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Reps probe Dangote, Lafarge over rising price of cement

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The Joint Committee of the House of Representatives is investigating the arbitrary rise in cement prices in the country.
Major producers in the industry, including Dangote Cement Company and Lafarge Africa PLC, have been asked to submit documents detailing their production costs to justify the current market price of cement.
The committee, led by Chairman Rep. Jonathan Gaza (APC-Nasarawa), resolved to visit the production plants of these companies after reviewing their financial records. The goal is to ascertain the cost of production and determine a fair price of cement for all Nigerians.
Gaza made this demand on Friday during a public hearing in Abuja. He stated that the committee is interested in the cost of production from 2020 to the present, which has led to the current price of cement exceeding N10,000 in many parts of the country.
He said the companies have been requested to provide detailed information on their average daily consumption of coal, gas, gypsum, limestone, clay, and laterite, as well as their average daily production of cement from 2020 to date.
He added that they must submit details of all imported components for cement production and their prices, as well as local components and their costs in both naira and dollars.
The companies are also required to provide a summary of monthly prices and quantities of cement produced from 2019 to date, along with their audited accounts, bills of lading, and customs duties paid during the reviewed period.
Furthermore, they should disclose any tax waivers and other incentives received, plus contracts for gas and explosives.
Rep. Dabo Ismail (APC-Bauchi State), a committee member, pointed out that Dangote Cement Company has continued to make significant profits despite sourcing most of its raw materials locally.
Dabo noted that the company declared a profit of N524 billion in 2022, N553 billion in 2023, and has already made N166.4 billion in 2024.
He questioned why the price of cement keeps rising, causing hardship for Nigerians, while producers continue to profit.
In response, Dangote Cement Company’s Group Managing Director, Mr. Arvind Pathack, explained that 95 percent of production costs are either imported or linked to foreign exchange.
Pathack cited a 100 to 333 percent increase in the price of major cement input materials, such as gas, AGO, gypsum, imported coal, spare parts, new trucks, and tyres.
He further mentioned that the company pays in dollars for some contracts to access gas and explosives, due to insufficient provision by the Central Bank of Nigeria (CBN).
He also pointed out logistics issues, such as the poor state of key roads, which increase delivery times and truck maintenance costs.
The MD pointed out the lack of sufficient forex to settle trade obligations, resulting in forex losses of N150 billion per annum and a 30 percent interest rate on loans.
Pathack noted the over 220 percent devaluation of the naira between May 2023 and June 2024, along with challenges like insecurity and inadequate public power supply.
He also stated that while cement is sold at an average cost of N7,200, any price over N10,000 is due to retailers, not the company. He compared cement prices across countries, showing that Nigeria’s price is among the cheapest in Africa.
The committee urged the companies to review their policies and operations to reduce cement prices in the country.
In an interview with newsmen, the Chairman of the committee expressed hope that the engagement would lead to a price reduction, blaming the high prices on the inaction of the Federal Competition and Consumer Protection Commission (FCCPC).
“We are extremely hopeful that this engagement will lead to a reduction in the price of cement. FCCPC has slept on their functions so far; their inactivity and non-responsiveness to price is what has put Nigeria where we are today,” Gaza said.
Reps probe Dangote, Lafarge over rising price of cement

10 ways to get a good deal on your home in Nigeria

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Buying a home is one of the biggest decisions you’ll make in your life. In Nigeria, where the real estate market can be tricky, it’s important to be smart and careful when looking for a good deal. This article you are about to read will give you 10 useful tips to help you make sure you’re getting the best value for your money when buying a home in Nigeria.

1. Do Your Homework on the Area

Before you even start looking at houses, it’s crucial to learn about the area where you want to live. Different parts of Nigeria have different prices and benefits. Some areas might be cheaper but far from good schools or markets. Others might be more expensive but safer or closer to your work.
Take time to visit different neighborhoods. Walk around, talk to people who live there, and get a feel for the place.
Ask yourself:
– Is it safe?
– Are there good roads?
– How’s the electricity supply?
– Is it close to important places like hospitals, schools, or your workplace?
– What’s the community like?

