Business

Bakers Halt Bread Production Thursday Over Skyrocketing Costs

Published

3 years ago

July 21, 2022

Bakers under the aegis of the Premium Breadmakers Association of Nigeria have announced plans to halt production of their products, effective Thursday.

According to a statement signed by the President of the association, Emmanuel Onuorah, operating a bakery in Nigeria has become almost impossible as the incessant increases in the prices of baking materials and diesel have affected the industry negatively.

Onuorah said bakeries were running in losses and the situation was no longer sustainable.

According to him, bread is a staple food and one of the cheapest ‘grab and go’ food that is available for both the poor and the rich.

“It, therefore, behoves the Federal Government to be mindful of this and ensure the survival and sustainability of the industry,” he said.

The statement read in part, “In a move to ensure the survival of the premium bread-making industry in Nigeria, we have decided to embark on a withdrawal of services beginning from Thursday 21st of July, 2022 for four days in the first instance and where there is no intervention from the government, we shall escalate the duration of the withdrawal.”

“The reasons for the withdrawal of services included an incessant increase in the price of baking materials, Federal Government’s 15 per cent wheat development levy on wheat import, NAFDAC’s N154,000 penalty charged for late renewal of certificates, the inability of its members to access grants and soft loans being given by the Central Bank of Nigeria to Micro, Small and Medium-Scale Enterprises and multi-agencies regulation of the bread-making industry.”

The statement further read, “Our efforts to ensure the survival of the industry led to a series of meetings with the Federal Ministry of Industry, Trade and Investment, Abuja with our sister association in the bread-making industry in 2021. Our best attempts through the suggestions we put forward for the survival of the bread-making industry have not yielded the desired result.

“Therefore, the withdrawal of service is the only way we believe we can use to get to Federal Government and Nigerians and let them know our plight and how difficult it has been with the bread-making industry in Nigeria.”

Last month, the Association of Master Bakers and Caterers of Nigeria via a communique issued, and signed by the association’s executives, led by Mansur Umar, had declared that it would embark on two-week strike action in response to skyrocketing prices of baking materials.

An economic expert and associate professor of Economics at the Pan-Atlantic University, Lagos, Olalekan Aworinde, believes the Nigerian government has become lethargic towards addressing certain critical issues plaguing the economy. This, he said, had made strike action the last resort for interest groups who desire to be heard.

Aworinde said, “If they shut down, it tells us that the poverty rate in Nigeria will continue to increase because bread is one of the common foods that individuals eat every day. Hardly will you see any household that doesn’t eat bread.

“That tells us that it will be difficult for people to put food on their table when bread is not available. It also tells us that the price of bread is also likely going to increase because their going on strike is to show that there is a possibility of also increasing the price of their product.

“Aside from that, there are also the workers. There are workers that work in these bakeries and are paid daily. That tells you that the level of unemployment is likely going to be on the increase and that we are likely going to have some social ills in the country. We are likely going to see an increase in armed robbery because when people are not gainfully employed, the tendency is that they will turn to armed robbery.”

A consumer, Chinedu Michael, who spoke with The PUNCH on the possible impact of the strike said while the need to adjust to other possibilities would be inevitable, the absence of bread on the shelves would impact negatively on personal finance.

He said, “Most people eat bread. There’s almost no alternative to bread. So obviously it will require a big adjustment to survive without it.”

The Executive Secretary, Flour Mill Association of Nigeria, Yunus Olalekan, did not respond to calls as of the time of filing this report.

PUNCH

Business

Fixed Income: CBN Announces Fresh Regulations To Control Nigerian Market

Published

2 days ago

October 3, 2025

Editor

The Central Bank of Nigeria has announced sweeping regulations to take control of the Nigerian fixed income market.

The regulations expected to begin in November are aimed at boosting transparency across Nigeria’s financial sector.
The apex bank disclosed this in a recent statement.

CBN noted that the intervention is a key part of broader financial market reforms.

Accordingly, it said its core objective is to enhance regulatory oversight and strengthen the market’s ability to effectively support the transmission of monetary policy and, ultimately, foster economic growth.

“This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the bank’s established settlement system for financial market transactions,” the statement read.

According to DAILY POST, Fixed income securities refer to investments which provide a return in the form of fixed periodic interest payments and the eventual return of the principal at maturity.

Business

Confusion Over Euro-Africa CCI’s $250m Investment In Edo

Published

6 days ago

September 29, 2025

Editor

The $250m investment deal Governor Monday Okpebholo claimed to have secured during his recent trip to Scotland is generating ripples over capacity of the European African Chamber of Commerce and Industry (EACCI) to make such a huge investment.

The EACCI, headed by a Drector General, Dr. Kingsley Obasohan, is not known to have made any prior investment in Edo State or any part of the country.

