DBSA’s profit hits record R7.8bn as lending rises

The Development Bank of Southern Africa (DBSA) posted its highest-ever net profit of R7.8 billion for the year ended March 2026, as higher income, increased lending and lower impairment provisions lifted earnings by 47 percent.

The development finance institution said net profit rose from R5.3 billion a year earlier, while loans and equity disbursements increased 18.3 percent to R20.7 billion, indicating stronger financing activity despite a deteriorating global economic environment.

‘Net profit for the current year increased by 47.0 percent from R5.3 billion to R7.8 billion,’ the bank said, attributing the increase to a 5.6 percent rise in net interest income, a 21.7 percent increase in operating income, 7.8 percent asset growth and a 38 percent reduction in impairment provisions.

Net interest income rose to R8.9 billion from R8.4 billion, while operating income increased to R10.6 billion from R8.8 billion. Interest expense fell 11.2 percent to R4.5 billion, helping push the cost-to-income ratio down to 20.3 percent from 22 percent.

Impairment losses fell to R930 million from R1.5 billion, while other interest income more than doubled to R469 million. The bank also recorded R1.4 billion in fair-value gains on financial instruments, compared with R31 million a year earlier.

Sustainable earnings rose 44.6 percent to R7.4 billion, while return on equity based on net profit increased to 12.7 percent from 9.7 percent.

The stronger earnings came alongside an expansion of the balance sheet. Total assets rose 7.8 percent to R130.5 billion, while gross development loans and development bonds increased 5.1 percent to R120.4 billion. Equity investments climbed 20.8 percent to R5.5 billion.

DBSA said its development financing translated into R62.4 billion in total infrastructure development support. This comprised R20.7 billion in loans and equity disbursements, R17 billion in prepared projects approved and programmes enabled, R14.7 billion in funds catalysed, R6.5 billion in infrastructure value delivered and R3.5 billion unlocked for under-resourced municipalities.

At the presentations, Enoch Godongwana, South Africa’s Minister of Finance, commended the DBSA for not just financing projects but strengthening institutions, improving capability and helping to convert policy ambition into tangible results.

‘The results being presented today demonstrate the institutional value of bridging the gap between strategy and implementation,’ he said. ‘In a challenging environment, impact is measured not only by approvals and disbursements, but by infrastructure delivered, services improved, jobs created and lives changed.’

DBSA said its ‘liquidity and capital position remains strong’ despite the operating environment. Its debt-to-equity ratio excluding R20 billion in callable capital improved to 95 percent from 105 percent, while the capital ratio increased to 50 percent from 48 percent.

The bank said the year was marked by weaker global growth, higher costs, disrupted supply chains and geopolitical tensions, including the Gulf conflict and disruption of the Strait of Hormuz, which pushed oil prices higher and global inflation above central bank targets.

How fraudsters built reusable playbook around Nigeria’s government brands

Fraudsters are increasingly turning the trusted identities of Nigerian government agencies into reusable tools for online theft, rotating fake websites, impersonating officials and exploiting One-Time Passwords (OTPs) to move money from victims’ bank accounts within minutes.

What initially appeared to be isolated scams involving fake Federal Road Safety Corps (FRSC) traffic notices is emerging as a wider pattern affecting agencies including the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), police and other public institutions.

The common playbook is remarkably consistent. Fraudsters identify an agency Nigerians routinely interact with, create a convincing copy of its digital identity, send unsolicited messages that manufacture urgency and then direct victims to a fraudulent website.

The final step is often payment. Once victims enter card or banking information, the scammers exploit the genuine OTP generated by the victim’s bank, enabling unauthorised transactions before the victim fully understands what has happened.

The model allows the same infrastructure and tactics to be adapted repeatedly. A fake traffic offence can become a customs auction, tax refund, recruitment notification or another government-related claim with relatively little change to the underlying operation.

From traffic fines to bank debits

The scale of the threat became clearer in September after motorists began reporting fraudulent FRSC messages directing them to websites purporting to show traffic offences.

One of the domains identified in the campaign was frscgov.top, which the FRSC publicly disowned on September 16.

The agency said the website had no affiliation with it and directed motorists to its official website, frsc.gov.ng, and toll-free number 122.

