Business
Recession thickens as thousands of Nigerians explore dumpsite scavenging for survival
As the current economic recession bites harder, more Nigerians, especially Lagos residents, are scavenging dumpsites for scraps, used cans and plastic containers in exchange for money, according to New Telegraph’s finding.
Although waste scavenging in an informal setting is not recognised by the Lagos State Government, but more people are besieging the Olusosun dumpsite in the metropolis in search of meal tickets.
According to findings, the popular dumpsite in Lagos metropolis now plays host to hundreds of Lagos residents, seeking for a way to survive this harsh period. One of the scavengers, Isah Ahmed, formerly a shoe maker, who spoke with New Telegraph on Tuesday, said the current hardship in the country had drawn him and many of his colleagues, numbering 55, to waste scavenging business.
He said the daily/weekly pay on the business makes it more attractive factor, adding that if someone is hardworking, he could earn up to N10,000 per week from it. He disclosed that he made an average of between N8,000 and N10,000 weekly for picking tonnage of used materials that he sells to companies.
According to him, he combs the dumpsite for metal scraps such as discarded cans, spoons, aluminum materials and e-waste among others as soon as trucks from the Lagos State Waste Management Authority (LAWMA) and registered PSP offload their wastes.
Another waste scavenger, a female, Funmi Johnson, told our correspondent that she specialised in picking used plastic bottles, saying she picks more than 500 of such bottles daily.
Johnson, who is in her late thirties, has two children with her ex-husband. She was introduced to the business by one of his mother’s friends, whom she said had built a house in Ibafo, Ogun state through the proceeds of waste collection.
According to her, more than 500 women troop the dumpsite for daily living since the economic hardship escalated, and some have spent more than five years doing the job.
On her part, Chioma, who is just four months old in the business, expressed dissatisfaction over the way people look down on scavengers, saying she wished to make enough money and go back to her fabric trade business in Jibowu.
To pick used plastic materials within the dumpsite, another female, Mrs Aisha Ibitoye, 45, said that such person must register with LAWMA officials in charge. She disclosed that aside from used plastic materials and nylon, anyone who is interested in scavenging the dumpsite for metal/ steel scraps was free to enter.
“We also have taskforce here who ensures that orderliness is maintained,” she said. Another scavenger, who identified himself simply as Kola, said he was encouraged to venture into the business by his friends, who has been doing the job for three years.
His words: “I have come to realise after four months that the job of waste searching is meant for die-hard people who can defy the glamour of “fine boy” and face the stench that oozes out of the dumpsite to make money.”
Kola, who makes an average of N85,000 monthly from the dumpsite for picking metal scraps and e-waste, disclosed that the dumpsite provided employment for more than 3,000 people daily. “If you move inside, you will see many people minding their businesses,” he said.
He disclosed that the dumpsite had a team of taskforce, with an appointed leader who settles matters ranging from theft to physical confrontations. Within the site are several small restaurants, barber shops, and at one point, a night club.
…BUA Foods Will Be Nigeria’s Biggest Flour, Pasta Milling Company In 2024 – Abdul Samad Rabiu
Shareholders of BUA Foods Plc (“BUA Foods” or “the Company”), at the 3rd Annual General Meeting (AGM) held at the Transcorp Hilton Hotel, Abuja, on Thursday, 26 September 2024, approved the proposed final dividend payment of ₦5.50k per share.
The indigenous food manufacturing giant announced impressive financial performance as it recorded a revenue of ₦729.4bn, a 74.4% increase compared to the previous year. Profitability remained strong, demonstrating its resilience amidst evolving market dynamics, especially rising input costs. Profit after tax showed an impressive year-on-year growth, up 23%, from N91bn reported in 2022 to ₦112bn in 2023.
Addressing shareholders during the meeting, the Chairman of the Board, Abdul Samad Rabiu, thanked the shareholders for their undaunted commitment to the company’s shared vision. He mentioned that BUA Foods’ strategic focus on capacity expansion, and market penetration coupled with sound governance, yielded significant success.
He said: “Last year we successfully expanded and commercialised additional capacity in flour, pasta, and rice divisions, resulting in impressive volume growth across these divisions and overall strong business performance. With recent strategic agreements and new facilities planned for completion next year, we will become the country’s biggest pasta and flour milling company.
“Our performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance. We are also focused on the optimisation of our internal processes to maintain excellence in a fast-changing world. With the dedication of our Management and staff, we will continue to deliver exceptional value to all stakeholders.”
Speaking further on growth ambitions, Rabiu said, “In 2024, we remain focused on accelerating efforts towards the completion of our Backward Integration Project in line with the extended Federal Government’s Sugar Master Plan 2.0, aimed at attaining self-sufficiency in the sugar sector.
