Connect with us

News

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

Published

on

 

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.

See also  Culture minister Musawa speaks on failed marriage to billionaire businessman Samad Rabiu

 

“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.

See also  FULL TEXT: History beckons and I will not be silent (1) - Soludo

 

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.

See also  Take your land: BUA says Kogi can revoke 50,000-hectare land

 

“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.

 

News

Good morning! Nigerian Newspapers Headlines: NDC dissociates itself from 59-member presidential campaign council unveiled by Obi-Kwankwaso movement

Published

on

By

 

1. The leadership of the Nigeria Democratic Congress (NDC) has distanced itself from the 59-member presidential campaign council constituted by OK Movement, a support group for Peter Obi, presidential candidate of the party, and his running mate, Rabiu Musa Kwankwaso.

In a statement on Saturday, Cleopas Moses, NDC national chairman, said the list did not emanate from the party and should be disregarded.


2. Former Senior Special Assistant Media and Publicity to the late President Muhammadu Buhari, Mallam Garba Shehu, said yesterday that the litigation instituted against Nigeria by Sunrise Power and Transmission Company at the International Chamber of Commerce (ICC) tribunal in Paris was doomed from the outset. 
Garba, who personally attended the January 15, 2025 sitting of the tribunal in the French capital, said it was clear from day one that Sunrise and its promoter Leno Adesanya “would lose this case following the failure of all the witnesses they invited, including, of course, a beautiful lady from Senegal allegedly providing comfort to one of their government contacts.

See also  Take your land: BUA says Kogi can revoke 50,000-hectare land

3. The Presidency yesterday knocked back economic proposals by the presidential candidate of the African Democratic Congress (ADC), Alhaji Atiku Abubakar. It asked him to take the proposals to Nigerians on his campaign trail rather than seeking to dictate how President Bola Tinubu should govern the country.

4. The Nigeria Hydrological Services Agency (NIHSA) has forecast a high risk of riverine flooding across 15 states between September 19 to 25.
In its national flood advisory issued on Friday, the agency said rising river levels could trigger flooding in communities located on floodplains during the seven-day period.
The affected states are Imo, Cross River, Ebonyi, Benue, Anambra, Akwa Ibom, Lagos, Rivers, Edo, Kogi, Taraba, Delta, Bayelsa, Enugu and Abia.

5. Delta State Police Command has arrested a suspect after its personnel intercepted a vehicle conveying military camouflage uniforms, boots and hats, as well as cartons of suspected Tramadol and other illicit drugs. The vehicle, a green Toyota Sienna with registration number KP 527 AAA, was intercepted by operatives of the command’s Anti-Cult Unit, Asaba, along the Onitsha-Ondo route on Friday.

See also  Dangote Cement to pay N340.8 billion to shareholders after recording N1.4 trillion revenue

6. Police in Rivers State have begun an investigation into the killing of a father of four, Kamadioye Krama, by gunmen in Emulation community, Abua/Odual Local Government Area. The spokesperson for the State Police Command, Blessing Agabe, confirmed the incident, stating that an investigation was ongoing to apprehend the culprits and bring them to book.

7. President Bola Tinubu has said that, from October 1, commuters across Nigeria must begin to see measurable reductions in transportation fares, as he has directed all 36 states to accelerate the National Affordable CNG Transit Programme. In a statement personally signed and released on Saturday, September 19, Tinubu said the push followed his August 27 meeting with state governors.

8. The Nigeria Security and Civil Defence Corps, NSCDC, has deployed Abdulhamid Kabara as the new commandant of its Niger State Command following the deaths of 37 suspected illegal miners in custody. Kabara replaces Suberu Aniviye, who was suspended as Niger NSCDC commandant after the 37 suspects died in Minna, the state capital, on Thursday.

See also  FULL TEXT: History beckons and I will not be silent (1) - Soludo

9. The Northern Senators Forum on Saturday called for an immediate, transparent and independent investigation into the deaths of 37 young Nigerians in the custody of the Nigeria Security and Civil Defence Corps, NSCDC, in Minna, Niger State. It described the circumstances surrounding the occurrence as “deeply disturbing and unacceptable.”

10. The Minister of Interior, Olubunmi Tunji-Ojo, has suspended the Niger State Commandant of the Nigeria Security and Civil Defence Corps (NSCDC), Suberu Aniviye, and 20 other officers following the deaths of 37 suspected illegal miners in the Corps’ custody. The officers were suspended pending the outcome of an independent investigation into the deaths, which occurred on Thursday, September 17, 2026. The Ministry of Interior announced the development in a statement signed by Tunji-Ojo on Saturday

Continue Reading

News

Keyamo, Sunday Dare knock Atiku for addressing President Tinubu as ‘Bola’

Published

on

By

  The minister of aviation, Festus Keyamo, and the special adviser to President Bola Tinubu on media and public communication, Sunday Dare, have criticised former Vice-President Atiku Abubakar for referring to the President as “Bola”.

