BUA Sugar: Trade And Industries Minister Reverses Self On Sugar Importation
BY VICTOR BUORO, ABUJA – In a dramatic turn of events just few days after he sent a memo to the Minister of Finance, Zainab Ahmed prohibiting the importation of sugar from free trade zones into Nigeria, the Minister of Trade, Industries and Investment, Adeniyi Adebayo has backtracked and reversed himself.
It was gathered that Adebayo, acting on a controversial petition written to him by the Chairman of Dangote Industries Limited, Aliko Dangote and Chairman, Flour Mills of Nigeria PLC, Mr John Coumatros, wrote a letter which he copied the Managing Director of the Nigeria Ports Authority, the Comptroller General of the Nigeria Customs Service and the Secretary to the Government of the Federation announcing the prohibition of the importation of sugar from the country’s Free Trade Zones.
Checks indicate that the move was targeted at BUA sugar refinery as well as its investments.
Chairman of BUA Group, Samad Rabiu had reacted to the petition by revealing that his investments in sugar, especially the Port Harcourt project did not pose any threat to the country’s sugar policy.
Rabiu explained in his response that his project was instead meant to checkmate arbitrary increase in prices which will ultimately benefit the ordinary Nigerian on the street.
Surprisingly, some agencies of the Federal Government especially the NPA, had acted on the Minister’s directive by directing all Terminal operators to ensure strict compliance with the Minister’s order in spite of a court injunction restraining not just the Ministry but all government agencies from disturbing its operations pending the determination of a suit instituted by BUA group.
It was gathered that the hasty move to disrupt BUA’s activities in spite of a court injunction seriously embarrassed the government, hence Adebayo’s quick reversal of his earlier stance and letter to the minister of Finance directing that the action be stopped.
Similarly, it was gathered that the suspended Managing Director of the NPA, Hadiza Bala Usman, showed desperation to disregard the court order which took many stakeholders by surprise.
A new MD of the NPA, Mr Mohammed Kolo, who was the Executive Director, Finance and Administration has been appointed in acting capacity.
