President Bola Tinubu has directed cement companies in Nigeria to reverse the recent hike in the price of cement. This was disclosed by the Minister of Works, Senator David Umahi, on Thursday shortly after inspecting BUA cement factory in Sokoto State. According to the minister, the new presidential order is mandating all cement manufacturing companies…
Investigations have indicated that retailers of major cement producers in the country have continued to sell the commodity at high prices despite the agreement between the Federal Government and the manufacturers. Truetells Nigeria recalls that Dangote, Lafarge, BUA, and other cement producers had agreed to sell 50kg bag of cement between N7,000 and N8,000. The agreement was reached at…
The Nigerian government has summoned all cement manufacturers in the country to a meeting with the Minister of Works, David Umahi, over escalating retailing prices of the product in the market. This was disclosed in a statement by the Special Adviser to the Minister, Edward Uchenna Orji, on Saturday. SaharaReporters had reported on Friday that…
EFCC Probes Dangote, BUA, 50 Other Companies Over Forex Allocations By Emefiele. Truetells Nigeria reports that the Economic and Financial Crimes Commission (EFCC) has launched an investigation into the forex transactions of some companies in the country. This Nigeria news platform understands that the companies are being investigated for the forex allocations they got during the tenure of Godwin…
Management of Dangote Industries Limited (DIL) has refuted allegations that it engaged in illegal foreign exchange deals, warning those peddling the allegation of economic sabotage against the company to desist from such underhand practices. It gave the warning following claims in some sponsored reports in the online media, suggesting that the company is being…
The Nigerian Government through the Federal Inland Revenue Service (FIRS) has issued a seven-day ultimatum to BUA Industries Limited to reconcile with the government or pay N198.7 billion arising from non-compliance with income tax laws and VAT returns remittance. The tax liability is for 2022. A letter addressed to the Managing Director of BUA…
Some cement retailers in Lagos state and Ogun state have given reasons BUA Cement products are still sold above N5,000 per bag despite the company announcing a 36.4 percent cut in price on October 1. BUA Cement had disclosed that the ex-factory price of its product will be reduced to N3,500 per bag from N5,500…
Controversy has trailed the sudden resignation of Isyaku Naziru Rabiu as an Executive Director in BUA Foods Plc, a subsidiary of BUA Group owned by billionaire Abdul Samad Rabiu, THE WITNESS reports. Isyaku, a nephew of the BUA Group chairman, controls 0.006 per cent of the entire N18 billion BUA Foods shares, making him the…
Hamzat Oladipupo, who once worked for BUA Sugar Refinery Limited has called on Nigerians to appeal to the management of the company and founder, Rabiu over the alleged non-payment of his entitlement since the termination of his appointment in November 2020. Hamzat, in a tweet on Monday, explained that he worked for the company as…
These are not the best of times for investors and shareholders of BUA Foods, a subsidiary of BUA Group owned by Nigerian billionaire, Abdul Samad Rabiu, as the shares of the company dipped drastically on Monday following trading hours in the Nigerian bourse (Nigerian Exchange Limited). The development has also affected the fortunes of…
