Business
How FX reforms stopped lobbying for dollars – BUA chairman
Chairman of BUA Cement Plc, Dr Abdul Samad Rabiu, says foreign exchange reforms by the Central Bank of Nigeria have eliminated the need for companies to lobby for FX. Rabiu made the remarks on Monday in Abuja during a media briefing following the 9th Annual General Meeting of BUA Cement Plc.
He described the current FX regime as more transparent and market-driven, contrasting it with previous practices that, according to him, created an artificial scarcity and forced companies to seek favours to access dollars.
“I was making a joke a few weeks ago that I’ve only seen the current CBN Governor maybe twice since his appointment. That’s because I don’t need him. “Before now, I used to visit the CBN every two weeks to lobby for FX. That was the only way to survive,” Rabiu said.
He criticised the previous FX system, where the official rate was significantly lower than the parallel market rate, noting that it created distortions and limited access for many businesses.
“The rate was N500 or N600 officially, but nobody could get it. On the street, it was closer to N1,000. It was an artificial rate,” he said.
The BUA chairman praised the current reforms for unifying the market, saying, “Now, the rate you get is what everyone else gets. You go to the bank, you get FX at the market rate.”
Rabiu expressed optimism that the naira would continue to strengthen, projecting that the exchange rate could fall to around N1,200/$ in the coming months, down from highs of nearly N2,000 earlier in the year.
He added that the stronger naira was already bringing down the prices of commodities, including cement and food items.
Addressing concerns over cement prices, Rabiu explained that the high cost of production—driven by FX volatility, energy costs, and imported equipment—contributed to recent price hikes. He said that despite these challenges, BUA had tried to keep prices stable.
On the company’s financials, Rabiu said BUA Cement grew its revenue to N877bn in 2024, from N460bn in 2023, despite foreign exchange losses of N93.9bn.
He disclosed that profit before tax rose by 48.2 per cent to N99.63bn, and added that the company’s return on average capital employed rose to 15 per cent, up from 10 per cent in 2023.
Earnings per share increased to N2.18 in 2024 from N2.05 in 2023, representing a 6.3 per cent increase. “This performance was driven by a combination of increased dispatch volumes and prudent pricing strategies, even as the Company absorbed rising input costs.
“Cash generation grew significantly, enabling increased capital expenditure financing and supporting our strategic efforts to reduce exposure to foreign currency obligations. This was achieved by paying down import finance facilities and aligning accrued interest payments with available cash flows,” he said.
Rabiu also revealed that BUA Cement’s profit after tax in Q1 2025 stood at N81bn, higher than its entire earnings for 2024. He projected full-year 2025 earnings could reach N250bn, attributing the improvement to operational efficiency, reduced FX losses, and increased production capacity.
He confirmed that the company had no immediate plans to expand beyond its current 20 million metric tonne capacity, following the recent commissioning of two additional cement lines in Sokoto and Edo States.
Rabiu also reaffirmed BUA’s commitment to shareholder value, noting that a N2.05 dividend per share, representing a 94 per cent payout ratio, would be distributed.
Also speaking, the Managing Director and CEO of BUA Cement, Yusuf Binji, said the company had delivered excellent financial performance, resilience, strategic agility, and a firm commitment to growth in a dynamic environment.
Binji said the company was addressing its largest cost driver — energy — by building a 700-tonnes-per-day LNG regasification plant to guarantee supply and reduce cost. He disclosed that BUA Cement had renegotiated existing service contracts in favour of local content to reduce FX exposure and drive down operational costs.
Business
Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress
Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.
Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.
He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.
During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.
While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.
Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.
Business
Dangote to Uzodimma: Just show me where to invest
By Emmanuel Iheaka, OWERRI
The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.
Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.
The renowned Africa’s industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.
Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.
“We will be one of your biggest investors in Imo. So, please tell me the area to invest and we will invest”, Dangote declared.
He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.
“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he submitted.
Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.
Business
Fabergé egg given as Easter gift to mother of Russia’s last emperor sells for record £22.9m
A diamond-encrusted Fabergé egg that Russia‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million.
Tsar Nicholas II gifted the Winter Egg to Dowager Empress Maria Feodorovna in 1913, five years before he was murdered along with his wife and children after the Russian Revolution.

Tsar Nicholas II

Dowager Empress Maria Feodorovna
The egg went under the hammer at Londonauction house Christie’s yesterday.
An unnamed buyer stumped up £22,895,000, smashing the previous global record of £8.9million that was set in 2007 when the famous Rothschild Egg was sold.
Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall.
Carl Fabergé, the master jeweller whose creations bedazzled Russia, created 50 Imperial Easter Eggs for the then-ruling Romanov family over a 31-year period, making them incredibly rare and valuable.
They were commissioned as Easter gifts in a tradition started by Tsar Alexander III in the 1880s.
Nicholas II, Alexander’s son, had an annual standing order for two Easter eggs to be made for his mother and his wife, until the fall of the Romanovs in the 1917 Russian Revolution.

A diamond-encrusted Fabergé egg that Russia ‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million
Today, only 43 of the Imperial Easter Eggs remain, with seven missing.
The ‘exquisite’ Winter Egg had a pre-sale estimate of more than £20million.
Christie’s Margo Oganesian said: ‘Today’s result sets a new world auction record for a work by Faberge, reaffirming the enduring significance of this masterpiece.’
She added the sale celebrated ‘the rarity and brilliance of what is widely regarded as one of Faberge’s finest creations, both technically and artistically’.
The imperial eggs have enjoyed renewed interest on the art market in recent decades, mainly among wealthy Russians keen to acquire a piece of their country’s history.
Beyond its opulence, it is the ‘technique and craftsmanship’ that makes the Winter Egg exceptional, according to Ms Oganesian.
‘The Winter Egg is truly one of the rarest items that you can find,’ she explained. ‘It’s really hard to comprehend how Faberge created it.’
The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall. Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes

Tsar Nicholas and his wife, Empress Alexandra, with their five children. They were all murdered in 1918
Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket.
Like many other Romanov possessions, the egg bears witness to Russian history. It was transferred from Saint Petersburg to Moscow in 1920 after the revolution.
As with many other Imperial Eggs, it was sold by the Soviet government to generate foreign currency and was acquired by London jeweller Wartski between 1929 and 1933, according to Christie’s.
The Winter Egg was subsequently part of several British collections but was considered lost from 1975, the auction house said in an essay attached to the sale lot online.
‘For 20 years, experts and specialists lost sight of it until 1994, when it was rediscovered and brought to Christie’s for sale in Geneva,’ said Ms Oganesian.
Eight years later, in 2002, it was sold again for a record $9.6 million in New York.
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