Business

Real reason I invited Osinbajo to London – President Buhari reveals

Published

8 years ago

August 26, 2017

PRESIDENT Muhammadu Buhari on Friday met with governors of the 36 states of the federation, revealing that he invited Vice Yemi Osinbajo to London in July to thank him for the way he ran the country in the president’s absence.

He told the governors that Osinbajo applied his intellect to administer the country commendably prompting him to invite Osinbajo to London to personally thank him.

“The efforts by the vice president are commendable. He used his intellect to run all over the place. I was seeing him 24 hours on NTA. I congratulate him. I allowed him to come and see me to thank him personally for what he has done,” Buhari explained.

Osinbajo on July 11 made a 24 hours return trip to meet President Buhari who was on medical vacation at Abuja House in London.

The president maintained that while he was away, he closely monitored events particularly in that states and was happy with the way the governors tackled the issue of inadequate food production as high food import was taking its toll on the naira.

Buhari explained that the devaluation of the naira was not his government’s making, noting that even though it may not be a comfortable development, there was nothing that could be done about it.

He said: “I had so much time to watch television, NTA, I heard so much information about the states. I am very pleased with the states, you are all doing your best and it is proving to be good enough on agriculture and solid minerals. You are succeeding in agriculture because I think people cannot afford foreign food.

“The devaluation of the Naira is not my making; it may not favour us but it is something we cannot change. Some people were asking me if we should be stricter on the border, but I want to thank God this year is better than what it used to be.”

The president mocked the ResumeOrResign group who protested against his presence in the U.K.

He said now that he was back to the country, members of the group especially those who do not pay taxes to the U.K. government should consider returning home or get caught by the implications of Brexit.

Brexit is the term for the United Kingdom’s intended withdrawal from the European Union (E.U.).

He advised them to consider the implications and make plans to return home.

According to him, those that have plans to sell their properties should consider bringing some home to help the Nigerian economy.

Buhari said: “I’m very happy with the national prayers it was very well covered and reported, across religions and ethnicity, people were praying. In fact some groups in London came and sang the national anthem and asked that I should go back home, indeed I have come back home.

“I hope those who went there are not stuck there, they should come back and join us, those that are stuck there with the Brexit, I hope they have weighed the implications that it won’t affect them including those that have properties there, those who are not paying tax here. I hope when they sell their properties there they will bring some of the money here. We need it very badly here.”

The President said the visit of the governors has boosted his morale, adding: “I thank you very much. My morale have been raised greatly by the love shown to me and the security of the country.”

The Chairman of Nigeria Governors Forum (NGF) and Governor of Zamfara, Abdulaziz Yari, in his remarks observed that the Buhari administration has enabled state governments that hitherto could not pay workers’ salaries to meet up with their obligations.

He added that the bailouts and the refund of the Paris Club funds authorized by the president have helped to cushion the effects of recession in the states.

Kogi Governor, Yahaya Bello, expressed happiness with the improvement of Buhari’s health.

He said: “Our President went to take care of his heath and now he is back healthy and healthier than before. We are here to appreciate him. We thank almighty God that he is back safely.

“We equally thank his able lieutenant, Professor Yemi Osinbajo who held the country firm in his absence. That is the demonstration of team work.

“It has equally shown that Nigerians selected the best and elected the best in 2015 general election and today Nigeria is better for it.

“He is back we are celebrating life. We are celebrating health.”

In his remarks to State House correspondents later, Governor Simon Lalong of Plateau state, said governors were happy about the president’s return.

He said: “You can see some level of enthusiasm and happiness on the faces of all the governors. That is to say all of us were anxiously waiting for the return of our dear President.

“You saw it today, the President went around to greet all of us and you can see he has come back healthier than when he left.

“Our prayer is that God will continue to guide Mr President and also the challenges of governance in Nigeria, he will give him that good strength and good heath to solve the problems of the nation.

“With him back, everything is taking shape again. This is not to say the acting president was not doing well.

“Our Acting President, we must commend him. In the absence of the president, there was not vacuum because the acting president filled in the gap and did his best up to this moment and showed absolute loyalty both to the nation and Mr President.

