Connect with us

Business

Sallah: Prices of rams soar

Published

on

 

Ahead of the forthcoming Eid-el Kabir celebration, prices of animals used for sacrifice during the annual festival have skyrocketed beyond the reach of many celebrants, according to reports.

 

Every year during the Islamic month of Dhul Hijjah, Muslims around the world who have the means, slaughter animals like sheep, goat, cow or camel – to reflect the Prophet Ibrahim’s willingness to sacrifice his son Ismail, for the sake of God.

 

 

While it is not the only livestock acceptable, a narration in Sahih Muslim records that the Prophet Muhammad (pbuh) sought out horned, white rams to sacrifice during the Eid el-Kabir, as the ram of Prophet Ibrahim had been.

 

At least, one third of the meat from the animal should go to the poor or vulnerable people.

 

Like that of ram, prices of cow and camel have also hit the roof top, as findings by our correspondents revealed.

 

The hike in the cost of basic commodities in Nigeria has reflected itself boldly in the livestock sector, a situation that is likely to deny average Muslims the means to partake in the annual sacrifice amidst economic crunch.

 

Findings in Abuja, Kano, Yobe, Jigawa, Katsina, Lagos, and Port Harcourt, among others, showed that the cost of rams currently hover between N150,000 and N1 million, depending on the size and the location one is buying from.

 

Stakeholders interviewed blamed the situation on the insecurity around some major rearing states in the North West and North East, devaluation of the naira as well as withdrawal of fuel subsidy, which have in addition affected the price of animal feeds and the cost of transportation.

 

The Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar III, had declared Friday, June 7, 2024, as the First Day of Dhul Hijjah 1445AH and Sunday, June 16th, which will be equivalent to the 10th of Dhul Hijjah will be marked as this year’s Eid-El-Kabir.

 

Low patronage in Abuja

Few days to the Sallah celebration, sales have yet to pick up as noticed during a visit to the Abuja main livestock market located in the Dei-Dei area in the Federal Capital Territory, FCT.

 

This is a sharp contrast with the past when the market served as a rallying point for suppliers and off-takers well ahead of the Sallah festivity.

 

A livestock merchant in the market, Uzairu Dan-Kudalo, said that the insecurity problem bedevilling some major rearing states, like Zamfara, Sokoto, and Katsina, is affecting the sector, sending many stakeholders out of the business.

 

“I know a lot of our members from Zamfara State that lost their capital to this problem just in one fell swoop, after their communities were attacked by bandits or run into their trap along the way. You can see how our animals’ stalls look empty, and it is less than 10 days to the Sallah festivity.

 

“From Zamfara State alone, we used to receive a supply of no less than 30 trailers during this period, with each trailer loading between 200 and 250 rams,” he said.

 

“This does not include other mini trucks like canter, which used to supply without getting any attention. But as I am talking to you today, we are yet to receive any kind of supply from there. If you are talking about other states, by this time, a single merchant alone from other states like Kano, Jigawa, or Yobe, would supply about 200 rams into the market. However, many of them can no longer afford a capital of 50 rams now, due to the cost of transportation and the naira devaluation”, he said.

See also  AFCON 2021: How Nigeria neutralised Mohamed Salah in win over Egypt

 

He said bulk buyers and individuals were also not forthcoming.

 

“By now, I would have finished with the supply of rams to all my regular customers who may decide to keep the animals here, or transport them to their agency, for onward distribution among the beneficiaries. But I am yet to witness this gesture so far,” he said.

 

Another trader, Yahuza Abdullahi, said that some of them that usually travel to the neighbouring countries like Niger, Chad, or Cameroun to supply the animals are now constrained as a result of the naira devaluation, which according to him has given an edge to the traders that come from the Francophone currency nations.

 

“Their currency (CFA) has greater value compared to the naira, and as such, nothing you can buy from those countries and expect to make any gain out of it there.

 

“Rather, the traders of those countries stand to gain a lot when they convert their currency to naira and export our commodities,” he said.

 

The price of ram has either tripled or doubled when compared with how it went last year.

 

The same thing goes to the animal feed and cost of transportation.

