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Abdul Samad Rabiu’s BUA loses N16.2bn as shares slumps…… Ex-staff cries out over alleged non-payment of entitlements

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These are not the best of times for investors and shareholders of BUA Foods, a subsidiary of BUA Group owned by Nigerian billionaire, Abdul Samad Rabiu, as the shares of the company dipped drastically on Monday following trading hours in the Nigerian bourse (Nigerian Exchange Limited.

The development has also affected the fortunes of the company’s chairman, Rabiu, as his wealth dwindled by -0.44%.

According to a report by Ripples Nigeria, BUA Foods’ stock slumped in value by -1.45% hours after report emerged that the company won’t be joining Dangote Sugar and Flour Mills of Nigeria (FMN) to allegedly increase cost of sugar through scarcity, as Ramadan approaches.

The company had accused Dangote Sugar and FMN of suspension of sugar sales on Monday, in an effort to profit on the rise in demand of sugar during the Muslim festive period in six weeks time.

BUA Foods stated in the statement reported by a newspaper that it won’t be joining in the artificial scarcity, and at the end of trading hours, the capital market rewarded the accused companies, and reacted negatively to Abdulsamad’s company.

Following the allegation, analysis of market trading between the three biggest sugar producers showed that Dangote Sugar’s share appreciated by +1.70%, while FMN’s shareholders investment grew by +3.56%.

BUA Foods wasn’t so lucky, as a negative outlook knocked shareholders’ investment down by -1.45%, losing N16.2 billion, after trading flat most of last week, when it also shed -4.03% in value. Investors and shareholders of the company have continued to lament over the situation.

Monday’s loss in BUA Foods led to Abdulsamad losing N12.47 billion ($30 million) from his fortune, which represents -0.44% of his wealrh – he’s now worth $6.8 billion.

During the same period, Aliko Dangote made N2.49 billion ($6 million), and his wealth is now estimated at $14.1 billion.

The food businesses recently merged into BUA Foods by the BUA Group were BUA Sugar Refinery Limited, BUA Rice Limited, BUA Oil Mills Limited, IRS Flour, and IRS Pasta

BUA’s ex-staff cries out over alleged non-payment of entitlements
Meanwhile, a Nigerian man, Hamzat Oladipupo, who once worked for BUA Sugar Refinery Limited has called on Nigerians to appeal to the management of the company and founder, Rabiu over the alleged non-payment of his entitlement since the termination of his appointment in November 2020.

Hamzat, in a tweet on Monday, explained that he worked for the company as a civil engineer for more than 14 years before the termination of his appointment in 2020.

According to him, the company, however, refused to pay him the termination benefits he is entitled to as stipulated in the company’s handbook for staff.

Hamzat further explained that he got in touch with the company requesting the payment of his termination benefits and was promised the payment would be made.

He said one Dotun Adako, who he claimed is the Head of Human Resources Department for BUA Group assured him that the payment would be made in 2021, directing him to the company’s refinery at Apapa, Lagos.

However, Hamzat said Adako’s assistant in the Apapa office claimed he had no idea of such an arrangement.

This, according to him, shows that the BUA is not willing to pay him his entitlement as he also claimed that other staff members who left after him have the same complaints.

He wrote on Twitter, “Nigerians Please Help Me Appeal To BUA Group And Mr Abdul-Samad Rabiu (Chairman BUA Group) To Pay My Terminal Benefit Since November 2020.

“I am Hamzat, who worked for BUA Sugar refinery for 14 & half years (2yrs of project inclusive) as Civil Engineer handling multiple tasks from design to construction. I used to solely handle Arch, Str, BOQ prep & manage d construction without even an IT student in my last 8yrs.

“I was disengaged in Nov 2020 and BUA has refused to pay me d promised terminal benefits dt is stated in workers handbook. “Mr Dotun Adaeko (BUA grp hd of HR) promised my payment will b early 2021 so I should b relating with his assistance at d Apapa refinery.

“The Apapa office has no clue on getting my pay ready as Mr Dotun also no longer picks my calls nor responds to my mails and thus BUA is showing serious unwillingness to pay me.

“Also I have written to Mr Abdul Samad severally and my mail was not once responded to.

“Honourable Nigerians please help me request my entitlements from BUA who is more than capable of paying my money but wouldn’t want to.

“Also some other colleagues that left after me told me that they are suffering the same condition.

