Business
Residents bemoan BUA’s investment in Lafiaji Sugar Company …Calls for FG’s intervention
For the company to survive, the residents appealed to the Federal Government to compel BUA to commence its operations with immediate effect or revoke their ownership.
It would be recalled that the BUA group changed the name of the company to BUA Sugar refinery after successfully taking over the company and is already benefitting from the concessions the Federal Government has given to Sugar importers to encourage them produce locally.
The company liquidated and bought over by BUA group of companies was last operated fifteen years ago, it used to be the only major company in which scores of members of Lafiagi community and its environs were offered gainful employments.
For the residents of the Community and its environs however, the tale, since the take- over is that of anguish and pain as the company is yet to operate and impact significantly and positively into the lives of the people in the community. The Company is now a shadow of itself as most of the staff have been laid off.
A retiree of Edu local government and a native of the community, Mr Saliu Musa in an interview with journalists recalled that during the days of the Lafiagi Sugar Company,no fewer than 500 residents were employed. He said: ‘’When the company was operational, older and younger ones no fewer than 500 were employed. The company was working very well then. But since the take-over by the new management, they have sent the staff away and most of them have resorted to doing any menial jobs available’’ he said.
He further said ‘’When the company stopped working, all those working were sacked and had nowhere to go. Some went back to farm, others joined Okada riders and many went into petty trading among others’’.
Kayode Buraimah, a youth leader in the area expressed utter disappointment that Bua had not done anything to revive the company since it bought it over.
Said he; we were happy when the company was sold to BUA thinking it will be brought back to life. It’s unfortunate that since then, the Company just abandoned the Sugar refinery which is contrary to terms and conditions upon which the federal government sold the company. We the youths are jobless and yet we have an avenue for job here wasting away.
“We all submitted out CV , even recently to the emir as instructed so that we can be employed but since then, it has been one story or the other”
He therefore urged the management to do everything within its means to ensure that Lafiagi Sugar Company is returned back to its glorious days so that it could offer more employment opportunities to the teaming youths of the area and thereby enhance the nation’s economic development.
A visit to the company however revealed that nothing much has been done in the company. A source, who works for the company and pleaded anonymity said with what is on ground, no serious activity can happen in the company until the next three years.
“As you can see, we have not really started anything here. The truth is that most of the equipment are yet to arrive. As soon as we have the equipment needed for the sugar plantation, we will employ more people and operation will start”
It will be recalled that the National Sugar Development Council (NSDC), recently accused BUA group of taking advantage of the federal government’s concessions designed to help sugar importers transform into integrated sugar producers, without actually making tangible effort to begin to produce locally.
The Executive Secretary of the council, NSDC, Dr. Abdullatif Demola Busari, also recently lamented that “By now, it supposed to have over 400 hectares of planted sugar cane in the site. It is supposed to have brought in its machineries by now. That is, by March 2015, it is supposed to have imported it’s machineries but nothing like that has happened,” Busari said.
All efforts to however speak to the General Manager of BUA sugar refinery in Lafiaji, Mr Isiaku Samuel, proved abortive as he was said to have been attending meetings all through.
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
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING
You must be logged in to post a comment Login