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Polaris Bank Restates Support For SMEs At Fashion Souk

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Nigeria’s leading Digital Retail Bank has been lauded by Small and Medium-sized Enterprises, SMEs, and customers for its invaluable sponsorship of The Fashion Souk event.

The commercial bank’s commitment to enterprise growth was recognized by fashion enthusiasts, industry experts, and style icons at the just-concluded Fashion Souk 2023.

The 2023 Fashion Souk surpassed all expectations with its dynamic display of innovative fabric designs, leather works, trendsetting collections, and fashion concepts amidst a cross-section of brands and discerning audiences.

Over 150 SMEs and 5000 fashion enthusiasts converged at the event.

Attendees had the exclusive opportunity to shop directly from a carefully curated selection of designers at the pop-up boutiques. From avant-garde designs to classic ensembles, the Fashion Souk catered to every fashion taste.

Networking Opportunities: The event fostered an environment of collaboration and networking, enabling designers, buyers, stylists, and fashion enthusiasts to forge meaningful relationships.

Complementing the fashion extravaganza, the event featured exhibitions of beauty and lifestyle products. Attendees were able to explore a range of cosmetics, skincare, and wellness brands, leather works, enhancing their overall fashion experience.

Adebimpe Ihekuna, Group Head, Products & Market Development Group of Polaris Bank, in her reaction, stated that, “Polaris Bank remains committed to the growth of SMEs in the country and we are proud to have partnered with Eventful to host this remarkable event. The Fashion Souk has not only highlighted the incredible talent in Nigeria’s fashion industry but also contributed to its growth and development.”

“As a Bank, we have supported numerous SMEs with loan facilities and will continue to support them through innovative product offerings and easy to access loans on VULTe digital bank without a need for collateral, branch visits and at competitive interest rates”, she added.

Yewande Zacchaeus, the Chairperson of Eventful Limited, the promoters of The Fashion Souk said, “I am thrilled with the overwhelming response and support received for the Fashion Souk. Polaris Bank’s partnership has been instrumental in making this event a resounding success.”

Tunde Lawal, a customer at the fashion souk summer sale noted “I applaud Polaris Bank for their dedication to the fashion industry and for bringing such a remarkable event to life. The assembly of diverse fashion items under a roof is remarkable. Its indeed an experience I’ll relish for a long time.”

The next event is expected to hold in Abuja, the nation’s capital in October.

Birthday: Tinubu Salutes Adeboye’s Wife For Helping The Poor

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President Bola Ahmed Tinubu has described Folu Adeboye, wife of the General Overseer, Redeemed Christian Church of God, Pastor Enoch Adeboye as a virtuous woman who’s dedicated to the work of God.
The president’s salutation is contained in a statement released on Thursday by Dele Alake, Tinubu’s Special Adviser on Special Duties, Communication, and Strategy, to celebrate the 75th birthday anniversary of the RCCG Mother in Israel.
Tinubu said Folu has dedicated her life to assisting drug addicts and the underprivileged in society.

“I celebrate this Godly woman, Pastor Folu Adeboye, on the occasion of her 75th birthday.

“We are inspired by her devotion to the work of God, family values, and the downtrodden among us. Mrs. Adeboye’s generosity of spirit and unflinching commitment to seeing that young people live value-guided life will continue to be a guide and beacon to many.

“Through her many philanthropic works and that of the Redeemed Christian Church of God, many lives have been turned around for good.

“I join family, friends and admirers all over the world to wish Pastor Folu many more years in good health and more service in the vineyard,” the statement said

Sokoto: More Problems For Tambuwal

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Former governor of Sokoto state, Aminu Tambuwal is in trouble following the decision of the state to probe his administration.

His successor, Ahmed Aliyu has set up a judicial commission to investigate his government barely two months after leaving office on May 29.

The development, watchers of politics of the state of The Caliphate, as the state is widely known, insist will add to the problems of the former governor, who appears to have suffered a slew of setbacks since he left power.

Apart from failing to impose a successor, the former governor also had suffered a bloody nose recently in his quest to become the Minority Leader in the Senate.