“Additionally, we seek to further address key challenges in Nigeria’s rice production industry by enhancing local production, empowering farmers, and promoting sustainable practices. This project will contribute to food security, economic development, and environmental sustainability.”
Also commenting, the Managing Director BUA Foods, Engr. Ayodele Abioye (PhD), said, “Despite the challenging macroeconomic environment, we made good progress across key strategic pillars of expanding capacity, markets, products, and package offerings as well as expanding business capabilities with a focus on operational excellence, innovation, and sustainable growth.
“We will continue to leverage technology, innovation, and operational efficiencies to drive value creation and maintain a solid growth trajectory. We are committed to reinforcing our leadership as a home-grown food business with purpose.”
Speaking on the dividend pay-out, a shareholder, Mrs. Bisi Bakare, expressed her delight at the exceptional performance of the company.
She remarked, “We shareholders are very pleased today to receive a final dividend of N5.50 kobo from BUA Foods.
“I appreciate the board for putting smiles on our faces in this hard time. Declaring a N5.50k dividend despite the economic climate is very commendable and this has encouraged us to want to invest more.”
Another shareholder of BUA Foods, Farouq Muktar, commended the management for the year-on-year growth of the indigenous food manufacturing company.
He said, “I am very happy because of your commitment and the positive results we keep recording. This performance is highly commendable.
“We appreciate your strategic thinking which is one thing Nigerians need at this time. I commend BUA Foods management for always making us happy and not letting Nigerians down.”
In 2023, BUA Foods won several awards from reputable organizations. Among the awards won are Food Company of the Year, Innovative Indigenous FMCG Company of the Year Award, and Fastest Growing Food Manufacturing Company of the Year.
Business
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Idera Pathfinder Foundation Boosts Education Sector In Ogun*
…Donates Block of Classrooms, Educational Materials To Schools
Ogun State Commissioner for Finance and Economic Adviser, who is also the Co-founder of Idera Pathfinder Foundation, Mr. Dapo Okubadejo, has been commended for donating blocks of classrooms and furniture to his alma mater.
Commending the donor during the commissioning and handing over of the facilities to Moslem Primary Schools I and II, Isoku, Ijebu-Ode, Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, informed that the donations which include, reconstruction of one block of four classrooms, fully equipped with 80 pairs of furniture and four teaching boards in School I, was an expression of passion for learners’ success.
Prof. Arigbabu added that one block of three classrooms, was also reconstructed and fully equipped with 60 pairs of furniture and three teaching boards in school II, to enhance conducive learning environment and promote quality teaching.
According to the Commissioner, the foundation also provided school bags and writing materials to all pupils in the two schools, commending the donor for supporting the ‘Adopt a School’ mantra of the present administration in the state.
“It is not common nowadays to see people giving back to their old primary schools; that is why I’m commending Mr. Okubadejo for this laudable gesture. The gesture will linger on in the minds of the pupils because it is engraved in their hearts already”, he said.
Prof. Arigbabu, while congratulating the management, staff and entire pupils of Moslem Schools I and II, charged them to put the facilities into good use, saying, “maintenance of projects encourages donors to do more”.
Earlier, Mr. Okubadejo, represented by his wife, who is also the co-founder, Mrs. Olufunke Okubadejo, noted that Idera Pathfinders Foundation is a non-political, non-religious and non-governmental organization established by Hon Oladapo and Mrs Funke Okubadejo to support the socio-economic and human capital development through targeted intervention in education and healthcare with a focus on the indigent, vulnerable communities and micro and small enterprises.
Mrs Okubadejo added that the foundation which has supported several people in the past is a movement dedicated to transforming lives, one step at a time seeking to bring peace, comfort and posterity to the society.
The Finance Commissioner, who was the Head Boy of the school in 1979, said the gesture was in memory of his mother, who was teacher in School I and later became a Head-teacher in School II, as well as expand the capacity of the schools for more enrolment drive, thereby raising future generations of educated and responsible people.
Appreciating the donor on behalf of other students, the Head Girl of the School II, Ibidapo Kafilat, expressed gratitude to the donors, promising to make judicious use of the facilities and writing materials.
Present at the commissioning exercise include The Onimoru of Imoru-Ijebu, Ogun State, Oba Munirudeen Adeposi, Commissioner for Education, Science and Technology, Prof Abayomi Arigbabu, Permanent Secretary in the ministry, Mrs Oluwatosin Oloko, Chief Olu Okuboyejo, a former Permanent Secretary in the state and Chairman, Ogun State Governor’s Elders Advisory Council, CDC/CDA and other notable dignitaries.
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