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BUA Crashes Cement Price to N3,500 Per Bag

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BUA Group has announced a reduction of ex-factory cement price to N3,500 per bag effective today, October 2.

BUA Crashes Cement Price to N3,500 Per Bag

The current ex-factory price is N4,650, while it is being sold at N5,000 in the market.

In a statement on Sunday, the company announced that the new price will take effect from Monday, October 2, 2023.

The statement, titled ‘Reduce in Prices of BUA Cement’, reads: “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.

“As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of N3,500 per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.

“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tons per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.

“NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”

With the crash to N3,500, the market price is expected to be between N3,850 and N4,000, according to a cement dealer.

The dealer said the reduction is significant enough to be felt by the consumers as long as the manufacturer keeps to its promise and the dealers respect the new pricing regime.

Last month, when he visited President Bola Tinubu at Aso Rock, Abdul-Samad Rabiu,chairman of BUA Group, told State House Correspondents that his company was set to reduce the price of cement.

Rabiu added that to support the efforts of the government to crash the price of the product, the company would add two new plants at the end of the year or early next year.

According to him, the plants to be commissioned by Tinubu, would bring BUA Cement’s total capacity to 17 million metric tons.

He said: “Let me thank His Excellency Mr. President for graciously receiving me today. I came to intimate His Excellency on the affairs of our cement business. We have two new lines of 3 million tons each that we will be commissioned by the end of the year.

“So I came to intimate His Excellency and also to explain to him the efforts we’re making in trying to support again the efforts of the government in bringing down the price of cement.

“With this 6 million tons that are commissioning by the end of the year. And by the way, His Excellency has agreed to come and commission the plants, sometimes in December or early January next year.

“So I explained to him and we want to support the efforts of the government in bringing down the price of cement. By the time these lines are commissioned, BUA Cement will to be producing about 17 million tons per annum. And with that, we intend to bring down the price of cement from its current level of N5,000 or N5,500 per bag to maybe N3,000 to N3,500 per bag.

“And we can only do that because we’re producing cement locally. 80% of the raw materials that we’re using to produce cement are in Nigeria. We want to support the government efforts in ensuring that the price of these commodities are brought down.”

 

 

 

 


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Elumelu Tags Elon Musk, Disowns AI-Generated Scam Video

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Tony Elumelu, Nigerian businessman and philanthropist, has warned about the growing dangers of artificial intelligence misuse after an AI-generated video falsely showed him promoting a forex and cryptocurrency trading platform.

Elumelu Tags Elon Musk, Disowns AI-Generated Scam Video

Tony Elumelu,

The founder of Tony Elumelu Foundation revealed this in a post on his X account on Monday, explaining that the video appeared highly convincing but was entirely fabricated.

In the post, he also tagged Elon Musk, X owner, and Nigeria’s Federal Ministry of Communications, Innovation and Digital Economy while calling for stronger safeguards against the misuse of artificial intelligence.

“A few days ago, my team flagged an AI-generated video of me endorsing a forex and crypto platform.

“It looked and sounded remarkably real, but it was completely fake. This incident highlights a growing and serious threat to digital trust,” he wrote.

He stressed that he has no affiliation with any cryptocurrency or foreign exchange trading platforms.

“For the avoidance of doubt, I am not associated with any crypto or forex trading platforms.

“My commitment to inclusive prosperity has always been through long-term investments, building sustainable businesses, and empowering entrepreneurs,” he said.

While acknowledging the transformative potential of artificial intelligence, Elumelu urged African youths to embrace the technology responsibly and use it to develop scalable solutions.

“I strongly believe in the potential of AI. It is a defining technology of our time, and African youth must be at the forefront of adopting it to build scalable solutions. We cannot afford to be left behind in the global tech race,” he added.

The business leader, however, warned that rapid technological advancement also presents risks if not properly regulated.

“But the flip side of rapid innovation is the risk of abuse. The ease with which identities can now be cloned to deceive the public is alarming.

