BUA Finally Exposes Those Preventing Sale Of Cement At N3500 Despite Tinubu’s Order; SEE Individuals Mentioned
The management of BUA Cement Company has clarified why its cement was not sold at the promised ex-factory price of N3500 per bag. While the company maintained that it fulfilled its commitment to reduce the cement price to N3500, it pointed fingers at intermediaries and wholesalers who allegedly hindered the intended recipients the end-users-from accessing the reduced price.
In October 2023, BUA Cement publicly announced the reduction of ex-factory cement prices to N3, 500 per bag, effective from Monday, October 2, 2023. This decision aligned with their earlier promise to lower cement prices after completing new production lines, aiming to stimulate growth in the building
materials and infrastructure sectors.
Furthermore, BUA Cement assured that all pending, undelivered orders paid at the old prices would be reevaluated downward to N3500 per bag, in line with the new pricing from October 2, 2023. The company issued a warning to its licensed dealers, emphasizing the need to ensure that end-users benefited from this price reduction by closely monitoring field sales.
However, five months later, the price of BUA Cement and other cement products skyrocketed to N12, 000 to N13, 000 per 50kg bag. This development raises doubts about the company’s claimed reduction in cement prices, especially since their product had never been sold at N3, 500 since October 2023. Instead of decreasing, it reached an all-time high, selling at N13, 000.
Amidst warnings from various human rights groups about staging a protest against the firm for not fulfilling its pledge to lower the cement price to N3, 500 for a 50kg bag, the corporation attributed the non-compliance to external market dynamics.
This statement of the company came. after a week-long ultimatum was given by a couple of non-profit organizations, challenging the firm to reduce its cement price to N3, 500 per bag or be prepared for a protest at their premises.
Mr. Timothy Sogbeinde, who is in charge of Creatives & Visual Identity at BUA Group, responded to the threats of protest from the CSOs regarding the company’s supposed failure to keep its promise of reducing the cement price to N3, 500, affirming that the commitment was indeed met.
He revealed that the corporation had
previously offered cement at the factory
price of N3, 500 for a number of months
before ending the promotion. “In fact, we did sell our cement at N3, 500 for a period of three to four months. Our expectation was that other market
participants would follow suit and help
make cement more affordable, stated Mr. Kabir Rabiu, the executive director. Mr. Rablu also remarked that BUA could not sustain the lower price point of N3, 500 due to the fact that middlemen and distributors were obstructing the final
consumers from benefiting from the
price reduction.
(SAHARA REPORTERS)