Business
Days after slashing cement price, BUA ‘quietly’ increases sugar, flour, pasta prices
Days after slashing cement price, BUA ‘quietly’ increases sugar, flour, pasta prices
Days after announcing the reduction of ex-factory price of cement, BUA Group has silently increased prices of foods, particularly a bag of sugar, a bag of flour and a carton of spaghetti, investigation has revealed.
The management of one of the giant cement company in the country had on October 1 announced the reduction of ex-factory price of the product to N3,500 per bag.
But the announcement was greeted by public outrage as dealers were battling to enlighten the customers that the reduction in price affects only companies that supply the commodity directly from the factory.
However, investigation revealed that BUA Foods had silently increased prices of its sugar, flour and pasta products.
A visit to some shops at the popular Singer Market in Kano state, the biggest grocery market in Northern Nigeria, showed that price of a bag of sugar, flour and a carton of spaghetti had increased by N3,500, N2,000 and at least N1000 respectively.
Checks also shown that while the price of sugar was recently sold at N44,000 per bag, spaghetti N8,100 a carton, and a bag of flour at N32,500, the commodities are now being sold at N47,500, N9,000 and N34,500 respectively.
A dealer of BUA Foods in Kano told our reporter that the increase in prices of the commodities followed immediately after the company announced the reduction of its cement product.
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According to the dealer, who preferred to remain anonymous as he was not authorized to speak, they observed the increase in the prices this week.
He confirmed that the price of a carton of IRS Spaghetti, a pasta product of the BUA Foods, is now N9,000 a carton at company price, while it was recently sold at N8,400 a carton, an indication that it could reach up to N10,000 at retail price.
He also said “We have observed the increase this week. Price of a bag of flour has now gone up to N34,500 as against the N31,000 to N32,000 sold last week. About N2,000 has been increased on a bag of flour and it is a company price.
” About sugar, there is no standard price but it is sold up to N48,000 now in the market. It was N44,500 to N45,000 per bag just last week. Somebody told me that he is selling it at N46,500 per bag.
“We have just received the increased from them this week. They normally communicate to use via phone. They will just send us messages if there is any development.
“I also want to tell you that all these prices are company prices,” he stressed.
Investigation also revealed that price of the commodities had already gone up at retail outlets in the Kano city.
A grocery shop operator, Mustapha at Karkasara are of Tarauni Local Government area, informed our reporter that he sells a bag of 50kg sugar at N49,000 after he supplied it at N47,500 from the dealers.
Another shop operator, Ibrahim Musa in Fagge Local Government said he had observed increment in price of sugar, flour and IRS spaghetti.
According to him, he purchased a 50kg bag of sigar at N48,000, adding that he supplied a bag of flour at N33,000, while IRS spaghetti was N9,100.
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He lamented that despite the increment, he is recording low market as according to him, it had taken him about two weeks to finish a bag of flour.
“You know there is no money in the hand of people. Before i purchased this flour, the one supplied last time took almost two weeks before it finished.
“We are recording low market. People are in poverty and the patronage is low. We just thank God and pray for His intervention,” Ibrahim said.
Customers also expressed displeasure over the recent increment of the BUA food products.
Hajiya Iyami, one of the major customers that purchase bags of flour for baking Gurasa, a locally-made staple in Kano, lamented that the price of the product has kept rising anytime.
She said the price is rising day in day out from three years ago, recalling that the price had skyrocketed from just N5,500 per bag.
“Ironically, this price of BUA plower has skyrocketed just three years ago when a bag of flour was just N5,500. The price keep going higher
“I have now bought a bag of flour at N34,500. We therefore call on the BUA company to reduce the price of flour as we heard that he reduced the price of s bag of sugar,” Iyami appealed.
Efforts to reach BUA company proved abortive as a major dealer in the state, who was speaking on behalf of the company said he could no longer speak now.
