seeking the arrest of those fingered in the incident and their swift prosecution.
With the national outrage the case has attracted since Oromoni’s death on November 30, 2021, federal and state governments have taken a number of actions.
The Lagos State Government on Friday ordered the indefinite closure of the school and sealed it off pending the outcome of an investigation into the death of Oromoni.
Odumosu had also ordered the Homicide Section of the State Criminal Investigation Department, Panti, to take over the investigation of the case immediately.
Oromoni’s death is one of the disheartening deaths resulting from bullying and molestations in boarding secondary schools of late.
Karen-Happuch Akpagher of Premiere Academy, Lugbe, Abuja, had died of sexual molestation in June 2021 while Don Davies of Deeper Life High School, Uyo, had also narrowly escaped death in December 2020, when his mother raised the alarm of alleged sodomy of her emaciated son.
Punch
More...
Southeast Amalgamated Markets Traders Association has decried what it described as “multiple and indiscriminate charges and deductions on customers” by commercial banks.
The association complained about the bank charges in an open letter to Governor of Central Bank of Nigeria, Godwin Emefiele, made available to our correspondent in Enugu on Monday. It was signed by its President-General, Gozie Akudolu, and its Secretary-General, Alex Okwudiri.
It said, “Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same, and perform such other transactions for and as directed by the customer through various bank instruments.
“Most of the transactions, we also know, are the social responsibility of the banks. But today, the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.”
According to the association, the cashless economy policy of the CBN has been of immense benefits to its members, especially as it curtailed to the barest minimum armed robbery attacks on them.
On what it described as “indiscriminate charges and deductions especially in online transactions, it said, “When a customer makes an online transfer of funds, the transfer is charged a certain amount of money deducted from his/her account and the recipient’s account is also charged and deductions made for receiving the money.
“In addition, charges and deductions are also made for SMS, which most of the time were not received. Finally, at intervals, charges and deductions will be made on the same account as service charge.”
The association said its members had individually approached the banks to complain but without success.
It, therefore, appealed to the CBN governor to prevail on the banks to stop “the indiscriminate charges and deductions and, if possible, refund all the deductions”.
Punch
Despite the surge in profits of cement manufacturers in the country, the end price of the commodity has continued an upward surge in the last 18 months. This is in spite of assurances by the manufactures that they are increasing production.
Consequently, the rising price of cement is causing a sharp increase in the cost of building development.
Nigerian cement market is dominated by three players –Dangote Cement, Lafarge Africa Plc and BUA Cement.
Investigation reveals that the price of a 50kg bag of cement initially rose from N2,500 to N3,600 around November 2020.
Currently, there is a huge difference in the ex-factory price of cement and the retail market price.
A wholesale dealer in various kinds of Cements at Okera in Ajah Axis of Lagos state, Adeleke Oluwafemi, said a bag of Dangote Cement was sold for N3,400 from the company while wholesalers sold same for N3,600 within January and April 2021.
The price however shot up later in the year currently selling at the rate of N4,000 while the retailers sell it between N4,200 and N4,300.
Oluwafemi said BUA Cement was sold for N3,600 in the early months of the year but is now sold N4,100 per bag.
He added that Lafarge Cement, which was sold for N3,000 before July is now sold for N4,100.
Another retailer from Gbara Market in Lekki, Sadik Hassan Olugbade, said a bag of Dangote and Lafarge Cement, which was sold for N3,700 each earlier in the year, is now sold for between N4,100 and N4,300.
In the Federal Capital Territory, survey by our reporter shows that a bag of Dangote Cement is sold between N3,800 and N3,900, depending on the location.
Market survey conducted in Bwari, AMAC, Kwali, Kuje and Gwagwalada also shows that BUA Cement is slightly higher as it is sold for between N3,900 and N4,000.
Larfage is sold between N3800 and N3900 depending on the location.
