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.
The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.
According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.
The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.
The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank stated that access to BVN databases will remain tightly controlled.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The new policy, as stated by the CBN, takes effect from May 1, 2026.
NNPC Reduces Fuel Price
The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail stations in Lagos and Abuja.
The adjustment took effect on Wednesday as the national oil company reduced the price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The new price means motorists in Lagos are now paying N100 less than the previous pump price of N1,230 per litre.
In Abuja, the new rate represents a reduction of N95 from the former price of N1,260 per litre.
Checks showed that the new price was already in place at several NNPC filling stations in Lagos, including outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way.
The same adjustment was also recorded in the Federal Capital Territory, where NNPC stations in areas such as Jabi and Wuse began selling petrol at N1,165 per litre.
The reduction comes at a time when many private oil marketers have not yet adjusted their pump prices to match the recent drop in the gantry price announced by the Dangote Petroleum Refinery.
Dangote Refinery had earlier lowered its gantry price for petrol by N100 per litre, bringing it down to N1,075 per litre.
The change followed a fall in international crude oil prices.
Global oil prices had earlier risen sharply due to tensions in the Middle East involving the United States, Iran and Israel.
The crisis raised fears of possible disruption to oil supply, especially around the Strait of Hormuz, an important route for global crude shipments.
Prices later began to fall after the President of the United States, Donald Trump, indicated that the conflict might end soon.
Grief has swept through the business and faith communities following the passing of Sir Innocent Chinedu Onuoha, the respected entrepreneur and Executive Chairman of InnoChris Group. He died peacefully in his sleep on December 11, 2025, at his home in Lagos. He was 71.
Born in 1954 in Umuoma Umuaro II Autonomous Community, Isiala Mbano Local Government Area of Imo State, Onuoha grew to become a symbol of enterprise, generosity, and unwavering faith. A devoted member and evangelist in the Anglican Communion, he lived a life that blended business success with service to God and humanity.
Long before many came to know his vast business interests, the name Innochris had already echoed in popular culture. In the 1990s, legendary Ogene music maestro Oliver De Coque famously chanted “Ugbo ndi oma Innochris eh!” in one of his songs — a line that celebrated the Onuoha brothers and helped make Sir Innocent Onuoha and his brother Christian Onugha widely known during that era.
Onuoha’s entrepreneurial journey began after years of professional experience working as secretary to a former Chief Engineer at Flour Mills of Nigeria. With determination and vision, he went on to establish InnoChris Group, a conglomerate that grew to include InnoChris Transport, InnoChris Computers, and InnoChris Spare Parts, serving customers across Nigeria.
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