Connect with us

Business

Sugar War: Dangote Wants To Monopolize Market, Exploit Nigerians In Price Increase – BUA

Published

on

Sugar War: Dangote Wants To Monopolize Market, Exploit Nigerians In Price Increase - BUA

The management of BUA group in a five pages response to allegation by the Chairman, Dangote Industries Limited, Alhaji Aliko Dangote, alongside Chairman, Flour Mills of Nigeria Plc, Mr. John Coumantaros, that establishment of a new sugar refinery plant in the country poses a threat to the attainment of the National Sugar Master Plan (NSMP) as well as sustainability of the country’s local sugar industry, said, Dangote’s petition came after it had refused to succumb to their pressure to increase its price.

 

In a joint petition to the Minister of Industry, Trade and Investment, Niyi Adebayo, dated January 28, 2021, Chairman, Dangote Industries Limited, Alhaji Aliko Dangote, alongside Chairman, Flour Mills of Nigeria Plc, Mr. John Coumantaros, argued that they had in 2019, warned about the risk of establishing a new refinery, adding that they got assurances that in line with the federal government’s policy on Backward Integration Programme (BIP), “no new refinery will be allowed to operate in Nigeria”.

 

They argued that “Even before its surreptitious investment in additional refining capacity, Nigeria already has enough refining capacity to satisfy demand today well into the future.

 

“The impunity with which BUA has contravened the provisions of the NSMP has placed the other players who are abiding by the regulations, not only at a significant disadvantage but has discouraged them from undertaking the huge investments that would deliver the desired objective of 100 per cent local production of sugar, unless, of course, the ministry wades in and addresses the situation, they added.

 

Daily Post reported that in its reaction, BUA, in a letter dated February 11, 2021, addressed to the Minister, took “serious exception to the ludicrous claims by its two major competitors that it aims to circumvent the BIP of the sugar industry.”

 

BUA disclosed that in 2020, before Ramadan, sugar was sold for around 18,000 Naira per bag, but as the Ramadan fasting began, the price skyrocketed to 30,000 per bag, the increase in sugar price during the Ramadan and other festive periods by the Dangote company was needless.

 

READ ALSO: Dangote, Tinubu, N90 Million In Aisha Buhari Book Launch, Full List

 

BUA accused Dangote of exploiting Nigerians by increasing the price of his products particularly when its been needed and people have no choice than to patronise.

 

BUA vowing  to frustrate the alleged decision by the Dangote group to monopolize Sugar trade in the country, stated that though the Port Harcourt refinery is mainly for exports, BUA is allowed under the Nigeria Export Processing Zones Authority (NEPZA), Act and current approvals/rules to intervene locally in order to stabilise sugar price, “where it is absolutely necessary- in the face of arbitrary price increases and collusion to force scarcity of the product locally”.

 

He said:”The same NEPZA Act upon which this project is based, gives the permission to process, add value, and export at the same time. Companies under this act are allowed to process and if they so wish, sell 100 per cent of their production in Nigeria with payment of duties based on the current raw materials tariff.

 

“As a matter of fact, Aliko Dangote of Dangote Industries, who is one of the complainants alleging and attacking to this approval has also applied and obtained the same approval for his refinery project in Lekki, Lagos State where he is currently enjoying the same benefits of being in an Export Processing Zone (EPZ).”

 

He added:”What BUA sugar is doing is legal and within the confines of the law. We have not done nor are we doing anything wrong.”

 

Nationalwatchng, recalls that Nigerians took to social media earlier in the week to criticise, the price variety in cement price, in Nigeria and Zambia.

 

Nigerians complained that while a bag of Dangote 3x cement produced in Nigeria sales at, 55 Kwasha, (N1,500), in Zambia, the same cement produced in the country sales higher at N3000.

Advertisement

Business

DMO Lists N150b FG Bonds For Auction

Published

on

DMO lists N150b FG bonds for auction

The Debt Management Office (DMO), on Wednesday, announced the auctioning of three Federal Government bonds of N150billion at N1,000 per unit.

 

Details obtained from DMO’s website said that the three bonds were valued at N50 billion each, with interest rates of 16.29 per cent; 12.50 per cent and 9.80 per cent, respectively.