One of the cement dealers, who spoke with our correspondent, attributed the high cost of the products to landing costs, adding that there is no guarantee that the price will not go higher any moment from now if urgent action is not taken by the relevant stakeholders
In Kano, Dangote sold for N4,500, BUA N4,700 and Lafarge cost N4,450 for 50kg.
Some of the retailers who spoke to our correspondent said there has been scarcity of the products in the last few days.
They said they suspect that there is a plan to further increase the price and as such the major dealers may be hoarding the products.
In Maiduguri, the Borno State capital, Dangote sold for N4,500 and Lafarge N4,100. BUA, which has not supplied the product in the last two weeks, last sold for N3,500 per bag.
Senate wants more Cement licences
Worried about the high price of cement, the Senate had in April called on the federal government to provide more industrial incentives for new entrants into the cement business to break the oligopolistic nature of the industry, boost production of cement and consequently result in lower prices.
Senate noted that the rising price of cement is impeding the ability of the government to provide the needed infrastructure to promote growth.
Last month, Katsina billionaire, Dahiru Mangal, inked a $600m agreement with a Chinese firm, Sinoma, to establish a cement factory in Moba, Kogi State.
Cement coys make huge profit
The trio of Dangote Cement, BUA Cement and Lafarge Cement reported a combined N469 billion profit-before-tax for the third quarter of 2021.
Dangote cement topped the gainers with at N331.6 billion, BUA at N74.1 billion and Lafarge at N63.6 billion for the nine months period.
According to the trio’s nine-month performance, they were able to increase their revenue by 30.10% from N1.1 trillion generated in the nine months of 2020 to currently stand at N1.4 trillion.
As of 2020, Dangote Cement in its Nigerian operations reported an 18.0% year-on-year increase in revenue driven mainly by volume growth (+12.9% y/y) and minimal price growth (ex-factory price; +4.5% y/y).
Similarly, in its financial performance for the year ended December 31, 2019, Dangote Cement declared a group profit after tax (PAT) of N200 billion while in 2018, the PAT was N390 billion.
Similarly, BUA Cement Plc, Nigeria’s second-largest cement company recorded increased Profit After Tax, PAT by 19.4 per cent to N72.3 billion for the financial year ended December 31, 2020 as against N60.6bn in the corresponding period of 2019.
The company’s profits also recorded N39.17 billion in 2018.
Within the period under review, Lafarge Africa also declared a 98.8% year-on-year growth in profit to N30.8 billion for the financial year of 2020, when compared to the N15.5 billion reported in 2019. It however made a loss of N1.5bn in 2018.
Manufacturers blame low production for price surge
Chairman of the BUA Group, Abdulsamad Rabiu, had, in an interaction with journalists earlier in the year blamed “Simple economics of supply and demand,” for the rising price of cement in the country.
He said Nigeria was not producing enough cement commensurate with its population and the product’s demand.
“Look at the numbers: Nigeria is over 200 million people today in terms of population. If you look at the production of cement, last year, we were under 30 million metric tonnes.
“Nigeria’s 200 million people make it about 130 kilograms per head. If you check, you will see that most countries in Africa are doing between 170 kilogrammes to 200 kilogrammes per head.
“So, Nigeria is actually producing less than other countries in Africa, apart from maybe Niger Republic. So, that means that we do not have enough capacity.”
On its part, the management of Dangote Cement Plc recently said though the company had direct control over its ex-factory prices, it, however, could not influence the pricing of the product when it gets to the market.
Dangote’s Group Executive Director, Strategy, Portfolio Development & Capital Projects, Devakumar Edwin said the company had suspended exporting its product to ensure it meet local demand.
“We also had to reactivate our 4.5 million tonne capacity Gboko Plant, which was shut four years ago, and run it at a higher cost all in a bid to meet demand and keep the price of cement within control in the country.”
Daily Trust
The United Kingdom has released a new update on the processing of visa applications for countries on its red list.
On Sunday, the British High Commission announced that it will “pause making decisions” on visitor visa applications from all red list countries, including Nigeria.
