Business
FG summons Dangote, BUA, Lafarge over rising cost of cement

Published
12 months agoon
By
Ekwutos Blog
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 Saturday said the meeting will take place on Monday, February 19, 2024, at the Ministry’s Conference Hall, Mabushi, Abuja.
The statement read in part, “The Honourable Minister of Works, His Excellency, David Umahi CON, has summoned an urgent meeting of all cement manufacturers in Nigeria.
“Those invited are Dangote Plc, BUA Plc, Larfarge, and others.”
He quoted the Minister as saying, “It is common knowledge that the manufacturers have their challenges, which we shall look into, but from our findings, the disparity between ex-factory price and the market price is wide. We therefore need to look into the situation and other issues with a view to finding a common front.”
The price of cement now ranges between N6500 to N15000 per bag.
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Business
Keystone Bank Shares Forfeited as Firm Admits to N20bn AMCON Fraud

Published
4 hours agoon
February 11, 2025By
Ekwutos Blog
Lagos State Special Offences Court Judge, Justice Ramon Oshodi, has ordered the forfeiture of 6.3 billion Keystone Bank shares to the Federal Government following Sigma Golf Nigeria Limited’s guilty plea to a N20 billion fraud involving AMCON funds.
The firm, represented by its Chairman, Umaru Modibbo, admitted to fraudulently diverting funds through Heritage Bank to acquire Keystone Bank.
Meanwhile, former AMCON Managing Director, Ahmed Kuru, pleaded not guilty and was granted N50 million bail.
The EFCC, led by Chairman Olanipekun Olukoyede, accused Kuru and fugitive ex-Heritage Bank MD, Ifie Sekibo, of dishonestly converting AMCON funds and laundering another N20 billion to conceal its origins.
Under a plea bargain agreement, the court convicted Sigma Golf Nigeria Limited, ordered its winding up, and mandated the forfeiture of all Keystone Bank shares under its control.
The court also accepted a non-prosecution deal for Modibbo.
With Kuru’s passport seized and his trial set for March 7, the case underscores the EFCC’s crackdown on high-profile financial crimes.
Business
NNPCL under pressure to reduce petrol price amid rivalry with Dangote Refinery

Published
10 hours agoon
February 11, 2025By
Ekwutos Blog
The Nigerian National Petroleum Company Limited mulls fresh premium motor spirit price reduction as MRS filling station, in partnership with Dangote Refinery, announced a fuel pump price cut on Monday.
The National President of Petroleum Products Retail Outlet Owners Association, Billy Gillis-Harry, and Spokesperson for Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, made this known in a separate exclusive interview with Ekwutosblog.
The development follows MRS filling station’s announcement of a fuel price reduction on Monday, for the first time in 2025.
The oil firm stated on Monday in its official X account that its pump price had dropped to N925 per litre in Lagos, South West (N933), North (N945), and South-East (N955). The new per litre price drop is from around N970 previously sold by the company.
This comes weeks after Dangote Refinery, on February 1, 2025, announced an ex-depot price drop to N870 from N970 per litre.
Reacting, Gillis-Harry and Ukadike were optimistic that NNPCL will, in the coming days, announce a PMS price reduction to remain relevant in the country’s downstream sector.
Gillis-Harry said that “NNPC has no choice but to reduce petrol retail prices because it is not possible to see a product at a cheaper price and still go for NNPCL.”
Similarly, Ukadike explained that since the price war between Dangote Refinery and NNPCL persists, the latter cannot afford to do anything other than a price reduction.
“It is likely that NNPCL will drop its price because there is a price war with Dangote Refinery. Once Dangote Refinery announces a price drop, NNPC will follow suit,” he said.
Why petrol price reductions by Dangote and NNPCL is not impacting transportation costs, others
Despite the recent petrol price reduction by MRS filling stations, Gillis-Harry noted that the cost of transportation and food prices have remained stagnant.
According to him, the weak purchasing power of Nigerians is the major reason the fuel price reduction is not impacting food prices and transportation costs.
“If you watch, the cost of transportation has not reduced in spite of the reduction of fuel at the retail market. That tells you that the purchasing power of Nigerians is very weak.
“In my opinion, we need to engage Nigerians in production activities such as farming, fishing, and technology.
“Go to the park, you will see that the price of transportation cost has not been impacted by the fuel reduction,” he stated.
However, Ukadike said that the impact of the petrol price reduction will be felt on transportation, goods, and services in the long run.
“The impact will be gradual; it will eventually impact transportation and others,” he noted.
Concerns over frequent petrol price adjustments
Gillis-Harry frowned at the frequent adjustments of petrol price by actors in the oil and gas sector.
He noted that incessant price adjustments will affect petrol security.
He added that arbitrary petrol price hikes cause serious losses to marketers who might lift fuel stock before the arrival of new stock.
“There was a lot of fuel that was purchased at the old price that is still in the system, and they have not been sold.
“Marketers cannot sell below the cost price. It is completely impossible for someone to buy a product at N970 per litre and sell below the purchase price.
“MRS that is trying to deepen the distribution process with PETROAN and Dangote Refinery still has the same challenge of the buying power,” he told DAILY POST.
DAILY POST reports that last December, Dangote Refinery had slashed its petrol ex-depot price from N899.50 per litre to N970.
NNPCL also announced a PMS price drop to petroleum markets.
The price rivalry between NNPCL and Dangote pushed fuel prices down in the last lap of 2024.
Business
Kaduna electricity workers suspend strike

Published
3 days agoon
February 8, 2025By
Ekwutos Blog
The National Union of Electricity Employees, Kaduna Electricity Distribution Company chapter, has suspended its indefinite strike that led to a prolonged power outage in Kaduna, Zamfara, Sokoto and Kebbi states.
Ekwutosblog reports that this is coming after the intervention of Governor Uba Sani, who held a meeting with the management of Kaduna electric and the labour union at the Kaduna State Government house on Friday night.
Governor Sani, while addressing the meeting, expressed concern over the prolonged power outage caused by the strike, which he noted has affected many residents and businesses across Kaduna state.
The Governor, however, appealed to the warring parties to reconsider their decision.
The electricity workers, at the end of the meeting, agreed to restore power supply to Kaduna and all the franchise states under Kaduna Electric with immediate effect.
The meeting also resolved that both the management and the labour union meet together and take a decision on the planned downsizing of the workforce, while the management will also halt its earlier decision to sack workers.
The National Union of Electricity Employees had on Monday, February 3rd, 2025, embarked on an indefinite strike over an alleged plan by the management to dismiss 900 staff of the distribution company
However, in a statement on Tuesday, January 4, the company explained that contrary to claims by the union, only 450 workers were disengaged from service.
According to the statement signed by the spokesman of Kaduna electricity distribution company, Abdulazis Abdullahi, the decision to sack some workers was driven by significant operational and financial challenges that had hindered the company’s ability to meet its market and operational obligations.

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