The scam was convincing because it exploited a real-world event. On September 16, Nollywood actress Eva Ibiam received a message claiming she had incurred an FRSC traffic offence.

The message appeared plausible because she had recently been stopped by road safety officers and had her vehicle registration photographed.

She followed the link, entered her details on a website that displayed an alleged speeding violation and offered a reduced fine before making a payment.

Her bank subsequently generated a genuine OTP. Minutes later, about N364,574 was debited from her account in an international web transaction associated with a merchant in Dubai.

Comedian MC Monica, whose real name is Edeh Sylvester Chisom, experienced a similar attack after receiving a message about a supposed traffic fine.

He paid what appeared to be a N5,000 penalty, only to discover unauthorised transactions the following morning, including a web purchase debit of about N1.8 million.

The difference between the apparent value of the transaction and the eventual loss illustrates one of the most damaging features of the scheme: the initial payment request can be deliberately small while the real objective is to obtain credentials that facilitate much larger transactions.

For Abuja-based lawyer Usman A. Lanase, the same message almost produced another victim.

He received a notification claiming he had exceeded the speed limit at 92km/h and owed N5,000. He clicked the link and found a professional-looking website but stopped before completing the payment.

He later discovered that others had received the same message. ‘Thank God my lawyerly mind saved me. Innocent Nigerians have been defrauded,’ he said.

One playbook, multiple agencies

The significance of the FRSC incidents lies beyond the individual losses.

Similar techniques have been deployed using the identities of Customs and tax authorities.

Customs has repeatedly warned Nigerians about cloned auction portals and WhatsApp accounts offering seized or imported vehicles at attractive prices. Victims are typically directed to unofficial payment channels after being shown what appears to be a legitimate government auction.

Tax-related scams follow another variation of the same formula. Messages purporting to come from FIRS or state revenue authorities can claim that a recipient has an outstanding obligation, requires urgent profile verification or is eligible for a refund.

Recruitment scams using the identities of the police and other government institutions add another layer.

The subject changes, but the architecture remains largely the same: a trusted government name, a believable administrative event, an urgent request, a fraudulent digital destination and an attempt to extract money or sensitive information.

This makes government brands particularly valuable to fraudsters. A scammer does not need to build public trust from scratch. The reputation of the institution does much of that work.

The victim already recognises the agency. The alleged transaction fits an activity the agency legitimately performs. The message therefore needs only enough technical polish to bridge the gap between the real institution and the fake interaction.

The disposable website strategy

The technology behind the campaigns is also designed for rapid replacement. Several domains associated with the FRSC scam appeared within a short period. One was reportedly registered only a day before public complaints emerged, with registration details shielded and a location listed outside Nigeria.

The websites were designed to look credible, displaying alleged offence information, accepting vehicle registration details and eventually requesting payment information.

This creates a disposable infrastructure. Once an address is publicly identified, reported or blocked, another domain can be registered and deployed with the same basic website, message template and payment mechanism.

The result is a game of speed. Government agencies may successfully warn citizens about one fraudulent address, but the warning can become outdated when another domain appears.

The same principle applies across agencies. A scammer does not need a new business model for every target. It can reuse the underlying infrastructure and change the branding, message and alleged government service.

That makes the government agency itself almost a plug-in component of the fraud operation.

OTP becomes the final vulnerability

The most important part of the playbook is not necessarily the fake website itself but what happens after the victim reaches it.

The site is designed to collect information that can help initiate or facilitate a legitimate banking transaction. When the victim receives an OTP from the bank, the security mechanism can become part of the attack if the code is disclosed or relayed to the fraudster.

The transaction can then be completed while the victim is still interacting with the fake government portal.

This explains why some losses occur within minutes. The fraud does not depend entirely on stealing money directly through the fake government website. Instead, the website becomes the social-engineering layer that persuades the victim to provide the information required for a real financial transaction.

The scam therefore combines social engineering, domain impersonation and real-time transaction manipulation.

Why the model keeps working

Several structural conditions make the playbook attractive. Nigeria has millions of citizens interacting with government agencies through digital channels, while phone numbers and other personal information are widely circulated across commercial and public systems.

The cost of registering domains and distributing bulk SMS is relatively low compared with the potential return from a successful campaign.

More importantly, the fraudsters can exploit situations that citizens already expect to encounter.

