A growing chorus of stakeholders is calling for BUA Cement to apologize to Nigerians for failing to deliver on its promised cement price reduction.
The controversy erupted after the Chairman of BUA Cement, Abdul Samad Rabiu, announced that his company would sell cement at N3,500 per bag starting in 2024. However, recent reports reveal that this promise has not been fulfilled.
During the company’s 8th Annual General Meeting in Abuja, Rabiu disclosed that while BUA Cement had sold over a million tons of cement to dealers at the promised N3,500 per bag, these dealers have been selling the cement to consumers at much higher prices, between N7,000 and N8,000 per bag. Rabiu attributed the issue to the company’s lack of control over market prices and cited factors such as naira devaluation and fuel subsidy removal as contributing to the problem.
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Stakeholders in the cement industry have criticized BUA Cement’s handling of the price reduction initiative. Kayode Animashaun, a significant industry player, described BUA Cement’s actions as a “feeble attempt” to shift blame and accused the company of engaging in a “fraudulent regime” designed to manipulate the market and gain a competitive advantage.
Ahmed Magaji, a key figure in cement distribution, also expressed doubts about the feasibility of the promised price reduction. He argued that the discrepancy in pricing indicates a broader price war among major cement manufacturers and suggested that the public statements made by BUA Cement were misleading.
An insider from a major cement company corroborated these concerns, indicating that the current situation reflects ongoing efforts by industry leaders to maximize profits through public relations maneuvers rather than genuine price reductions.
READ ALSO; BUA Announces Potential Price Reduction for Cement
Many cement dealers and consumers have voiced frustration over BUA Cement’s failure to honor its commitment. An anonymous source criticized the company for what they see as a mockery of the current administration and called for BUA Cement to issue a public apology for not achieving the promised price of N3,500 per bag.
The debate over BUA Cement’s pricing promises continues, highlighting concerns about the company’s sincerity and commitment to providing affordable building materials to Nige