Economy
Nigerian Block Moulders Hike Prices
By Dipo Olowookere
Moulders of blocks in Nigeria have raised the prices of blocks by between 11 per cent and over 30 per cent, following the recent increase in the prices of cement.
The new price regime for blocks is expected to come into effect immediately after the moulders called off their five-day strike on Friday.
The announcement came on Thursday just as the Chairman, Cement Company of Northern Nigeria Plc, Mr Abdulsamad Rabiu, said the high cost of doing business in Nigeria was a major reason for the hike in the prices of cement.
The price of cement had last week risen from N1,500 per 50kg bag to between N2,400 and N2,500.
The PUNCH reported on Tuesday that the moulders suspended operation the previous day to protest the latest increase in the prices of cement, granite and other construction materials, with a hint of their plan to raise the prices of blocks unless the prices of cement and other moulding materials were reversed.
The President, National Association of Block Moulders of Nigeria, Alhaji Rasco Adebowale, said on Thursday that with the new price regime, the 6x9x18 load-bearing blocks would sell for N220 per unit, accounting for a 37.5 per cent increase over the previous price of N160.
The 9x9x18 load-bearing blocks will sell for N250 per unit, up from N220, while the 6x9x18 and 9x9x18 non-load bearing blocks will sell for N200 and N180, up from N180 and N160 per unit, respectively, according to him.
He said, “NABMON, rising from its one-week break in production and sales, has made recommendations on quality control and new prices for our products.
“In view of the incessant building collapse nationwide, private block moulding activities without the knowledge, supervision and control of the association are hereby prohibited. All members of the association have also been enjoined to comply with standards and quality to justify the new prices.”
A professor of Building at the University of Lagos and the Vice-Chairman, Council of Registered Builders of Nigeria, Martin Dada, said the new price regime was a reaction to market forces but added that it would pose a challenge to the building industry and the economy in the long run, if it was not reversed.
“We know that this is not a good omen for the economy. The challenge is that there is no assurance that the blocks will retain quality. So, we are already courting danger for the future,” he said.
He said the rise in the prices of cement and its ripple effects on the housing sector in particular, and the economy in general, would increase cases of building collapse in the country.
Dada said, “We should now be thinking not just of buildings collapsing and killing people during construction but also the lifespan of our buildings. Will they last beyond 10 years with these developments?”
The immediate past President of the Nigerian Institute of Building, Mr Tunde Lasabi, said the affordability aspect of housing in the country might no longer be possible with current developments.
“Cement and blocks are basics in construction, so when their prices rise, definitely the prices of houses will increase. So, the affordability aspect of housing now has a question mark attached to it,” he said.
Mr Lasabi said the government needed to consider the reality of affordable housing by subsidising the price of cement.
“With our 17 million housing deficit, the government should begin to think of subsidising cement and cement manufacturers should also reconsider their stance on pricing,” he said.
The Chairman, Cement Company of Northern Nigeria Plc, Rabiu, while speaking at the company’s 37th Annual General Meeting in Abuja, said that the operating environment had become harsh on businesses with a lot of challenges on the real sector.
Specifically, he listed some of the challenges as shortage of energy, limited foreign exchange for spare parts and low demand for cement.
He said while the government was mindful of the challenges facing the sector, the drop in oil prices, which had resulted in a decline in revenue accretion to the federation account, had limited the government’s capacity to address the problems.
He said, “The situation is tough; the price of energy, which accounts for a huge part of our operating costs, has doubled.
“The foreign exchange rate has also increased compared to what it was a few months back and all these are impacting negatively on our operations.”
He, however, said despite the harsh operating environment, the management of the company would continue to strive for better shareholders’ value.
Speaking on the company’s financial performance, he said the CCCN recorded a turnover of N13.03bn for 2015 as against N15.1bn recorded in 2014.
The profit after tax, according to him, was N1.2bn in 2015 as against N1.9bn in 2014.
Source: http://punchng.com/moulders-increase-block-prices-end-strike-today/
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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