A traffic offence is plausible. So is a tax notice, customs payment, recruitment update or government refund.

The fraud therefore does not ask victims to believe something extraordinary. It asks them to respond quickly to something that could reasonably happen to them.

Urgency does the rest. A warning that a fine will increase, a tax obligation will attract penalties or an offer will expire creates pressure that discourages independent verification.

A national trust problem

The consequence goes beyond the money stolen from individual victims. Repeated impersonation risks weakening public confidence in legitimate government digital services.

Citizens who receive genuine government messages may become reluctant to click legitimate links. Others may ignore important notices because they have learned that official-looking messages can be fraudulent.

The government agencies themselves consequently face a trust problem: every successful impersonation campaign potentially makes legitimate digital communication less effective.

Official responses have largely focused on public warnings.

The FRSC has urged citizens to ‘STOP. VERIFY. REPORT’, while its Corps Marshal, Shehu Mohammed, directed nationwide sensitisation following the latest incidents.

Customs has similarly warned that legitimate auctions are conducted through its official channels and that officers do not solicit payments through private messaging platforms.

Tax authorities and the police have also issued warnings over fraudulent messages and websites using their identities. But individual takedowns cannot eliminate a system built around replacement.

From agency-specific scams to a shared fraud economy

The evidence does not establish that every campaign against FRSC, Customs, FIRS and other agencies is being operated by one organisation.

What it reveals is a common and increasingly reusable fraud model. The same operational logic can be applied to virtually any institution with a strong public identity and regular interaction with citizens.

That changes the nature of the problem. It is no longer simply about identifying a fraudulent FRSC website or shutting down a fake Customs auction page. It is about disrupting an ecosystem in which domains, messages, impersonation techniques and payment tactics can be repeatedly repurposed.

Banks and telecommunications companies therefore have roles alongside government agencies. Detection of unusual transactions, suspicious OTP activity, bulk messaging patterns and newly registered domains could help identify campaigns earlier.

What Nigerians must do to stay ahead

Jide Awe, tech expert therefore urged Nigerians to treat unsolicited messages demanding immediate payment, personal information or OTPs with caution, even when they appear to come from a government agency.

‘Citizens should independently type the agency’s official website into their browser or use verified contact channels rather than clicking links embedded in SMS messages, WhatsApp chats or emails,’ Awe advised.

They should also never share bank OTPs, PINs or card security details with anyone claiming to represent a government institution, Awe appealed, adding that, ‘Where a message appears suspicious, recipients should preserve the SMS, website address and transaction details and report them to the relevant agency, their bank and appropriate law-enforcement or cybercrime authorities.’

The emerging lesson from the latest scams is that fraudsters are not merely cloning government websites. They are cloning the trust Nigerians place in government institutions and reusing that trust across different scams.

GJA Hosts FAJ Steering Committee Meeting

Ghana’s bid to host the 6th Conference of the Federation of African Journalists (FAJ) will come under consideration when the FAJ Steering Committee meets in Accra from September 17 to 18, 2026.

The two-day high-level meeting, to be hosted by the Ghana Journalists Association (GJA) at the Fiesta Royal Hotel, will bring together leaders of journalists’ associations and media organisations from across Africa.

The Steering Committee will deliberate on the competing bids and decide which country will host the next FAJ Conference, with Ghana among the countries seeking to host the continental gathering.

Beyond the host-country decision, the meeting will consider major challenges confronting journalism in Africa, including attacks and threats against journalists, restrictions on press freedom, journalists’ safety and welfare, economic pressures on media organisations and the impact of rapidly changing technology.

The committee will also examine issues of freedom of expression, ethical journalism, professional development, media sustainability and the growing challenge of digital and information disorder.

According to the GJA, the meeting comes at a critical time for the media industry on the continent, requiring stronger collective strategies to protect the rights and welfare of journalists and promote press freedom.

It said the deliberations would also seek to strengthen continental solidarity and advocacy while enabling media leaders to share experiences and best practices.

The Steering Committee is expected to review ongoing FAJ programmes and decisions taken at previous engagements and develop a forward-looking agenda for the federation.

FAJ President, Omar Faruk Osman, is already in Accra engaging key stakeholders ahead of the meeting.