Recall that Tambuwal, a former Speaker of the House of Representatives, is among the senators who supported Abdul Aziz Yari, a former Governor of Zamfara state for the position of Senate President recently.

The former Zamfara helmsman lost to Godswill Akpabio, a former governor of Akwa Ibom state who has since surrounded himself with trusted senators from the All Progressives Party, APC, who according to sources worked against Tambuwal’s ascension to the position of Minority Leader.

The decision by the Sokoto state government to probe him, according to those watching his political trajectory, will further put pressure on him now that he has become a minion in the National Assembly after losing out to opponents.

Speaking while administering oath on the members of the panel, Aliyu, urged them to be transparent during the investigation.

He explained that the probe is in the fulfilment of the campaign promise to investigate Tambuwal’s administration, he directed the panel members to discharge their duties according to the law, noting that the people of the state deserved to know how the former governor managed the state’s resources.

Reiterating his confidence on the panel, the governor said “In order to let people know that I will not compromise, we decided to look for a very competent personality outside the state to be the chairman of the enquiry.

“That is why we go for a former Chief judge in far away Gombe State to be the chairman. I am sure you will all agree with me that all the members of this panel were men of impeccable character,”

The panel which is chaired by a former chief judge of Gombe state, Justice Muazu Abdulkadir, other members include Jacob Ochidi, a Senior Advocate of Nigeria, SAN, Usman Abubakar, Lema Sambo Wali Esq, Alhaji Haliru Dingiyadi and Nasiru Mohammed Binji Esq, who is to serve as the secretary.

The panel is expected to submit its finding within two months.

Nigeria, Others Earn Close To $900bn From Crude Oil

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Member countries of the Organisation of Petroleum Exporting Countries, OPEC, earned $873.6 billion from oil export in 2022.

The OPEC’s petroleum export revenue climbed to the highest in almost a decade last year, as Russia’s war on Ukraine bolstered crude prices and key members ramped up production.

Last year, the 13 nations of the OPEC, earned $873.6 billion, up by 54 per cent from the previous year, according to a report released during the week from the group’s secretariat. It was their best year since 2014, when the United States’ shale boom ended a historic  period of high oil prices.

Crude soared last year as energy flows from Russia, which joined with the cartel in 2016 in a wider network known as OPEC+, were disrupted by international backlash against its military aggression. Brent futures averaged about $99 a barrel, the highest since 2014.

Meanwhile, OPEC nations such as Saudi Arabia and the UAE opened the taps to satisfy the post-pandemic recovery in fuel demand.The combination of surging prices and increased output pushed up earnings for the group.

The basket of crude grades typically sold by OPEC nations averaged just over $100 a barrel last year, while Bloomberg estimates show that crude production from its 13 states was about 29.2 million barrels daily. The figures for petroleum revenue also include sales of refined products.

OPEC’s earnings peaked at about $1.2 trillion in 2012, just as the use of hydraulic fracturing — also known as fracking — was unlocking a gusher of shale-oil in American states from Texas to North Dakota. The ensuing market crash spurred the Saudis and Russia, once fierce rivals, to form the OPEC+ coalition in 2016.

Revenue comparisons since then are complicated slightly by changes in OPEC’s membership. Some countries, including Qatar and Ecuador, have quit the group while others such as Equatorial Guinea and Gabon have joined.

This year, OPEC+ is once again engaged in production cuts to prop up crude markets, as China’s economic recovery disappoints and tightening interest rates in the US and elsewhere stir fears of a recession. Last week, the Saudis announced they would prolong an extra one million barrel—a-day cutback into August, and Russia made a new pledge to pare exports.

Meanwhile, Nigeria has failed to meet its OPEC quota due to crude oil theft in the Niger Delta. The situation, according to analysts in the sector has prevented the country from maximising the effect of the Russia/ Ukraine war like other members of the cartel.

The Nation

Elections: LP Calls On INEC To Account For N300bn, Chairman’s Sack

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Akin Osuntokun, Director-General of the Labour Party Presidential Campaign Council has called on the Independent National Electoral Commission, INEC, to account for over N300 billion allocated to the body to conduct the 2023 general election.

