Business
RESIDENT CEMENT FACTORY ANNOUNCES NEW CEMENT PLANT IN GWANA DISTRICT BY CHINEDU NSOFOR
RESIDENT CEMENT FACTORY ANNOUNCES NEW CEMENT PLANT IN GWANA DISTRICT
BY
CHINEDU NSOFOR
Bauchi, Nigeria – In a significant development for the industrial landscape of Bauchi State, Resident Cement Factory has unveiled plans to establish a state-of-the-art cement plant in the Gwana District. Group Chairman Dr. Abbas Waziri made the announcement during a meeting with Governor Bala Mohammed, highlighting the factory’s capacity to produce 10 million tons of cement annually. The initiative aims to tackle unemployment and drive economic growth in the area.
Governor Mohammed Expresses Approval and Support
Governor Bala Mohammed has expressed strong support for the project, which has been set in motion following his meeting with the leadership of Resident Cement Company Nigeria Ltd., led by the Commissioner of Natural Resources, Hon. Mohammed Maiwada Bello. Governor Mohammed conveyed his administration’s commitment to leveraging Bauchi State’s natural resources for economic development. “This investment reflects a significant vote of confidence in Bauchi State,” the Governor stated. “As the 4th most investment-friendly state, we are committed to fostering an environment conducive to all forms of investment.”
Economic Impact and Job Creation
The establishment of the cement plant is expected to bring substantial economic benefits to Bauchi State. The Governor emphasized the anticipated job creation and broader economic development that the project promises. The collaboration with Resident Cement Factory aligns with the state’s broader strategy to boost industrial development and enhance economic prosperity.
Partnership with Sinoma Nigeria Company
Dr. Abbas Waziri, Group Chairman of Resident Cement Factory, expressed gratitude for the warm reception and commendable leadership shown by Governor Mohammed. The $500 million project will see Sinoma Nigeria Company, a renowned Korean entity, as the contractors, ensuring the highest standards of construction and operational efficiency. “We are eager to commence this venture, promising an unflinching collaboration between Resident Cement Factory and Bauchi State,” remarked Dr. Abbas Waziri
Exploration and Expansion Plans
Resident Cement Factory is not limiting its activities to Bauchi State alone. The company is currently conducting explorations in Sokoto, Taraba, and Kogi States, aiming to expand its operations and establish the largest cement plant in Nigeria.
Dr. Abbas Waziri: A Visionary Leader
Dr. Abbas Waziri, a distinguished figure in academia, finance, and entrepreneurship, was born and raised in Nigeria. He demonstrated exceptional intellect and determination from a young age, earning a Ph.D. in Pharmacognosy from Ahmadu Bello University (ABU) and a second Ph.D. in Finance and Economy from Harvard University. His academic pursuits laid a solid foundation for his entrepreneurial ventures.
Business Conglomerate
Dr. Waziri is the visionary founder and chairman of a diversified business conglomerate. His enterprises include:
Resident Investment PLC: Aiming to drive sustainable economic growth and empower communities through strategic investments.
Tradomed Pharmaceuticals Group: Focused on integrating traditional medicine into modern healthcare systems.
Kware Cement Company Limited: Set to impact the construction industry with a state-of-the-art cement factory.
Fodio Farms: Dedicated to modernizing farming practices and enhancing food security in Nigeria.
Resident FinTech Limited: A pioneering force in the realm of Financial Technology.
Philanthropy and Social Impact
Beyond his entrepreneurial endeavors, Dr. Waziri is deeply committed to philanthropy and social responsibility. His initiatives support education, healthcare, and community development. His herbal and malaria medicines have been distributed freely to those in need across several Nigerian states, including Bauchi, ensuring that his philanthropic efforts provide tangible benefits to society.
Legacy and Impact
Dr. Waziri’s multifaceted career exemplifies a rare blend of academic excellence, entrepreneurial vision, and social responsibility. His contributions have left an indelible mark on the Nigerian economy and society at large. As a thought leader and philanthropist, Dr. Waziri remains committed to advancing knowledge, fostering innovation, and creating opportunities for prosperity.
Conclusion
The establishment of the new cement plant by Resident Cement Factory marks a significant milestone for Bauchi State, promising economic growth, job creation, and enhanced industrial development. With the unwavering support of Governor Bala Mohammed and the visionary leadership of Dr. Abbas Waziri, the future looks bright for this transformative project.
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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