Business

Two Years of President Tinubu: A Business Perspective By Abdul Samad Rabiu

Published

1 day ago

May 28, 2025

Sahara Weekly

Two years of President Bola Ahmed Tinubu: A Business Perspective featuring Abdul Samad Rabiu, CFR, CON — Founder & Chairman, BUA Group

As Nigeria marks two years under the leadership of President Bola Ahmed Tinubu, I believe it is important to reflect, not from the lens of politics, but from the perspective of business, of industry, and of the economy. I speak not only as the Chairman of BUA Group – one of Africa’s largest conglomerates, but also as someone who has lived through the complexity of Nigeria’s reforms. I have seen the cost of dysfunction, the burden of inefficiency, but more importantly, the promise of a level playing field and the dividends of decisive governance.

*FUEL SUBSIDY REMOVAL*

The removal of the fuel subsidy is one of the most important decisions taken by this administration. Before that, Nigeria was selling PMS at 200 or 250 Naira per litre, which was about 25 or 30 cents. I doubt there was any country in the world where fuel was being sold at that price. During my trip to Saudi Arabia for the lesser Hajj in February this year, I checked the pump price at one of the petrol stations as we drove from Jeddah to Mecca. When I converted the price to Naira, it was almost 1,500 Naira per litre. That was Saudi Arabia.

We could simply not afford the subsidy. It was not just Nigerians who were benefiting from it. We were subsidising the entire region. I remember visiting Niger Republic a few years ago when President Bazoum honoured us. During dinner, he joked and said, “Thank you for the subsidy.” He said 100 percent of all PMS consumed in Niger was coming from Nigeria because it would cost them three times more to import. There was no incentive for them to bring in their own fuel or refine crude at their own refinery. This was the situation across the region.

Today, I understand that our fuel consumption has dropped by almost 40 to 50 percent. It is not because Nigerians are consuming less, but because neighbouring countries have stopped tapping into our subsidised fuel. The PMS is still cheaper in Nigeria, even at 800 or 900 Naira per litre, but the logistics no longer support easy access. Countries like Niger and Benin Republic still take fuel from Nigeria, but others have stopped.

The removal of subsidies was needed not only to save the economy but to ensure that Nigerians alone benefit from what is imported. Even if there must be subsidy, it should be for Nigerians only. The money saved is now being channelled to infrastructure, to better support for states, and to other developmental priorities. All the states are receiving more money now, and that has made a real difference.

I am of firm opinion that President Bola Ahmed Tinubu made the right decision, and he made it boldly. On the first day he took office, he did what everyone knew had to be done but no one dared to do. He acted immediately. Many criticised him, but he did the right thing, and it saved the country. Had we continued under that burden, only God knows where we would be today. I always say, Mr President is probably the only one who had the courage to take such hard and necessary decisions.

*ON THE UNIFICATION OF THE FOREIGN EXCHANGE REGIME*

The unification of the foreign exchange market is another critical reform. Before this, many of us in the business community spent most of our time chasing foreign exchange. I personally spent half of my time trying to get FX from the Central Bank of Nigeria. The CBN was the only source of official exchange, offering FX at around 500 Naira when the parallel market was 800 or 900. No business could survive outside the CBN structure.

Every two weeks, we would go to Abuja to seek allocations. It was exhausting and inefficient. You had to camp there for three or four days before Allocation Monday, waiting for the CBN to allocate dollars. Today, I have met the new CBN Governor, Mr Cardoso, only once in two years. The reason is simple: I do not need to go to Abuja now to get foreign exchange. The system is open. It is working.

This was also a bold move by President Tinubu. It was necessary, and he took that decision as well. We are very glad because today we can focus on our businesses. These reforms are saving the economy.

*FAIRNESS, SANITY AND STABILITY IN BUSINESS*

Under this administration, we have seen a return to fairness and stability in business. We no longer worry about arbitrary shutdowns or politically motivated disruptions. Let me give a real example. We started a new business in Port Harcourt four or five years ago under BUA Foods, operating at the Rivers Ports under a concession with the Nigerian Ports Authority. It was going very well. One day, we woke up to a letter stating that the concession had been revoked, the terminal shut down, and the lease agreement terminated. There was no prior warning, no issue, no conflict.

Later, we discovered that the Managing Director of NPA at the time decided to close the business simply because our operations were competing with those of her friend. She wanted to impress her friend. That was the only reason. Today, that kind of thing cannot happen. Nobody would dare take such an action under President Tinubu. You can wake up now without fear that your business has been shut down by an agency or politician.

That stability is critical. That Port Harcourt plant alone has seen over 500 million dollars in investment and has employed over 4,000 people. The confidence this government has brought is real, and it is helping us plan better.

