Business

Ownership: Kogi, Dangote Cement Management Trade Words

Published

3 years ago

October 9, 2022

The Kogi government and the management of Dangote Cement Plc. are at loggerheads over the ownership of the company.

The previous temporary closure of the company by some youths recently has caused a stand-off between the state government and the company, located in Obajana, near Lokoja.

On Saturday, the state government alleged that the management of the company was plotting to disrupt public peace in the state.

The state government in a statement issued by the state Commissioner for Information, Kingsley Fanwo in Lokoja, said that the government was in possession of evidence to prove its allegations.

“We have uncovered certain plans by the company at a meeting held last night to cause chaos across the state as a fight back strategy against the state government’s decision to get its own legally supported equity from the cement company” the commissioner said.

The commissioner further alleged that the management of the company intended to engage other security means to harrass some government officials.

“They resolved to block all the major highways across the state with their trucks to make traffic unfriendly in the state.

“If the company attempts to carry out any of his threats or deny our claims which are supported by facts, we will release visuals and audio of their meeting on this,” Fanwo said.

One of the company’s public relations officiald, Mr Abubakar Jibrin, would not comment on any issue related to the matter.

But the management of Dangote Cement Plc. said that the state government allegedly used some groups of persons to destroye the company’s assets and inflict injuries on some staff.

In a statement issued by the Corporate Communications Department of Dangote Cement Plc. in Lokoja, the management of the company alleged that some people invaded the cement plant on Wednesday.

“No fewer than 27 staff of the company are currently in bad conditions after the invasion.

“Cement trucks were also burnt, and many others were vandalised, as they forcefully took the company’s buses and vans.

“Since the attack, our vehicles carrying diesel have been attacked on Anyigba road,” the statement alleged.

The statement said that some victims of the invasion were currently admitted to the emergency section of the Kogi State Specialist Hospital in Lokoja.

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

4 weeks 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.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

1 month ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.