Osuntokun made this call at a press briefing in Abuja on Thursday, demanding a thorough investigation into the finances of the election umpire during the general election conducted on February 25 and March 11 this year.

Apart from the over N300 billion allocated to the commission, the LP chieftain said the investigation should cover other donations INEC received from other development partners.

He was reacting to last month’s last month’s European Commission Union Election Observer Mission report which scored INEC low in its conduct of the general elections.

Barry Andrews, Chief Observer and member of the European Parliament, who presented the preliminary findings of the EU EOM report in Abuja on June 28, said INEC has damaged Nigerians’ trust in the electoral process in the manner it conducted the election.

Even though the Presidency and the ruling All Progressives Congress, APC, have punctured the EU report as tissue of lies, LP has demanded the removal of INEC Chairman, Prof. Mahmood Yakubu, investigation and prosecution.

The commission, through the Chief Press Secretary to the INEC chairman, Rotimi Oyekanmi, described the LP demands ridiculous, warning the opposition party to desist from maligning the election umpire.

The commission had declared Bola Tinubu of the All Progressives Congress, APC, the winner of the February 28 election ahead of Atiku Abubakar and Peter Obi of the Peoples Democratic Party, PDP and LP, respectively. The losers have now gone to court to challenge the results.

Speaking to journalists yesterday Osuntokun called for the removal of Yakubu, investigation of funds used during the election, and ultimately the prosecution of the commission’s boss.

He also demanded punishment of all INEC staff whom he accused of compromising the election, affirming that the EU report was in agreement with the thinking of many Nigerians about the election that the election fell short of expectation.

He also affirmed his trust in the judiciary to set aside the results announced by INEC declaring Tinubu as the winner.

Osuntokun said, “We also demand unequivocally, the immediate dismissal from office and prosecution of Prof Mahmoud Yakubu and the commencement of forensic financial investigation into the expenditure of budgeted disbursements and donors’ funds received by INEC.

“This is in addition to the N300 billion appropriated from the national purse as well as other funds and materials received from International donor agencies.’

“The Labour Party and the Obi-Datti Presidential Campaign Organisation condemn vehemently the negative and jaundiced responses on the EU report and other election observers’ reports by the spokesperson of APC administration and other ill-informed persons, which are totally in discord with the mood of the nation at this time and which also present an embarrassing contrast to their selective celebration of the 2019 election reports from these same observer groups.

“It is now only logical, bolstered by the final observer group reports that the international community take immediate and appropriate punitive action against Prof Mahmoud Yakubu, Barrister Festus Okoye and other top administrative and field staff of INEC directly complicit in the desecration of these elections.

‘’We advise those who have deployed hired ‘protesters’ to the offices of the EU in respect of their election report, to desist from any further wastage of public funds as the objective of intimidation is without basis and has failed from the beginning because indeed, the irregularities in the election were so excessively glaring with bitter personal and reported experiences by the overwhelming majority of Nigerians.

‘’At this juncture, there is no doubt that Nigerians and the International Community expect the judiciary, to critically examine the evidence, the law, and the processes of these flawed elections, in arriving at a legally correct, and overwhelmingly acknowledgeable verdict,’’ Osuntokun stated.

Abuja Court Order, DSS Arraigns CBN Governor

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Emefiele Arrested By DSS

By Ayodele Oni

In compliance with an Abuja High Court order, which mandated the Department of State Services (DSS) to either release the detained Governor of the Central Bank of Nigeria, (CBN), Godwin Emefiele, or charge him to court, the DSS has complied with his arraignment in court on Thursday.

Justice Hamza  Muazu of the High Court of the Federal Capital Territory FCT had, on Thursday, issued a one week ultimatum to the DSS to either charge the detained suspended Governor of the CBN  to Court, or set him free.

The Judge issued the order while delivering ruling in a fundermental human rights suit instituted against the DSS and others by Emefiele.

