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Tag: BUA

  • Dangote retires from Dangote Cement, after two decades, announces replacement

    Dangote retires from Dangote Cement, after two decades, announces replacement

    Nigeria’s business tycoon, Alhaji Aliko Dangote, has retired from Dangote Cement.

    Before his retirement from the cement arm of his multi sectoral businesses, Dangote had served on the board of the company and was its Chairman.

    The report said that a replacement had been named to replace him on the board as chairman.

    It quoted a grapevine to have said that Emmanuel Ikazoboh would take Dangote’s position on the board.

    Recall that Dangote had in June this year resigned from the Cement sector of his mega business empire.

    Sundry media reports had said that Dangote officially retired as Chairman of the Board of Directors of Dangote Sugar Refinery PLC as widely reported on June 12, 2025..

    A statement signed by Dangote Sugar Refinery’s Company Secretary, Temitope Hassan, confirmed that Dangote’s retirement becomes effective on June 16, 2025.

    The development ends a 20-year tenure that shaped the company’s growth and market leadership.

    A founding director of Dangote Sugar Refinery, Dangote had played a pivotal role in the company’s expansion, ensuring steady shareholder value, solidifying its corporate governance framework, and navigating key industry developments.

    The company’s statement acknowledged his immense contribution, stating, “In line with the principles of good corporate governance and succession planning, Dangote Sugar Refinery Plc hereby announces the retirement of our esteemed Chairman of the Board of Directors of the Company, Alhaji Aliko Dangote (GCON), effective June 16, 2025.”

    Throughout his tenure, the company executed major backwards integration projects in Adamawa, Taraba, and Nasarawa States, aimed at strengthening its supply chain and boosting domestic sugar production.

    The statement further highlighted his leadership impact, stating, “He also played an instrumental role in shaping the Company’s strategy and culture, thereby building a robust foundation for growth and sustenance.”

    Following a thorough selection and transition process, the Board of Dangote Sugar Refinery PLC had appointed Arnold Ekpe, an Independent Non-Executive Director, as the company’s new Chairman, effective June 16, 2025.

    Ekpe, a renowned banking executive, brings extensive leadership experience to the role, having previously held senior positions in the financial sector and other key industries.

    His deep understanding of corporate governance, strategic vision, and commitment to stakeholder value positions him strongly to lead the company into its next phase of growth, the statement said.

    Ekpe is expected to build upon the company’s successes, further solidifying its market position and long-term sustainability.

    As the company undergoes this leadership transition, industry analysts will be watching closely to see how Ekpe steers Dangote Sugar Refinery in an evolving economic and regulatory landscape.

  • BUA tasks Bala Usman to show how Group violated concession agreement

    BUA tasks Bala Usman to show how Group violated concession agreement

    The management of BUA Group has taken the special adviser to President Bola Tinubu on policy coordination, Hadiza Bala Usman to specify the specific clause or clauses violated by the group in her decision to terminate the port concession agreement with the Nigerian Ports Authority, NPA.

    Responding to Ms Usman’s claims justifying the abrogation of the concession, BUA questioned her decision to ignore court judgments on the issue and the arbitration process initiated by former President Muhammadu Buhari.

    While affirming that President Bola Tinubu has further consolidated on the due process rejected by her while NPA MD, BUA said that the present administration’s inclination to due process has further restricted the kind of arbitrariness that Ms Usman exhibited in her assertions and actions as NPA MD.

    BUA had alleged how the concession entered with the NPA was terminated by Ms Usman alleging a plot by her to further the business interest of her friend who is in competition with BUA Group.

    Further noting how the courts reversed Ms Hadiza’s termination of the concession and how President Buhari constituted a legal team to review the actions and how she further snubbed the review, BUA affirmed that the new management of the NPA reversed her actions in sustaining the sanctity of contract.

    BUA said:

    “We have taken note of recent public statements made by Ms. Hadiza Bala Usman, the former Managing Director of the Nigerian Ports Authority (NPA), who was sacked from office. In her comments, she accused BUA Group and our Chairman, Abdul Samad Rabiu, of breaching a concession agreement and distorting facts.