Keyamo described Atiku’s use of Tinubu’s first name as “disrespectful and discourteous”.

“The continuous reference to President Bola Ahmed Tinubu by His Excellency, ex Vice-President Atiku Abubakar in his press conference earlier today as ‘Bola’ is very disrespectful and discourteous,” he wrote on X.

He said Atiku should recognise that the office of the president deserves to be accorded dignity despite political differences.

“He should know better that no matter your differences with Mr. President, for the sake of the country, that office should be accorded all the dignity it deserves,” Keyamo said.

Keyamo also described the tone of Atiku’s remarks as reflecting “pain and bitterness”, while referring to the former vice-president’s recent comment about Tinubu’s age.

See also  Black Sunday: 18 partygoers die in Lagos auto crash

“After all, he made the outlandish claim the other day that Mr. President is older than himself. It is therefore a contradiction that he would also refer to an ‘elder’ by his first name,” he said.

Also, Dare, in a post on X on Saturday,  reacted to Atiku’s call for Tinubu to reduce petrol and electricity costs.

Atiku had on Friday asked Tinubu to use the remaining eight months of his administration to reduce the burden of petrol and electricity costs on households, workers and businesses.

He said the removal of petrol subsidy in May 2023 had contributed to higher transportation, food, logistics and energy costs. He also warned against phasing out electricity subsidies without addressing the impact on households and businesses.

Dare described Atiku’s manner of addressing the president as “the height of insolence”, accusing the former vice-president of political desperation.

“Alhaji Atiku’s manner of addressing President Bola Tinubu as Bola is the height of insolence. It is a clear descent into the abyss of unbridled desperation and an unraveling mind,” Dare wrote.

See also  Take your land: BUA says Kogi can revoke 50,000-hectare land

“To seek to lecture a sitting president with the unbridled insolence of dropping his first name, petulantly barking instructions, and dictating how governance should be run within a truncated timeline is the height of political hubris.”

Dare defended the Tinubu administration’s economic policies, saying the president was undertaking reforms to address structural problems in the economy.

Dare also questioned Atiku’s criticism of government intervention in the economy.

“Atiku’s sudden conversion to the gospel of interventionism rings hollow,” he said.

He accused Atiku of using Nigerians’ economic difficulties for political purposes ahead of the 2027 elections.

“This is a desperate strategy by a perennial seeker of power who weaponizes transient national discomforts for electoral mileage,” Dare added.

“Nigerians do not need lectures on fiscal management from a political wanderer whose decades-long pursuit of the presidency has been defined by perpetual opportunism.”

Continue Reading

News

South Africa-based Nigerian lecturer found dead at her residence

Published

on

By

A Nigerian lecturer at the University of Fort Hare, South Africa, Ayodele Odularu, has been found dead at her residence in Eastern Cape Province of South Africa.

According to reports, Gbadebo Odularu, the brother of the deceased, said she died on August 16 at the age of 51.

A family member, who spoke on condition of anonymity, told Punch’s Diaspora Tales that the lecturer’s death was not natural and the circumstances remained unclear to the family.

The family had asked for an investigation into her death.

In a GoFundMe statement published by Gbadebo on behalf of the family, the lecturer was described as someone who “dedicated her life to knowledge, discovery, and creating a better future for communities”.

The family said “although her journey on earth ended too soon, the impact of her life continues through the people she inspired, the knowledge she shared, and the communities she hoped to serve”.

See also  Good morning! Here is today’s summary from Nigerian Newspapers: BUA moves to crash cement price to N3,500 after meeting Tinubu

“Ayodele was far more than a sister. She was a cherished daughter, aunt, friend, mentor, scholar, and a source of encouragement, compassion, wisdom, and strength to everyone blessed to know her,” the statement reads.

“Her presence brought warmth into every room. She was known for her kindness, infectious laughter, generosity, resilience, and unwavering commitment to uplifting others. She had a rare ability to make people feel valued, heard, and inspired.

“Dr. Ayodele Odularu dedicated her life to knowledge, discovery, and creating a better future for communities.

“As an Independent Senior Researcher at the University of Fort Hare Community, she contributed meaningfully to academic research and the advancement of knowledge through her scholarly work.”

On Thursday, University of Fort Hare organised a memorial service in honour of the lecturer.

The lecturer died amid the violent attacks against Nigerians and other Africans in South Africa.

To date the Federal Government has 
facilitated the evacuation of 1,716 Nigerians from South Africa over Xenophobic attacks in the former apartheid country.

See also  Culture minister Musawa speaks on failed marriage to billionaire businessman Samad Rabiu

Continue Reading

Trending News