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Nigeria Battle Rabiu BUA Cement over sudden price increase

Published

5 years ago

July 6, 2021

BUA Cement Plc, which owned by controversial billionaire Abdul Samad Rabiu has increased price of cement per bag has increased at

According to Newsthumb findings the country’s second largest cement maker, over the weekend, announced a price rise from N2, 800 to N3, 000 per bag.

The present surge in the price of BUA cement fuels speculation that its owner, Abdul Samad Rabiu, cannot be trusted.

Remember that BUA Cement denied any accusations of a rise in the factory price of its cement in several statements published between April 24 and June 18 this year, indicating that “the firm has no plans to increase pricing of its cement now or in the near future.” In fact, BUA went on to say that there is no reason to raise the price of cement because it is currently making enough returns.

The company stated in a statement released on April 24, 2021 that “the solution was not in an increase of its product price at that time,” emphasizing that the timing was not right for any increase in the price of major commodities, “especially not at this time while Nigerians are still trying to recover from the economic consequences brought about by the Covid-19 pandemic – moreover for a product which all raw materials are locally sourced.” the statement read in part.

Newsthumb can confirm that major distributors, retailers, and customers across the country who are puzzled by its sudden change of heart and volte-face dishonesty are ready for a show down with the Abdul Samad Rabiu led business conglomerate

In a market study on the price hike, Alhaji Sadiq, a cement distributor in Kano, questioned why BUA Cement increased their cement price, contrary to expectations and promises. “I’m not sure why BUA decided to raise the price at this time but Abdul Samad Rabiu, the chairman personally assured us that his company would not raise the price of their cement. To be honest, this is bad for our company and the industry. He bemoaned, “This is the worst scam perpetrated by any significant business organization in the history of this country.”

Another cement distributor based in Asaba, Delta State Sunday Odogwu, expressed anger at the price increase by BUA Cement, despite all his repeated promises of no further increase in the price of BUA cement.

“BUA has told us multiple times in their remarks to distributors that they are not ready to increase their cement price,” Odogwu says. The most recent notice was issued in June of this year. What are they now doing this? It’s inexcusably unfair, and we’re disappointed. Our customers will be perplexed and will point the finger at us!”

“This demonstrates a complete contempt for international corporate governance regulations and standards. More importantly, their recent action demonstrate a complete contempt for and disrespect for consumers, who have contributed significantly to the commercial success of the company over the years by their devotion and consumption to the brand.

“At first, we mistook BUA’s management for one with sympathy for the people. However, this current position is not only dishonest, but it also shows the organization as having a secret objective in order to smear competition and acquire an unfair market edge over others in the industry,” he continued.

Abdul Samad Isyaku Rabiu CON is a Nigerian businessman and philanthropist who was born on August 4, 1960 in Kano, Nigeria. In the 1970s and 1980s, his late father, Khalifah Isyaku Rabiu, was one of Nigeria’s most prominent industrialists. Abdul Samad is the founder and chairman of BUA Group, a Nigerian conglomerate that focuses on manufacturing, infrastructure, and agricultural and generates over $2.5 billion in sales. He is also the Nigerian Bank of Industry’s chairman (BOI).
Forbes estimated Abdul Samad’s net worth at $3.2 billion on July 7, 2020, ranking him 716th among the world’s billionaires.

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HabariPay Launches Maiden “HabariPay Impact Report 2025”, Showcasing Its Journey, Business Evolution, and Contributions to Digital Payments

Published

5 days ago

June 11, 2026

NewsThumb Magz

HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), has unveiled its maiden HabariPay Impact Report 2025, providing stakeholders with a comprehensive account of the company’s evolution, innovation journey, business performance, and impact on the digital payments landscape.The report captures HabariPay’s transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers, highlighting the milestones, strategic decisions, and investments that have shaped its growth. It showcases the company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions.The HabariPay Impact Report 2025 also highlights the company’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions. The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.Speaking on the launch of the report, the Managing Director of HabariPay, Eduofon Japhet, said: “As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators. The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy.”She further added: “The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders. As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive.”The report also showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.Looking ahead, the publication outlines HabariPay’s vision for the future, including continued investment in payment infrastructure, merchant solutions, digital innovation, and intelligent technologies that will shape the future of financial services.
To access the HabariPay Impact Report 2025, please click the below: https://squadco.com/impact-report/About HabariPayHabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations, and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.

