Indomie clears air on price reduction in spite inflation

Olawale Olayinka

The recent drop in the cost of indomie noodles is due to noticeable improvement in the country’s economy in recent times and not linked to reduced patronage, the producer of Indomie Instant Noodles, Dufil Prima Foods Ltd., has said.

Mr Temitope Ashiwaju, the company’s Group Corporate Communications and Event Manager, made the clarification in an interview with the News Agency of Nigeria (NAN) on Saturday in Lagos.

Ashiwaju said that the clarification became imperative to correct the wrong narrative about the reason for price adjustment for the product recently.

He said that the company was also affected by the economic realities, hence the reason for increase in prices of indomie noodles in the past.

“For a listening company such as ours, we felt at some point in time, against our operational cost to adjust when things started to improve.

“We had a price reduction, which is not one of those characters that is usually found with some other companies.

“Nigerians are quick to adjust prices when it is going up and favour them, but when prices go down, they are slow to do that. This is not our character at Indomie,” he said

According to him, many firms do not have such habits of changing prices in record time when it goes down.

He added: “We are not here to rip people’s out. Of course, if you starve people and make the products out of reach, it will also affect us.

“Our goal is to make the products affordable for Nigerians and at the best quality you can find around. Reduction in prices came when the operational cost started to go down.

“We don’t have a choice than to adjust to realities of times and other indices as they improve because serving people are at the centre of our core value.

“The moment we realised that things started to stabilise, we all hope and pray the economy gets better, as a responsible company, we felt it was time to do a further price reduction.”

According to him, some other companies would rather just either reduce qualities and start cutting corners when operational cost was up.

He said that instead of doing that Indomie opted for price jump to be in tune with what the reality is and that was what necessitated price increment in the first place.

He reiterated: “It was not about patronage at all. People must eat and this is uppermost in our heart as responsible company. It has nothing to do with low patronage at all

“We have been in the country for over two decades and have have factories and installations all scattered around the country.

“Over the years, we are all aware of the exchange rate dollars to the Naira and most of these are components of determining prices. Machines and mechanical operators are things that are not produced locally.

“All businesses are set up to make profits, however, for us, in trying to make best quality products at affordable prices for Nigeria.

“We have kept that perspective in the last 20 years which made us to have a brand that is known to people and competing with almost all food brands to rice.

“Apart from maybe rice, the only thing people talk about is indomie and noodles,” he said.

NAN recalls that the price of Indomie noodles skyrocketed within a short period and the demand reportedly reduced following price increase.

In a market survey conducted by NAN recently shows that a carton of Indomie standard pack which is the smallest size, was being sold for between N10,500 and N11,500.

However, a carton of that same size is presently sold for between N7,400 and N8,000.

Also, a carton of the Super Pack was sold for between N17,800 and N18,700, and a cartoon of Hungry Man size was sold for between N16,800 and N17,500.

Presently, a carton of the Super Pack is sold for between N12,000 and N13,000, while a carton of the Hungry Man size is sold for between N11,500 and N12,500.

Indomie clears air on price reduction in spite inflation

FG Cracks Down on Illegal Lithium Mining: Seizes Minerals, Closes Buying Centre

In a bold move to curb illegal mining activities, the Federal Government Mining Marshals have sealed an illegal Lithium Buying Centre in Uke Community, Karu Local Government Area of Nasarawa State. The operation, which resulted in the arrest of four Chinese nationals, also led to the seizure of minerals worth millions of naira.

According to the Commander of the Mining Marshals, ACC Attah John Onoja,
the minerals were seized pursuant to Section 146 (b) of the Minerals and Mining Act, 2007, after the owners failed to honour an invitation for questioning. The Commander revealed that an application would be lodged in court for the forfeiture of the seized lithium minerals to the Federal Government.

Once the forfeiture is approved, the minerals will be handed over to the Ministry of Solid Minerals Development to be dealt with in accordance with Section 17(e) and (d) of the Minerals and Mining Act.

This development is a significant step in the Federal Government’s efforts to tackle illegal mining and ensure that the country’s mineral resources are exploited in a legal and sustainable manner.

FG Cracks Down on Illegal Lithium Mining: Seizes Minerals, Closes Buying Centre

EFCC declares ex-Kogi Gov Yahaya Bello wanted

The Economic and Financial Crimes Commission (EFCC) has declared Yahaya Bello wanted for an alleged financial crime to the tune of ₦80.2 billion.

Nigeria’s anti-corruption agency called on those with vital information about the former Kogi governor’s whereabouts to reach the commission or the police.

According to the statement released on its official Facebook, the EFCC said, “Former Kogi State Governor, Yahaya Bello, is wanted by the EFCC for offences relating to economic and financial crimes to the tune of N80.2 Billion,” the EFCC said in a Thursday evening post on its Facebook page it captioned “Ex-Gov Yahaya Bello Wanted By the EFCC”.

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“Anybody with information as to his whereabouts should report immediately to the Commission or the nearest police Station.”

The report earlier gathered that the anti-graft agency warned that it may employ military intervention to locate and apprehend the former governor of Kogi State, Yahaya Bello, who has been evading capture.

Over the past weeks, the commission and the ex-governor have played a cat-and-mouse game.

Despite attempting to arrest Bello at his Abuja residence, the EFCC faced obstacles preventing his apprehension.

Reports suggest that the ex-governor might have sought refuge in the Kogi State Government House, taking advantage of Governor Ahmed Ododo’s immunity under Section 308 of the 1999 Constitution.

On Thursday, during the proceedings, the EFCC’s Counsel, Mr Kemi Pinheiro, stated to the court that the commission is committed to ensuring Bello faces trial, even if involving the military to apprehend him.

He said, “We may have to invite the military to move Yahaya Bello out of where he is hiding.

“We may have to engage the military to force him out because immunity does not cover him where he is hiding.

“No one is above the law. Immunity covers only the governor and not everyone around him.”

EFCC declares ex-Kogi Gov Yahaya Bello wanted