Business
BREAKING:BUA To Adjust Cement’s Price, Following Minister’s Import Threats

By Ocheneyi Alli
The Chairman of BUA Group, Abdul-Samad Rabiu, has revealed that BUA Cement has concluded plans to reduce the cost of its cement across the country as part of efforts to support the federal government’s economic plans.
This development follows a plan by the Minister of Works, Senator David Umahi, to dialogue with cement manufacturers over reducing the prices of their products.
The Minister, had a week ago, said that contractors have complained over the high cost of cement in the country and made claims that importing the product would be cheaper.
“I’m going to be running figures with them – cement manufacturers, to check the cost of cement if we import it, and the cost they are giving us here,” said Umahi.
In response to the threat of a possible import policy , Rabiu said that his company would reduce the ex-factory price of BUA Cement.
” The idea of increasing production capacity is to see how we can be able drop prices on our part to support the government’s efforts because importation will not be the best solution,” he said at the 7th Annual General Meeting of Bua Cement which was held in Abuja, yesterday.
So if the government threatens to start importing cement, it will even cost them more because the forex is now high and when you bring it through the ports, you must pay taxes, trucking and other levies which will add to the price,
He said that the company intends to achieve its target by improving the production capacity of its cement-producing plants.
“By the end of the year, we intend to have two more production lines on stream which will boost our production capacity by at least 40 per cent to 70 million tons.
“The average price of cement in Nigeria is N4,500 which translates into N90,000 per ton or $100.
So if the government threatens to start importing cement, it will even cost them more because the forex is now high and when you bring it through the ports, you must pay taxes, trucking and other levies which will add to the price,” he noted.
Business
BREAKING: Dangote refinery Reduces petrol price from N880 to N840 per litre

….New rate takes effect from June 30.
The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre.
Anthony Chiejina, the Spokesman for the Dangote Group, confirmed the price adjustment on Monday night.
Chiejina said the new rate took effect on June 30.
He said, “PMS price has been reduced from N880 to N840 per litre effective 30th June,.
Recall that Dangote refinery hiked the price of petrol to N880 as tension escalated during the 12-day crisis between Israel and Iran, raising the price of crude oil to almost $80 per barrel.
Also, marketers anticipated that there would be a new price regime from Monday.
Dangote’s partners like MRS, Heyden and AP are expected to adjust their pump prices soon.
Business
FG Suspends Implementation of Financial Reporting Council (Amendment) Act 2023
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the decision in a release on Monday.

• Minister of Industry, Trade and Investment, Dr Jumoke Oduwole
The Federal Government has suspended the implementation of contentious provisions in the Financial Reporting Council (Amendment) Act 2023 following concerns raised by private sector stakeholders.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the decision in a release on Monday.
She said that it followed a series of high-level consultations with key industry groups.
These include the Nigeria Employers’ Consultative Association (NECA), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Oil Producers Trade Section (OPTS).
At the heart of the concerns is the reclassification of large private companies as Public Interest Entities, requiring them to remit annual dues between 0.02 and 0.05 percent of turnover without a ceiling.
This is in contrast to the ₦25 million cap placed on publicly listed companies regardless of their size.
Stakeholders warned that the provision could increase compliance costs and hurt investor confidence.
But the minister said the policy was part of President Bola Ahmed Tinubu’s pro-business posture under the 8-Point Agenda and has responded with practical measures.
She explained that a stakeholder consultation was held on March 26, 2025, leading to an administrative pause and the formation of a Technical Working Group.
The group, she noted, comprised representatives from NECA, MAN, ALTON, NACCIMA, CAC, SEC, and others and held six meetings over three weeks that culminated in the submission of a comprehensive report on April 17, 2025.
“To provide immediate relief, the Ministry has now directed the Financial Reporting Council to impose an interim cap of ₦25 million on annual dues for private sector PIEs, aligning them with the publicly quoted companies.
Business
Dangote Refinery to plough back N1.7trn into economy
From August 15, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers.

The Dangote Petroleum Refinery has earmarked to plough back N1.7 trillion gross annual savings from domestic fuel distributions into the economy.
In a statement, the company said that the daily distributions of 65 million litres of petrol, diesel and Jet AI and CNG nationwide would bolster the government’s presidential CNG initiative, and every key actors in the distributions value chains.
In a breakdown of the refinery’s benefits to all Nigerians, it emphasized that the familiar narrative of perennial fuel scarcity and adulterated fuel imports by marketers is being replaced by ” no more fuel scarcity, and consistent supply of high quality petroleum products from the refinery.
It added that the refinery’s operations will likely cut down the nation’s inflation from the current 33 percent to 23 percent, while pushing the GDP growth rate from 2 percent to 3.4 percent.
Regarding the over N720 billion it was investing on deploying 4,000 Compressed Natural Gas-powered trucks for the nationwide distribution of petroleum products, the company said that it will significantly benefit over 42 million Micro, Small and Medium Enterprises (MSMEs) by reducing energy costs and enhancing profitability.
The initiative, which eliminates transportation costs for fuel marketers and large-scale consumers, is expected to help reduce pump prices and inflation.
From August 15, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers, the company said.
According to the statement from the refinery, it aims to meet Nigeria’s daily consumption of 65 million litres of refined petroleum products.
This includes 45 million litres of Premium Motor Spirit (PMS) or petrol, 15 million litres of diesel, and 5 million litres of aviation fuel.
The initiative is also expected to resuscitate dormant filling stations, fostering job creation in the process.
Over 15,000 direct jobs are projected to be created across the logistics chain, including drivers, station managers, and attendants at the CNG stations.
-
News3 days ago
Breaking- Aminu Dantata is Dead
-
News2 days ago
Aba Tricycle Driver Returns ₦4 Million to Passenger, Earns Praise for Honesty
-
Entertainment2 days ago
Nigerian film maker, Kayode Peters dies in Canada
-
News2 days ago
Fubara and Wike Spotted Together in Rivers State After Peace Talks
-
Entertainment2 days ago
‘I think marriage is not for me’ – Frank Edoho announces second divorce
-
News1 day ago
NDLEA nabs drugs trafficking Ex-footballer
-
Business2 days ago
George Elombi is Afreximbank’s new president
-
News2 days ago
Kogi Govt Hails James Faleke ‘s Commitment to Security