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ZENITHBANKPARTNERSLAWMA,LASWATOCOMMEMORATEWORLDENVIRONMENT DAY 2026 WITH TWO-PHASE LAGOS CLEAN-UP

Published

1 week ago

June 5, 2026

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Inlinewithitscommitmenttoenvironmentalsustainabilityandresponsiblebusinesspractices,

ZenithBankPlchascommemoratedthe2026WorldEnvironmentDaywithatwo-phase

environmental clean-up initiative in LagosState, held under theglobal theme “Inspired by Nature.

For Climate. For Our Future.”

The first phase was a morning clean-upconducted by staff of the Bank on Wednesday,3 June

2026, along Ajose Adeogun Street, Victoria Island, Lagos. The exercise mobilised employees to

clear waste, sensitise residents on proper disposal practices, and reinforce the Bank’s culture of

community service and environmental stewardship.

Thesecondphase,onThursday,4June2026,featuredawaterwaysclean-upattheFalomo

Waterways, Ikoyi, Lagos, executed in collaboration with the Lagos Waste Management Authority

(LAWMA)andtheLagosStateWaterwaysAuthority(LASWA).Thejointeffortfocusedon

removingmarinedebris,promotingcleanerwaterways,andsupportingtheState’sbroader

climate-resilience agenda.

Speakingontheinitiative,DameDr.AdaoraUmeoji,OON,GroupManagingDirector/CEOof

Zenith Bank Plc, said: “At Zenith Bank, sustainability is integral to how we operate. Clearing our

streetsandourwaterwaysisapracticalreminderthatprotectingtheenvironmentisashared

responsibility – and one we are proud to take up alongside LAWMA and LASWA. Through these

exercises, we aretaking deliberate action topreserve our communities,support climate action,

andinspireotherstoact.Ouroperationswillcontinuetoalignwithglobalenvironmental

standards as we build a more sustainable future for Nigeria and Africa.”

ZenithBankremainscommittedtoembeddingEnvironmental,SocialandGovernance(ESG)

principles across its operations, investing in green initiatives, energy efficiency, and community-

focused programmes. These efforts advance the United Nations Sustainable Development Goals

–particularlySDG7(AffordableandCleanEnergy),SDG11(SustainableCitiesand

Communities)andSDG13(ClimateAction).Sustainabilityremainsanoperationalimperative

across the Bank’s Nigerian base and its broader African, UK and European footprints

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ZENITH BANK RENEWS COMMITMENT TO CHILDREN WITH EDUCATION, INCLUSION & OPPORTUNITY AT THE CORE

Published

3 weeks ago

May 26, 2026

NewsThumb Magz

Much more than commemorating the annual Children’s Day marked every May 27, Zenith Bank Plc is championing the

narrativethatchildrenarethetrueleadersoftomorrow.TheBankhasdeepeneditsinvestmentincarefullycurated

initiativesthatelevatechildrenacrosseducation,financialliteracy,health,digitalinclusion,andsocialprotection,

building a generation equipped to thrive and lead. For Zenith Bank, every child matters, and the Bank’s footprint reflects

a deliberate, pan-African strategy to nurture potential from the earliest age.

Zenith Bank has been the financial institution partner to Kiddies Corner on Inspiration 92.3FM Lagos for over three

years, anchoring the Tuesday edition and Zenith Financial Literacy Friday show. The programme blends spelling bee

contestswithfinancialliteracyquestions,creatingawarenessandonboardingchildrenintotheZenithChildren’s

Account (ZECA). This partnership came alive at the Inspiration FM Children’s Day Carnival on Saturday, May 23, 2026,

whereZenithBankhostedover1,000childrenandtheirparents,celebratingZECAwinnerswithgames,skits,and

Zenith Bank branded gifts.