Justice Muazu held that the DSS has power to carry out its Constitutional duties of making arrest, detain and ensuring prevention of internal crime but however said that such duties must be carried out within the ambit of the law

Emefiele was suspended from office by President Bola Tinubu in June 2023 on suspicion of financial crimes, including terrorism financing and money laundering. He was subsequently arrested by the DSS.

In a press release on Thursday, the DSS said that Emefiele has been charged to court in compliance with the order of the Abuja High Court today.

The release, signed by spokesman of the Service, Peter Afunanya, states that “Sequel to an Abuja High Court Order of today, 13th July, 2023, the Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele has been charged to court in compliance with the Order.

“The public may recall that the Service had, in 2022, applied for a Court Order to detain him in respect of a criminal investigation.

“Though he obtained a restraining order from an FCT High Court, the Service, however, arrested him in June, 2023, on the strength of suspected fresh criminal infractions/information, one of which forms the basis for his current prosecution.

“The Service assures the public of professionalism, justice and fairness in handling this matter and indeed the discharge of its duties within the confines of the law.”

Ekiti APC Chairman Abduction : Police Arrest Three Suspects

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Paul Omotoso

By Ayodele Oni

Few hours after his release by abductors, the Ekiti State Police Command says it has arrested three persons in connection with the kidnapping of the State Chairman of the All Progressives Congress, (APC) , Mr Paul Omotosho.

In a statement on Thursday by the command spokesperson, ASP Sunday Abutu, said the command is on the trail of the prime suspects who are currently on the run.

The statement reads in part:  “This is to inform the general public especially the good people of Ekiti State that the All Progressive Congress Chairman of the State, Mr Paul Omotosho alongside two others that were recently abducted by unknown hoodlums have regained their freedom and have been reunited with their families.

“This breakthrough was made possible through the combined efforts of the Police, other sister- agencies, the local security outfits and the family members as well as the Ekiti State Government.

“While appreciating the good spirited members of the public for their concern and relentless supports, the Command states that three suspects have been arrested in connection with the kidnapping and are making useful information that could lead to the arrest of the prime suspects who are currently at large.

“Citizens are implored to be security conscious, vigilant and ensure the prompt reportage of any suspicious person or group of persons observed in their locality to the nearest Police Station.”

Omotosho was reportedly released on Wednesday evening by the abductors, but there is no confirmation as to whether Ransome was paid before his release.

Tinubu Reintroduces Commodity Boards, Declares State Of Emergency On Food Security

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Bola Ahmed Tinubu

By Ayodele Oni

The federal government has announced some measures to address the continued soaring of the prices of commodities, especially foodstuffs in the country.

Special Adviser to the President on communications and strategy, Dele Alake disclosed this in Abuja Thursday during a media briefing to abreast Nigerians on the food crisis.

Alake declared “That a state of emergency on food security be announced immediately, and that all matters pertaining to food and water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council.

“As a direct and immediate response to this crisis, a number of initiatives will be deployed in the coming weeks to reverse this inflationary trend and guarantee future uninterrupted supplies of affordable foods to ordinary Nigerians.

“As with most emergencies, there are immediate, medium- and long-term interventions and solutions.

“In the immediate term, we intend to deploy some savings from the fuel subsidy removal into the Agricultural sector focusing on revamping the agricultural sector.

“In an earlier meeting with Agriculture Stakeholders (today), we drafted a memorandum of partnership between the government and the individual stakeholder representatives that encompasses the decisions taken and actions proposed from our engagements.

“The immediate intervention strategies are as follows: We will immediately release fertilizers and grains to farmers and households to mitigate the effects of the subsidy removal.

“There must be an urgent synergy between the Ministry of Agriculture and the Ministry of Water Resources to ensure adequate irrigation of farmlands and to guarantee that food is produced all-year round.

“As a country, Mr. President has made it clear that we can not be comfortable with seasonal farming. We can no longer afford to have farming down times.

“We shall create and support a National Commodity Board that will review and continuously assess food prices as well as maintain a strategic food reserve that will be used as a price stabilisation mechanism for critical grains and other food items.

Through this board, government will moderate spikes and dips in food prices.

