No going back on fuel subsidy removal, FG makes a U-turn – Newstrends
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No going back on fuel subsidy removal, FG makes a U-turn

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2 years ago

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No going back on fuel subsidy removal, FG makes a U-turn

Less than 24 hours after the National Economic Council announced the suspension of the fuel subsidy removal, Minister of Finance, Budget and National Planning, Zainab Ahmed, says the Federal Government will go ahead with the initial removal plan.

She said NEC headed by Vice-President Yemi Osinbajo at their last meeting on Thursday never decided on subsidy removal suspension, but only agreed to expand the implementation committee.

On Thursday, the minister had reportedly said the National Economic Council (NEC) agreed to temporarily suspend the removal of petrol subsidy.

However, in a statement on Friday, Ahmed said the government had no such plans.

She said the latest plan was to expand the subsidy removal committee to include teams from the incoming administration and the state governors.

She said NEC deliberated on the issue extensively and came to the conclusion that subsidy must be removed, as it is not sustainable; but expressed need for further consultations, “especially the need to involve members of the incoming administration and representatives of the state governments”.

The minister stated, “We agreed to form an expanded committee that will be looking at the process for the removal of the subsidy, including determining the exact time as well as the measures that need to be taken to provide support to the poor and the vulnerable,” Ahmad was quoted by Yunusa Abdullahi, the minister’s special adviser on media and communications.

“There is also the need to agree to alternative measures that will be put in place to ensure that there is sufficient supply of petroleum products in the country.”

According to her, the subsidy removal committee currently comprises the Ministry of Finance, Budget and National Planning; Ministry of Petroleum Resources, Nigerian National Petroleum Company (NNPC) Limited, the downstream and upstream regulators, Central Bank of Nigeria (CBN), and the chief economic adviser to the president.

She also said the 2023 fiscal framework and appropriation act as well as the Petroleum Industry Act (PIA) had made the provision that the government should exit petrol subsidy by June 2023.

“The committee is to work out a road map for the removal of the subsidy. No change in the overall policy direction regarding the petrol subsidy is envisaged by June 2023,” the minister added.

Following a N3.35 trillion subsidy budget in 2022, the Federal Government said it would stop under-recovery payments in June 2023.

Already, the Federal Government has secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans.

 

No going back on fuel subsidy removal, FG makes a U-turn

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Dangote, Amosun disagree on Ogun cement factory demolition, Abiodun facilitates rebuilding

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20 hours ago

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March 18, 2025

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Former Gov Ibikunle Amosun, Gov Dapo Abiodun and Alhaji Aliko Dangote

Dangote, Amosun disagree on Ogun cement factory demolition, Abiodun facilitates rebuilding

THE President of Dangote Industries, Alhaji Aliko Dangote, yesterday, alleged that his cement plant in Itori, Ewekoro local government area of Ogun State was demolished twice by the Governor Ibikunle Amosun administration, including the factory’s fencing during the second demolition.

However, in a swift reaction to the allegation, the former Ogun State governor said that Dangote does not possess requisite approvals for constructing the structures he alleged were demolished.

Speaking when he visited his new Cement factory located in Itori Ewekoro local government area of the state, Dangote commended Governor Dapo Abiodun for persuading him to return and resume construction of the plant, which is now nearing completion and expected to commence operations next year.

Dangote said: “I think it is good we have it on record that the (cement) factory we are visiting now in Itori, you know it was because of His Excellency (Dapo Abiodun) that we came back.

“That factory was demolished twice. We started, and Governor Amosun demolished it. The second time, we started again; he demolished not only the factory, including the fencing, so we left.

“But, right now, we are coming because of His Excellency my brother, Prince Dapo Abiodun. We are now back.”
He said the facility will feature two 6,000t/day clinker production lines, covering limestone crushing, cement packaging, and shipping, further solidifying Ogun State’s status as an industrial powerhouse.

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He said: “Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across the continent, of which almost 70% of our production is based in Nigeria. Our Obajana plant in Kogi State is currently the largest in Africa with 16.25Mta of capacity across five lines; the Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant also in Benue state has 4Mta; and Okpella plant in Edo State has 3Mta. By the time we deliver Abidjan and Itori, we will be at 61mm tons per annum next year.

