Business
BUA Fulfills Promise, Crashes Cement Price To N3,500 Per Bag
The management of BUA Cement Plc has announced a reduction in price of its cement from N5,500 to N3,500 per 50kg bag.
Recall that the company’s Chairman, Abdul Samad Rabiu, had disclosed plans to lower cement prices after meeting with President Bola Tinubu at the State House in Abuja a few weeks ago.
Announcing the reduction via a statement made available on the company’s official Facebook page on Sunday, the company revealed that a bag of its cement will henceforth be sold for N3,500 effective from Monday, October 2, 2023.
READ ALSO: Nigeria’s First Female Senator, Afegbua, Is Dead
According to the company, the price reduction was necessary to assist development in the infrastructure sector.
The statement further revealed that the company will subsequently lower the price upon the completion of its ongoing construction of new plants.
The statement reads, “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
READ ALSO: Relief As Cement Price Set To Crash From N5,500 To N3,500
“As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.
“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17 million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.
“NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”
Business
CBN Retains Interest Rate At 27%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Business
CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.
In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.
To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.
The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”
The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.
Business
Naira Records Massive Week-on-week Depreciation Against US Dollar
The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.
This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.
READ ALSO:
However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.
The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.
News5 days agoPolice Arrest, Charge Content Creator To Court In Edo
- News5 days ago
Edo Seeks FG’s Intervention On Land Dispute With Delta
- News4 days ago
JUST IN: Tinubu Orders Withdrawal Of Police Guards From VIPs
- Metro5 days ago
Delta Police Arrest Suspected Serial Killer
- Metro2 days ago
JUST IN: Again, Terrorists Storm Kwara Community, Kidnap Pregnant Woman, 10 Children, Others
Metro5 days agoZamfara Police Repel Bandits’ Attack, Rescue 25 Kidnapped Victims
- News3 days ago
BREAKING: South-West Governors Hold Security Meeting In Ibadan
- News4 days ago
JUST IN: 50 Abducted Niger Catholic School Students Escape, Reunite With Families — CAN
- News4 days ago
OPINION: The Girls Of Chibok, Maga, Papiri And Our Frankenstein
- Metro5 days ago
Many Killed In Ibadan Gas Explosion