Days after slashing cement price, BUA ‘quietly’ increases sugar, flour, pasta prices
Platinumpost
Business
RT Briscoe appoints Femi Eguaikhide as Deputy Managing Director
RT Briscoe appoints Femi Eguaikhide as Deputy Managing Director
The Board of RT Briscoe Plc has appointed Dr Olorunfemi Abidemi Eguaikhide, the Executive Director responsible for business operations to a new position of Deputy Managing Director.
The appointment, according to the management of the organisation, will take effect from January 1st, 2025.
Born on March 28, 1968, Eguakhide holds a Postgraduate Diploma in Business Administration and an MBA in Marketing Management from the Enugu State University of Science and Technology.
He is an Alumnus of the prestigious Lagos Business School of the Pan Atlantic University having attended the Advanced Management Programme (AMP) in 2016.
He is a full member of the Chartered Institute of Personnel Management of Nigeria (MCIPM); associate member of the Nigerian Institute for Training and Development (AITD); Fellow of the Institute of Credit Administration (FICA), Certified Digital Marketing Professional (CDMP) and Fellow of the Institute of Corporate Administration of Nigeria.
The core experience of the new Deputy Managing Director is in the areas of operations management, sales and marketing management, human resources and business leadership.
Dr. Eguaikhide previously worked with Genesis Group variously as deputy general manager in charge of Human Resources and IT; general manager HR & IT; general manager, operations and chief operations officer at the Bridge Healthcare Company in 2010.
He joined RT Briscoe as group head, human capital development in 2012 and was appointed to manage the Briscoe-Ford Business unit in 2014 as the general manager.
He was subsequently appointed as head of the Briscoe-Motors Business unit in 2017 and later as the group chief operating officer in September 2018.
He obtained his doctorate degree in December 2021 and was appointed a director of RT Briscoe with effect from September 1, 2019.
Reacting to his latest promotion, Mike Ochonma, Chairman of Nigeria Auto Journalists Association (NAJA), described the appointment as a square peg in a square hole.
He said it was as a well deserved elevation, coming at a time when businesses are going through very difficult times, adding that he has no doubt that Eguaikhide would bring his wealth of experience to bear on the role in the company.
Business
Food price, transport fare hike push Nigeria’s inflation to 33.88%
Food price, transport fare hike push Nigeria’s inflation to 33.88%
Rising cost of living based on the increase in food prices and transport fares among others has reflected in the latest inflation figures in Nigeria, put at 33.88 per cent.
Nigeria’s headline inflation rate rose to 33.88 per cent in October 2024, up from 32.7 per cent in September 2024, according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Friday.
Newstrends.ng observes that the Central Bank of Nigeria (CBN) has raised interest rates five times this year in an effort to rein in inflation.
The NBS in its latest report attributed the rise in inflation to increased transportation costs and higher food prices.
On a year-on-year basis, the rate was 6.55 percentage points higher than the 27.33 per cent recorded in October 2023, highlighting a substantial increase in inflation over the past year.
On a month-on-month basis, the headline inflation rate in October 2024 stood at 2.64 per cent, representing a 0.12 per cent increase from the 2.52 per cent recorded in September 2024
This indicates that the rate of increase in the average price level in October 2024 was higher than the rate of increase observed in September 2024.
Aviation
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
An Abuja-Lagos flight was on Thursday aborted following a bird strike on the airplane belonging to Air Peace, forcing the authorities to ground the aircraft.
The bird strike experienced in the early hours reportedly prompted a ramp return to ensure the safety of passengers onboard.
All the passengers quickly disembarked and were calmed down before they were moved into another plane for the one-hour journey.
A bird strike is a collision between a bird and an aircraft, or other airborne animal, while the aircraft is in flight, taking off, or landing. And it can be a significant threat to aircraft safety.
Air Peace in a statement by its Head of Corporate Communications, Ejike Ndiulo, said the bird strike occurred at 6:30am, and all passengers disembarked normally.
The statement read, “We wish to inform our esteemed passengers that our Abuja- Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally.
“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.
“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.
“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”
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