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Bakers announce new price hikes for bread

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Nigerian consumers of bread will in the coming days pay more for bread as bakers in some states have announced price hikes to cover the high cost of ingredients.

Kogi Master Bakers said on Sunday they were resuming production after weeks of strike, but will increase prices of their products.

The association had on Wednesday joined the nationwide strike declared by its national body to demand government intervention regarding prices of materials used in bread production.

“Although the Federal Government is yet to respond to our pleas and demands, we are satisfied that we have at least sent a message hoping for a positive result,” Gabriel Bamidele-Adeniyi, Chairman, Association of Master Bakers and Caterers of Nigeria, Kogi Chapter, said.

“Unfortunately, as we resume production, July 25, prices of bread will definitely increase by 20 per cent.

“A bread of N200 will cost between N240 and N250, that of N500 will cost N600, that of N600; N750, that of N700 will cost N880 and that of N800; between N980 and N1, 000 respectively

“We want the public to know that the new increment in prices of stable bread is not our making but that of the increase in the prices of commodities we use in bread production.

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“We want the government to see to it that prices of yeast, sugar and flour being imported are drastically reduced so that only three companies have the licence to import them.

“Unfortunately those three firms are monopolizing the prices of sugar, yeast and flour to the detriment of bakers in Nigeria,” he lamented.

Bamidele-Adeniyi appealed to the government to ensure that the sugar company in Bashuta commenced production and equally open the opportunity for members to obtain the licence to import and obtain loans for better bread production.

Bakers in Abuja said last week they had decided not to take part in the strike as they preferred to engage with the government to find solutions. They warned that they would suspend production, however, if that failed.

In Cross River, bakers said they were increasing prices and reducing production quantities amid high cost of ingredients and production.

This was disclosed by a leader of the state Master Bakers group, Thomas Odey, in an interview with NAN on Monday.

Odey said the Cross River master bakers did not join the national body in their two weeks’ withdrawal of service but resolved to increase price and reduce the quantity of production to prevent wastage.

The Director of Canaan Delight Bakery Nigeria Limited said that a withdrawal of service was not good for the system as a lot of average Nigerians would suffer because bread was a staple commodity in the country.

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“The planned increment is not even enough, this is because the price of every means of production has increased from condiments to diesel and all other raw materials.

“This is a global issue that is not peculiar to Nigeria or materials for baking alone but the price of every foodstuff has increased significantly.

“In my contacts with big flour mills in the country, they will tell you the Russia/Ukraine crisis, exchange rate and the issue of sourcing foreign currency are posing major challenges and increasing the price of wheat flour,” he said.

Speaking further, Odey noted that the use of cassava and potato flour was an option but the challenge was that the specific species of cassava needed for good flour production was not sufficient in Nigeria.

He said the normal cassava that was common in Nigeria was bitter when used to produce flour while potato cultivation was still largely at subsistence level, making production insufficient in the country.

“In my training with Flour Mill, I discovered that they mixed cassava flour with wheat to get what they used but the kind of cassava they used was a specie we need to develop in large quantities.

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“Potato flour is also good and can be combined with wheat flour but the challenge is that it is not enough in the country for industrial purposes and is a seasonal crop.

“Nigeria needs to channel its resources and mindset to developing agriculture and stop paying lip service because if we continue to depend on the importation of foreign raw materials to salvage our few industries, it will never help us,” he asserted.

Last week, residents of Enugu decried the four-day warning strike embarked upon by bread bakers, as the current price of the commodity had become unaffordable.

Some of the residents, who spoke to NAN in Enugu on Sunday, said the warning strike had affected many bread consumers because it ended up making the price of the commodity to further increase.

Some bread sellers said there had been an increase in price of bread by 30 per cent following the strike by the Bakers Association of Nigeria.

A bread seller, Samson Igwe, said that the price would further increase across the state after the warning strike due to the high cost of raw materials used for baking bread.

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Banks to charge 7.5 VAT for mobile transfer, PoS transaction fees

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Banks are set to commence the deduction of 7.5 percent value-added tax (VAT) on banking services, including point of sale (POS) transaction fees, mobile banking transfer fees, from January 19. 

In an email to customers, Moniepoint Microfinance Bank said the charge stems from a government-endorsed regulatory change.

According to reports, the VAT is charged on the N50 stamp duty and does not affect the actual amount being transferred or withdrawn.

The proceeds of the charge will be remitted to the Nigerian Revenue Service (NRS).

“We would like to inform you of an upcoming government-endorsed regulatory change regarding Value Added Tax (VAT),” Moniepoint said.

“From Monday, 19 January 2026, we are required to collect a 7.5% VAT, to be remitted to the Nigerian Revenue Service (NRS) (formerly known as the Federal Inland Revenue Service).

“VAT will apply to certain banking services that include: electronic banking charges such as POS transaction fees, mobile banking fees (transfers), USSD transaction fees, POS activation fee, card issuance fee and Moniebook subscription.”

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According to the bank, the charge also applies to other fees, such as loan processing and documentation fees.

“Services that DO NOT attract VAT include: interest on loans and advances, and interest on deposits and savings,” Moniepoint said.

“Please note: This is not a price increase by Moniepoint. Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service (NRS).

“The NRS has communicated a deadline of 19th January for all financial institutions (commercial banks, microfinance banks and electronic money transfer operators) to start collecting and remitting VAT.”

The bank clarified that VAT applies only to banking or service fees and not to interest, adding that the charge will be listed separately on transaction reports and statements.

The new tax laws retain the VAT rate at 7.5 percent.

