Business
Abdulsamad’s BUA Crashes Cement Price, Reviews Previous Orders
Billionaire businessman, Abdulsamad Bua, has crashed the price of cement, announcing a reduction of cement price from 6000 to N3,500 per bag.
This is coming barely two weeks after a meeting with President Bola Ahmed Tinubu.
In a statement on Sunday, titled ‘Reduce in Prices of BUA Cement’, BUA Group disclosed the new price of its product will take effect from Monday, October 2, 2023.
The company added that the decision aims to spur development in the building and infrastructure sector.
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.
“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
Contractor Wins Toyota Prado in Glo Festival of Joy Promo
It was a moment of joy and excitement in Lagos on Thursday as the second prize-presentation event in Glo ‘Festival of Joy’ promo took place at Gloworld, Adeola Odeku Street, with a civil engineering contractor, Ayobami Adejumobi, going home with a brand new Toyota Prado.
The key to the jeep was presented to 42-year-old Adejumobi, who was accompanied by friends and relatives and the Deputy Governor of Lagos State, Dr. Obafemi Hamzat.
Speaking at the event, Osun State-born Adejumobi thanked Globacom immensely for the prize. He said, “I still can’t believe it. A call came from Globacom and the news was too good to believe. I doubted it. Could it be fraudsters? However, I remembered the promo and how I joined when it was launched, and I immediately proceeded to the Gloworld on Adeola Odeku where the Glo officials were expecting me. I thank Glo for this prize. I will use the jeep personally; it will enhance my status and help me to get more jobs as a civil engineering contractor”.
Other winners at the event also commended Globacom for providing a platform for many Nigerians to win prizes. Bukola Olatunji, from Ijebu-Ode who won a Keke Napep said, ”I have always been a faithful participant in various Glo promos and have never lost hope that I would one day become a winner”. She promised to continue participating in all of Globacom’s promotions in future.
A generator winner, 33-year-old Ayodeji Olukunmi, also said “it’s indeed a joyful period, winning a brand new generator means a lot to me, God bless Globacom”, while Daniel Eleh from Benue State, who won a sewing machine, said, “I was shocked and surprised when I got the call. Glo has always been good to Nigerians.”
The Deputy Governor of Lagos State, Dr. Obafemi Hamzat, who was the special guest of honour commended Globacom for such thoughtful reward schemes. “The good thing is that this is happening at a difficult time in the country. We must thank Glo for this and just pray that next year, it will be bigger. We would love the Chairman, (Dr Mike Adenuga), to make it twice this size next year. May God continue to bless the company,” he said.
Globacom’s Divisional Head, West, Lawrence Odediran, who also spoke at the event stated that new and existing subscribers can participate in the Festival of Joy promo by dialing *611# to opt into the promo and to keep recharging (voice and data) during the promo period, in order to be eligible to win the prizes on offer. He explained that new subscribers can participate immediately by purchasing a new SIM, registering it and dialing *611#.
Dignitaries at the event include Deputy Majority Leader, Lagos House of Assembly, Honourable Adedamola Richard; Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye a representative of the Nigeria Communications Commission, Mrs Ijeoma Bassey; Iyaloja of Sura Market, Alhaja Raliat Adebayo, and nollywood trio of Uche Jombo, Adeolu Saga and Broda Shaggi.
Business
UBA Group to Commence Full Banking Operations in France
As part of President Bola Ahmed Tinubu’s state visit to France, the Chairman of UBA Group, in the presence of President Tinubu and the President of France, Emmanuel Macron, signed a landmark business cooperation agreement with the French Finance Minister, Antoine Armand. The agreement is a significant indication of support by the French Government for the development of UBA’s full banking operations in France.
Speaking at the signing ceremony, Tony Elumelu, the Chairman of UBA Group commented: ”This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole; and French and European customers transacting with Africa. Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together, through innovative financial solutions. Paris will join London, New York and Dubai, as a critical component of our unique global network.”
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
Business
Unity Bank Boosts Savings Culture Among Youths with New App
In a bid to promote a savings culture and enhance financial literacy among young Nigerians, Unity Bank Plc has announced plans to launch a new app for children and teenagers designed to empower users to achieve their financial goals.
The announcement was made during the World Savings Day training held at Emerald Fields School, Calabar, Cross River State, as part of the Bank’s nationwide initiative to mark the global event.
World Savings Day is observed in Nigeria as an initiative of the Central Bank of Nigeria, Bankers Committee and Junior Achievement Nigeria to drive financial inclusion with the vehicle of Financial Literacy Training which is held in secondary schools across the country.
Speaking at the event, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun, represented by the Chief Compliance Officer, Mrs. Patricia Ahunanya, emphasized the importance of instilling good financial habits early in life. She explained that the upcoming app would equip students with tools to set SMART financial goals, understand the power of compound interest, and build financial safety nets through savings and prudent money management.
“Financial literacy is the foundation of a secure future. By teaching students to distinguish between needs and wants, budgeting, and embracing delayed gratification, we empower them to take charge of their financial journeys. The new app will serve as a practical tool to support these lessons and help young Nigerians build a culture of savings,” Mrs. Somefun stated.
The training session in Calabar, one of 16 held simultaneously across secondary schools in Nigeria, aimed to instil essential money management skills. Participants were exposed to simulations on earning, budgeting, spending wisely, and understanding the principles of borrowing and saving. Unity Bank’s representatives guided the students through interactive discussions, encouraging them to set financial goals and cultivate habits that support long-term financial stability.
World Savings Day, celebrated annually on October 31, aims to promote the importance of savings and financial awareness globally. In Nigeria, the Central Bank of Nigeria (CBN), in collaboration with the Banker’s Committee, Deposit Money Banks, and Junior Achievement Nigeria, coordinated activities to engage students nationwide.
Unity Bank’s initiative aligns with the CBN’s financial inclusion strategy by encouraging young Nigerians to embrace financial literacy early. The Bank’s upcoming app, designed specifically for children and teenagers, will complement this effort by providing an engaging platform for setting savings goals, tracking progress, and building healthy financial habits.
With financial literacy training held in six geopolitical zones, Unity Bank reinforces its commitment to youth development and capacity building.