Tuesday, March 2African Business News
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Tag: #EndSARS

Federal Govt Blames Conornavirus, #EndSARS Protests For Rising Cement Prices

Federal Govt Blames Conornavirus, #EndSARS Protests For Rising Cement Prices

Economy
The Federal Government has attributed last year’s #EndSARS protests and coronavirus pandemic to rising prices of cement in Nigeria. The Permanent Secretary in the Ministry of Industry, Trade and Investment, Nasir Sani-Gwarzo, who said this at an event in Abuja, explained that the development affected the volume of stock levels in the supply chain due to reduction of cash flow of major distributors and high cost of transportation. Market surveys show that prices of cement and associated products, such as blocks, in many states, including Abuja, have continued to rise. For instance, the price of a 50-kilogramme bag now goes for N3, 700 in Lagos and Cross River states; N4,000 in Enugu and Imo states; Rivers state N4,300; Abuja N3,700; Kano and Oyo states N3,500. Until the last...
Amended BOFIA: The birth of ‘unquestionable’ regulator

Amended BOFIA: The birth of ‘unquestionable’ regulator

Business
The Central Bank of Nigeria (CBN) has been taunted as a super-regulator. This is not only for the autonomy it derives from its enabling law but also because it can bite at will and get away with it. In 2009, when the apex bank, under the leadership of Sanusi Lamido Sanusi, sacked the managements of defunct Intercontinental, Oceanic and seven others banks, shattered their owners and took over the institutions in what was termed the ‘Sanusi Tsunami’, individuals and groups went to court in droves. But the litigations made no difference as the banks, except one, were subsequently nationalised and sold under a state cover. Of late, the CBN has been accused of arbitrarily freezing the bank accounts of individuals. First, it was 38 accounts of individuals it accused of being involved i...