The opening session will bring together government officials, diplomatic partners, past GJA national executives, leaders of media associations, journalists, editors, media executives and other media practitioners, alongside members of the FAJ Steering Committee from various African countries.

The GJA said the gathering would also provide an opportunity to strengthen constructive engagement between governments, media institutions and journalists’ organisations in creating an environment in which journalists could work freely, safely and professionally.

It said Ghana’s hosting of the Steering Committee meeting reflected the country’s contribution to the advancement of press freedom, democratic governance and professional journalism on the continent.

Peter Obi rallies investors for historic N2.15tn Dangote IPO

Peter Obi, the 2027 presidential candidate of the Nigeria Democratic Congress, has encouraged Nigerians to invest in the ongoing Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.

Obi made the call in a statement posted on his X handle on Wednesday. He said Nigerians at home and in the diaspora had asked him to give his opinion on the N2.15tn IPO.

‘In the course of my engagements with Nigerians at home and in the diaspora, many of them have sought my opinion on investing in the ongoing Dangote Petroleum Refinery Initial Public Offering,’ Obi said.

‘While encouraging them to buy, I must say that I remain very proud of the commitment and breakthrough of Aliko Dangote’s investment in the real sector of our country’s economy, across different sectors,’ Obi said. ‘This validates my position that we should move Nigeria from consumption to production.’

The former Anambra State governor also urged Nigerian businesses to invest in productive sectors and allow citizens to participate in company ownership through public offerings.

‘I, therefore, encourage other Nigerian businesses to invest in the productive sectors of the Nigerian economy and also give fellow Nigerian citizens the opportunity to be part of the re-industrialisation of the country by offering their shares to the public through public offerings,’ he added.

The Dangote Refinery IPO, which opened on Monday, September 14, 2026, comprises 4.1-billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The N2.15tn offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

The offering gives retail, institutional, and eligible African investors an opportunity to acquire shares in the refinery, located in the Lekki Free Zone, Lagos.

Thais complete stunning comeback

Paripan Wongsa struck twice to complete a remarkable turnaround as Thailand came from two goals down to beat Kyrgyzstan 3-2 in their opening Group A match in the 20th Asian Games men’s football tournament at Toyota Stadium in Japan on Wednesday.

Thailand lined up with Jehhanafee Mamah leading the attack, while Yotsakon Burapha began the match on the bench.

The Thais started on the front foot, going close through Chawanwit Sealao, whose effort was denied by a Kyrgyzstan defender before a second chance saw him drag his shot over the bar.

Thailand continued to dominate possession and should have taken an early lead through Thanakrit Chotmuangpak in the third minute, only for Kyrgyzstan goalkeeper Kurmanbek Nurlanbekov to keep the score level.

Against the run of play, Kyrgyzstan took the lead in the 23rd minute after a mix-up at the back. A long ball forward found Kimi Merk, whose shot was parried by Thai goalkeeper Sorawat Phosaman, only for the rebound to fall to Kuduret Iskandarbekov, who steered the ball through the legs of Chanon Thamma and into the net to put Kyrgyzstan 1-0 ahead.

Thailand responded by pushing men forward in search of an equaliser, with Jehhanafee firing off target from a promising position.

Kyrgyzstan threatened again on the counter with a long ball forward, but the Thai defence recovered in time to clear the danger. Jehhanafee had one further sight of goal in the closing stages of the first half, again denied by the Kyrgyzstan goalkeeper, and Thailand went into the interval trailing 1-0.

Thailand made their first change of the match at the start of the second half, with Yotsakon Burapha replacing Pichitchai Sienkrathok.

The switch did little to arrest Kyrgyzstan’s momentum, however, and they doubled their lead in the 47th minute when Phon-ek Maneekon failed to clear his lines properly, allowing the ball to fall to Aitenir Balbakov, who fired home to make it 2-0.

Thailand hit back almost immediately. In the 55th minute, Thanakrit swung in a corner that was met by Jehhanafee, who headed home to reduce the deficit to 2-1.

The comeback gathered pace as Thailand continued to press forward, and their pressure paid off in the 68th minute when Yotsakon squared the ball to Paripan, who curled a fine finish in from the right-hand side to draw the scores level at 2-2.

Four minutes later, Thailand completed the turnaround. Paripan struck again, this time driving forward on a solo run before finishing well to put Thailand 3-2 ahead.