“It is on record that our investment in cement manufacturing made Nigeria self-sufficient in the product, effectively ending importation and marking its transformation into a cement exporting nation.

“We repeated the feat in the production of fertilizer as Nigeria is now self-sufficient, with the surplus going for the export market thereby generating foreign exchange earnings for the country.

“We rolled out automotive gas oil (AGO) in January 2024 and Premium Motor Spirit (PMS) in September 2024 from our 650,000 barrels per day petroleum refinery located in Ibeju-Lekki. Other products from the refinery include aviation fuels, LPG, and carbon black.

“The refinery can meet domestic demand for all refined petroleum products. Today, we have repeated the cement story, where a country that was once a net importer of a product, is now exporting refined petroleum products.

“Additionally, we have also commenced the production of Polypropylene at our petrochemical complex.
“At Dangote Industries, our goal is to make Nigeria self-sufficient in whatever we consume, because we have the natural resources for the domestic manufacturing of these products and commodities.

“This is tested by the influx of many manufacturing firms setting up their plants here. I especially would like to commend specially, my good friend and brother, the Governor of Ogun State for your vision, and deliberate policies that focus on attracting enterprises through immense support for the private sector which is now attracting investors”.

“We have also received tremendous support and encouragement from both the traditional ruler and the good people of Itori land, which enabled the speedy takeoff of the project.

“Similarly, we enjoyed such tremendous support from the traditional rulers in Yewa Land and host communities of Ibese Cement Plant. We are grateful for such an overwhelming show of partnership and support and ask that this same level of support be extended to the operations of the plant.

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“Nigeria is a growing economy; the developmental challenges are quite enormous and require concerted efforts to overcome them. This is why private companies should complement the government’s efforts. It is in this light that we, at Dangote Industries, continue to demonstrate our belief in this nation and its people and make investments that are targeted towards transforming the economy of the nation through our work in Ogun State as we have done elsewhere.”

I won’t be bullied or blackmailed — Amosun

While reacting to the allegation, Senator Amosun, who spoke through his Media Aide, Lanre Akinwale said that Dangote did not possess requisite approvals for constructing the structures he alleged were demolished.

The former governor said: “We want to appeal to Alhaji Dangote to avail the public of the requisite approvals for the construction of the structures he alleged were demolished.

“This will, at least, help the public to put the issue in proper context and for us to know what exactly his grouse is.

“For us, as a government, we believed that there could not be two governments in a state, and Dangote, therefore, could not operate above the law or under a different set of laws.

“It is important to note that at the commissioning of his Ibese Cement factory, Dangote praised the Amosun administration to high heavens for its promotion of investments in Ogun State and for facilitating the commencement of the cement factory after eight years of frustration as he then alleged by other administrations.

“Dangote is just one of the many ongoing concerns in Ogun State, and the Amosun administration is on record to have attracted over 500 companies to the state and was acknowledged by the World Bank as one of the top three states ensuring Ease-of-Doing-Business in Nigeria.

“While we will not give vent to this obvious mischief as it is deliberate, we will advise Alhaji Dangote to furnish the public with details of the land acquisition with relevant planning approvals, and let us engage in a constructive conversation therefrom.”

“However, while we will wait to hear from him, we would like to state that not all Nigerians can be compromised, bullied or blackmailed. The notion that everyone has a price is an expression applicable only to people with weak foundations and questionable upbringing. This is why some of us will continue to uphold high standards in all our undertakings, irrespective of whose ox is gored.”

 

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ABC Transport CNG trucks, cargo, others excite investors as stock rises 22%

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2 days ago

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March 17, 2025

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ABC Transport CNG trucks, cargo, others excite investors as stock rises 22%

 

ABC Transport Plc has experienced a significant increase in its stock performance with the company’s shares rising by 22% year-to-date, climbing from N1.23 at the start of January to N1.50 on March 11, 2025.

This has thus elevated the company’s market capitalization from N2.942 billion to N3.588 billion over the same period.

Analysts attribute this positive momentum to ABC Transport’s strategic diversification initiatives, notably its substantial investment in Compressed Natural Gas (CNG) trucks and the establishment of ABC Cargo Limited, a fully independent logistics division.