“Nigerians please help me to get my terminal benefits as I have done my very best of contribution to contribute to the growth of BUA Sugar refinery so I should be paid my dues.

“Nigerians please help appeal to Mr Abdul Samad Rabiu to pay my due. Please help.”

O’tega Ogra, group head, Corporate Communications, BUA Group, did not respond to inquiries as at press time.

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IBEDC records 1,459 energy theft cases in January, February

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The Ibadan Electricity Distribution Company said it has recorded 1,459 cases of energy theft by its subscribers between January and February 2024.

This was disclosed in a press statement signed by the firm’s Chief Key Accounts Officer, Mr. Johnson Tinuoye, on Tuesday.

IBEDC added that it is actively pursuing investigations and legal actions against individuals and businesses involved in the theft in collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences.

Identifying the cases, IBEDC said they included various offences such as meter bypass and illegal meter tampering, which resulted in significant financial losses amounting to hundreds of millions of naira for the company.

The statement read, “We want to send a clear message to our customers that energy theft will not be tolerated. Our collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences underscores our commitment to ensuring a fair and just electricity distribution system.

“Energy theft not only undermines the integrity of our operations but also deprives IBEDC of the revenue necessary to provide quality services to our customers.”

Tinuoye emphasised that under the Electricity Act, energy theft is now recognised as a criminal offense, carrying severe penalties including imprisonment stressing, “In the Osun region, two individuals were apprehended for stealing energy through meter bypass and illegal connections. Their cases have been formally charged in court for prosecution.”

IBEDC further urged customers to refrain from engaging in any form of energy theft, emphasising that the consequences can be severe, as there is no room for negotiation with the SIPTEO Task Force team, which is actively patrolling and investigating instances of energy theft for prosecution.

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Copyright Breach: NCC Drags MTN, Others To Court Over Musician’s Works

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The Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

The charge with number FHC/ABJ/CR/111/2024 filed in the Abuja Division of the Federal High Court was obtained by journalists on Monday.

News Agency of Nigeria (NAN) reported that the four other defendants in the case include the chief executive officer of MTN Nigeria, Karl Toriola; Nkeakam Abhulimen, Fun Mobile Ltd.; and Yahaya Maibe.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business’’, infringed the musical works of an artiste, Maleke Idowu Moye, without his consent and authorisation.

The commission alleged that the defendants used musical works and sound recordings of Mr Maleke with subsisting copyright as caller ringback tunes without the authorisation of the artiste.

The musician’s musical works and sound recordings allegedly infringed upon included 911, Minimini-wanawana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.

The defendants were also alleged to have distributed the musical works to their subscribers without authorisation, thereby infringing on the rights of the artiste.

In the third count, the defendants were alleged to have in their possession, other than for their private or domestic use, the artiste’s musical works and sound recordings.

According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

The case has yet to be assigned to any judge, and no date has been fixed for the mention.

Meanwhile, no official statement has been released by any of the defendants as at the time of filing this report, while all efforts to get reactions from MTN by New Telegraph proved abortive.

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LASG, LCC ANNOUNCE REOPENING OF LEKKI CONSERVATION CENTRE AFTER REPAIRS

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Following the completion of extensive routine maintenance works on the Lekki Conservation Centre (LCC), the Lagos State Government and the Management of the Centre have announced that the Walkway will be reopened for public use with effect from Friday, 29th March 2024.

The Special Adviser to the Governor on Tourism, Arts and Culture, Mr. Idris Aregbe confirmed this on Friday during a visit to the Centre in Lekki alongside some officials of the Ministry.

Aregbe said that he was happy to see that all repairs and renovations on the facility, including the Walkway, have been completed and would be accessible for tourism during the Easter celebration.

The Special Adviser appreciated Lagosians and tourists across the world for their patience during the thorough maintenance works carried out at the Centre in Lekki.

The Director-General of the Centre, Prof Mathew Onoja also appreciated the State Government for its intervention following the viral video, which first circulated in December as well as the swift response and efforts towards making the repairs and renovations seamless.

He noted that the Centre being a major tourism asset in Lagos State has played host to tourists from all over the world as it offers a serene environment for nature tourism and also boasts of the longest canopy walkway in Africa.

Recall that the facility has been undergoing routine maintenance since January following apprehensions arising from the damaged section of the Canopy Walkway, which had been repaired before the viral video was posted on social media platforms.

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