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BUA chairman Rabiu vows to crash rice prices, says ‘hoarders will lose money’

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Abdul Samad Rabiu, chairman of BUA, says his company will crash the price of rice, warning that those hoarding the commodity will lose money.

Rabiu spoke to journalists after a meeting with President Bola Tinubu on Thursday at the presidential villa, Abuja.

 

He said Tinubu’s duty waiver policy on essential food imports, introduced last year, helped bring down prices.

 

“Food prices are coming down in Nigeria and we’re doing quite a lot to support that effort,” the industrialist said.

 

“You will recall that His Excellency granted duty waiver last year for certain food items like brown rice, maize, wheat and sorghum to be imported into the country.”

 

“At the time, food prices were very high; the price of rice last year was about N100,000 per 50 kilogramme (kg) bag, and the price of wheat or flour was about N80,000 per bag, maize was about N60,000 per 50 kg bag and pasta about N20,000 per carton.”

 

Rabiu said hoarders used to buy up commodities like paddy rice during harvest season and hold them for months to force up prices, but waiver policy frustrated those hoarding food, leaving them with unsold stock.

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“The moment the season finishes, then the price will double. That has always been the problem. And that does not really affect the farmer in any way because the farmer is getting his N400,000 to N500,000 per tonne of paddy. But the people that are buying and hoarding for three to four months, once the season finishes, it goes back up to N800,000,” the chairman said.

 

“A lot of those hoarders are actually crying now and losing money. It is important to protect our farmers, but at the same time, we also have 250 million Nigerians that are paying a lot more than what they should be paying, because of what few companies or individuals are doing” he said.

 

‘BUA HAS IMPORTED ENOUGH RICE TILL YEAR-END’
Rabiu said the Rice Millers Association banned hoarding, and BUA Foods, having imported enough rice till year-end, would crash prices for anyone attempting to hoard or hike prices.

 

“So, I am hopeful that at the end of the day, the price of rice, going forward, will not go any higher than what it is today. 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, they will lose money,” he said.

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The billionaire expressed excitement that food prices are decreasing, noting the public’s previous outcry when prices were high, and vowed that prices would continue to fall.

 

‘NAIRA DEVALUATION CAUSE OF HIGH CEMENT PRICE’

Meanwhile, Rabiu attributed the high cost of cement to naira devaluation, noting that the price in dollars is competitive globally.

 

“One dollar is N1,600. Cement price today, even if you take it at N9,000 per bag, or 20 bags, which is one tonne, we are looking at N180,000 per tonne,” he said.

 

“N180,000 is $110, maybe $120 per tonne. There’s nowhere in Africa, or anywhere, that you can get the price of cement much lower than 120 dollars. So, the issue is devaluation of the naira.

 

“The devaluation happened two years ago, and it was necessary, we needed to do that. And the price of cement at N9,000 is not high, because it’s about $110, $120. Well, N10,000 may be the retail price.

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“We are paying at one of my factories, the Obu plant, N15 billion every month for the gas that we consume. Two, three years ago, we were paying N5 billion. So, it’s like three times. Our spares, our experts, mining costs and all of that, are paid in dollars.

 

“What we have done, though, because I raised that with Mr President, is that we have decided; Alhaji Aliko Dangote of Dangote Cement approached me and I concurred with him, that we should do everything to support Mr President’s Renewed Hope agenda.

 

“And we have decided that we are going to freeze the price of cement to anybody that is involved, or for any contractor that is involved with the Renewed Hope projects. What it means is that any company or anybody that is doing a project under the Renewed Hope, the price of cement will be frozen. There will be no increase for the foreseeable future.”

 

Rabiu said a letter will be submitted to the ministry next week to that effect, commending Dave Umahi, minister of works’, initiative to build durable and cost-effective concrete roads.

 

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Ex- Ondo Dep Gov Agboola urges preservation of Ese-Odo political power rotation arrangement

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Former Deputy Governor of Ondo State, Ajayi Agboola Alfred, has called on political leaders and stakeholders in Ese Odo Local Government to uphold the longstanding political power rotation arrangement between the Apoi and Arogbo communities, describing it as a vital foundation for peace, unity, and political stability in the area.

