The Nigeria Union of Petroleum and Natural Gas Workers has accused the Dangote Petroleum Refinery of sponsoring division within its Petroleum Tanker Drivers branch, resisting workers’ rights to unionisation, and deploying what it described as “falsehoods” to undermine the union.

NUPENG also accused the company of using a “Greek gift” of free nationwide petroleum delivery to undermine the union and stifle competition.

In a statement signed by its National Executive President, Williams Akporeha, and the General Secretary, Afolabi Olawale, on Friday, the union dismissed a press release by the Dangote Group on Thursday as “an epitome of unconscionable capitalist falsehood aimed at hoodwinking Nigerians and crushing NUPENG.”

On Thursday, the Dangote Petroleum Refinery dismissed recent allegations made by the NUPENG that it banned tanker drivers from joining the union, insisting that claims of anti-labour practices, monopolistic behaviour, and planned fuel price hikes are “entirely unfounded”.

NUPENG, on Monday, shut down depots, protesting that the Dangote refinery did not allow the newly recruited drivers for its 4,000 compressed natural gas-powered trucks to join the union.

The shutdown of depots lasted till Tuesday, when it was suspended following an agreement reached by both parties at a meeting organised by the Ministry of Labour and Employment.

However, on Thursday, NUPENG said Dangote was not ready to abide by the terms of the agreement.

But in a statement made available to our correspondent by the spokesman for the Dangote Group, Anthony Chiejina, the company stated that the allegations that it was undermining union activities and threatening workers’ welfare through its new deployment of CNG-powered trucks were not true.

BUA Foods Plc has announced a dividend of N13 per share for its shareholders following the company’s 4th Annual General Meeting on Thursday in Abuja.

According to a press statement issued after the AGM on Thursday by the Director of Marketing and Corporate Communications for BUA Foods, Adewunmi Desalu, this payout represents a significant 136 per cent increase from the N5.50 paid the previous year.

The dividend was declared after BUA Foods reported a profit after tax of N265.9bn for the 2024 financial year, marking a 137 per cent growth from N112bn in the prior year.

The statement read, “BUA Foods Plc, a frontrunner in Nigeria’s Food manufacturing Industry and the most capitalised Business on the Nigerian Exchange Limited, held its 4th Annual General Meeting in Abuja at the Transcorp Hilton Hotel.

“At the meeting, shareholders approved a dividend of N13 per share, representing a 136 per cent increase from N5.50 paid in the previous year,” the statement read.”

In the statement, the Chairman of BUA Foods, Abdul-Samad Rabiu, expressed gratitude to the shareholders for their unwavering support.

He highlighted the company’s progress in tackling food supply challenges and advancing food security.

“We remained steadfast in our operations and achieved notable progress on key strategic initiatives geared towards addressing food supply challenges and promoting food security,” Rabiu was quoted in the statement.

Rabiu also provided insight into the company’s growth plans, including the expansion of its pasta production facility, which will introduce nine new long-cut pasta lines, doubling the company’s annual capacity.

Also, BUA Foods is set to enhance its flour division with the construction of four state-of-the-art wheat milling plants, significantly increasing its milling capacity.

He further noted that the company’s sugar agricultural project remains on track for completion.

Managing Director of BUA Foods, Ayodele Abioye, attributed the company’s growth to strategic investments in production systems, market penetration, and product diversification.

He emphasised that these efforts had been key to the company’s resilience amid a volatile economic environment.

Abioye also expressed gratitude to shareholders, employees, suppliers, and customers for their roles in the company’s continued success.

The statement also included comments from various shareholders who praised the company’s performance.

The National Coordinator of the Pragmatic Shareholders Association, Mrs Bisi Bakare, commended the Chairman for his leadership and expressed satisfaction with the dividend payout.

The President of the Association of the Advancement of the Rights of Nigerian Shareholders, Dr Faruk Umar, noted BUA Foods’ remarkable growth, citing the company’s N1.5tn revenue as an outstanding achievement.

The President of the New Dimension Shareholders Association, Patrick Ajudua, also lauded the company’s consistent delivery of value to shareholders and encouraged other investors to consider adding BUA Foods shares to their portfolios.

At the AGM, all resolutions were approved by shareholders, including the re-election of directors and the approval of remuneration policies.

The PUNCH observed that in the firm’s 2024 financial results, BUA Foods reported growth across key performance metrics.

The company’s revenue soared to N1.53tn, an increase from N729.4bn in 2023.

The company’s EBITDA margin also improved, rising to 31.5 per cent from 29.6 per cent in 2023.

The company’s earnings per share for the year were N14.78, an increase from the N6.23 recorded in 2023.

