BUSINESS
FG Summons Cement Manufacturers Over Increasing Cost
The Minister of Works, David Umahi, has summoned prominent cement manufacturers to a meeting over the rising cost of cement. He expressed worry that, despite huge patronage by road and housing contractors to cement manufacturers, the cost of the product was rising at an astronomical rate. A statement signed by the Minister’s Special Adviser (Media), Orji Uchenna Orji, in Abuja on...
Bag Of Cement Price To Drop To N7000
Cement manufacturers have agreed to bring down the price of the product to between N7,000 and N8,000 per 50kg depending on the location nationwide. During a meeting initiated by the Minister of Works, David Umahi, and attended by his counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, February 19, efforts were made to...
AEDC Vows To Disconnect MDAs, Aso Villa, DHQ, CBN Others Over Heavy Debt
No fewer than 86 ministries, agencies and departments of government are owing the Abuja Electricity Distribution Company to the tune of N47bn. According to a public notice by the management of the AEDC, the Presidential Villa owes the DisCo the sum of N923.9m; the National Security Adviser owes N95.9bn; the Ministry of the Federal Capital Territory being supervised by Nyesom...
Tinubu Orders Payment Of Electricity Bill Owed By Aso Villa
President Bola Tinubu has ordered the payment of Aso Rock’s electricity bill to avoid disconnection in the nation’s seat of power. In an advertorial titled ‘Notice of disconnection’ published on Monday, the Abuja Electricity Distribution Company (AEDC) said the presidential villa owes an electricity bill of N923.87 million. It issued a 10-day notice to the presidential villa and 86 government ministries,...
Air Peace Announces N1.2m For London Route
Air Peace on Wednesday, announced N1.2 million and N4 million respectively on its London route for Economy and Business classes, effective March 30. This is contained in a statement in Lagos by the airline’s Corporate Communications Lead, Mr Stanley Olisa. Recall that flight tickets for London in Nigeria are between N2.3 million to N4.2 million for economy and N6 million for...
Cement Cost: Reverse To Old Price Now, Tinubu Tells Dangote, BUA, Others
President Bola Ahmed Tinubu has directed cement companies to go back to the status quo as regards to the price of the commodity. Minister of Works, Senator David Umahi, revealed this to newsmen shortly after inspecting BUA cement factory in Sokoto on Thursday. According to him, during a meeting with the manufacturers, the president directed them to revert to the earlier...
Power Minister Summons Abuja, Ibadan Electricity Distribution Companies Over Poor Supply
The Minister of Power, Chief Adebayo Adelabu, has summoned the chief executives of Abuja Electricity Distribution Company and Ibadan Electricity Distribution Company over the worsening power supply in their regions. Also summoned is the Managing Director, Transmission Company of Nigeria, Sule Abdulazeez, over the deteriorating power situation across the country since January this year. The power supply situation nationwide has gone...
Port Harcourt-Aba Rail Line To Commence Operations This Month — NRC
The Port Harcourt to Aba rail line is billed to commence full operations by the end of March. This was made known by the Managing Director of the Nigerian Railway Corporation (NRC), Fidet Okhiria, who was on an inspection visit to the facility in Port Harcourt on Saturday. Okhiria said the China Civil Engineering Construction Company (CCECC) handling the project have...
Report Officials Who Demand For Bribes To Me, Tinubu Tells Foreign Investors
President Bola Tinubu has called on investors to report any of the Nigerian officials who demand bribes from them before they invest in the country. The president said this during the Nigeria-Qatar Business and Investment Forum in Doha, on Sunday while assuring the Qatar’s capitalists of the readiness of Africa’s largest economy to accommodate and do business with them. This was...
Cement Producers Claim N710 Billion Profit
Nigeria’s three cement manufacturers recorded profit of N710.03 billion in 2023 as a significant upsurge in sales and considerably higher prices lessened pressures on operations. A sectoral intelligence report by The Nation yesterday showed that the trio of Dangote Cement, BUA Cement, and Lafarge Africa have seen substantial growths in sales and profitability. However, foreign exchange (forex) losses impinged on the...