2. Set a Realistic Budget

It’s easy to get carried away when you’re looking at beautiful homes, but it’s important to stick to what you can afford. Before you start house hunting, sit down and figure out your budget.
Think about:
– How much money you have saved
– How much you can borrow from a bank
– Your monthly income and expenses
Remember, buying a home isn’t just about the price tag. You’ll need to think about other costs too, like:
– Lawyer fees
– Taxes
– Repairs or renovations
– Moving costs
Make sure you have some extra money set aside for these things. It’s always better to buy a slightly cheaper house and have money left over than to spend everything on the house and struggle later.

3. Use a Trusted Real Estate Agent

A good real estate agent can be your best friend when you’re looking for a home. They know the market, they have connections, and they can help you find deals that you might miss on your own.
But be careful – not all agents are trustworthy. Here’s how to find a good one:
– Ask friends or family for recommendations
– Look for agents with good reviews online
– Check if they’re registered with the Nigerian Institution of Estate Surveyors and Valuers (NIESV)
– Meet with a few different agents and see who you feel comfortable with

4. Don’t Rush – Take Your Time

Buying a home is a big decision, so don’t feel pressured to make it quickly. Some sellers or agents might try to rush you, saying things like “This deal won’t last long!” or “Someone else is interested in buying this house!”
Don’t fall for these tricks. It’s better to take your time and make sure you’re making the right choice. Visit the house more than once, at different times of the day. This will help you notice things you might miss on a quick visit, like noisy neighbors or bad traffic at certain hours.
If you feel rushed or pressured, that’s often a sign that something isn’t right. A good deal today will still be a good deal tomorrow.

5. Get a Professional Inspection

Never buy a house without having it checked by a professional inspector. This might cost a bit of money, but it can save you from much bigger costs in the future.
An inspector will look at things like:
– The foundation of the house
– The roof
– Electrical systems
READ ALSO:Recognizing market potential in Lagos Real Estate
– Plumbing
– Signs of pests or termites
They might find problems that you can’t see with your own eyes. If they do find issues, you can use this information to negotiate a lower price or ask the seller to fix the problems before you buy.

6. Check All the Legal Documents

In Nigeria, it’s very important to make sure all the legal papers for the house are in order. This can be confusing, but it’s crucial to avoid problems later. Here are some key documents to check:
– Certificate of Occupancy (C of O): This shows that the government has given permission for the land to be used for housing.
– Survey Plan: This shows the exact boundaries of the property.
– Deed of Assignment: This shows that the current owner has the right to sell the property.
– Tax clearance: This shows that all taxes on the property have been paid.
It’s a good idea to hire a lawyer who specializes in real estate to help you check these documents. They can spot any problems and make sure everything is legal and correct.

7. Negotiate the Price

Don’t be afraid to negotiate! The first price the seller asks for is often not their final price.
Here are some tips for negotiating:
– Start lower than you’re willing to pay. This gives you room to go up.
– Point out any problems with the house that might lower its value.
– Be ready to walk away if the price is too high. Sometimes, showing that you’re willing to look at other houses can make the seller more flexible.
– If the seller won’t lower the price, see if they’ll include other things, like furniture or appliances.
Remember, negotiating isn’t about winning or losing. It’s about finding a price that’s fair for both you and the seller.

8. Consider the Future

When you’re buying a home, don’t just think about your needs right now. Think about the future too.
Ask yourself:
– Will this house still be good for me in 5 or 10 years?
– If I have children, will there be enough space?
– Is the area likely to improve or get worse over time?
– Could I easily sell this house if I need to move?
Buying a home that will still be good for you in the future can save you money and stress in the long run.

9. Compare Prices of Similar Homes

To know if you’re getting a good deal, you need to know what other similar houses cost. This is called “comparing comparables” or “comps” for short.
Look at houses that are:
– In the same area
– About the same size
– In similar condition
You can find this information online, through your real estate agent, or by visiting open houses in the area. If the house you want is much more expensive than similar houses, that’s a sign that it might be overpriced.

10. Trust Your Instincts

Finally, trust your gut feeling. If something feels wrong about a deal, even if you can’t explain why, it’s okay to step back and think more.
Maybe the seller seems too eager to sell quickly. Maybe the price seems too good to be true. Or maybe you just don’t feel comfortable in the house.
These feelings are important. Buying a home is not just a financial decision – it’s also an emotional one. You should feel good about your choice.
By: Dennis Isong
The post 10 ways to get a good deal on your home in Nigeria appeared first on Latest Nigeria News | Top Stories from TVN.

