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Bua: We gave cement to dealers N3,000 to crash price, yet they sold to consumers at N8,000

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AbdulSamad Rabiu the billionaire businessman and chairman of BUA Cement, has narrated how dealers of cement frustrated his company’s plan to sell cement at N3,500 per bag last year.

He stated this at the 8th Annual General Meeting of the company in Abuja, adding that while his company sold over a million tons of cement to dealers at N3, 500, per bag, with the intention that they would pass the benefits to end-users, the dealers sold a bag of cement to consumers at between N7000 and N8,000.

He said the company had to abandon the policy as its intervention was not to subsidise dealers.

According to him, BUA Cement could not stop the dealers whom he said made huge profits from the high margin because the company had no control over prices in the open market.

He added that the Naira devaluation last year and the fuel subsidy removal also played roles in making the policy unsustainable.

Rabiu stated: “So, a lot of the dealers took advantage of that policy. Rather than pass the low prices to the customers, they were selling at even double the price we sold to them.

“Some were selling at N7, 000 and 8 000 per bag. They made a lot of money with the very high margin. I think we had sold more than a million tons at N3,500 before we realised what the dealers were doing.

“And then, because of the issues that Nigeria faced at the time about devaluation of the Naira last year and the removal of fuel subsidy, we could not continue that policy.

“We wanted that price to stay at that level but dealers refused. So, we could not sustain that simply because we did not want to be in a situation where we are subsidizing dealers.

“I’m referring to the point when the foreign exchange rate moved from about N600 to maybe N1,800 to the US Dollar. So, it became even more challenging and more difficult for us to actually sustain that price policy.”

He said, however, that the company had continued to work towards making sure that prices did not escalate at levels of the percentage increase of the Naira devaluation.

His words, “If you see the exchange rate then, and the exchange rate today, you will see that cement is actually cheaper today than what it was last year, the reason being that if the dollar was up the costs go up by same margin and the price of cement should actually be, maybe, N10,000 Naira per bag.

The price of cement, if you take the N4,000 that it was in the beginning of last year, at 4,000 and today’s N6,000, it’s only 50% increase.

“So, we directly pushed to ensure that the price of cement is not getting higher than what it is today.

“But then again, you have areas where everything is dollar-dominated. Energy is the biggest cost. And our energy today is denominated in dollars. We buy gas to power our plants mainly. And gas is priced in dollars.”

Rabiu disclosed that one of BUA’s plants’ monthly invoice is about N15 billion or maybe N16 billion monthly. It used to be N3 or N4 billion. That is just one example.”

 

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Hours after Pager attacks, blasts kill 20, injure 450 in Lebanon

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At least 20 people were killed and over 450 injured in Lebanon on Wednesday following a series of explosions triggered by detonating walkie-talkies, according to health officials.

This comes just one day after a separate attack involving pager blasts killed at least 12 people across the country.

Report by CNN said Tuesday’s attack, which targeted the militant group Hezbollah, was a coordinated operation carried out by Israel’s intelligence agency, Mossad, and the Israeli military.

On Wednesday, Israel’s Defense Minister Yoav Gallant hinted at the nation’s involvement, stating that a “new era” in Israel’s war effort had begun, with the focus shifting towards its northern border with Lebanon.

Prime Minister Benjamin Netanyahu also reaffirmed his commitment to returning residents to their homes near the northern border, which were evacuated due to ongoing hostilities.

Israeli officials had reportedly informed the U.S. of an impending operation in Lebanon but did not provide specific details ahead of Tuesday’s attack, sources said.

In response, Hezbollah vowed to retaliate, and the Lebanese government condemned the operation as “criminal Israeli aggression.”

Tuesday’s blasts killed at least 12 people, including two children, and injured more than 2,800, according to Lebanon’s Health Minister.

On Wednesday, the walkie-talkie explosions in Beirut’s southern suburbs and southern Lebanon left 20 dead and hundreds wounded.

Preliminary reports indicated that between 15 to 20 explosions occurred in each location.