The development came after the UK put Nigeria on its travel red list as a result of Covid Omicron cases linked to Nigeria.
The ban, which took effect on Monday, means only UK residents or citizens can enter the country from Nigeria.
According to the new update released on Monday, the UK said visa applications in other categories such as for persons who wish to study, work or live permanently, will continue to be processed.
“To support the UK Government’s aim to protect public health from Covid-19 and associated variants of concern (VOC), UK Visas & Immigration (UKVI) have paused making decisions on visitor visa applications in all red list countries until travel restrictions are lifted,” the statement reads.
“Applications in other categories (student/work/live permanently in the UK) will continue to be processed.
“If you have been in a red list country in the 10 days before you arrive in England, once you arrive you must quarantine for 10 full days in a managed quarantine hotel (the day you arrive in England is day 0).”
The UK also said anyone who wishes to get their passport back after they had made a visitor visa application before the travel restriction should contact the Visa Application Centre (VAC).
“If you had already made a visit visa application before the travel restrictions in Nigeria started and wish to get your passport back whilst your visit visa application is paused, you can contact the VAC where you submitted your application and request return of your passport,” the statement reads.
“Once you have contacted the VAC to request the return of your passport, you will need to either collect in person for free at the VAC or request a courier service for your passport to be returned to you.
“If you have yet to apply for a visit visa from a red list country and decide to go ahead with your application, when you attend your Visa Application Centre (VAC) appointment you can either: submit your passport with your application or pay the ‘keep my passport’ fee to retain your passport whilst the pause is in place.
“If you decide to submit your passport when making your application and later require it back, you will need to pay the ‘keep my passport’ fee and either collect in person at the VAC or pay for a courier service for your passport to be returned to you.”
The Cable
Lauretta Fagbohun
The 75 victorious Obas popularly known as G75 Obas in Ogun state have lauded Governor Dapo Aboidun of Ogun state for giving the Judiciary the free hands to treat and adjudicate on their matter based on merit, thereby, overturning their demotion earlier done by the Ogun State Government.
The 75 Obas, who spoke with Pressmen through its Secretary, Oba Tanimowo Folarin, Olu of Ipebi, Ijebu-Mushin, pledged their loyalty to Governor Dapo Abiodun-led Administration in the state.
It will be recalled that the Ogun State High Court last week overturned the State Government's decision to demote the aggrieved 75 Baales that were promoted in 2019 by the immediate Administration of former Governor Ibikunle Amosun to Coronet Obas which promoted the concerned Obas to seek legal redress in Court.
While speaking with journalists in Abeokuta recently, the Secretary of the 75 Coronet Obas, Folarin, Olu of Ipebi, Ijebu-Mushin said, "We want to pledge our loyalty and our support to the administration of Dapo Abiodun, we want to tell His Excellency to be aware that we are prepared to work with him and his administration".
"We, Traditional Rulers of various domains in Ogun state, we recognize His Excellency as our Number one and no other person.
"We G75 obas of ogun state has been loyal and also been working with his excellency for a better Ogun state.
"We've been playing a good role in terms of administrating our various domains, pledging loyalty is just to re-assure his Excellency that what we have been doing, we would continue to do more.
"Regarding the judgment,We are not fighting the government, we just feel normal things should be done since the court has pronounced. We are happy and i know our Government too would be happy, his Excellency believes the right thing should be done and that is what we are also doing.
"We have been on this issue for over two years and we have been living our life and we have a government that respects the law.We don't envisage anything negative.
"We are giving the government full assurance that we are here for them and also we would communicate to the government through writing which we have been doing over the years.
The G75 obas also commended the government of Dapo Abiodun especially on the completion of the projects he met on ground saying "there are many projects that have not been completed and Prince Dapo Abiodun has completed some and is still working on them"
The secretary of G75 said " I have never meet Ex Governor Ibikunle Amosun, I have no relationship with him but I know he is one of the senators in Ogun State and I have been installed as baale over 10 years.