Power outages threaten Abuja, three states as TCN suspends AEDC

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Residents in Abuja, the Federal Capital Territory, and three neighboring states – Kogi, Nasarawa, and Niger – face potential blackouts following a suspension order issued by the Transmission Company of Nigeria (TCN) against the Abuja Electricity Distribution Company (AEDC).
The TCN, a government-owned entity responsible for transmitting electricity across the country, accused AEDC of non-compliance with market regulations. Specifically, the suspension notice cites AEDC’s failure to provide an adequate bank guarantee, a violation of Section 15.3.3 of the Market Rules.
This development raises concerns about the financial health of AEDC and its ability to meet its obligations within the Nigerian electricity market. The suspension order, with the reference number TCN/ISO/MO/2024/002, outlines a five-day window for AEDC to rectify the situation before facing disconnection from the national grid. The proposed disconnection date is July 28th, 2024.
“This is a formal suspension notice to Abuja Electricity Distribution Company due to noncompliance with provisions of the market rules and failure to provide the Market Operator with an adequate bank guarantee in line with section 15.3.3 of the Market Rules.
READ ALSO:Nigerian govt threatens to revoke DisCos licenses over power outages
“The MO had previously notified AEDC in writing of its default of the Market Rules via; 1. Request for Fulfillment of Prudential Requirement dated February 13, 2024. 2. Notice of Event of Default: Non-Fulfillment of Prudential Requirement dated March 22, 2024 and, 3. Notice of Intent to Issue a Suspension Order: Non-Provisions of Adequate Bank Guarantee dated April.8, 2024.
“The MO in these notices requested that corrective actions be taken within a specified period to cure the default. In spite of all notifications, AEDC failed to cure this default. In view of this non-compliance, AEDC is hereby suspended from the MO administered electricity market. No new contract or agreement shall be entered into with AEDC within the suspension period,” TCN stated.
The potential impact is significant. AEDC is the sole electricity distributor for Abuja, a major metropolis with a population exceeding three million. The company also serves the aforementioned states, affecting millions more residents and businesses. A complete blackout in these areas would severely disrupt daily life, impacting everything from homes and hospitals to businesses and essential services.
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We’re yet to receive 20 trucks of rice approved by Nigerian govt – Zamfara State

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The Zamfara State Government has revealed that it has not received the 20 trucks of rice allocated by the Federal Government.
This was disclosed by the Director General, Media and Communication to the State Governor, Comrade Nuhu Salisu Anka, in a telephone interview with newsmen in Gusau, the state capital on Saturday.
According to him, the Federal Government had earlier announced the dispatch of the consignments to state governments.
“Zamfara State is yet to receive its allocation of 20 trucks of rice, which was approved by the Federal Government,” he added.
He stated that the moment the consignments arrive, he will ensure that journalists are notified about the arrival of the allocation to Zamfara State.
We’re yet to receive 20 trucks of rice approved by Nigerian govt – Zamfara State

Gov Kefas tells security operatives to fish out killers of Taraba monarch

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Governor Agbu Kefas of Taraba has ordered security agents to urgently pursue the killers of the monarch of Chanchanji, Alhaji Tanimu Kunbiya and his son.
The monarch and his son were killed on Friday evening along the Chanchanji-Takum road in an ambush by yet-to-be-identified gunmen.
In a statement made available to newsmen on Saturday by the governor’s Special Adviser on Media and Digital Communications, Emmanuel Bello, it was stated that the security forces, as directed by the governor, should immediately investigate the circumstances and pursue the perpetrators of the heinous crime.
Describing the tragic manner in which the late monarch and his son were killed on their way from a funeral event in Takum, Governor Kefas vowed to provide all necessary support to the operatives to track down the killers.
“Everyone involved must be brought to justice as soon as possible,” the governor stated.
While calling for calm among Takum residents, he vowed to leave no stone unturned in bringing the criminals to justice as quickly as possible.
He reiterated his resolve to rid the state of all acts of lawlessness and brigandage, stressing that the era of banditry and criminality has ended with the strong security measures his administration is implementing.
Gov Kefas tells security operatives to fish out killers of Taraba monarch

