Business

Nigerian Correctional Service Begins Commercial Bread Production In Benin

Published

2 years ago

December 5, 2023

Editor

The Nigerian Correctional Service (NCoS) Zone G, has commenced the production of bread in Benin, the Edo capital, for both its inmates and members of the public.

Speaking at the official handover of the zonal bakery project to First Global Hakitekt Bread Bakery Limited for effective management, the Minister of Interior, Hon Olubunmi Tunji-Ojo, said the project was laudable.

Tunji-Ojo, represented by Mrs Comfort Kabirwa, Director of Special Duties in the ministry, commended the buy-in of the project by the different controllers in the zone comprising Edo, Delta, Anambra, Enugu and Ebonyi.

He stressed the importance of Public Private Partnerships (PPP), noting that a recent decongestion of correctional centres was not government funded but through corporate social responsibility.

“We have to think out of the box to achieve our mandate. The bakery is a laudable project because it will help build the skills of the inmates and give them a source of livelihood and make them employable after leaving the correctional centre,” he said.

He added that charging the name from prisons to correctional was intentional not just for rebranding but to change the way prisoners were treated.

Earlier, Controller General of Corrections, Haliru Nababa, said the Bakery Initiative was a collaborative effort between the NCoS and the First Global Hakitekt Bread Bakery Limited under a PPP arrangement.

Nababa said the project was also supported by the Ministry of Interior, Ministry of Finance, and the Infrastructure Concession Regulatory Commission.

“It is a pilot initiative aimed at enhancing the performances of federal government projects. The First Global Hakitekt Bread Bakery Limited is expected to bring in expertise to allow for a win-win situation for both parties. “

Represented by the NCoS Zonal Controller, Zone G, Assistant Controller General, Friday Ovie, he said that initiative was in line with the mandate of the Service, which included inmates rehabilitation via skills acquisition.

Meanwhile, Managing Director, First Global Hakitekt Bread Bakery Limited, Mr Dare Eluyemi, said the project was not just to equip inmates with bakery skills but also to create jobs in the bakery value chain.

“The bakery project has the capacity to produce bread for more than 32,000 inmates on a daily basis.

“It will help to reduce government effort in meeting the food consumption of inmates in correctional centres and sold to thepublic for income generation.”

On her part, Controller, NCoS, Edo, Philomena Emehinola, said the Bakery initiative was a plus to the state as it would put the state in the limelight.

“We will make the project sustainable to feed our inmates as well as build their skills in bakery.”

She added that the inmates who would undergo skill acquisition in the bakery project would be paid an incentive under the earning scheme but would be given the money at the end of their jail term.

The News Agency of Nigeria reports that the pilot project will run for two years, after which it will be replicated in other zones of the NCOS.

The high point of the event was the inspection of the bakery by the representative of the Minister of Interior and other government officials present.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

2 days ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

4 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

1 month ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.