LAGOS COURT JAILS NOGASA CHAIR, FATUYI PHILLIPS 21 YEARS FOR N43. 5M FRAUD. (PHOTO). #PRESS RELEASE

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 Lagos Court Jails NOGASA Chair, Fatuyi Phillips 21 Years  for N43.5m Fraud    Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, November 18, 2024, convicted and sentenced Fatuyi Yemi Philips, Chairman, Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, to 21 years imprisonment for N43.5m fraud.   The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on April 5, 2022, arraigned Philips alongside his firm, Oceanview Oil and Gas Limited, on a two-count charge bordering on obtaining money by false pretence to the tune of N43, 502,000.00   Count one reads: "Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the aggregate sum of N43, 502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false rep
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BUA CEMENT SLASHES EX-FACTORY CEMENT PRICES TO N3,500 PER BAG AHEAD OF SCHEDULE. (PHOTO).

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𝗕𝗨𝗔 𝗖𝗲𝗺𝗲𝗻𝘁 𝗦𝗹𝗮𝘀𝗵𝗲𝘀 𝗘𝘅-𝗙𝗮𝗰𝘁𝗼𝗿𝘆 𝗖𝗲𝗺𝗲𝗻𝘁 𝗣𝗿𝗶𝗰𝗲𝘀 𝘁𝗼 𝗡𝟯,𝟱𝟬𝟬 𝗣𝗲𝗿 𝗕𝗮𝗴 𝗔𝗵𝗲𝗮𝗱 𝗢𝗳 𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲

BUA Cement has officially announced their price reduction ahead of the scheduled date. On their verified Social Media handle, they confirmed that starting from tomorrow being the 2nd of October, the price reduction will take effect.

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"We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.

As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.

Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.

NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.

Signed:

Management
01 October, 2023"

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