Kyrgyzstan pushed for a late equaliser, but resolute Thai defending held firm, and Thailand held on to secure a dramatic 3-2 victory in their opening match of the tournament.

Thailand will next face Hong Kong on Sunday, while Kyrgyzstan take on hosts Japan on the same day.

Azerbaijan sets its sights on more complex, higher-value economy

Increasing the complexity of Azerbaijan’s economy is one of the country’s key objectives, Minister of Economy Mikayil Jabbarov said.

Jabbarov made the remarks during the opening ceremony of the ‘Baku ID 2026’ innovation festival held at the SABAH.city innovation campus.

The minister said the goal is not simply to produce more goods, but to create goods and services with higher added value.

‘Our main goal and ambition is to increase the complexity of Azerbaijan’s economy. Put simply, this does not mean merely producing more goods, but creating goods and services with higher added value,’ Jabbarov said.

According to him, the integration of talent, technology and the ecosystem is essential to achieving this objective.

‘When the necessary policies and a favorable environment are provided, human capital stands at the very center of the process. Today, the concepts of illiteracy or a skilled employee are also taking on entirely new meanings,’ the minister added.

Jabbarov noted that in the modern economy, people are not merely individuals seeking jobs, but also people who create new employment opportunities.

He said this was also at the core of the philosophy behind ‘Baku ID’ and the festival’s fifth anniversary, and thanked those who had contributed to the project.

The minister said Azerbaijan had also gained important experience through cooperation with the World Economic Forum.

‘Several years ago, the Centre for the Fourth Industrial Revolution (C4IR) was established in Azerbaijan. I am personally proud to have participated in its activities within the framework of the Job Accelerator,’ Jabbarov said.

He noted that technological transformation in the labor market is accelerating and that artificial intelligence is playing an important role in this process.

According to Jabbarov, one of Azerbaijan’s key objectives by 2030 is to become not only a creator of technology, but also a country capable of effectively adopting and applying such technologies to high standards.

Jabbarov said the indicators outlined in the ‘Future of Jobs’ report point to the direction of changes expected in the labor market in the coming years.

‘The share of jobs based solely on human labor, without technological involvement, is expected to decline, while the share of jobs involving cooperation between humans and technology is expected to increase. At the same time, the share of automated processes carried out solely by technology and artificial intelligence is also expected to grow,’ the minister emphasized.

He said these trends indicate that the labor market of the future will be based on the interaction between human capabilities and technology.

At the beginning of his speech, Jabbarov said the project was more than physical infrastructure, describing it as a platform bringing together economic actors, the education ecosystem, innovators, financial institutions and community representatives.

‘We see this space not simply as physical infrastructure, but as a point where economic actors, the education ecosystem, innovators and everyone important to the ecosystem, from financing to the community, come together,’ the minister said.

King’s College crisis deepens as police seal school

Tension escalated at King’s College, Lagos, on Wednesday, as the police sealed the school premises at Onikan following days of protests by aggrieved parents over the unresolved concession crisis rocking the institution.

BusinessDay had reported that parents and workers of King’s College had serious altercations with the King’s College Old Boys’ Association (KCOBA) leaders and policemen on Tuesday, hence the Nigerian Police Force intervention, keeping everyone out of the college gate.

The major roads leading to King’s College main gate were cordoned off by police, forcing vehicles coming from Tafawa Balewa to CMS Bus Stop to divert to other routes.

The KCOBA leaders, including Ibrahim Imam, the national president, and Olumide Akpata, former president of the Nigerian Bar Association, were at the Onikan campus for a meeting of the association to deliberate on the way forward regarding the concession of the college.

Briefing newsmen, members of the executive committee of KCOBA assured that the college would be run by them, bearing in mind the principles behind the running and operation of Unity Colleges.

‘We are saying it again that we are not going to turn the college into an elitist one. We will run it in line with the principles behind the setting up of Unity Colleges and their operation.

‘In fact, that is contained in the agreement we signed for the concession. To say we are buying it is wrong. There is no willing seller or buyer of King’s College. The federal government is not selling, while KCOBA is not buying,’ Imam said.

In addition, he said, ‘All our interventions in the past, rehabilitating and renovating facilities and even building new ones, have amounted to naught.

