Business
Dangote Crashes Sugar Price By 25%
Dangote Sugar Refinery Plc (DSR), has announced a 25 per cent reduction in the price of its product, in response to the price of sugar at the international commodity market.
With the new price regime, Dangote Sugar crashed the price of its 50kg bag from N8, 900 to N6,660.
The Managing Director of the company, Abdullahi Sule, attributed the development to the recent reduction in the price of raw sugar at the international market.
The reduction, according to Sule, reflects the trends in the international market where the prices of raw sugar have dropped from about $0.26 cents to the current $0.19 cents.
He said the company has a policy of passing the benefits of price reductions to the customers.
Already, with the price reduction rocking the market and some other sugar refineries alleging that DSR reduced the sugar prices to a level where it makes it difficult for competition, Sule explained that Nigeria is not a sugar producing nation, hence all raw sugar that are refined locally are imported from Brazil by all industry players and that there was nothing to hide.
DSR chief explained that raw sugar is traded openly on the international commodities market with the prices available for all and sundry to see and/or verify.
“DSR only reacted to a reduction in the international price of sugar in the last one year for the benefit of its customers. As a responsible corporate citizen, we are committed to the socio- economic growth of the nation’s economy and there is no need for this horrendous accusation.
“When prices of sugar shoe up internationally, we increased our prices and charged consumers as much as N9,600 per bag. In the last one year the International Prices of Raw Sugar have dropped from about $0.26cents to the current price of about $0.19 cents per pound.
“Therefore, in line with DSR strategy of passing the benefits of price reduction to our customers we reduced the prices of our 50kg sugar bags from N8,900.00 to N6,600.00 (VAT inclusive) with effect from December 16, 2012,” he said.
All 0 ser sugar refineries in Nigeria are enjoying five years tax holiday at the moment.
“With our current pricing, our budget for this business year 2013 will give even better profit/return to our shareholders and with a corporate tax and other miscellaneous charges of over N22 billion.
“Besides the tax benefits the price reduction will also check the proliferation of unfortified sugar, which is hazardous to the health that finds its way into the northern markers through unverifiable sources. Smuggled sugar accounts for over 30 per cent of public consumption. Our action of reducing the sugar price has resolved this problem,” he added.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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