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We Reduced Our Cement X- Factory Price To N3500, But Other Players Took Advantage Of Our Gesture’ -BUA Group

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We Reduced Our Cement X- Factory Price To N3500, But Other Players Took Advantage Of Our Gesture’ -BUA Group

We Reduced Our Cement X- Factory Price To N3500, But Other Players Took Advantage Of Our Gesture’ -BUA Group

The Group Executive Director of BUA Group, Kabir Rabiu, has reaffirmed that there was a price reduction for BUA cement from N5,500 to N3,500 per bag, with take-off date for the new rate from October 2nd, 2023.
We Reduced Our Cement X- Factory Price To N3500, But Other Players Took Advantage Of Our Gesture’ -BUA Group
Kabir Rabiu, while reacting to the question on if ‘the BUA Cement price bonanza was actually delivered or not’ in ARISE News segment of the ‘MACRO ECONOMICS OF CEMENT PRICES’, within the wider state of the economy, said the price reduction was carried out from October 2nd, 2023 in line with the commitment of Alhaji Abdul-Samad Rabiu, Chairman of the BUA Group to ensure the accessibility and affordability of the product for Nigerians.
According to him, “Federal Government can only do so much, but without the support of the other producers and middlemen being called to order, the average Nigeria will suffer”.
He said: “BUA cement price reduction actually did happened. Our chairman made the commitment, and we actually fulfilled the commitment by running it for five months.
“We reduced our cement across our plant to N3500, but that was actually x-factory price.
“But, as you know industries such as cement in Nigeria, when we do this kind of commitment, we were expecting other players to come along because if you look at the industry where we are operating our market share of 30 -32% and for us to make this gestures, other players were not doing it, and turn out to be very difficult for it to be fully implemented.
“And so, we ran the programme for almost five months, and because other players did not follow suit the distributors and the middleman began to take advantage of our gesture.
So, what happened was that even though we were selling the cement at N3500 in order to support the economy and the users, there was no direct benefits at least to the end users because other players were selling at previous higher prices.
And with that it turn out to be increasingly difficult for us to continue, and whilst we were doing that the cost began to go up, and we were forced to change our position a little bit.
And while we were doing that we also discovered that some of our plants had some issues and that reduced production.
“We do not know whether it was by choice or it was a sort of maintenance, and so that put an enormous pressureon our cement supplies to meet the increasing demand and therefore, even widen the gap between what we were selling in the market xfactory and what the market was”.
It would be recall that Rabiu, Chairman of BUA Group, in conversation with State House Correspondents following a visit to President Bola Tinubu in Lagos last year, stressed that despite various challenges, BUA is determined to ensure the accessibility and affordability of the product for customers.
He said: “You know the price that we have set will be N3,500 per bag. You know x factory of course plus VAT and then delivered to customers depending on the region,”
As you know, the factories that we have; one is in Edo, the other one is in Sokoto state. So for example, if you want us to deliver cement to you from Sokoto say to Lagos from Adamawa or to Maiduguri, the distance is quite far. So dependent on the distance and dependent on the location. You know the price changes but we intend to keep that promise”
According to him, the cement company site in Sokoto that would be inaugurated by January 2024 is expected to further expand the market across the country.
“We anticipate a combined annual production volume of about six million tonnes from these sites, which we expect to significantly impact the market. While facing some challenges, we are actively working to address and resolve them,” Rabiu stated
@Daily independent

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Alpha Morgan to Host 19th Economic Review Webinar

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Alpha Morgan to Host 19th Economic Review Webinar

 

In an economy shaped by constant shifts, the edge often belongs to those with the right information.

 

 

On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.

 

 

The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.

 

 

With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.

 

 

Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19

It is a bi-monthly platform that is open to the public and is held virtually.

 

 

Visit www.alphamorganbank to know more.

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GTBank Launches Quick Airtime Loan at 2.95%

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GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

GTBank Launches Quick Airtime Loan at 2.95%

 

Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.

 

In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.

For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.

Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”

Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.

With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank

Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.

About HabariPay

HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:

GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com

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BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port

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Photo Caption: BUA GROUP, AD PORTS GROUP AND MAIR GROUP SIGN MOU TO EXPLORE COLLABORATION IN SUGAR REFINING, AGRO-INDUSTRIAL DEVELOPMENT, AND INTEGRATED GLOBAL LOGISTICS SOLUTIONS L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group

BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions

Abu Dhabi, UAE – Monday, 16th February 2026

 

BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.

 

The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.

 

Photo Caption: BUA GROUP, AD PORTS GROUP AND MAIR GROUP SIGN MOU TO EXPLORE COLLABORATION IN SUGAR REFINING, AGRO-INDUSTRIAL DEVELOPMENT, AND INTEGRATED GLOBAL LOGISTICS SOLUTIONS

L-R:  Kabiru Rabiu, Group Executive Director, BUA Group;  Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group

Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group

 

Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.

 

BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.

 

Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:

“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”

 

He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”

 

A representative of MAIR Group added:

“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”

 

A spokesperson from AD Ports Group commented:

“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”

 

This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.

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