Obasohan, who attended the Edo State Global Investment Summit virtually, announced the $250m investment.

He said the investment would be made for a period of three years.

An online search was launched to unravel the EACCI as well as the man Obasohan.

A number on the site was answered by a lady who claimed not to understand English language.

Several foreign partners were listed on the site as board members and advisory council.

Some closed associates of Obasohan said he would have to get clearance from the Board members before talking to journalists on the issue.

Spokesman for the Edo Peoples Democratic Party, Daniel Noah Osa-Ogbegi, said the party would hold Governor Okpebholo accountable to Edo people and demanded clarity on the $250m investment from Glasgow.

Osa-Ogbegi said the proposed investment has become a source of embarrassment to Edo people because of unfolding information about EACCI.

He said the party would shine light on fiscal management practices that appeared to ignore transparency and responsibility.

Secretary to the State Government (SSG), Umar Musa Ikhilo, had earlier said those that attended the Glasgow summit were interested in keying into the SHINE agenda of Governor Okpebholo.

“One of the chambers of commerce that attended, the European African Chamber of Commerce and Industry signed an MoU with the Edo State Government to invest a sum of $250 million over the next three to five years.

“Last year, diaspora remittances were the second-highest source of foreign income in Nigeria after crude oil, over $20 billion, but only 2% of that went into investment. We are creating a vehicle to help convert more of that into direct investments.”

He added that a delegation from Scotland was expected to visit Edo State in the coming months to explore specific investment projects as a follow-up to the summit.

Business

Dangote Hits Out At PENGASSAN, Says Union ‘Serial Saboteurs, Serving Oligarchs’

Published

7 days ago

September 28, 2025

Editor

The management of Dangote Petroleum Refinery has berated the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accusing the union of decades-long sabotage of Nigeria’s oil and gas sector and serving the interests of its leaders rather than ordinary Nigerians.

In a statement issued at the weekend, the refinery described PENGASSAN’s latest directive to cut crude oil and gas supplies to the facility as another act of economic sabotage designed to inflict untold hardship on Nigerians.

“Indeed, over time, the Association has consistently proved itself as serving interests other than those of Nigerians and Nigerian workers,” the statement declared.

Dangote recalled that in 2007, when the Federal Government sold its moribund Port Harcourt and Kaduna refineries to Blue Star Consortium, led by the Dangote Group, for $750 million, it was PENGASSAN and its ally, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), that sabotaged the deal. “It is now obvious to everyone that the FGN’s decision at the time was the right one and that PENGASSAN and NUPENG ignominiously wrote their names on the wrong pages of history,” the company said.

The refinery also faulted the union’s role in the much-publicised rehabilitation of the Port Harcourt Refinery, describing it as a “ruse” which PENGASSAN “knowingly celebrated despite being a scam on Nigerians.” The statement further accused the union of opposing amendments to the Petroleum Industry Act (PIA) that would have freed up federal liquidity and attracted private-sector funding into Nigeria’s upstream oil ventures.

Beyond policy obstruction, Dangote Refinery accused the association of mismanaging billions of naira in annual check-off dues to allegedly bankroll the “lavish lifestyles” of its leaders, without accountability to members. By contrast, the refinery highlighted its own record of economic contributions within a short period, citing road construction, worker training, the creation of thousands of Nigerian jobs, and a compensation structure that “outdistances the best in the Nigerian oil and gas industry.”

“The Dangote Group is the highest employer of labor in Nigeria and the highest contributor to the tax revenues of Nigeria and its sub-nationals. What comparable social responsibility has PENGASSAN, with its billions of Naira in annual check-off dues and subscriptions, lived up to?” the statement queried, challenging the union to publish its audited accounts for the past ten years. “Can it publish publicly its account for the last 10 years and list out its corporate responsibility activities within that timeframe?”

The refinery insisted that PENGASSAN’s recent directive to withdraw services and cut off essential fuel supplies, including but not limited to petrol, diesel, kerosene, cooking gas and aviation fuel was reckless, lawless and dangerous. It said the order is not about protecting Nigerian workers, but it is about a cabal of oligarchs weaponising hardship against over 230 million Nigerians.

“In the process, it (PENGASSAN) cares little if at all about the unbearable hardship and terror it would thereby inflict on all Nigerians, including but not limited to the provision of essential services in our hospitals and medical facilities, schools (nursery and right up to tertiary and research institutions), emergency services, communications facilities, transportation systems, etc,” it said.

Dangote Refinery called on the Federal Government and security agencies to step in immediately to protect the facility and the nation’s energy security, stressing that the union must not be allowed to “bully Nigerians into chaos and economic sabotage.”

According to Tribune Online, the federal government has announced readiness to broker peace between Dangote Refinery and PENGASSAN, inviting both to a meeting scheduled for Monday.