NBS reveals widespread cases of vote-buying during 2023 polls

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Nigeria’s fight against electoral corruption faces a worrying trend, according to the National Bureau of Statistics (NBS).
Their latest report, “Corruption in Nigeria: Patterns and trends third survey on corruption as experienced by the population,” reveals a rise in vote-buying during the 2023 general elections.
The survey indicates that 22% of voters encountered attempts to sway their vote through financial or material inducements. This represents a concerning 5% increase compared to the 17% reported in the 2019 elections.
Describing it as another form of corruption, NBS said vote-buying, which is the act of offering money, goods or other favours in exchange for the vote of a voter in an election, NBS said, “This represents an increase in both types of vote buying compared with 2019 when personal offers of money were reported by 17 per cent and personal offers of other favours were reported by four per cent of citizens.
“Furthermore, in 2023, 10 per cent reported that they were not personally offered money or another favour in exchange for their vote, but that instead another member of their household was approached, compared to 5 per cent in 2019.”
READ ALSO:INEC registers 269,992 new voters in Edo, Ondo
While the extent of the problem is concerning, the report offers a glimmer of hope. The NBS data suggests that a significant portion of voters (55%) remained uninfluenced by these offers. However, with 40% admitting to voting based on financial or material incentives, the report underscores the continued vulnerability of Nigeria’s electoral process.
It said, “Just over half (55 per cent) of the citizens who were personally offered money or another favour in exchange for their vote in the 2023 general election reported that the offer did not influence their vote choice, while 40 per cent of those citizens said they voted for the person or political party which offered them money or a favour precisely because of the offer.
“Between 2019 and 2023, the proportion of Nigerians who were personally offered bribes in exchange for votes increased similarly across sexes, urban and rural areas, and age groups”, the agency said.
The rise in vote-buying calls for a multi-pronged approach. Strengthening law enforcement efforts, voter education campaigns, and addressing the underlying socio-economic factors that make voters susceptible to such practices are all essential elements in ensuring the integrity of future elections.
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Nationwide protest: Peter Obi’s supporters are planning mayhem in Nigeria – Tinubu’s aide