I must also personally acknowledge former President Muhammadu Buhari. When our Port Harcourt plant was unfairly shut down, it was his intervention that saved it. I had the privilege of explaining the situation to him. He agreed it was wrong and acted. He said he would not permit injustice under his watch. That decision saved the business. But the reality is, I had access. What if I did not? That is the difference today. Now, nobody needs access to the President to be treated fairly. Everyone knows that if you do something wrong under President Tinubu, you may lose your job or even face prosecution and go to jail. That is why I can now spend more time focusing on the business and relaxing.

The President Tinubu reforms are creating a level playing field. Like I said previously, every business had to lobby the CBN for FX. If you did not, your business would collapse. Now, you do not need to go to Abuja. You just focus on your operations.

*INFRASTRUCTURE AS A KEY DRIVER OF DEVELOPMENT*
In infrastructure, the difference is also clear. Look at the Lagos-Calabar highway. Look at the Sokoto-Badagry road. Look at the Kwara projects we are executing under the tax credit scheme. Look at Kano-Kongolam. Look at the Okpella to Kogi State corridor. These projects are progressing because of the savings from subsidy removal and FX unification. With more revenue, Nigeria is building.

These roads and others being built are critical because logistics have become a major challenge. Transporting goods from Lagos to the North is very expensive due to bad roads. Now, the President is addressing this. With better infrastructure, logistics will improve, and businesses will grow. These reforms have enabled long-term planning and serious investment.

*BUA WILL CONTINUE TO BET ON NIGERIA*
Since President Tinubu took office, BUA Group has invested over one billion dollars in the Nigerian economy. We are expanding our food business, doubling our flour and pasta facilities in Port Harcourt and building another in Lagos. Demand is increasing. People are earning more. Confidence is returning. We have also completed the first POP plaster manufacturing plant in Nigeria which is now operating and are soon starting construction of a 30MW solar energy project in Sokoto State.

In the oil and gas sector, we are completing our LNG project in Ajaokuta, Kogi State. These investments are possible because of stability that has been brought about by President Tinubu’s reforms. We can plan now. The exchange rate has been fairly stable for almost a year. FX is accessible. Money is coming in from different sources, and investors are responding. If you want 200 million dollars a week for trade, you can get it without lobbying anyone at the Central Bank. These are the results of good policies.

*ON FOOD SECURITY*

When I met President Tinubu recently, he raised concerns about food prices. He wanted to know what BUA Foods was doing. I explained that his six-month tariff waiver had worked. It disrupted hoarding in the rice market. In Nigeria, the rice harvest is short and runs for about three months. Middlemen were buying paddy rice, hoarding it, and raising prices post-harvest. This artificial scarcity drove prices to as high as 110,000 Naira per bag. The farmers did not benefit. Farmers just wanted to sell and move on yet some people were buying from them, hoarding it, and creating a food crises in the country.

The temporary waiver allowed rice to be brought in, and milled immediately. The hoarders were cut out. Prices began to drop. It was a short-term solution, but it worked. It showed foresight. I told the President it helped and that if the situation persists, further steps can be taken. But for now, it has made a difference.

*PRESIDENT TINUBU’S NIGERIA FIRST POLICY AND BACKWARD INTEGRATION*

President Tinubu’s Nigeria First policy has aligned well with our own belief in backward integration. Our cement business is almost entirely local. We mine our own limestone. We use Nigerian gas even though it is dollar-denominated. The only foreign element is the equipment, and even that benefits from government concessions for mining equipment which everyone else in the industry benefits. If we had to import cement today, prices would be over 15,000 Naira per bag. Nigeria does not have the port infrastructure to even handle the import volume. Producing locally has saved the economy and stabilised the sector.

We are doing more, and we will continue to do more. Nigeria has everything—population, arable land, resources, water, and now, strong leadership under President Tinubu. We believe in Nigeria because the fundamentals are now strong. My advice to all is to take a Bet on Nigeria. This is the place to be.

So for me, what has this administration done right? First, it removed the fuel subsidy which was the biggest economic scam in our history. Second, it unified the foreign exchange market and third, it restored stability, fairness, and confidence in the economy. These are the foundations of growth. Nigeria is full of potential. With the right leadership, which we now have, there is no limit to what we can achieve.

