News
DangoteCem to Crash Cement Price with Increased Supply

Dangote Cement has said that it is boosting production in order to close the gap between the supply and demand of cement.
Rabiu Umar, new group chief sales and marketing director, Dangote Cement, said this in Lagos at a meeting with newsmen on Monday.
About 40 per cent gap in cement supply had led to significant increase in the price of cement across the country.
Although most manufactures claim that they had not increased their factory price, middlemen had increase the price of the commodity, citing difficulties in getting supply.
Umar stated that the company was building more capacity as it recently invested in a new line that had been completed in its Obajana plant. The line was only waiting for power to commence operations, he said.
He said, “We have a new plant in Okpella, Edo state, that will start operations very soon. For the last couple of years one of our plants in Gboko, Benue State has not worked, but we have re-started the plant all in a bid to make sure there is enough production.”
Umar explained, “In every business, what drives the price is the demand and supply. Now as a business, we have not increased our price up until this point. So what has happened in price increment in the cement products is the forces of demand and supply.”
Umar gave the declining COVID-19 crisis, the combination of monetary policy changes and reduced capital market returns as the reasons for increased construction activities.
He said, “We got into COVID-19 last year and immediately after the pandemic, there was a surge in demand, and it is not particular to Nigeria alone.
“A couple of countries across the world like Mexico, South East Asia, among others are also experiencing the same.”
He said that though the company had direct control over its ex-factory prices, it had no control over the ultimate price of cement in the market.
He said it was important to distinguish Dangote’s ex-factory prices from prices at which retailers sold cement.
Umar disclosed that the company would be bringing in 2,000 brand new trucks to ease distribution challenges.
“We are buying these trucks and putting them out there to make sure that the distribution is also taken care of. This new development will lead to thousands of direct jobs in the country, apart from both direct and indirect jobs that the plants will also create.
“Globally, by the time we are done, we believe that the additional capacity we will put in the market compared to what we have today is probably the size of each of our competitors in terms of the additional volume that we will put in the market.”
He added that increasing production capacity would likely make impact in reducing the price of the commodity.
News
Senate Committee Partners with Kuda Bank to Tackle Compliance Crisis as Nigeria Loses ₦3.4 Trillion

Over ₦3.4 trillion in financial infractions were uncovered across federal Ministries, Departments, and Agencies (MDAs) in 2021, according to the Auditor General’s report — a staggering figure that highlights Nigeria’s deepening compliance crisis and the urgent need for stronger oversight in public institutions.
In response, the Senate Committee on Legislative Compliance is hosting a high-level workshop to address the root causes of weak oversight and institutional gaps. The two-day event, with the theme ‘Consolidating Strategies for Strengthening Legislative Compliance by MDAs’, will take place on April 15 and 16, 2025 at NAF Suites, Abuja, bringing together lawmakers, regulators, and over two hundred representatives from federal MDAs.
Kuda Microfinance Bank is co-sponsoring the workshop as part of its commitment to supporting responsible innovation, governance, and regulatory alignment in Nigeria’s financial ecosystem.
Rasaq Kadri, Kuda’s Head of Compliance, will deliver a keynote address on the second day of the event, highlighting the efforts of Nigeria’s fintechs to promote inclusion and financial literacy without compromising on compliance best practices.
“When public funds go unaccounted for, it doesn’t just damage government credibility, it affects the entire financial ecosystem, including fintechs,” said Kadri. “We can’t build trust-driven products in a trust-deficient environment. Every time compliance is treated as a box-ticking exercise, we miss the chance to build something that lasts. Fintechs have the tools and perspective to support better governance, but more importantly, we have a responsibility to be part of the solution.”
As a sponsor, Kuda will take the workshop to engage directly with key stakeholders in Nigeria’s regulatory and public service ecosystem.
Plenary sessions will be chaired by the Honourable Attorney General of the Federation, Lateef Fagbemi SAN, and the Honourable Minister of Finance, Wale Edun. Conversations will focus on closing compliance gaps, strengthening institutional transparency, and promoting cross-sector collaboration.
The Senate Committee on Legislative Compliance Workshop is a unique platform for dialogue, knowledge-sharing, and collaborative action.
News
FG Inaugurates Board of Galaxy Backbone

The Federal Government has inaugurated the new Board of Directors of Galaxy Backbone Limited (GBB). The board’s mandate is to lead Nigeria’s digital transformation in Information and Communication Technology (ICT) infrastructure and services.
It will support Federal Government Ministries, Departments, and Agencies (MDAs) in a fast-changing landscape.
George Akume, Secretary to the Government of the Federation, led the inauguration. He emphasised the government’s commitment to making GBB more agile, responsive, and impactful. The aim is to drive national digital public infrastructure and service delivery. This was according to a statement by Segun Imohiosen, Director of Information and Public Relations.
The board has George Akume as Chairman. Its members include Rabi’a Adamu Waziri from the Petroleum Technology Development Fund (PTDF), Abubakar Abdulqadir Maje from the Joint Stock Association (JSA), Kemi Owonubi from the Ministry of Finance Incorporated (MOFI), and Margareth Ebute from the Ministry of Communications and Digital Economy.
Other members are Ibrahim Adeyanju, Olusegun, Olumbe Akinkugbe, Sanni Ibrahim Mohammed, and Adama Pindar from Galaxy Backbone Limited.
In his acceptance speech, Prof. Ibrahim Adepoju Adeyanju, Managing Director of Galaxy Backbone Limited, assured that the board will focus on sustainability. He said it plans to realign its vision and build a strong foundation for achieving strategic goals.
He also noted that within one year, the agency developed its Integrated Digital Transformation Strategy (IDTS). This strategy will run from 2025 to 2028.
News
ST Team Partners with Deji of Akure to Boost Agriculture and Food Security in Ondo State

Smart Treasure (ST Team) has honored the Deji of Akure, His Royal Highness Ọbá Aladetoyinbo Ogunlade Aladelusi, Odundun II, CFR, with a plaque of recognition for his dedication to the welfare of his subjects.
The presentation was made at the monarch’s palace in Akure by a delegation led by Instructor Luke Mbadugha from the Lagos Operations Center.
The visit was part of ongoing discussions on a partnership aimed at boosting agriculture in Akure, Ondo State.
The initiative, spearheaded by the ST Team, seeks to ensure the availability of farmland for agricultural purposes.
Under the arrangement, the ST Team will provide seedlings and manpower, while a significant portion of the proceeds will be distributed to the indigenes at no cost.
The remaining proceeds will support the administrative operations of the ST Team.
In his response, Ọbá Aladetoyinbo announced the allocation of a parcel of land at Ofosu, along the Ondo-Benin Road, for the project.
He described the initiative as a commendable effort to enhance food security for both the local community and the nation.
The monarch also called for a follow-up meeting to facilitate the assessment of the land for the project’s commencement.
Meanwhile, farming activities are set to resume at Aladodo Isikan in Akure South Local Government Area, another site designated for the agricultural project.
The four-acre land will be used to cultivate crops such as yam, cassava, plantain, and maize. A test run of maize planting began on April 9, 2025, with expectations of harvesting in three months.
Kabiesi Akinwunmi Adekanmbi Obey, the monarch of Olulero Okelero, Onitan Isikan, lauded the ST Team for their commitment to ensuring food availability.
He emphasized the importance of agriculture, stating, “Whoever brings food brings life.”
The ST Team, an investment platform dedicated to reducing poverty in Africa by 30% by 2027, has been actively involved in various Corporate Social Responsibility programs, including this agricultural initiative.
The project underscores their mission to create financial freedom and improve the quality of life for individuals across the continent.
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