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Wema Bank Launches Upgraded Version of ALAT Banking App

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…introduces Voice Banking, Tap and Pay and Uptime Prediction

Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has launched the upgraded version of its flagship digital banking platform, ALAT by Wema. Designed as the next phase in digital banking, the upgraded version of ALAT delivers a smarter, faster, and more intuitive experience, reinforcing Wema Bank’s leadership in technology-driven financial services.

 

Tagged ALAT: The Evolution, the upgraded version represents a significant advancement in how customers interact with their bank.

 

It enables seamless banking through intelligent features such as voice banking (called SAW), which allows customers to carry out banking activities using natural voice commands, reducing friction and improving accessibility. It also introduces Tap and Pay for quick, secure, and convenient contactless transactions, alongside uptime prediction that enhances transparency, reliability, and confidence around service availability.

 

Together, these innovations are designed to simplify everyday banking while anticipating customer needs in real time, reinforcing Wema Bank’s commitment to trust, efficiency, and customer-centric digital experiences.

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Announcing the upgraded version, the Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said, “ALAT: The Evolution is more than an upgrade. It is a clear demonstration of our commitment to redefining digital banking in Africa.

” By understanding the future of banking and listening closely to our customers, we have upgraded ALAT by Wema to a digital banking platform that is smart, intelligent and dependable.

“This evolution reinforces our promise to deliver innovation that genuinely enhances how people live, work, and transact everyday.”

 

He added that migrating to the upgraded app is seamless. “Existing customers can simply visit the Google Play Store or Apple App Store to update their existing ALAT app and sign-in with their existing login details (All their account information and transaction history remain intact on their profile and they will also gain access to new features that make banking faster, more intuitive, and more reliable).

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For new customers, all they have to do is visit the Google Play Store or Apple App Store to download ALAT by Wema app and click the Get Started icon to onboard seamlessly.

 

Speaking on the technology in the upgraded ALAT by Wema, Mr. Olusegun Adeniyi, Chief Digital Officer at Wema Bank, explained, “With ALAT: The Evolution, we set out to enhance not just functionality but the overall banking experience. By integrating voice banking, contactless payments, and predictive reliability, we are delivering a platform that is built on powerful technology and responds intelligently to customer needs. This upgrade reflects our long-term digital vision to create a digital bank that is adaptive, intuitive, and consistently available.”

 

Built on speed, intelligence, and user-centric design, ALAT: The Evolution redefines everyday banking through intuitive features such as voice-enabled transactions, contactless payments, and predictive service reliability. Designed to anticipate customer needs in real time, the platform delivers a smarter, more seamless, and dependable digital banking experience that reflects Wema Bank’s vision for the future of finance.

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With the upgraded version of ALAT, Wema Bank continues to strengthen its position as a digital-first institution, delivering innovative solutions that empower individuals and businesses to bank with confidence in an increasingly digital economy.

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Energy Tycoon, Wale Tinubu hails Otedola, Elumelu on mega deals

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Billionaire energy tycoon, Jubril Adewle Tinubu has hailed two of Nigeria’s influential investors —Femi Otedola and Tony Elumelu —for wrapping up the year 2025 and ringed in 2026 with two landmark deals.

 

In a post Thursday on his various social handles, Tinubu spotlights Otedola’s ‘investor foresightedness’ and Elumelu’s deliberate ‘bet on African capability’ as inspiring moves in the energy sector that will spur others into a roaring start.

 

The Oando Plc Group Chief Executive wrote: “Reflecting on the first week of work in 2026, Femi Otedola and Tony O. Elumelu have given us a roaring start already. With the Geregu exit, Femi turned an investment in power into a landmark deal, while simultaneously deepening his position in banking. This speaks to deft positioning.

 

“Femi, you backed investor foresight with conviction and knew exactly when to act decisively. The mark of an exceptional investor is not simply in making an investment. The mastery lies in knowing when to exit. This, I must admit, was executed in spectacular fashion.

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“For Tony, stepping into Seplat as a major shareholder is a long, deliberate bet on African capability; on ownership; on governance and on the belief that our energy future should increasingly be shaped by those who live and build at home. These are exceptional deals that set the tone not just for the year ahead, but for how value is truly created,” Tinubu concluded.

 

Industry stakeholders have equally described the two billionaires’ late 2025 megadeals as a fast changing pecking order in the volatile energy sector.

 

Otedola had reportedly cashed out when he ceded control of his high-yielding Geregu Power Plc through a change at the holding company level.

 

The billionaire businessman has divested his 77 per cent controlling stake in the company in a landmark $750m transaction.

 

In a notice filed with the Nigerian Exchange, NGX, Otedola exited Geregu as majority shareholder with MA’AM Energy Ltd acquired 95% of his Amperion Power Distribution Co., changing the ultimate beneficial ownership of 77% of Geregu’s issued share capital.

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Geregu is among the NGX’s most watched electricity stocks, helped by steady earnings in a market hit by gas constraints and payment shortfalls.

 

Otedola, it is learnt, intends to redeploy the capital into financial sector investments. The Epe-born investor is the Chairman of First HoldCo Plc, a financial holding company he owns more than 18 percent of its stake.

 

Elumelu, the banking tycoon, also through his Heirs Group, created a sensation at the twilight of 2025 when he bought Maurel & Prom entire 20.07% stake —about 120.4 million shares— in Seplat Plc, in a deal valued at roughly $500 million.

 

Seplat’s rise has been fueled by a $1.28 billion purchase of ExxonMobil’s onshore business, completed last year, which added oil blocks, fields and export infrastructure.

 

On his part, Tinubu has also emerged one of the few titans who command a great deal of reverence in Nigeria’s vast and ever-evolving energy landscape. He has led his Oando Plc into a status of one of Nigeria’s best known indigenous energy names, listed in Lagos and Johannesburg, with upstream interests and trading and logistics operations.

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