In a statement released amid growing political realignments ahead of the next political season, the former deputy governor emphasized that the existing arrangement, which has been in place since 1999, was established to ensure fairness, mutual trust, and peaceful coexistence among the people of Ese-Odo Local Government.

According to him, the rotational understanding has over the years helped to prevent political tension and promote inclusiveness across the two blocs. He noted that the arrangement has remained respected by political actors and leaders across party lines and should not be altered for personal or selfish interests.

Agboola, who stated that he was among the leaders involved in initiating the agreement, recalled how political stakeholders in the past resisted attempts to disrupt the arrangement, particularly during the period when late Dr. Francis Ajih served as Chairman of Ese-Odo Local Government Council.

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He explained that despite efforts by some political interests at the time to alter the zoning structure, leaders and residents across party affiliations stood firmly in support of maintaining the agreed political balance, leading to the emergence of Late Hon. Earnest Anifowose from Apoi as a member of the Ondo State House of Assembly.

The former deputy governor warned against any move capable of creating division or mistrust between the Apoi and Arogbo communities, stressing that the House of Assembly seat should, according to the established understanding, remain the turn of Arogbo to produce the next representative.

He also appealed to political figures, including Hon. Toyin Allen, not to allow themselves to be drawn into actions that could threaten the existing harmony within the local government.

While reaffirming his commitment to protecting the arrangement alongside other leaders, Agboola urged all political stakeholders in Ese-Odo to place peace, unity, and collective interest above personal ambition.

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He further cautioned that any attempt to undermine the established political understanding could trigger avoidable tension and disrupt the longstanding brotherhood between both communities.

The former deputy governor concluded by calling on politicians and community leaders to continue to play politics with fairness, respect for agreements, and commitment to peaceful coexistence for the progress and stability of Ese-Odo Local Government and future generations.

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Army recovers suspected remains of soldier couple killed by IPOB/ESN

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The Nigerian Army says it has located the suspected remains of two soldiers who were “brutally abducted and murdered” by suspected members of the proscribed Indigenous People of Biafra and the Eastern Security Network in May 2022 while en route to their traditional wedding.

According to the army, the remains of the couple, identified as Master Warrant Officer Linus Musa Audu and Private Gloria Mathew, were discovered when its troops dismantled a notorious camp belonging to the IPOB and the ESN in Imo State.

“The Nigerian Army has recorded another significant operational success in its sustained efforts to rid the South East of criminal elements, as troops of 82 Division, in conjunction with sister services and other security agencies, successfully dismantled a notorious camp belonging to the proscribed Indigenous People of Biafra (IPOB) and its armed affiliate, the Eastern Security Network (ESN), in Imo State.

“Acting on intelligence information, the operation, conducted on 24 April 2026 along the Ubaha Orsu axis of Orsu Local Government Area, was part of a deliberate clearance and search mission aimed at dismantling IPOB/ESN hideout within the region and locating the remains of two personnel of the Nigerian Army, Master Warrant Officer Linus Musa Audu and Private Gloria Mathew, who were brutally abducted and murdered by IPOB/ESN terrorists in May 2022 while en route for their traditional wedding,” the army said in a statement on its X handle.

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The army explained that the troops, acting on credible intelligence, advanced towards a suspected IPOB/ESN hideout when they came under heavy attack by armed criminals.

It, however, said that the troops demonstrated resilience and decisively engaged the terrorists, successfully repelling multiple ambushes and forcing the criminals to flee in disarray.

“The encounter further exposed the desperation and criminal nature of the group, which continues to target innocent citizens and security personnel alike.

“Following the successful clearance of the camp, troops conducted a thorough search of the area and made a grim but important discovery: shallow graves suspected to contain the remains of the slain personnel. The graves were carefully excavated and suspected remains were recovered,” it stated.

The military authorities further disclosed that the recovered remains had since been secured for detailed forensic analysis, including DNA testing, to conclusively establish their identities.

It also said that efforts were also ongoing to liaise with the families of the fallen soldiers to ensure proper identification and facilitate befitting burial arrangements in honour of their sacrifice.