‘Whenever we fixed a facility, in the next few months and you come to assess the situation, the facility has either been vandalized or destroyed completely.’

Etigwe Uwa, the Secretary of the association, speaking on how to sustain the concession and running of the college, said, ‘I cannot be part of a system that would deny people a platform to fly.

‘King’s College gave me such a platform, and I have to extend the same to others, but we must first save the college from its deplorable state.’

Meanwhile, the federal government has ruled out any reversal of its decision to concession the management of King’s College, Lagos, to the institution’s Old Boys Association, insisting that the arrangement is aimed at addressing the school’s longstanding infrastructure and management challenges.

Tunji Alausa, the minister of education, while briefing journalists against the backdrop of the continuing protest by workers of the Federal Ministry of Education and their unions over the proposed concession and the closure of some federal unity schools, accused some directors within the ministry of allegedly instigating workers against the federal government policy.

‘The federal government had intelligence identifying officials allegedly involved in mobilising staff against the concession.

‘It’s obvious now that some directors in the ministry of education are instigating their staff. We have intelligence to show us some directors in the ministry of education who are instigating their staff,’ he said.

Speaking about the controversy surrounding the Federal Unity Schools, the minister emphasised that the federal government is not selling any Unity College.

‘The Federal Government, through the Federal Ministry of Education, does not have the intention to sell any Unity College, and we will not sell any Unity College.

‘It is only if the president gives us, myself and the minister of state, N2 trillion today; it will not be enough to fix our Unity Colleges,’ he noted.

On situations at King’s College, Lagos, after his visit to the school, Alausa said some sections of the school were clean, while the infrastructure was old and required significant attention.

The minister kicked against the idea that concessioning King’s College amounted to selling government property, stressing that ownership would remain with the federal government.

Court jails former MP over proxy vote

The Supreme Court has sentenced former Pheu Thai Party MP Saranwut Saranket to eight months in prison for allowing another MP to use his parliamentary ID card to vote on his behalf.

The ruling, issued on Monday in the court’s Criminal Division for Persons Holding Political Positions and reported on Wednesday, followed a prosecution by the Office of the Attorney-General over an incident during a special House session on Sept 20, 2013.

Saranwut, then an Uttaradit MP, was absent from the House while travelling to Sukhothai. The prosecution says he left his electronic ID card with another MP, who used it repeatedly to register his presence and vote on his behalf on a bill authorising the Finance Ministry to borrow money for transport infrastructure development.

Saranwut denied the allegations.

The court’s majority found that the repeated use of his card while he was absent could not reasonably have occurred without his knowledge or consent. The card clearly displayed the holder’s photograph and name, while voting required several steps. The voting record also matched Saranwut’s earlier votes and his party’s position at the time.

The court rejected his claim that a parliamentary official had kept his card for him, noting that the official had been transferred months before the incident and was no longer responsible for facilitating House meetings.

The court ruled that proxy voting violated the constitution and House regulations, which required each MP to cast one vote personally. It said the conduct undermined public confidence in the legislature and constituted a serious breach of official duty.

Saranwut was initially sentenced to one year under Section 123/1 of the 1999 anti-corruption law. The court reduced the sentence by one-third because it deemed his statement during the evidence examination partially useful.

The court rejected a request to suspend the sentence, saying his health condition did not provide sufficient grounds. It later granted him temporary release while it considered his appeal.

Twiga Cement distances itself from retail cement price increases

Twiga Cement has distanced itself from recent increases in retail cement prices, saying it has maintained its factory price despite rising demand, with some retailers selling a 50kg bag for up to Sh23,000.

The company said a bag leaving its factory is priced at Sh11,227, before transport and other costs are added along the distribution chain.

The clarification came yesterday when Tanzania Revenue Authority (TRA) Commissioner General Yusuph Juma Mwenda visited Twiga Cement’s factory in Dar es Salaam to observe production and discuss the recent price increases with management. The visit follows complaints from consumers over rising cement prices, which recently prompted Vice President Deogratius Ndejembi to direct government leaders to explore ways of reducing prices through discussions with manufacturers.

Mr Mwenda said TRA was examining the cement supply chain to establish factors behind price increases reported in some parts of the country.

‘Although TRA has the responsibility of collecting taxes, we also have a responsibility to facilitate business. Therefore, we are fulfilling this responsibility as part of efforts to facilitate business for the public,’ he said.