“Policymakers and regulators must act now to establish safeguards and hold those using it to scam innocent people accountable,” he said.

Elumelu also urged the public to remain vigilant and protect themselves from digital fraud.

“We must create a safe digital environment where true innovation can thrive without being overshadowed by fraud. Protect your hard-earned money, stay alert, and let us continue to build the Africa we deserve,” he said.

 


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NITDA DG Appraised the Role of Teachers as Key to Nigeria’s Digital Transformation

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By Solomon Yaji

Kashifu Inuwa, the Director-General of the National Information Technology Development Agency (NITDA), has emphasised the critical role teachers play in driving Nigeria’s digital transformation, noting that classrooms will be central to shaping the country’s technology-driven future.

Inuwa made the remark during a stakeholders’ dialogue organised by the Development of Educational Action Network Initiative (DEAN) in Abuja.

Speaking on the theme “Nigeria’s Current Digital Landscape: Our Reality and Its Practical Connection to Education,” the NITDA DG, who was represented by the agency’s Director of Stakeholder Management and Partnerships, Dr. Aristotle Onumo, said the rapid expansion of the digital economy is reshaping the education sector and redefining the role of teachers in modern learning environments.

He explained that while digital technologies have created unprecedented access to information and opportunities for students, they also present challenges that require guidance and responsible use.

According to him, teachers must go beyond the traditional role of knowledge transmission to become mentors who help students navigate the digital world safely and responsibly.

“Teachers are no longer just instructors; they are now guides who help students identify credible information, avoid harmful online content, and develop responsible digital behaviour,” he said.

Inuwa added that educators must cultivate critical thinking among students while equipping them with the skills needed to thrive in an increasingly technology-driven society.

He reaffirmed NITDA’s commitment to advancing digital literacy nationwide through initiatives such as the Digital Literacy for All programme and partnerships with educational institutions aimed at strengthening teachers’ digital capacity.

The NITDA boss stressed that empowering teachers with digital skills is vital to preparing Nigerian students for the future workforce and ensuring the country remains competitive in the global digital economy.

Nigeria is currently pursuing an ambitious digital literacy agenda, targeting 70 per cent digital literacy by 2027 as part of broader efforts to build a knowledge-driven economy powered by innovation and technology.

Earlier in his remarks, the Executive Director of DEAN Initiative, Semiye Michael, said the workshop was designed to re-engineer teachers’ capacity in line with the realities of the digital economy.

“We need to strengthen teachers’ competence and provide them with access to the necessary digital infrastructure,” Michael said, adding that the engagement would help shape policies that support technology-driven learning in Nigerian schools.

He described the workshop as an “awesome experience,” noting that ideas generated during the session would be consolidated into a policy guide for the ministry and other relevant agencies.

Michael further noted that strengthening teachers’ digital capacity would be vital to enhancing Nigeria’s competitiveness in the global knowledge economy.

The event attracted key stakeholders from the Federal Ministry of Education, Nigerian Communications Satellite Limited (NIGCOMSAT), as well as private sector experts.


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Amnesty Poll: 97% of Nigerians Doubt Judicial Independence

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A new Amnesty International poll exposes stark public distrust in Nigeria’s judiciary, with nearly 97% of respondents believing judges face external influence and lack independence in their duties.

Amnesty Poll: 97% of Nigerians Doubt Judicial Independence

Amnesty International

Shared on social media by Amnesty International Nigeria, the poll asked if Nigerian judges operate freely. An overwhelming majority answered “No,” with only a tiny fraction expressing confidence amid fears of pressure from political actors or powerful interests.

Judicial independence underpins democratic governance, enabling impartial rulings based on law alone. In Nigeria, doubts have intensified after controversial decisions in high-stakes political cases.

While not a scientific survey, the findings echo civil society demands for reforms to boost transparency, accountability, and trust. Advocates stress that bolstering court autonomy is vital for upholding the rule of law and citizens’ rights nationwide.


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