“To achieve this, we have the following stakeholders on board to support the intervention effort of President Bola Ahmed Tinubu: The National Commodity Exchange (NCX), Seed Companies, National Seed Council and Research institutes, NIRSAL Microfinance Bank, Food Processing/ Agric Processing associations, private sector holders & Prime Anchors, small holder farmers, crop associations and Fertilizer producers, blenders and suppliers associations to mention a few.

“We will engage our security architecture to protect the farms and the farmers so that farmers can return to the farmlands without fear of attacks.

“The Central Bank will continue to play a major role of funding the agricultural value chain.Activation of land banks. There is currently 500,000 hectares of already mapped land that will be used to increase availability of arable land for farming which will immediately impact food output.

“Mechanization and land clearing- The government will also collaborate with mechanization companies to clear more forests & make them available for farming

“River basins- there are currently 11 rivers basins that will ensure planting of crops during the dry season with irrigation schemes that will guarantee continuous farming production all year round, to stem the seasonal glut and scarcity that we usually experience.

“We will deploy concessionary capital/funding to the sector especially towards fertilizer, processing, mechanization, seeds, chemicals, equipment, feed, labour, etc.

“The concessionary funds will ensure food is always available and affordable thereby having a direct impact on Nigeria’s Human Capital Index (HCI).

“This administration is focused on ensuring the HCI numbers, which currently ranks as the 3rd lowest in the world, are improved for increased productivity.

“Transportation and Storage: The cost of transporting Agricultural products has been a major challenge (due to permits, toll gates, and other associated costs).

“When the costs of moving farm produce is significantly impacted- it will immediately be passed to the consumers, which will affect the price of food- the government will explore other means of transportation including rail and water transport, to reduce freight costs and in turn impact the food prices.

Tinubu And Burden of Ministerial List

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Azu Ishiekwene

By Azu Ishiekwene

You may have seen it. The list, of course. Those who think that President Bola Ahmed Tinubu is not moving fast enough to appoint ministers have offered to help. They have composed their own ministerial list for him and shared it on social media. It’s trending now.

Just one look at it, however, and you would know that it’s an improbable list, even for a Banana republic. It didn’t make sense. Going by the list, not a few commentators are already relishing the prospects of Adams Oshiomhole as Minister of Works; Nasir El-Rufai as Minister of Interior; and Nyesom Wike as Police Affairs Minister, among other fabrications.

It might appear silly to ask, but why the desperation? It’s partly because in many respects, we don’t want anything that resembles a return to the Muhammadu Buhari era. It took Buhari one-eight of his first term of four years or roughly the time General Murtala Mohammed spent in office to compose his cabinet. While Buhari was scratching his head, trying to find his footing, the country ran on voodoo, psychedelically called body language, which really meant nothing.

When Buhari finally came round to it, especially in his second term, he appointed a number of ministers – and some non-ministers, in fact – that made people regret that he made any appointments at all.

I stopped obsessing about ministerial lists long before Buhari appointed ministers. A number of his ministers and appointees made the office a joke to see. Yet, never lacking in the ingenuity of self-help, they managed to make it serious business for themselves.

When he reconstituted federal boards in 2017, Buhari appointed three dead people into positions. I guess the anxiety about the next ministerial list is partly because the public is genuinely concerned that Tinubu must avoid these mistakes of the past.

In some ways, Abuja sets the tone for governance, regardless of many years of the bad habits it has foisted on a failing federal structure. Forming an early cabinet might help not just the rest of the country, but also partners outside, to have an idea where the country is headed and how to engage the continent’s largest and perhaps one of its most intractable enigmas.

To sustain the speed and momentum of a number of the far-reaching decisions taken by President Tinubu from his first day in office, also, he needs to get his cabinet in place as quickly as possible. But surely not on the timeline of speculators who have not only named his cabinet for him on social media but have also assigned portfolios and given them a resumption date.

I have learnt, over the years, to pay some attention to what is happening in states and local governments, too. A lot going on in Abuja could be undone by governors who, for example, decide to run amok. And we’ve seen them before.

