Prominent opposition figures, including Atiku Abubakar of the Peoples Democratic Party and Peter Obi of the Labour Party, have united in urging the National Assembly to reject President Bola Tinubu’s declaration of a state of emergency in Rivers State.

Speaking at a press conference at the Yar’Adua Centre in Abuja, Atiku criticized Tinubu’s decision, accusing him of selectively applying Section 305 of the Constitution.

He stated, “We call on President Bola Ahmed Tinubu to immediately revoke this unconstitutional proclamation and reinstate the elected Governor, Deputy Governor, and State Assembly of Rivers State. We call on patriotic Senators and Representatives to vote against this illegal action when it comes before them for approval. The National Assembly must stand on the right side of history and not allow itself to be used to legitimize an unconstitutional power grab.”

Rivers State has been a battleground for political supremacy between former Governor Nyesom Wike and his successor, Siminalayi Fubara, resulting in prolonged instability.

This power struggle culminated in Tinubu’s decision to declare a state of emergency in a nationwide address on Tuesday.

As part of the directive, Governor Fubara, Deputy Governor Ngozi Odu, and the entire state House of Assembly were suspended for six months.

Retired Vice Admiral Ibok-Ette Ibas was appointed as the state’s administrator. Military personnel swiftly moved in to secure the Rivers Government House in Port Harcourt.

While Fubara expressed concerns and called for calm, the state House of Assembly voiced support for the President’s decision.

The press conference also saw the presence of other opposition figures, including Peter Obi (represented by Yunusa Tanko), former Secretary to the Government of the Federation Babachir Lawal, former Kaduna State Governor Nasir El-Rufai, Coalition of United Political Parties National Secretary Peter Ahmeh, and Alternative Convenor Segun Showunmi.

Among those unable to attend but whose apologies were noted were former Rivers State Governor Rotimi Amaechi, former Ekiti State Governor Kayode Fayemi, and ex-APC National Chairman Abdullahi Adamu.

Further developments are expected soon.

ROAMAN NEWS

Nigeria’s leading cement manufacturers faced a significant surge in production costs in 2024, spending a total of N3.64 trillion—an increase of 72% from N2.12 trillion in 2023.

The spike in expenses was largely driven by inflation and the devaluation of the naira, making raw materials and foreign exchange transactions more costly.

The country’s top three cement producers—Dangote Cement Plc, Lafarge Africa Plc, and BUA Cement Plc—experienced sharp increases in operational costs, including production, administrative, and distribution expenses.

Financial reports for the year ending December 31, 2024, revealed that Dangote Cement’s total expenditures reached N2.48 trillion, marking a 65.9% jump from N1.5 trillion in the previous year.

Production costs alone climbed to N1.65 trillion in 2024 from N1.01 trillion in 2023. Meanwhile, operating expenses (OPEX) rose from N491.64 billion to N839.2 billion.

BUA Cement reported N641.13 billion in production and operational costs, doubling from N317.41 billion in 2023.

Similarly, Lafarge Africa’s total costs reached N510.62 billion, a 67.7% increase from N304.4 billion the previous year.

One of the major factors contributing to these rising costs was Nigeria’s inflation rate, which peaked at 34.8% in December 2024, the highest in nearly three decades.

On average, the inflation rate for the year stood at 33.2%, a sharp increase from 24.7% in 2023.

The depreciation of the naira further exacerbated the situation, with the official exchange rate closing at N1,535 per dollar—40.9% lower than N907.11 per dollar in 2023.

In the parallel market, the naira weakened by 26.8%, trading at N1,660 per dollar compared to N1,215 per dollar at the end of 2023.

Energy costs also surged due to shifts in the oil and gas sector. Dangote Cement, for instance, spent N679.94 billion on fuel and power in 2024, up from N399.21 billion in 2023.

Despite these financial hurdles, Nigeria’s cement industry saw a substantial increase in revenue.

Combined earnings from Dangote Cement, BUA Cement, and Lafarge Africa reached N5.15 trillion in 2024, up 68% from N3.07 trillion in 2023.

Dangote Cement led the industry, accounting for 69.4% of the total revenue.

The company’s revenue surged by 62.2% to N3.58 trillion, propelled by higher sales volume and inflation-driven price adjustments. Its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) surpassed N1 trillion for the first time, reaching N1.38 trillion. Profit after tax (PAT) grew by 10.5%, totaling N503.2 billion.

BUA Cement nearly doubled its revenue, rising from N460 billion in 2023 to N876.5 billion in 2024.

Its profit before tax increased to N99.6 billion from N67.2 billion, while profit after tax reached N73.9 billion, up slightly from N69.5 billion the previous year.

Lafarge Africa also recorded strong financial performance, with its profit after tax jumping 96% to N100.1 billion in 2024 from N51.1 billion in 2023.

The company’s revenue climbed 72%, reaching N696.8 billion compared to N405.5 billion in 2023.

Amid rising cement costs, the Nigerian government has called on manufacturers to lower prices.

The Minister of Works, Dave Umahi, recently directed cement producers to bring the price of a bag down to N7,000, citing improved exchange rates and reduced fuel costs as reasons for lower production expenses.

Umahi warned that companies failing to comply within seven days would be reported to President Bola Tinubu.

As Nigeria’s cement industry continues to navigate economic instability, companies must balance soaring operational costs with maintaining competitive pricing for consumers.

ROAMAN NEWS