Economy
Price of Sugar Won’t Rise During Ramadan—Trade Minister
By Adedapo Adesanya
Major sugar refiners across the nation have pledged not to increase sugar prices during the Ramadan period as part of efforts that align with the federal government’s agenda for food security and economic stability.
The month-long period, when Muslim faithful embark on a fast, is associated with an increase in food prices due to special demands.
However, following the recent tours to leading sugar producers such as Dangote Sugar Refinery Plc, BUA Sugar Refinery Limited, Flour Mills Limited, Bestaf Limited, Golden Sugar Company, and the Coca-Cola Hellenic Bottling Company (CHBN) by the Minister of Industry, Trade, and Investment, Mrs Doris Uzoka-Anite, she was assured by the sugar millers that the price would remain stable.
According to her, this decision resonates strongly with the objectives of President Bola Tinubu’s 8-Point Agenda which includes a commitment to maintaining price stability.
“Rest assured, there will be no increase in sugar prices, especially during Ramadan,” the Minister affirmed, reflecting the refineries’ dedication to supporting the nation during this significant period.
The sugar refineries’ pledge is a clear demonstration of their alignment with the government’s efforts to bolster the agricultural sector and food security, key components of President Tinubu’s transformative agenda, she added.
“I have witnessed their dedication to high-quality sugar production. While commendable, our collective goal demands a higher standard,” she said, acknowledging the industry’s efforts while emphasizing the need for continued excellence and efficiency in production.
The Minister stressed that subpar performance in the country’s sugar master plan would not be acceptable.
She underscored the refineries’ commitment to not only maintaining prices during Ramadan but also to enhance overall productivity and efficiency in line with the government’s vision.
“The sugar industry’s commitment to price stability during Ramadan exemplifies a synergistic relationship between the government and the private sector, working hand in hand to achieve common goals.
“This pledge by the sugar refineries, supported by the Federal Government’s resolve, is a reassuring step towards national development,” she said.
By Aduragbemi Omiyale
Over N402.3 billion was paid in taxes in 2024 by Dangote Industries Limited (DIL) as part of its efforts to support the federal government.
The taxes were paid by the subsidiaries of the pan-African conglomerate comprising Dangote Cement, NASCON, Dangote Packaging Limited among others.
Recall that Federal Inland Revenue Service (FIRS) had in late 2024 recognised DIL and its subsidiary, Bluestar Shipping as the most tax compliant organizations in the country during its Special Day at the 2024 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).
The FIRS is the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria.
The N402.3 billion paid by DIL last year made the company the highest taxpayer in the country.
Speaking during a meeting with some senior media executives in Lagos, the Chief Branding and Communication Officer of Dangote Group, Mr Anthony Chiejina, as a responsible business organisation, DIL and its subsidiaries have never shied away from its obligations either to the government in the form of tax payment at all levels or to host communities in the form of Corporate Social Responsibility (CSR).
According to him, the group’s corporate strategy has evolved just as its businesses have grown, matured and diversified into new sectors and regions over the last four decades, noting that Dangote Group has almost single-handedly taken Nigeria to self-sufficiency in cement and refined petroleum products and is expanding rapidly across Africa.
Dangote Group and its subsidiaries were recognised as number one most compliant in tax payment in the country, just as the cement business at another occasion won three awards at the FMDQ Gold Awards in Lagos as the most active business in the Foreign Exchange market.
Dangote Cement Plc was adjudged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ. Also, Dangote Industries Ltd also emerged as the “Most active corporate in the foreign exchange market”.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, has said that the Ajaokuta-Kaduna-Kano (AKK) and Obrikom, Obiafu, and Oben (OB3) gas pipelines when completed will change Nigeria’s fortune in the gas market.
He added that this would help the nation’s economy, drive industrialisation and job creation.
Mr Ekpo declared that Nigeria’s gas sector is undergoing a historic transformation under President Bola Tinubu’s administration, with strategic infrastructure projects set to position the country as a leading gas-powered economy.
Speaking recently at the Nigerian International Energy Summit, he stressed that the planned completion of the 614-kilometer AKK gas pipeline this year, will significantly boost gas supply to industrial and commercial hubs.
“The 614-kilometer AKK pipeline, which is scheduled for completion in 2025, will significantly boost gas supply to key industrial and commercial hubs. This project, along with the OB3 pipeline, will stimulate industrialization, create jobs, and attract investments in manufacturing and power generation.
“These projects are a testament to our commitment to positioning Nigeria as a leading gas-powered economy by 2030 under the Decade of Gas Initiative,” Mr Ekpo said.
He noted that several moves and partnerships have been established by the Nigerian National Petroleum Company (NNPC) Limited.
“These partnerships have resulted in the establishment of five mini LNG plants—Prime LNG, BUA LNG, Highland LNG, NGML/GasNexus LNG, and LNG Arete—all in Ajaokuta, Kogi State. By liquefying gas from existing pipelines and transporting it to areas in need, these plants will enhance economic growth and energy security, particularly in the Northern region.”
The minister also lauded the Group CEO of NNPC Limited, Mr Mele Kyari, for his commitment to expanding mini LNG projects across all geopolitical zones, aligning with President Tinubu’s vision of using natural gas to drive economic growth.
Mr Ekpo reaffirmed the federal government’s commitment to alternative energy solutions, citing the nationwide Compressed Natural Gas, CNG program as a key initiative.
“With over 100,000 vehicles targeted for conversion and a $200 million investment in CNG infrastructure, this programme is a critical step toward reducing transportation costs and promoting energy sustainability,” he said.
Mr Ekpo emphasized that all these efforts align with Nigeria’s Decade of Gas Initiative, which aims to position the country as a leading gas-powered economy by 2030.
“The federal government is actively attracting investments in LNG, CNG, and gas-to-chemicals to create a business-friendly environment that fosters industrialization, job creation, and energy security.
“These projects are a testament to our commitment to a cleaner and more prosperous future for Nigeria,” he added.
By Dipo Olowookere
Shareholders of Haldane McCall will receive a final dividend of 7 Kobo on Monday, April 7, 2025, for the financial year ended December 31, 2024.
A notice from the firm said the qualification date for this cash reward is Monday, March 31, 2025.
In the disclosure filed to the Nigerian Exchange (NGX) Limited, the company emphasised that the dividend would be paid only to shareholders who have “completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.”
It, therefore, advised shareholders who have yet to complete the e-dividend registration to download the registrar’s e-dividend mandate activation form, complete and submit to the registrar or their respective banks for processing.
In addition, it stated that those with dividend warrants and share certificates that have remained unclaimed, or are yet to be presented for payment or returned for validation, should complete the e-dividend registration or contact the Registrar.
Haldane McCall said the dividend is subject to appropriate withholding tax and approval of shareholders at the forthcoming Annual General Meeting (AGM).
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