Dangote Sells Cement For N1, 800 In Zambia, N3, 500 In Nigeria - IReporteronline
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Dangote Sells Cement For N1, 800 In Zambia, N3, 500 In Nigeria

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The Dangote Cement Group sells its product in Southern African country, Zambia, for at most 110 Kwacha which equals to about N1, 800 in Nigeria, while the same product sells for not less than N3, 500.

The Zambia Board of Commissioners of the Competition and Consumer Protection Commission said it ordered Lafarge Zambia Plc, Dangote Cement Zambia Limited and Mpande Limestone Limited to revert to the cement prices ranging between Kwacha 99 to Kwacha 110 after there was uproar over its recent increment.

The Board also fined Lafarge Zambia Plc and Mpande Limestone Limited 10% of their annual turnovers for the year 2019 and another 10% of their 2020 annual turnovers for price fixing and division of markets.

The Board, however, said it was lenient with Dangote Cement Zambia Limited, for having cooperated with the Commission during investigations.

According to Zambia News, the decision to fine Lafarge Zambia Plc and Mpande Limestone Limited was made during the 49th Board of Commissioners Meeting for the Adjudication of Cases held in Lusaka on March 30, 2021.

This was after an exhaustive investigation by the Commission initiated in January 2020 following the Commission’s observation of a sustained increment of cement prices from an average of K55 to K100 per 50kg bag between July 2019 and January 2020.

The continuous price increment of cement by the parties led the Commission to suspect that there was possible collusion and an agreement to fix the prices of cement and the Commission carried out investigations for a year.

In a statement issued by CCPC Senior Public Relations Officer, Namukolo Kasumpa, the Board has also ordered Lafarge Zambia Plc, Dangote Cement Zambia Limited and Mpande Limestone Limited to revert to the pre-cartel prices ranging between USD 4.50 – USD 5 (K99 – K110) for a period of one year from the date of receipt of the Board decision pursuant to Section 59 (3) (b) of the Act.

“Additionally, that Lafarge Zambia Plc, Dangote Cement Zambia Limited, Mpande Limestone Limited submit monthly average ex-works prices and any price adjustments be indexed to the exchange rate and be submitted to the Commission for review pursuant to Section 58 (1) of the Act,” the Board stated.

The Board has further ordered the three cement companies to develop and implement compliance programmes in their respective firms within 90 days of receiving the directive.

“Furthermore, the Board has directed Lafarge Zambia PLC, Dangote Cement Zambia Limited and Mpande Limestone to make undertakings within 90 days of receiving the directive that their respective employees should not engage in any anti-competitive behaviour and that the enterprises should not facilitate and/or participate in any anti-competitive conduct including the exchange of information,” the Board stated.

Meanwhile, checks by SaharaReporters in Nigerian construction markets revealed that Dangote Cement sells for N3,500, while Lafarge sells for N3,400 – about double of what Zambians pay for the same commodity.

Source: Sahara Reporters

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Naira Closes Week Stronger To The Dollar

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Naira closed the week stronger to the dollar after four days of trading at the I&E window of the foreign exchange market.

Naira had opened the week weaker to the dollar after Tuesday’s trading at N410.50, but on Friday data posted on the FMDQ Security Exchange where forex is officially traded showed naira exchange at N409.00.

Friday’s exchange rate represents a 0.16 per cent appreciation from N409.65, the rate at which the naira closed on Thursday.

Similarly, forex turnover increased week on week increase from $35.55 million on Thursday last week to $55.21 million.

Although Friday turnover represents a drop by 41.07 per cent, from the $93.69 million posted on April 8th.

Market participants during Friday’s trading bid for dollar between N395.00 and N420.00.

In the unofficial market however, the naira remained unchanged against the U.S. dollar according to data posted by abokiFX.

The data posted showed that the naira closed at N485.00 at the black market on Friday, the same rate it exchanged hands since the start of the month.

At the end of Friday’s trading the difference between the unofficial market and the I&E window exchange rate stood at N76.

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Why Nigeria Can’t Stop Borrowing – CBN

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The Central Bank of Nigeria, CBN, has insisted that Nigeria can’t stop borrowing, mainly when it’s necessary.

Mr Godwin Emefiele, the CBN Governor, disclosed this in Abuja on Friday at the National Dialogue on Nigeria’s rising debt profile, titled: “The Rising Public Debt in Nigeria and the Challenges of National Development,” organised by the Action Aid Nigeria (AAN).

Emefiele, who was represented by Dr Tawose Joseph, the Assistant Director, Monetary Policy Department, CBN, said there is no crime in borrowing.

According to him, there should be monitoring and evaluation of the money borrowed and its purpose.

This is coming as AAN and stakeholders have expressed fear over unbalanced borrowings levels, rising national debt profile and increasing poverty level under President Muhammadu Buhari-led government.

He said, “Debt is part of fiscal responsibility. Debt is never a crime or a sin. The private entity also borrows to survive. What matters most is the debt’s quantum and the debt usage as well as if money is borrowed as a result of the shortage of income generation.

“When you compare the income and expenditure, and it is efficiently used, it is part of government responsibility. But where the fear is when it is above the threshold.

“CBN understands that when there is a crisis in an economy, then the burden of debt would be something. That is why the conventional and non-conventional instruments are there to ensure price stability in the economy.”

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Aisha Buhari Rakes N155m At Book Launch

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Wife of the President Mrs Aisha Muhammadu Buhari Thursday realised N155 million at the public presentation of a book titled, “Aisha Buhari: Being Different.

 

The book, written by the Senior Special Assistant to the President on Administration and Women Affairs, Office of the First Lady, Dr Hajo Sani, was launched at the State House Banquet Hall in Abuja.

 

National leader of All Progressives Congress (APC) Mr Asiwaju Bola Ahmed Tinubu bought copies of the book N20 million while Alhaji Aliko Dangote and Alhaji Abdulsamad Rabiu bought copies for N30 million and N25 million, respectively.

 

Mrs Folorunso Alakija and Chief Kessington Adebutu bought copies for N10 million each while representatives of Alhaji Muhammadu Indimi and Captain Idahosa Okunbo donated N20 million each.

Mrs Bola Shagaya and the representatives of Arthur Eze donated N10 million each.

 

The chairman Nigeria Governors Forum (NGF) Governor Kayode Fayemi of Ekiti state, and Deputy Senate President, Mr Ovie Omo-Agege pledged an undisclosed amount of money for copies of the book.

The event was jointly organised by the Office of the First Lady of Nigeria and the Women and National Development (WAND).

 

Meanwhile, Vice President Yemi Osinbajo has extolled the virtues of wife of the President, Mrs Aisha Muhammadu Buhari, saying she has redefined the role of the office of the First Lady of the country.

 

Speaking at the public presentation of the bookOsinbajo said, the First Lady has endeared herself to Nigerians by stepping outside the box of what used to be the personage and traditional roles in Nigeria’s presidential history.

He said she has also regaled Nigerians with many firsts, including keeping Nigerians updated with the activities of her office or how she feels on an issue via the social media outlets and connecting with the public in real-time.

 

“She’s, of course, the First Lady to be on Twitter, on Instagram, and other social media platforms, getting her unfiltered views across to the Nigerian people and she’s probably the first to receive, in real time, the opinions of Nigerians on her views. With her views, forthright, crisp, truthful and once in a while controversial, she has established an ongoing conversation with the Nigerian people.”

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