 

It listed the auction date as April 21, while settlement date is April 23.

 

“Minimum units for sale are N50,001 thousand and in multiples of N1,000 thereafter.

 

“For re-openings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned plus any accrued interest rate on the instrument,” the DMO said.

 

READ ALSO: The Books Of Numbers, Job, Gave Women Right To Inheritance – Justice Rhodes-Vivour

 

It explained that interest rates would be paid “semi-annually,” with bullet repayment on the maturity date.

 

The office said that the bonds qualify as securities in which trustees can invest under the Trustee Investment Act.

 

“It also qualifies as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds and other investors.

 

“It is listed on the Nigerian Stock Exchange and FMDQ OTC Securities Exchange,” DMO explained.

 

The DMO added that all federal government bonds qualified as liquid assets for the calculation of liquidity ratio for banks.

 

It also assured that the bonds were backed by the full faith and credit of the federal government and charged upon the general assets of Nigeria.

 

NAN

Continue Reading

Brands And Marketing

What You Should Know About Data When Browsing With MTN

Published

on

What You Should Know About Data When Browsing With MTN

With increase in online presence,all smart phone users, especially in Nigeria complain of high burn rate. 

 

While many complain that the cost of data is too expensive, all complain that the burn rate is annoying.

 

In a conversation with a customer care agent working for MTN, a leading mobile network provider in Nigeria, the agent told Nationalwatchng, that 8 in 10 calls in to the call center, he picks, is complain from customers on data burn rate.

 

However, to assist customers determine and calculate their data usage, MTN, has invented a “Data calculator”, to help customers, calculate their data usage. The data calculator is also to help internet subscribers be conscious of their online activities.

 

Below is the burn rate of data in when browsing with MTN line, with this you can then calculate, why your data is burning down.

 

Surf the web –                    1 minute browsing online = 1 MB

 

Use social media  –             1 minute of browsing and posting to social media = 4 MB

 

Send & receive emails  –    1 email (with no attachments) = 20 KB

 

Send & receive emails  –    1 email (with standard attachments) = 300 KB

 

Game online  –                   1 minute of playing online games = 3 MB

 

Stream music  –                  1 minute of streaming music = 2 MB

 

Stream non-HD video  –     1 minute of streaming non-HD video content = 4 MB

 

Stream HD video   –            1 minute of streaming HD video content = 15 MB

Note: This data usage estimate is only a guide. Your usage may vary during actual circumstances.

 

Continue Reading

Business

Again CBN Freezes 11 bank Accounts

Published

on

Again CBN Freezes 11 bank Accounts

The Central Bank of Nigeria, CBN, has obtained a court order to temporary freeze accounts of 11 persons, so as to enable conduct an investigation into its sources of wealth.

 

In a statement made available on its website the Central Bank of Nigeria, CBN, which is the regulatory body for all financial institutions in Nigeria, on Wednesday, stated that  the order was renewable on expiration, but only on good reasons shown.

 

The CBN as the plaintiff, listed the names of the defendants/respondents as Albert Austin Ugochukwu with two bank accounts; Belfour Energy & Allied Services; Belfour Oil and Gas Limited with three bank accounts; Circle Flow Integrated Services; Kacynaus Reality Nigeria Limited with three bank accounts; and Tasmara Integrated Services.

 

The motion exparte which was dated March 12 and filled on March 16 sought the mandatory order of the court to direct First City Monument Bank Limited to freeze all transactions on accounts and all other bank accounts of the defendants for a period of 180 days pending the outcome of investigation and inquiry currently being conducted by the CBN.

 

According to the document, the investigation was connected to a female who is an ‘Assistant Manager of the CBN, Central Business District, Oluwatoyosi Suwebat Oladipo’.

In another document signed by the Presiding Judge, A.R. Mohammed, the court empowered the CBN to direct FCMB to freeze all transactions on the bank accounts for a period of 45 days only, pending the outcome of investigation.

 

It added that the order was renewable on expiration but only on good reasons shown.

 

Any person affected by this order was entitled to approach the country to seek to set aside, discharge or have the order reviewed for good reasons, it said.

Continue Reading

Trending