We saw how the wellbeing of the whole could be severely impaired by the sum of the parts, for example, when Ahmed Sani Yerima was governor of Zamfara State. The introduction of “political Sharia law” in that state and its distorted application watered the seed of radicalism not only there but also in many parts of the North West.

Apart from militancy in the South South, President Olusegun Obasanjo spent a chunk of his time dealing with the serious security fallouts of Yerima’s rascality, not to mention the supercharged testosterone of the former governor that could not be restrained until it found a consort in a 15-year-old Egyptian girl. The fellow appears to be back in circulation.

It’s not funny. Once Yerima stoked religious tensions in Gusau, the flames leaped across 12 other states in the North, raising an army of angry people, especially among the young population, for whom problems common to new democracies, such as corruption and inequality, were framed as moral questions to be addressed by the religious police.

Sadly, a high court in the state gave a bizarre ruling that circumscribed the freedom of adherents of other faiths or even non-faithers resident in the state guaranteed in the Constitution. “Political Sharia” became a convenient distraction for political leaders who deflected accountability after collecting billions of naira from Abuja that they squandered on themselves.

No template of ministers by Obasanjo could have foreseen the monster that this zealotry would morph into years later. Boko Haram, ISWAP and other franchises of insurgency found recruits from this religious hotbed from which the country has still not recovered.

Of course, the North did not have a monopoly of such cautionary tales. When a junior minister in Obasanjo’s government, Nenadi Usman, decided to publish a monthly account of what state governments were getting from the federation account, for example, it turned out to be a scam-fest of who is who. There was very little to show for the billions collected. Governors up and down the country had gone rogue, helping themselves to the treasury and stashing abroad whatever was left.

A report by Matthew T. Page, entitled, Dubai Property: An Oasis for Nigeria’s Corrupt Political Elite, said, “A 2014 report, for example, claimed that Nigerian buyers accounted for 60 percent of all serviced apartment sales in Dubai. Likewise, in 2012, the sales manager of a Dubai real estate firm claimed Nigerians had invested up to $6 billion in Dubai property over the three previous years.”

Beyond the description of the buyers as “politically exposed persons”, the general descriptive classifications contained in the report showed that “security sector leaders” and “governors” were high at the top of the list of the Nigerian owners of Dubai.

While we obsess about the coming ministerial list, we need to keep an eye on what is happening in the states, too. It might be useful not only to be interested in what the governors are doing, but also in who they’re appointing to do what and how, especially with rubber-stamp assemblies.

Of course, it would be unfair to tar all states with a dirty brush. Lagos, especially since 1999, Ekiti (under Governor Kayode Fayemi), Kaduna, and Rivers have made significant strides and will do well to stay on course. I understand, too, how what happens at the centre– what ministers do or fail to do once bitten by Abuja-mylitis – can affect how states are run, especially in areas of procurement and sovereign guarantees.

But for too long, states have been on a long leash because Abuja’s poor reputation has made it the trough of every rogue. That’s why we’re obsessed with who is the next minister and who’s not.

Nobody knows more than Tinubu that even though he carries the same party flag with Buhari, he does not have the luxury of Buhari’s honeymoon period. And should he make any wrong choices – hopefully not – given the scale of the challenges facing the country, he must immediately remove such appointees, instead of indulging them like his predecessor, as if it was some complicated conjugal misery.

Perhaps by Tuesday when the official list is finally released and laid before the Senate, appointment mongers on social media would take their business elsewhere; maybe to the ethno-religious market, where the tribe and religion of the new appointees would almost certainly become the new articles of trade.


Ishiekwene is Editor-In-Chief of LEADERSHIP

Bakers Association Announces 15 Percent Increment In Prices Of Bread, Nigerians Lament

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Lagos Bread Festival

By Akinwale Kasali

Bread, a staple food for the common man may soon get farther beyond the reach of the masses following the announcement by Association of Master Bakers and Caterers of Nigeria, AMBCN, that there would be 15 Percent increment in the prices of Bread.