Also, BUA Foods reduced its net debt to N360.5bn, down from N551.5bn in 2023. Total assets grew to N1.09tn from N1.07tn the previous year, further highlighting the company’s solid financial standing.

In terms of capital expenditure, BUA Foods allocated N31.6bn for the year, although this was a decrease from the N37.1bn spent in 2023. Free cash flow also decreased to N31.3bn from N99.6bn in 2023.

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The Federal Government of Nigeria, in partnership with the Government of Germany and the European Union, officially launched the €18.3m EU-VACE TARED Project on Wednesday.

The project is a four-year initiative aimed at transforming Nigeria’s agricultural sector through climate-smart practices, job creation, and inclusive value chain development.

The EU-VACE TARED (Agriculture Value Chain Facility – Transformative Agricultural Systems for Rural Economic Development) project targets four critical agricultural value chains: cocoa, dairy, tomatoes, and ginger.

The project will run from October 2024 to September 2028 and will be implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH, in partnership with Nigeria’s Federal Ministry of Budget and National Planning, and the Federal Ministry of Agriculture and Food Security.

Seven states — Cross River, Kano, Kaduna, Kebbi, Ondo, Oyo, and Plateau — will serve as implementation hubs for the project, which seeks to enhance food security, promote innovation, and provide economic opportunities for women and youth.

Speaking during the launch, the Minister of State for Agriculture and Food Security, Aliyu Abdullahi, stressed the project’s alignment with the national agenda.

“This project definitely aligns with the Renewed Hope Agenda of President Bola Tinubu, in which food security, poverty eradication, economic growth and job creation, inclusivity, and access to finance are all critical components of that agenda,” he said.

“The EU-VACE TARED project provides us with a unique opportunity to address some of these challenges head-on. It will enhance coordination, promote value addition, and build systems that protect our farmers and consumers,” Abdullahi said.

He also announced the formation of a project steering committee to ensure transparency and alignment with national priorities.

“This steering committee will not just exist on paper. It will be an engine of direction, innovation, and monitoring to guarantee that we can deliver measurable results,” he added.

Minister of Livestock Development, Idi Maiha, highlighted the project’s relevance to Nigeria’s livestock sector and broader agricultural goals.

Maiha stressed the importance of developing the dairy value chain, which he said aligns closely with the Ministry’s Livestock Growth Acceleration Strategy.

“Today, we spend $1.5 billion to import dairy and dairy products into the country. We do believe together we can change the narrative by ensuring that the sector is transformed in such a way that progressively we begin to reduce that level of import by creating local industries, employing people, improving quality of life, creating social harmony, and building peace across the land,” he said.

The Head of the European Union Delegation to Nigeria, Gautier Mignot, said the project is a key component of the EU’s Global Gateway strategy and Team Europe initiative, aimed at boosting sustainable development and economic resilience.

“Nigeria’s agricultural sector is rich with potential, and yet we know that it faces persistent challenges like weak access to funds, climate-related risk, and infrastructure deficit, among others.

“However, perhaps the most urgent challenge is generational, meaning how can we make agriculture attractive, viable, and promising for young Nigerians?” Mignot said.

“Our goal is clear. It is to foster inclusive, climate-smart, and commercially viable agriculture that creates decent jobs, especially for youth and women, while helping to build the next generation of what I would call agripreneurs,” he added.

He confirmed that the EU is investing over “€87m through various agriculture and climate-resilient programmes” in Nigeria, with a broader Team Europe pipeline of nearly €1.5bn in green economy initiatives.

In his remarks, Deputy Head of Mission at the German Embassy Johannes Lehne reaffirmed Germany and the EU’s commitment to Nigeria’s development, describing the project as a strategic investment in the country’s agricultural future.

“This initiative is a testament to our long-standing cooperation with Nigeria,” Lehne stated. “It’s about more than funding—it’s about supporting sustainable development and transforming agri-food systems to create jobs, promote climate-smart farming, and empower local communities.”

The Deputy Country Director of GIZ Nigeria and Economic Community of West African States, Oladoyin Olawaiye, also emphasised the broader social impact of the initiative.

“EU-VACE TARED is about more than agriculture – it is about creating jobs, building resilience, and giving young Nigerians more opportunities to thrive at home.

“Together with our Nigerian and European partners, we are committed to turning challenges into opportunities,” she said.

The EU-VACE TARED project is expected to support smallholder farmers and MSMEs with innovations and skills, improve access to finance and international markets, promote climate-smart practices, and create decent work opportunities for marginalised groups — reinforcing Nigeria’s agricultural sector as a driver of inclusive and sustainable growth.

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