Monday, November 29

Tag: Flour Mills of Nigeria Plc

Sugar War: Dangote Demands Sanction Against BUA
Business

Sugar War: Dangote Demands Sanction Against BUA

Facts have emerged on how Nigeria's biggest sugar producer, Dangote Industries Limited, alongside another producer, flour mills of Nigeria plc, approached the federal government to reprimand BUA, their rival in a bid to shut down its business. Correspondences exchanged between the companies and the federal ministry of trade and investment were exclusively obtained by POLITICS NIGERIA. Their grouse is against BUA's most recent sugar refinery plant in the Bundu Free Trade Zone, Portharcourt, Rivers state capital, which they accused of importing raw materials against regulations and the National Sugar Master Plan (NSMP) hinged on the backward integration plan. The development of NSMP commenced in 2008 under the administration of the late President Umaru Musa Yar’Adua but was approv...
CBN Lifts Manufacturing, Power With $660m Forex Disbursements
News

CBN Lifts Manufacturing, Power With $660m Forex Disbursements

The Central Bank of Nigeria (CBN) has disbursed $660.17 million to 1,342 manufacturers, power and other real sector operators for the procurement of raw materials, plants and machinery, foreign exchange (forex) utilisation report by apex bank has shown. The funds, sourced from the CBN and sold to the beneficiary customers at the official rate of about N30.5 to dollar, were handled by commercial, merchants and non-interest banks using the interbank market. The funds were specifically used for the procurement of raw materials, plants and machinery as specified in the Letters of Credit (LCs) under which they were sourced, and in-line with the CBN-stipulated import approval list. The forex utilisation report was meant to promote transparency and accountability on the side of the lenders...

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