Economy
Price of Cement Not High at N5,000—BUA Cement Owner
By Aduragbemi Omiyale
The chairman of BUA Cement Plc, Mr Abdul-Samad Rabiu, has dismissed talks by Nigerians and the federal government that the price of a 50kg bag of cement, currently selling between N5,000 and N5,500 in some parts of the country, is not high.
Nigeria has limestone, which is used for the production of cement, in abundance.
BUA Cement is one of the notable brands in the cement sector of the economy, competing with Dangote Cement, Lafarge Africa, and others.
A few days ago, during a tour of projects across the country, the Minister of Works, Mr Dave Umahi, expressed frustrations at the high cost of cement in the country. He also said most contractors were not happy with the development.
Speaking at the Annual General Meeting (AGM) of BUA Cement on Thursday in Abuja, Mr Rabiu, who inherited the business empire of his family, blamed the foreign exchange (FX) for the high cost of the product.
“The price of cement at N5,000 is not high. If we look at the rate of the US dollar today, importing cement will be at N5,000.
“The cement cost, insurance and freight to any port in Nigeria will be in the region of about $100 a tonne. So, at $100 per tonne, if you take N800 to $1 then it will be N4,000 per bag. Then the port cost and transportation from the port,” he told shareholders present at the gathering.
The BUA Cement boss, however, assured that the company would make efforts to bring down the prices to between N4,500 and N4,800 by increasing its production capacity.
“I understand that the Minister is quite concerned that the price of cement is high at almost N5,000 per tonne. I appreciate where the government is coming from and the frustration from all the issues in the country,” he said.
“It’s not that the government wants to import cement, but they are frustrated that the price of cement is high. What we told our shareholders is that we will engage with the government to support it,” he added.
Mr Rabiu further said, “Even though we know that the price of cement is high, it will not be cheaper if imported.
“We have two lines coming up by the end of the year, the Obu line 3 and the Sokoto line 5, that will give us a combined capacity of six million tonnes.”
“By the time we have those two lines active with the current one, we will have about 17 million tonnes per annum. We are going to reduce the prices of cement once these two lines are up and running. This is the promise we are making to Nigerians,” he assured.
Mr Rabiu, while commenting on the performance of the organisation in the 2022 fiscal year, said BUA Cement outperformed its peers in cement volume growth, stating that revenue increased by 40.3 per cent to N361.9 billion from N257.3 billion in 2021.
He added that the post-tax profit appreciated by 12.1 per cent to N101.1 billion from N90.1 billion in 2021.
At the AGM, shareholders of the company approved the recommendation of the board for the payment of N2.80 as a dividend for the year, higher than the N2.60 paid in the preceding year.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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