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The army further noted that the operation not only underscored its unwavering commitment to ensuring justice for fallen heroes but also highlighted the continued degradation of IPOB/ESN criminal networks and infrastructure across the South East.

“The discovery of shallow graves within their camp further exposes the group’s heinous atrocities and disregard for human life.

“The Nigerian Army reassures the general public that ongoing operations will continue until all criminal elements are neutralised and lasting peace is restored across the region. We appreciate the Law-abiding citizens for the information and urge you to remain vigilant and continue to support security agencies with timely and credible information.

“The Nigerian Army remains resolute, professional, and committed to defending the sovereignty and territorial integrity of Nigeria,” the statement added.

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Good morning! Nigerian Newspapers Headlines: Kidnap terror: 30 Kwara kings flee palaces

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1. No fewer than 30 traditional rulers across the southern area of Kwara State have fled their palaces following a sustained wave of kidnappings, killings and violent attacks, Saturday PUNCH has learnt.

Our correspondents gathered from two credible community leaders that the affected monarchs were seeking refuge in urban centres, including Ilorin, Osogbo, Offa, and Lagos.

2. The Emir of Kano, Muhammadu Sanusi II, on Friday raised concerns over the Federal Government’s continued reliance on borrowing despite the removal of petrol subsidy. Speaking during an interview on TV, the former governor of the Central Bank of Nigeria (CBN) warned that weak fiscal discipline could undermine the gains expected from recent economic reforms.

3. President Bola Tinubu on Friday administered the oath of office to Dr Muttaqha Rabe Darma from Katsina State as the new minister of housing and urban development, following his Senate clearance. President Tinubu, at the short ceremony at the State House, congratulated Dr Darma for coming on board at this “very challenging time of national development.

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4. Taiwo Oyedele has officially taken over as Minister of Finance and Coordinating Minister of the Economy following the completion of the handover process by his predecessor, Wale Edun. According to a statement issued on Friday by the Head of Information and Public Relations Unit, Efe Ovuakporie, the handover took place on Thursday, April 23, 2026, in line with a directive from President Bola Ahmed Tinubu.

5. Gunmen have reportedly killed five people, including a traditional ruler, his wife, son and two other residents in Olegabulu community of Agatu Local Government Area of Benue State. Residents said the attack occurred on Thursday night when the assailants, who arrived on two motorcycles, stormed the monarch’s residence and opened fire on him and his family members.

6. A former chairman of the defunct Skye Bank Plc, Tunde Ayeni, has been arrested by the Economic and Financial Crimes Commission over alleged money laundering, misappropriation and diversion of funds amounting to N36.54bn and $30m. It was gathered that Ayeni, who was arrested in Abuja on Thursday, is currently being detained at the commission’s facility.

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7. The Minister of Power, Adebayo Adelabu, resigned from President Bola Tinubu’s cabinet against the wishes of the President who had dissuaded him from quitting, Saturday PUNCH has learnt. Insiders familiar with the back and forth that preceded the resignation told our correspondents on Friday that Adelabu insisted on quitting the cabinet to pursue his governorship ambition in Oyo State.


8. A Kogi State High Court sitting in Lokoja has awarded N1 billion in damages against Senator Natasha Akpoti-Uduaghan in a defamation suit filed by former Kogi State Governor, Yahaya Adoza Bello. Akpoti-Uduaghan has, however, rejected the judgment, declaring her intention to challenge the ruling at the Court of Appeal.

9. President Bola Tinubu on Friday held a closed-door meeting with the Speaker of the House of Representatives, Tajudeen Abbas, and some members of the House at the Presidential Villa, Abuja. It was learnt that the Friday’s meeting, which was not on the President’s official schedule, took place shortly after the lawmakers joined him for Jummah prayers at the State House Mosque.

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10. Benue State Police Command has arrested two suspects in connection with the killing of a National Youth Service Corps member, Ben Agir, who was allegedly mobbed to death by a vigilante group over a motorcycle he reportedly owned. Agir was killed last Sunday night at Major Settlement, near Buruku Local Government Secretariat, in Buruku Local Government Area of the state. He was accused of stealing a motorcycle before being attacked.

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