 

Given the breakdown of ram price, based on their categories, a trader, Abdullahi Adamu, said the smallest animal that attained the level of sacrifice currently sold between N120,000 and N150,000.

 

He said such categories of rams were sold between N70,000 and N100,000 last year.

 

According to him, a middle-sized ram, which sold between N150,000 and N180,000 last year now costs between N250,000 and N300,000.

 

There are also jumbo-sized rams, which cost from N800,000 and N1.4 million.

 

Same rams were said to be sold last year, at the rate of N500,000, while the biggest of all, sold at N1.1 million last year.

 

The same scenario is playing out at the animals’ feed commodity.

 

A breakdown of the commodity in the market indicates that a bag of animals’ feed extracted from raw beans is now sold between N13,000 and N14,000 per bag, depending on product quality and location. This is in contrast to the N7,000 to N8,000 sold last year.

 

Same goes to the dried groundnut leaves, which are currently sold at between N5,000 and N6,000, compared to previous year, when it was sold at between N3,500 and N4,000.

 

For the harvested corn by-product, its bag costs between N6,000 and N7,000, compared to the previous price of N4,000 and N4,500.

 

A bag of grounded maize by-product, or dusa in Hausa, is sold at between N18,000 and N20,000, compared to its previous price of N9,000 to N10,000 last year.

 

In the transportation sector, the traders said a canter truck supplying rams from Katsina or Kano that they paid between N200,000 and N250,000 last year, now goes for between N400,000 to N500,000.

 

Same truck transporting the animals from either Adamawa or Yobe states in the North East costs around N700,000, in contrast to between N400,000 and N500,000 paid in the past.

 

It was further learnt that transporting rams in trailer trucks from Mubi, in Adamawa State, a town neighbouring Cameroon Republic, now costs up to N1.5 million, as against last year’s N800,000.

 

 

They’re beyond our reach

An Abuja resident, Alhaji Shuaib Hassan who went to buy ram at the livestock market on Wednesday, left there disappointed, as according to him, the N200,000 he budgeted for the kind of ram he bought at N150,000 last year could not get him a ram as it now costs N300,000.

See also  Insecurity: Defence chief Musa, COAS Lagbaja hail troops' sacrifice, doggedness at Sallah

 

He said he was contemplating returning to the market on Saturday when more traders, especially those from the rural areas, are expected to arrive.

 

Sani Yusuf said he found succour when he bought two rams at his home town of Bichi, in Kano State, two months ago.

 

“I bought them at the rate of N150,000, and so far, I have sent about N10,000 for their feeding. I am expecting to pay an additional N10,000 for their transportation from the area to Abuja in the company of other animals tomorrow,” he said.

 

There was the same lamentation from some roadside ram markets visited in the neighbouring Niger State.

 

A ram trader in Suleja town in the state, Abubakar Kwamba, predicted the likely drop in ram supply, as well as patronage of buyers this year, owing to the present economic reality.

 

“We are about 20 traders that supplied ram to this makeshift market last year. But as I am speaking to you now, there are only three of us that arrived, and still with lower supply, compared to what we brought last year. I could only afford to buy 12 rams this year, against 20 that I bought last year”, he said.

 

Sale outlets springing up in Kano

Roadside livestock markets are springing up in Kano, our correspondent reports.

 

At Kofar Naisa, where the sacrificial animals are available for would-be buyers, a trader, Yusuf Sani said they were bringing the animals from outside the state, in the hope of making little profit.

 

He said that the economic situation in the country makes everything look bleak at the moment, but he was hopeful that in the next few days, the market will record improved patronage.

 

He said the price of a big ram starts from N400,000, while medium-sized ones go for N300,000. A small-sized ram costs N100,000.

 

Another ram seller, Aminu Gwagwarmaya from Hauran Makaranta, said with N150,000, one can get a modest ram in the market.

 

Hajiya Ummah Kulthum Muhammad Lawan was seen at one of the markets.

 

She said the money she used and bought many rams last year, which she shared with relatives, will not give her half the number this time around.

 

“The price for each ram has almost tripled and only God can see us through,” she said.

 

At the Kofar Naisa Market, the price of camels range from N780,000, depending on the size.