Over the past six months, ABC Transport has invested over N8 billion in acquiring CNG-powered and other specialized trucks, underscoring its commitment to sustainable and cost-effective transportation solutions.

This move not only reduces the company’s carbon footprint but also lowers operational costs by decreasing reliance on diesel fuel. The adoption of CNG technology represents a crucial step in ABC Transport’s sustainability journey, aligning with global environmental standards.

In a bid to diversify its service offerings, ABC Transport launched ABC Cargo Limited, an autonomous logistics division.

This new entity is poised to enhance the company’s market presence in the logistics sector, providing specialized services that cater to the evolving needs of clients across Nigeria and the West African region.

The company’s recent financial results have further bolstered investor confidence.

For the fiscal year ending December 31, 2024, ABC Transport reported a pre-tax profit of N634.7 million, a remarkable turnaround from the pre-tax loss of N260.1 million recorded in 2023.

Total revenue surged to N12.6 billion from N7.1 billion in the previous year, with significant contributions from loads and waybills (₦4 billion), sales of vehicle spares and speed governors (N2.8 billion), and haulage operations (N2.8 billion).

Speaking on these developments, the company’s Managing Director, Mr Jude Nneji, commended that the ABC’s leadership had also taken other strategic steps towards sustaining growth in these new segments.

For instance, he said it had invested heavily in a new maintenance facility in Calabar and also improved its driver training facilities.

These strategic initiatives and robust financial performance have positioned ABC Transport favorably in the market, reflecting a strong buy trend that commenced in 2024 and has persisted into 2025.

As the company continues to innovate and expand its operations, it remains a focal point for investors seeking sustainable and profitable opportunities in the transportation and logistics sector.

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UBA, ICAN partner to drive innovation in finance, accounting

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2 days ago

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March 17, 2025

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United Bank for Africa, UBA

UBA, ICAN partner to drive innovation in finance, accounting

United Bank for Africa, UBA Plc, weekend, hosted the 60th president of the Institute of Chartered Accountants of Nigeria, ICAN, Chief Davidson C. S. Alaribe, in a meeting to foster collaboration and innovation between both institutions.

The meeting signalled a pivotal moment in the relationship between the two institutions, as they explored strategic partnerships to drive mutual growth and development in the financial and accounting sectors.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who welcomed the ICAN President and his high-profile delegation, expressed his enthusiasm for the partnership and assured that the bank was ready and willing to support the institution in its drive for excellence.

He said: “UBA is proud to be home to a significant number of ICAN members, whose expertise has been instrumental to our success as Africa’s global bank. This visit reaffirms our shared commitment to excellence and innovation.

“We are particularly excited about potential collaboration in the Graduate Management Accelerated Programme, GMAP, training initiatives, and other business opportunities that will create a win-win for both organisations.”

Alawuba, who was visibly excited at the corroboration between both organisations, said: “UBA is not just a financial powerhouse in Nigeria but a global leader with a strong presence across Africa and beyond.

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‘’ICAN recognises the immense value UBA brings to the table, and we are excited to explore opportunities for collaboration in areas such as capacity building, professional development, and business expansion. This partnership will undoubtedly benefit our members and the broader financial ecosystem.”

The discussions also focussed on several key areas of collaboration in capacity building, joint training programmes to enhance the skills of accounting professionals and UBA staff, collaborating on initiatives to promote ethical standards, financial literacy, and best practices in accounting and finance and setting up a branch of ICAN at UBA House.

This historic meeting marks a significant milestone in the relationship between UBA and ICAN, two institutions committed to driving excellence and innovation in the financial and accounting professions.

Both parties expressed optimism about the future and pledged to work closely to achieve their shared goals.

The Institute of Chartered Accountants of Nigeria, ICAN, is the leading professional accounting body in Nigeria, established to regulate the practice of accountancy and promote excellence in the profession.

With over 50,000 members, ICAN is dedicated to advancing the science of accountancy and fostering ethical standards in the industry.

The ICAN delegation included the immediate past president, Mr. Oladele Nuraini Oladipo; council member, Dr. Oluseyi Oladimeji Olanrewaju; Honorary Treasurer; Mr. Biodun Adedeji, and Dr. Lanre Olasunkanmi, Registrar/Chief Executive of ICAN.

UBA, ICAN partner to drive innovation in finance, accounting

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