U.S. Secretary of State Antony Blinken stated that the U.S. was not aware of the attack beforehand and was not involved, urging all parties to take steps toward de-escalation.

Medical facilities in Lebanon have been overwhelmed, performing 460 surgeries, primarily treating injuries to the eyes, faces, and hands, with some victims being transported to Syria and Iran for treatment.

 

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Elon Musk assures Neuralink blindsight device would help totally blind persons to see

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SpaceX and Tesla founder/CEO, Elon Musk has assured that the Bindsight device from Neuralink will enable even those who have lost both eyes and their optic nerve to see.

He gave the assurances on his X handle, saying the breakthrough was possible provided the visual cortex is intact, adding that it will even enable those who have been blind from birth to see for the first time.

“To set expectations correctly, the vision will be at first be low resolution, like Atari graphics, but eventually it has the potential to be better than natural vision and enable you to see in infrared, ultraviolet or even radar wavelengths, like Geordi La Forge.

“We have received Breakthrough Device Designation from the FDA for Blindsight.

“Join us in our quest to bring back sight to those who have lost it. Apply to our Patient Registry and openings on our career page https://neuralink.com,” the inventor stated.

 

 

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NSITF restates commitment to quality service delivery

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The Managing Director of the Nigeria Social Insurance Trust Fund(NSITF), Oluwaseun Faleye has re-emphasized quality service delivery as a strategic objective of the new leadership of the NSITF.

Faleye disclosed this when the National Coordinator of the Service Compact With All Nigerians ( SERVICOM) Mrs. Nnenna Akajemeli led an advocacy delegation to the headquarters of the NSITF in Abuja today.

During the meeting, Faleye stated that his leadership has already initiated reforms aimed at enhancing service delivery while increasing transparency in the operations of the Fund. He assured the SERVICOM delegation that the NSITF would go “Above and Beyond” to ensure that the beneficiaries of the Employees Compensation Scheme experience the best possible service.

He said, “quality service delivery is at the core of what we intend to achieve in NSITF. We are fully committed to ensuring that all our operations are streamlined and aligned with the highest standards of efficiency, which is essential in service delivery, and we see SERVICOM as a key partner in this regard.

” There is no doubt that our collaborative efforts will yield an impactful service delivery in terms of reform of our processes and systems in a manner that gingers greater efficiency and service satisfaction.”

A statement by Nwachukwu Godson, General Manager Corporate Affairs of NSITF which was sent to Nationwide Reports, quoted the NSIFT boss to have emphasized the need for the nodal officer, desk and focal officers of the Fund to have a robust knowledge of the fund’s processes and procedures while collaborating with key departments to make the engagement with SERVICOM National produce the required results.

While promising the adoption of the Fund’s updated Service Charter, he said the document will be subject to continuous review to ensure it is dynamic, vigorous and interactive as a base point for the evaluation of the Fund’s services.

In her remarks, Mrs. Akajemeli highlighted the significance of quality service delivery in public institutions, especially in agencies like NSITF responsible for the welfare of Nigerian workers and called for partnership to ensure that the services provided by Fund meet the expectations of its stakeholders, including beneficiaries.

She further urged the NSITF to work closely with SERVICOM in reviewing and optimizing its processes to align with global best practices. She added that the visit aimed to solicit collaboration between SERVICOM and NSITF to improve service delivery and enhance customer satisfaction across the Fund’s operations.

She also expressed satisfaction with the improved service delivery in the Fund and expressed optimism that new management will do more. Thanking the Managing Director for his responsiveness and support to the Fund’s SERVICOM activities, Akajemeli added that there was no alternative to “extra mile” in customer satisfaction and aligned it to “Above and Beyond” theme of the 2024 Customer Service Week.

On hand too to welcome the SERVICOM National delegation was the Fund’s Executive Director of Finance, Adegoke Adedeji who in his vote of thanks re-echoed the commitment of the NSITF to improved service delivery, and extolled Akajemeli for her tireless efforts in repositioning the Service Compact with Nigeria. The heads of the departments of the fund were also in attendance.

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