AMBCN President, Mansur Umar, alongside its National Secretary, Jude Okafor, stated that the increment is coming after the National Executive Council Extraordinary Virtual Meeting resolved that the 15 Percent increment will commence on the 24th July 2023.

The Association hinged its decision on the multifarious increases in the prices of Baking Materials that includes; Flour, Sugar, Yeast, Vegetable Oil, Twist Tie, Petrol, Diesel ( occasioned by the recent Fuel subsidy removal) and multiple taxation from the Staye and Federal Government.

A statement released by the association reads in part: “The recent general increases in our factors of production include, but not limited to additional N1.2 million on one truck of flour (N2,000 per bag), N3.6 million on a truck of sugar (N6,000 per bag), yeast additional N2,000 per carton, fuel from N205 to N550, diesel N650 to N700.”

The statement also said many bakers are already unemployed, with the number still growing due to the imposition of various taxes on flour millers that are ultimately transmitted to them.

“Effective 24th July 2023 as an interim measure, all members of the Association of Master Bakers and Caterers of Nigeria (AMBCN) are hereby advised to adjust their prices by 15 per cent (in consonance with the now heavily increased cost of factors of our production) across the board as we can only produce standard baked products in accordance with NAFDAC regulations as we cannot sacrifice the health of our fellow country men and women on the altar of breaking point by resorting to unhealthy practices pending further resolutions as we call on federal and state governments to intervene urgently and save our industry from total collapse,” the Association said in the statement.

No doubt, the increment could further escalate the National hunger crisis ravaging the country, as Nigerians grapple with the effect of the recent subsidy removal which has seen the prices of basic amenities skyrocket astronomically.

Emmanuel Onuorah, President, Premium Bread Makers Association of Nigeria, PBAN, in Lagos stated that the decision of AMBCN to increase the price of Bread is that the bakers are only doing an adjustment in prices to reflect the current economic realities.

He stated that the association is not out to further impoverish Nigerians, rather, they want to create a Win-Win situation for the producers and the consumers.

“What we are doing is not an increase but an adjustment. If you call it price increase, you put N400 at a go, you are just trying to match your cost and revenue because even we too, there is desperation in us to increase the salaries of our workers as the subsidy removal has affected everybody.

“The price of sugar increased by about N10,000 in the last two months; flour just added about N2,000 two days ago here and flour makes up about 65 per cent of our inputs followed by diesel and then sugar.

“Our biggest bakery has closed down because of overhead costs. How do you defray it? It is only those of us that are just at medium level that are trying to survive because we run it ourselves and we don’t have a very heavy management and all that. So, we just do a minor adjustment so that we can remain in business,” he said.

Chinonso Ndubuisi, a Lagos- based Baker lamented that AMBCN are just waking up from there slumber, stressing that the incremet was long overdue because a lot of small-scale bakeries have closed down business for long.

“Many bakers were forced out of business due to the high cost of bread-making components, either petrol prices or naira devaluation. What a baker knows is what is affordable or unaffordable and to me the major cause is the increase in the cost of sugar and flour,” he said.

He explained that a 50kg bag of flour is now sold at N29,000 and a 50kg bag of sugar is sold at N39,000 coupled with the high cost of other bread-making ingredients.

Amusan Obafemi, a consumer in Agege area of Lagos State said that the price hike will definitely reduce bread patronage by consumers, who are still grappling with the increase in other commodities and services.

He said many people who can’t afford it would definitely resort to any cheaper alternative, adding that after the increase, the bakers themselves should conduct a survey, adding that they would find out that bread patronage had reduced.

In the same vein, Caroline Adjanene, stated that the increment is coming at a time Nigerians are still trying to get their feet following the increment in price of fuel and other food items in the market.

“That means we can no longer eat bread again. The bread we usually buy for N700 has increased to N1,000 and now they are increasing it again. There is no problem we will change to another thing and find alternatives”, she said.

Nigerians are lamenting that despite the fact that President Bola Ahmed Tinubu has announced a N500 Billion Palliatives to cushion the harsh economic effect of the recent Fuel Subsidy Removal by the Federal Government, it should be earnestly implemented.