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Bayo Onanuga, a senior to President Bola Tinubu, has alleged that supporters Mr Peter Obi, former presidential candidate of the Labour Party, LP, are planning mayhem in Nigeria.
Onanuga claimed that the proposed nationwide protests were being planned by Obi’s supporters, whom he described as failed presidential candidate.
According to him, Obi should be held responsible for whatever crisis that would emanate from the action.
In a post on his X handle on Saturday, Onanuga said the proposed protest planners are also the same people who were instigated by the incarcerated IPOB leader, Nnamdi Kanu to launch the destructive ENDSARS protest in Nigeria in October 2020.
He wrote: “REVEALED: Peter Obi’s supporters are the people planning mayhem in Nigeria: Obi should be held responsible for anarchy
“Don’t be fooled: the malcontents planning to stage nationwide protests are supporters of Peter Obi, the failed presidential candidate of the Labour Party. And he should be held responsible for whatever crisis emanates from the action.
“The protest planners are also the same people who were instigated by IPOB leader Nnamdi Kanu to launch the destructive ENDSARS protest in Nigeria in October 2020. ENDSARS began as a genuine protest by youths against the Police Special Anti-Robbery Squad, notorious for its high-handedness. IPOB members planning to extricate the South East region from Nigeria infiltrated the protest and hijacked it for their own agenda. Lagos still bears the scar of the malicious destruction by IPOB elements until today.
“Two years after ENDSARS, the IPOB and the gullible innocents joined the Labour Party in 2022 to support Peter Obi, a sympathiser of their cause.
They are the people spreading the hashtags ‘EndBadGovernance’, ‘Tinubu Must Go,’ and ‘Revolution2024’. They are not democrats but anarchists. They are attempting to call out our people via propaganda because their Messiah, Peter Obi, failed to win the Presidency in the 2023 election. As bad losers, they don’t have the patience to wait for another election in 2027; they would rather destabilise Nigeria by staging a civilian coup against President Bola Ahmed Tinubu.
If they understand the meaning of their hashtags, they will realise they are clarion calls for treason. Wanting to end an elected government is high treason. Wanting revolution is a call for a coup d’etat, which is also high treason.
I have been on the trail of one of the protest planners, who is nameless but claims to have an internet radio station, PTM100.88 Abuja. The anonymous person joined X in August 2022 and has 520 followers today, among whom are FS Yusuf, another rabid Obi supporter, and Professor Pat Utomi, a Labour Party chief and a guy on X who goes by the pseudonym Peter Obi’s First Son. PTM’s profile image has someone holding the inscription` Certificate Forger Not My President, ‘ with a photo of Peter Obi as an inset. Only Obi’s supporters will be talking about certificate forgery long after the Supreme Court dismissed the allegation.
In the past 24 hours, this faceless X user has been whipping up the gullible to join the protest being planned and also posting the activities of his Messiah, Peter Obi. He retweets Peter Obi often.
In one of the posts, a video shows a teenager, who is said to be in the North, printing T-shirts emblazoned with “EndBadGovernance in Nigeria 2024’.
There is also a retweeted post by Babatunde Gbadamosi, a failed and frustrated politician in Lagos. In it, he refers to his earlier post urging people “ to identify APC members, sponsors, supporters, enablers, thugs, promoters, and appointees.” The police and DSS ought to have arrested the man for making a brazen threat to political opponents.
There is “General Oluchi,” a woman who goes by the screen name “A Field Marshall of the Han Dynasty.”
She has been sending out letters of mobilisation. She even pinned a “Week 6 “ letter urging Nigerians to wake up and take control of their country, using the language of IPOB, Peter Obi, and his supporters.
Another member of the malcontents is Brother Bernard, also known as Mikael C. Bernard. He is not based in Nigeria because he was once busted over Binance and fraudulent crypto businesses in Nigeria. Bernard was the man who once wrote that the naira should go down to zero.
“In a reaction to Oluchi, he said the protesters should remove the increase in salaries for the armed forces as part of their demands.
“If they want an increment in salary, let them launch their own protest. It is not our job to fight for enablers of evil”, he wrote on X.
According to our law, men of the armed forces don’t protest, an X user reminded him. He posted a sarcastic response: ‘By law, they can slap people wearing cams ( camouflage) and shoot at protesters ba?”
“Security agents should, by now, begin to interrogate these agents of destabilisation. There is no country in the world where people are not going through some economic challenges and where the cost of living is not a major issue. No country is immune from economic turbulence at the moment. Civilised and democratic people wait for another election to make leadership changes. They don’t trigger mayhem in their countries by staging protests, the end of which nobody can predict.
“Nigerian citizens must consider the government’s attitude and concern about the cost of living crisis when deciding whether to join the protests by the Labour Party and IPOB supporters.
“The Tinubu government has not been found wanting in this regard. The minimum wage has been increased by more than 100 percent. Loans are being disbursed to students in tertiary schools. A credit corporation has been launched to promote consumption credit. Palliatives, including the latest distribution of 740 trucks of rice to the 36 states and Abuja, are being rolled out. Businesses, such as pharmaceuticals, are being assisted. The Federal and state governments are investing heavily in agriculture to produce more food.
“The economy is improving, inflation is slowing, the national debt has been reduced in dollar terms, and the FIRS has increased revenue generation to record levels. Investors are coming back to our country. Our stock market is the best in the world, with a 33 percent return on investment.
“President Tinubu has a four-year mandate to run his agenda. Those calling for protest should wait till 2027 to either re-elect him or elect their Messiah, Mr Peter Obi.”
Nationwide protest: Peter Obi’s supporters are planning mayhem in Nigeria – Tinubu’s aide