 

It is permissible for three to seven people to contribute money to buy a camel or a cow for sacrifice and share the meat, clerics said.

 

The situation in Jigawa State is the same as merchants at Dutse temporary animals’ market lament low patronage.

 

One of them, Shafiu Hamisu, said scarcity of rams in the state has forced them to resort to buying from neighbouring states.

 

He said the prices of rams have increased significantly, with a big ram now selling for between N200,000 and N250,000, compared to less than N120,000 in 2023.

 

Sani Muhammad Bashir, a buyer at Dutse temporary ram market, said he will manage to buy the ram, though the price is very costly.

 

He called on the government to look into the matter and make things easy for the masses by finding ways to tackle inflation and provision of affordable means of transportation.

See also  PDP speaks on Supreme Court ruling, says  verdict  disappointing, ‘thrashed’ Nigerians’ expectations 

 

Yobe traders in a fix

In Yobe State, livestock sellers have decried low patronage of the sacrificial animal ahead of the Eid-el-Kabir.

 

The sellers said buyers are reluctant to come forward, saying this may not be unconnected with the high cost of the animals at a time people were struggling to buy food for their families.

 

The few buyers seen were lamenting over the price of ram and cow, which has increased significantly compared with last year.

 

A buyer at the livestock market in Potiskum, Adamu Umar, told Daily Trust Saturday that “A cow that you can buy at the cost of N400,000 last year, has now been increased to N650,000, while a bull, which we used to buy at N1,000,000 has now skyrocketed to N1,600,000.

 

“The situation of the market is not encouraging and by the body language of the buyers, you will understand that many people will not slaughter cows this year,” he said.

 

MD Adechu, a buyer from Lagos said that cattle are very expensive even though the Potiskum market is one of the largest livestock markets in the North.

 

“I don’t know what is happening; please, our government should make things easy for the masses and its citizens”, he said.

 

Abubakar Usman, a dealer said the price of a medium-sized ram starts from N100,000.

 

Another ram seller, Alhaji Zakari Yau, told Daily Trust Saturday that most of the buyers are from the southern part of the country.

 

In Lagos, Abduwasiu Ibrahim, a middleman, said rams and cattle are cheaper in the North.

 

“The ram that you can buy for N120,000 will cost you around N220,000 here; and a cow of N1,000,000 in the North will be sold at around N1,500,000 here,” he said.

 

He said the situation is the same in Port Harcourt, Enugu and Uyo.

 

“The reason is the cost of transportation and other challenges on the highway. You have to pay a lot of money to many tax collectors,” he said.

 

The same thing goes to the animal feed and cost of transportation.

 

Giving the breakdown of ram price, based on their categories, a trader, Abdullahi Adamu, said the smallest animal that attained the level of sacrifice currently sold between N120,000 and N150,000.

 

He said such categories of rams were sold between N70,000 and N100,000 last year.

 

According to him, a middle-sized ram, which sold between N150,000 and N180,000 last year now costs between N250,000 and N300,000.

 

There are also jumbo-sized rams, which cost from N800,000 and N1.4 million.

 

Same rams were said to be sold last year, at the rate of N500,000, while the biggest of all, sold at N1.1 million last year.

 

The same scenario is playing out at the animals’ feed commodity.

 

A breakdown of the commodity in the market indicates that a bag of animals’ feed extracted from raw beans is now sold between N13,000 and N14,000 per bag, depending on product quality and location. This is in contrast to the N7,000 to N8,000 sold last year.

 

Same goes to the dried groundnut leaves, which are currently sold at between N5,000 and N6,000, compared to previous year, when it was sold at between N3,500 and N4,000.

 

For the harvested corn by-product, its bag costs between N6,000 and N7,000, compared to the previous price of N4,000 and N4,500.

 

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

CBN revokes licences of 46 microfinance banks

Published

on

By

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).

The apex bank cited the failure of the banks to meet regulatory requirements for continued operation.

In a statement issued on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” CBN said.

See also  Tears, emotions as Osinbajo’s wife visits Attahiru’s family, others

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement reads.

CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

Advertisement

5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

Advertisement

9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

See also  UK updates list of companies eligible to sponsor work visas for foreigners

11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

See also  AFCON 2021: How Nigeria neutralised Mohamed Salah in win over Egypt

33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun

It would be recalled that the CBN increased the capital base for banks, in March 2024, giving them until March 31, 2026, to meet the requirements.

On March 6, 2026, the financial regulator disclosed that 30 banks have met the minimum capital requirement.

Continue Reading

Business

Wema Bank launches Hackaholics 7.0, increases grand prizes to N150m

Published

on

By

introduces 3 tracks, 7 Verticals,

Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced the 7th edition of its flagship innovation initiative, Hackaholics.

The announcement was made on Wednesday, July 1, 2026, during the official press conference at the Wema Bank Head Office in Lagos, Nigeria.

Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game-changing, tech-driven ideas and products, and to bring innovative their ideas to life.

Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned top spot in the past 6 editions.

With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.

See also  Tears, emotions as Osinbajo’s wife visits Attahiru’s family, others

Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work.

Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track.

Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria.

Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced.

Speaking on the Bank’s inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa.

See also  VIDEO: FIFA president condemns Senegal’s "unacceptable' walkout at AFCON final

According to him, “At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy.

“This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes.”

Declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, added, “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders.

“I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape.

See also  PDP speaks on Supreme Court ruling, says  verdict  disappointing, ‘thrashed’ Nigerians’ expectations 

“Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future.”

Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.

Continue Reading

Business

Wema Bank’s 5 for 5 rewards delivers ₦17.96m to 273 customers in one month

Published

on

By

One month after launching the Season 5 of its flagship 5 for 5 Rewards campaign, Wema Bank has rewarded 273 customers with a total of ₦17.96 million, demonstrating the strong early impact of its refreshed customer rewards platform and reinforcing its commitment to rewarding everyday banking.

Launched on May 2, 2026, as part of the Bank’s 81st anniversary celebration, this season of the campaign introduced a more structured and inclusive rewards framework designed to encourage positive financial habits while recognising customer loyalty across the Youth, Women and Mass Market segments.

The season opened with a special anniversary activation at Ikeja City Mall, where 81 customers received ₦81,000 each, resulting in ₦6.56 million in rewards on launch day. Since then, the campaign has continued to reward customers through daily and monthly draws, with an additional 192 winners emerging within the first month.

Across the Youth segment, 37 students have received rewards worth ₦4.4 million, including 20 students who received ₦50,000 PocketMoni rewards and 17 university students who received ₦200,000 each in Tuition Support.

See also  S’Court affirms Agbu as Taraba PDP gov candidate

The Women segment also recorded strong participation, with 12 customers receiving ₦150,000 each through the #SelfCare category, while the Mass Market segment recorded the highest number of winners. Within the first month, 120 customers received daily cash rewards, and 23 customers won ₦200,000 each in the monthly draw, bringing total rewards in the category to ₦5.2 million.

Commenting on the campaign’s early impact, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said; “At Wema Bank, we believe loyalty should be rewarded in ways that are meaningful, transparent and accessible. The response to Season 5 of the 5 for 5 Rewards campaign has been encouraging, and seeing hundreds of customers benefit within just one month reinforces our belief that everyday banking should create everyday opportunities.

Beyond rewarding transactions, we are encouraging positive financial habits while delivering real value to our customers. He added; “This is only the beginning. With more reward categories, more winners and more opportunities still ahead, we remain committed to creating meaningful impact for our customers and ensuring more Nigerians experience the value of banking with Wema.”

See also  Sallah: Tension in Kano as Ado Bayero invites district heads to Durbar amid Emirship crisis

Customers can participate by opening or reactivating a Wema Bank account, funding it with a minimum of ₦5,000, maintaining an average monthly balance of ₦5,000, and completing at least five transactions every month using the ALAT app, Wema or ALAT cards, or *945#.

With over ₦170 million earmarked for rewards between May and December 2026, thousands more customers are expected to benefit as the campaign continues, reaffirming Wema Bank’s commitment to rewarding loyalty, promoting positive financial behaviour and delivering value beyond banking.

Continue Reading

Trending News