_Abdul Samad Rabiu is the Founder and Chairman, BUA Group._ Watch the full, exclusive interview on youtube – https://bit.ly/pbatbua

#TinubuAtTwo #BUAGroup #PresidentBolaTinubu #AbdulSamadRabiu #BetOnNigeria

https://bit.ly/pbatbua

Business

Dangote Splashes N11bn in Gifts, Cash on Cement Distributors, Customers at Awards Nite

Published

1 day ago

May 28, 2025

Sahara Weekly

Dangote Splashes N11bn in Gifts, Cash on Cement Distributors, Customers at Awards Nite

For their continued loyalty and patronage, Dangote Cement Plc has rewarded its distributors and customers with various choice gift items and cash worth N11 billion.

At the 2025 edition of its Customers Awards & Gala Nite held in Lagos, a premium celebration dedicated to recognising and rewarding its highest-performing distributors, with the theme ‘Let’s Acceler8’, the cement giant rewarded its distributors with gift items comprising several CNG trucks, containers filled with products, and cash valued at over N11 billion.

Welcoming customers of the company to the distributors’ award ceremony, Chairman of Dangote Cement / President of Dangote Industries Limited, Aliko Dangote, commended the distributors for their unwavering commitment and resilience “in driving our business forward, even amidst economic challenges.”

He lauded “their perseverance and determination in ensuring our products remain available in the market. Thanks to your efforts, we have secured over 57 per cent of the market share, and we encourage you to continue pushing for more growth.”

Dangote noted that “this year’s theme serves as a rallying call for unity and collective growth as we strive for unmatched market leadership in 2025. This theme reflects the strength of our partnership with valued customers, which continues to drive the success of Dangote Cement.”

He also noted that “Our leadership in the building and construction sector is rooted in this mutually beneficial relationship. Also, the partnership has been instrumental in elevating us to the position of Africa’s largest cement producer.”

He said, “in appreciation of the hard work, unflinching loyalty, and commitment of our esteemed customers in the year 2024, we are rewarding you with gift items and cash valued at over N11 billion. We are also celebrating our valued corporate customers, who have consistently chosen our cement products for a wide array of construction projects.”

He assured the stakeholders of the Company’s commitment to research and continuous improvement in its production processes and the highest quality products.

In his welcome address, Group Managing Director of Dangote Cement Plc, Arvind Pathak, stated, “Tonight, we celebrate the pivotal role our customers play in ensuring the widespread availability of our products across every region of Nigeria. We recognise and appreciate your remarkable efforts in driving the sales, distribution, and usage of our products throughout the year 2024.”

He said, “The outstanding performance of our company, especially in the past year, is a testament to your collective commitment and resilience. We are thankful for your continued dedication, which has made our products visible across all geopolitical regions. As vital partners in our value chain, from quarry to customer, your role is instrumental.

“To support your growth, we have distributed over 5,000 containers to various retailers. This initiative not only enhances our business value but also ensures that consumers receive products with an extended shelf life directly from the factory. In alignment with our chairman’s vision, we aim to distribute an additional 4,000 containers to our customers and retailers this year.”

Pathak added, “In line with DCP’s commitment to sustainability and the country’s clean fuel policy, we are transitioning our fleet of over 7,000 trucks from AGO to CNG by the end of 2026.

“We are making significant investments in new CNG trucks and the necessary infrastructure to support this transition. Currently, 3,100 trucks are operational, and our initiatives in alternative fuel utilisation have gained global recognition, with Dangote Cement receiving a commendable score from CDP in climate change and water security.”

He pointed out that “we are excited to reward some of our customers who have shown outstanding performance with CNG trucks to further develop their businesses. These rewards demonstrate our dedication to supporting our customers’ growth and commitment to sustainability. We are focused on strengthening the partnerships that have positioned us as the leading civil manufacturer in the nation.”

The Group Executive Director of Commercial Operations at Dangote Industries Limited, Fatima Aliko Dangote, acknowledged the significant contributions of the distributors. She emphasised the importance of their outstanding performance and achievements to the company’s sales growth and market expansion in 2024.

She noted that their efforts play a crucial role in sustaining public awareness and developing a market for Dangote’s cement products.

Aliko Dangote identified and highlighted the distributors as the backbone of the company’s growth and success, and encouraged them to aim for even higher performance levels in 2025.

The awards categories were in phases; Regional Award, Growth Award, Best Performing Customers.

Bank

Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

Published

2 days ago

May 28, 2025

Sahara Weekly

Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.

This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.

Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs. This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”

The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.

“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.

He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.

This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.

Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production. This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.