He said Twiga Cement and Tanga Cement, which have the same ownership, were among Tanzania’s major cement producers and taxpayers.

A TRA team would remain at the factory as part of its monitoring of developments in the cement market, he added.

Senior Manager at Twiga and Simba Cement, Danford Semwenda, said the company’s Wazo and Tanga factories were operating normally and had neither reduced production nor increased prices.

He said the company had investigated reports of higher cement prices and found that the increases were occurring at the retail level rather than at its factories or among its wholesale distributors.

‘Twiga Cement and Simba Cement have not reduced production, we have not increased prices and our distributors have not increased prices. The price has increased at the retail level,’ Mr Semwenda said.

He said demand had increased after construction activities slowed during prolonged rains at the beginning of the year, reducing cement consumption.

‘From June, July and August, Twiga Cement has been able to produce an average of 160,000 tonnes per month,’ he said.

Mr Semwenda said Tanzania had annual cement production capacity of more than 15 million tonnes against consumption of about 10 million tonnes.

He said the company’s factory price remained Sh11,227 per bag, with transport and other distribution costs accounting for differences in prices at retail outlets.

In Ubungo, for example, a bag of Extra cement was selling at Sh16,940, while Standard 42.5 was priced at Sh18,040.

He said retail prices of between Sh21,000 and Sh23,000 could not be attributed to price increases by Twiga Cement or its major distributors.

Mr Semwenda said the current increase in demand was temporary and that higher utilisation of production capacity across the industry would help ease supply pressures and reduce the conditions that could drive further price increases.

Thais complete stunning comeback

Paripan Wongsa struck twice to complete a remarkable turnaround as Thailand came from two goals down to beat Kyrgyzstan 3-2 in their opening Group A match in the 20th Asian Games men’s football tournament at Toyota Stadium in Japan on Wednesday.

Thailand lined up with Jehhanafee Mamah leading the attack, while Yotsakon Burapha began the match on the bench.

The Thais started on the front foot, going close through Chawanwit Sealao, whose effort was denied by a Kyrgyzstan defender before a second chance saw him drag his shot over the bar.

Thailand continued to dominate possession and should have taken an early lead through Thanakrit Chotmuangpak in the third minute, only for Kyrgyzstan goalkeeper Kurmanbek Nurlanbekov to keep the score level.

Against the run of play, Kyrgyzstan took the lead in the 23rd minute after a mix-up at the back. A long ball forward found Kimi Merk, whose shot was parried by Thai goalkeeper Sorawat Phosaman, only for the rebound to fall to Kuduret Iskandarbekov, who steered the ball through the legs of Chanon Thamma and into the net to put Kyrgyzstan 1-0 ahead.

Thailand responded by pushing men forward in search of an equaliser, with Jehhanafee firing off target from a promising position.

Kyrgyzstan threatened again on the counter with a long ball forward, but the Thai defence recovered in time to clear the danger. Jehhanafee had one further sight of goal in the closing stages of the first half, again denied by the Kyrgyzstan goalkeeper, and Thailand went into the interval trailing 1-0.

Thailand made their first change of the match at the start of the second half, with Yotsakon Burapha replacing Pichitchai Sienkrathok.

The switch did little to arrest Kyrgyzstan’s momentum, however, and they doubled their lead in the 47th minute when Phon-ek Maneekon failed to clear his lines properly, allowing the ball to fall to Aitenir Balbakov, who fired home to make it 2-0.

Thailand hit back almost immediately. In the 55th minute, Thanakrit swung in a corner that was met by Jehhanafee, who headed home to reduce the deficit to 2-1.

The comeback gathered pace as Thailand continued to press forward, and their pressure paid off in the 68th minute when Yotsakon squared the ball to Paripan, who curled a fine finish in from the right-hand side to draw the scores level at 2-2.

Four minutes later, Thailand completed the turnaround. Paripan struck again, this time driving forward on a solo run before finishing well to put Thailand 3-2 ahead.

Kyrgyzstan pushed for a late equaliser, but resolute Thai defending held firm, and Thailand held on to secure a dramatic 3-2 victory in their opening match of the tournament.

Thailand will next face Hong Kong on Sunday, while Kyrgyzstan take on hosts Japan on the same day.