Business
BUA’s Violation of Sugar BIP Worries Stakeholders
As the federal government continues to monitor the level of compliance of all companies engaged in the implementation of the backward integration programme (BIP) in the sugar industry, seeming subtle efforts of BUA Group to violate the tenets of the agreement is causing serious concerns in the sugar industry.
An independent, detailed investigation carried out by THISDAY on the three companies that signed the agreement with the National Sugar Development Council (NSDC) to fully implement the BIP in the year 2020 and end the nation’s dependence on importation to meet its need for sugar, found BUA lagging behind vastly in investment in and implementation of the BIP.
According to the THISDAY investigation published in the March 7 edition of the newspaper, from page 46 to 49, while Dangote Group’s Savannah Sugar Company in Numan Adamawa State has essentially met the deadline by already producing pure refined sugar straight from sugarcane harvested from its own farms and Flour Mill’s Golden Sugar Company in Sunti, Niger State is on target to begin production this year, BUA’s Lafiagi sugar estate has neither set up a farm nor put a processing factory in place.
The THISDAY special report noted that Dangote Group, at the moment, has above 6,000 hectares of mature sugarcane which is currently undergoing harvesting and processing, and the estate is running three 24-hour shifts daily. But BUA only has 13 hectares of sugarcane nursery which it plans to transplant in the future.
THISDAY investigation also revealed that while Dangote’s Savannah Sugar currently employs around 750 full-time employees, 5000 contract staff who work in the farms and other parts of the factory; and Flour Mills’ Sunti has 750 employees, BUA’s Lafiagi Sugar estate only has 25 workers indicating that very little is going on there.
There are even unconfirmed speculations that of all the equipment and staff displayed at the Lafiagi sugar estate, none is owned by the company as they simply hired and displayed the few assets to deceive the NSDC and other stakeholder and give BUA access to the federal government benefits enjoyed genuine investors in integrated sugar production.
In the area of the installation of a sugarcane processing factory, while Dangote has a functional plant in place, already churning out refine sugar and generating 6.4 MW of electricity and Flour Mills is set to inaugurate its plant by May, 2016, BUA has none, except a manual 50 tonnes per day sugarcane crushing plant which is currently non-operational.
Another revelation of the THISDAY investigative report is that while Dangote Group stated that it has invested around N35 billion in integrated sugar production and Flour Mills noted that it has invested above N18 billion there was no figure for BUA Group, indicating that probably no significant investment has been made.
Apparently confirming BUA’s failure to measure up with the objective of ending sugar importation into the country by 2020, the Executive Secretary of the Sugar industry regulatory agency, NSDC, Dr. Latif Busari, noted: For BUA Group, development of Lafiagi Sugar Estate, the BIP site of BUA Sugar Refinery, while not at same pace as the others, is expected to accelerate in 2016. The company is ramping up its seed multiplication nursery pending the outcome of its site feasibility study which is being handled by a reputable UK company called Booker Tate.”
According to the report, the General Manager for BUA Sugar Company, Lafiagi, Mr. Samuel Yisaku and the Group Head, BUA Agribusiness, Mr. Mario de Matos, however put up a spirited explanation of their failure to keep pace with other operators, stressing that the company was running its own BIP programme exactly as agreed with the NSDC and so was not lagging behind any other company.
According to quotes from the THISDAY report however, the BUA executives inadvertently admitted that their company might certainly not meet the Nigeria Sugar Master Plan’s aim of ending sugar importation by 2020.
In the report, the company’s executives;Yisaku, Matos and the spokesman Otega Ogra Yisaku, stressed that BUA was working to attain reasonable integrated cane processing in the next three to four years and swing to full capacity production around 2024, which violates the overall objective of the 2020 NSDC deadline.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
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.
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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