The Bank’s Zenith Financial Literacy Week, held quarterly, takes this mission into select schools across all 36 states

andtheFCT.Studentsaretrainedonsavings,budgeting,basicinvestments,anditsretailproducts,withthetop

performer in each school awarded N50,000. Complementing this is the Bank’s nationwide Financial Literacy Program

undertheCBN-mandatedGlobalMoneyWeek,whichin2025alonereached3,622studentsacross22LGAs,

deploying 137 bank employee volunteers as educators.

In alignment with the United Nation’s (UN) Sustainable Development Goal (SDG) 4 on Quality Education, Zenith Bank

hasdonatedstate-of-the-artICTcentresandcomputersystemstoschoolsanduniversitiesnationwide,includinga

ComputerCentretoBamainaAcademy,Dutse,JigawaState.Itstransformativeinterventionsincludefullyequipped

libraries,vocationalfacilities,andlarge-scaleschoolrenovations,fromOjotaSecondarySchoolandVictoriaIsland

Secondary School in Lagos to Hugallawa Primary School in Jigawa. Targeted financial support further breaks barriers

with N1 million cash donation to Louisville Girls High School, Ijebu-Itele, supporting girl-child education; infrastructure

upgrades at Maryland Comprehensive Secondary School; a N1 million scholarship endowment for St. Francis Catholic

Secondary School; and support for the North-East Children’s Fund to aid education in conflict-affected communities.

Through its Primary Healthcare Centre Initiative across all 774 LGAs, Zenith Bank educates parents on early childhood

savings during routine visits, linking health and financial well-being. The “PAD-A-QUEEN” Initiative commemorates the

International Day of the Girl Child, reaching5,000 girls in 10 schools withsanitary pads, hygiene kits, and menstrual

health education to keep girls in school and promote SDGs 3, 4, and 5.

The Bank’s compassion extends to the most vulnerable. At Bethesda Home and School for the Blind, Idi Oro, Lagos,

Zenith donatedbraille materials,food, and toiletries.For the2026 InternationalDay forStreet Children,it partneredwith

Bosco Child Protection Centre on medical check-ups, food, clothing, and counseling. Annual Christmas Charity Visits to

orphanagesdelivercash,toys,andessentialsupplies,whilesupportfortheSmileandShineChildrenFoundation’s

Strive Conference empowers over 2,000 adolescents with life skills and leadership training.

Commenting on the Bank’s intentionality towards the development of children, Dame Dr. Adaora Umeoji, OON, Group

Managing Director/CEO, ZenithBank Plc, said, “AtZenith Bank, weare deliberate about initiativesthat elevate children

becausetheyarenotjustourfuture,theyareourpresentresponsibility.AsWhitneyHoustonsopoignantlysang,‘I

believethechildrenarethefuture,teachthemwellandletthemleadtheway.’Thatisthephilosophydrivingour

investmentsineducation,financialliteracy,health,anddigitalinclusion.FromKiddiesCornertoICTcentres,from

PHCs to orphanages, we are teaching them well, equipping them early, and giving them the tools to lead. Zenith Bank

renews its commitment to every Nigerian child, to nurture their dreams, protect their dignity, and secure their tomorrow.”

Championing youth expression, the Zenith Annual Youth Parade, hosted by the Bank for 19 years, stands as a flagship

Corporate Social Responsibilityinitiative. Bringing togetherthousands of childrenand teenagers in avibrant showcase

of unity and discipline, the parade has remained dedicated since inception to the vital mission of supporting, nurturing,
andempoweringtheNigerianchild,reinforcingtheBank’sbeliefthatleadershipislearnedearlythroughteamwork,

confidence, and celebration of young Nigerian identity.

ForZenithBank,Children’sDayismorethanadateonthecalendar.Itisadailypledgetoempower,protect,and

prepareNigeria’schildrenforleadership.Fromclassroomstocommunities, the Bank’s initiatives are teaching them well

and letting them lead the way because the future belongs to children who are equipped today.