NGX WEEKLY ROUND-UP: Investors gain N320.84bn as equities market soars

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Investors in Nigerian equities market enjoyed a bullish run on the floor of the NGX following a profit making of N320.84bn in the just ended trading week.
The bourse recorded gains in four of the five trading days losing on just one trading day.
The market capitalisation rose by N320.84bn to N56.93trn from N56.44trn in the previous week.
Similarly, the All-Share Index (ASI) surged by +0.87% to close at 100,539.40 points from 99,671.28 points recorded the previous week.
The equities market got off to a positive start on Monday July 15, 2024 as investors gained N172bn at the end of the trading session.
The trend continued on Tuesday, July 16, 2024 as investors gained another N62bn.
The trend was however reversed on Wednesday, July 17, 2024 as investors recorded a loss of N24bn.
The equities market returned to positive note on Thursday, July 18, 2024 as investors lost N262bn at the end of trading session.
READ ALSO:NBS SURVEY: Nigerians paid N721bn in cash bribes to govt officials in 2023
The equities market closed the week positively on Friday, July 19, 2024 as investors gained N20bn at the end of the trading session culminating in a total profit of N320.84bn for the just ended week.
In terms of volumes of transactions made, FINMAL FINANCE COMPANY LIMITED led the way with 1.199bn volume of stocks valued at N2.997bn followed by VALM VALMON SECURITIES LTD which traded a total of 403m equities valued at N2.667bn.
CARDINALSTONE SECURITIES LIMITED traded 390m volume of shares valued at N8.358bn.
The NGX Insurance Index dragged the bourse down by 4.86% while the NGX Pension Index pushed up the bourse by 1.11%.
AIRTELAFRI recorded the biggest share price increase from N2,100 at the beginning of the week to N2, 200 gaining N100 followed by PRESCO which increased its share price from N369.00 to N383.00 gaining N14.00 in the process.
UCAP also increased its share price by N12. 50 from N28.40 to N40.55.
On the flip side, VITAFOAM recorded the biggest decline in share prices losing N2.20 to close the week at N19.00 from the N21.20 it started the week on followed by NGX GROUP which shed N1.95 and ended the week on N21.35 from N23.30 at the start of the week.
VITAFOAM also shed N1.15 to close at N19.00 from N21.20 at the beginning of the week.
By: Babajide Okeowo
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Farm destruction: C’River Assembly urges govt to evacuate Fulani herders

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Lawmakers in the Cross River State House of Assembly have called on the State Government to take steps towards the systematic evacuation of the Fulani herders as a permanent solution to the destruction of farmlands in parts of the state.
There are reports that hundreds of Fulanis have invaded many villages in Bekwarra LGA of the state.
Recently, many farms were destroyed in Ukpada village in Bekwarra Local Government Area of the state by Fulani herders, which resulted in huge losses.
On the 1st of July, 2024, women of Ukpada village carried out a peaceful protest over the wanton destruction of their farms by Fulani herders who had taken possession of their farms.
The lawmakers have now directed the state government to, as a matter of urgency, implement the Cross River State Livestock Management and Grazing Law passed by the 9th Assembly.
The Lawmakers made the resolutions following a Matter of Urgent Public Importance sponsored by the member representing Bekwarra State Constituency and Minority Whip of the House, Hon. Charles Omang Omang.
He expressed sadness that his constituents, mostly farmers, were now afraid to go to their farms because of the presence of Fulani herders who allegedly carry dangerous weapons.
Also contributing, the Deputy Speaker of the Assembly, Hon. Sylvester Agabi condemned the activities of the Fulani herders whom he said prefered their cattle to human beings, adding that the problem was not peculiar to Bekwarra but in other LGAs across the State.
Both the Majority and Minority Leaders, Francis Asuquo and Samuel Neji Abang, respectively, stressed the need for proactive measures to prevent crises in the area.
Speaker of the Assembly, Elvert Ayambem decried the activities of herdsmen who allowed their cattle to destroy farms and crops, adding that the implementation of the Livestock Management and Grazing Law would greatly facilitate peaceful coexistence, as well as secure farmers’ investment.
Farm destruction: C’River Assembly urges govt to evacuate Fulani herders

Abia community renews ban on open grazing of cattle

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The ban placed on open grazing of cattle on farmlands in various villages of Ibeku ancient Kingdom, Umuahia North LGA of Abia state has been renewed by the people.
The President General of Ibeku Egwu Asaa Development Association (IEADA) Jerry Onyemachi, who announced the renewal in Umuahia, explained that the ban on open grazing was still effective.
He cautioned cattle owners, cattle rearers and their “collaborators” against openly grazing their cattle on people’s farms in Ibeku land.
The President General, who expressed worry on the activities of cattle on farmlands in some Ibeku communities, especially Ajata Amuzu Ibeku, directed the owners of the cattle to remove them without delay.
According to the IEADA President General, “disobedience to the anti-open grazing directive would not be tolerated in any part of Ibeku land.”
Abia community renews ban on open grazing of cattle