    “BUA entered into a valid long lease agreement in 2006 with the NPA to rehabilitate and operate Terminal B at Rivers Port in Port Harcourt, Rivers State. Long before Ms. Usman’s appointment, BUA had begun formal engagement with the NPA to address outstanding remedial works and infrastructural deficiencies. These discussions were near conclusion when she assumed office.

    “Rather than build on that process, Ms. Usman ignored BUA’s requests and obligations under the agreement. In 2016, BUA wrote to the NPA under Article 8.4 of the lease, mandating concessionaires to report environmental and safety concerns and to seek approval for remedial works. Rather than act constructively, Ms. Usman used that letter as a pretext to issue a termination notice and summarily shut down the terminal, without providing any prior warning, consultation, or invoking the dispute resolution clause.

    “She forgot or failed to disclose in her response that the NPA, under her leadership, was itself in material breach of core obligations including, failing to hand over critical portions of the port, leaving derelict iron ore on the berths, failing to dredge or repair quay walls, and neglecting to provide mandatory security. These lapses were significant impediments to BUA’s operations and, as a result, led to disputes between the parties.

    “After the unlawful termination, BUA approached the Federal High Court, which promptly granted an injunction restraining the NPA from proceeding with termination. The NPA itself then referred the dispute to arbitration, as stipulated in Section 17.3 of the agreement, which clearly states:

    “Any dispute, controversy or claim… shall be exclusively and finally settled pursuant to the dispute resolution process prescribed in this Article.”

    Despite this, Ms. Usman, against the advice of her agency, unilaterally decommissioned the berths, thereby violating both the agreement and a court injunction. To be clear, the concession agreement granted her no such power to decommission. If she believes otherwise, we invite her to publicly cite the specific clause that authorizes this action.

    “To further compound the illegality, BUA—after providing the guarantees and indemnities requested by the NPA—was permitted to resume operations briefly. Merely three weeks later, the terminal was again shut down, this time by Ms. Usman’s instruction. This left no doubt that her actions were motivated not by due process, but by personal animosity and abuse of office.

    “BUA subsequently filed contempt proceedings and was looking at estimated losses in excess of $10 million. These proceedings were only withdrawn out of respect for national interest and following the intervention of well-meaning Nigerians within and outside the government.”

    Countering Ms Bala Usman that President Buhari was misinformed in his decision to constitute a review of her actions using the office of the Attorney General of the Federation, AGF, BUA said:

    “Ms. Usman’s claim that former President Muhammadu Buhari was “misinformed” when he reversed her actions is false, disrespectful, and disingenuous.

    “Following a meeting that our Chairman had the privilege of holding with President Buhari in 2018, he presented the matter to the President, who then directed the Office of the Attorney General of the Federation to conduct a thorough legal review and investigate the situation. The AGF invited all parties, including Ms. Usman, to several meetings. We never saw her at any of them. Nevertheless, the AGF proceeded to undertake a comprehensive review of the contract, the litigation, the arbitration clause, and all correspondence and actions by BUA and NPA. The legal advice (attached herewith) found that the termination was unlawful, the decommissioning was without any legal basis, and that BUA’s rights should be reinstated. It was on this basis that President Buhari ordered the reversal of her unlawful actions. His intervention preserved the sanctity of the contract, saved over 4,000 jobs, and BUA’s $500 million integrated investment cluster involving flour, pasta, and sugar processing facilities which were all dependent on terminal access. For this, we remain deeply grateful to former President Buhari.

    “As our Chairman said in his interview, imagine if he wasn’t privileged to have access. Nonetheless, this culture of impunity has been significantly curtailed under President Tinubu’s leadership, as many are aware they could be dismissed or imprisoned if they abuse their positions.

    POST-HADIZA: DUE PROCESS RESTORED, INVESTMENT RESUMED

    “Following Ms. Usman’s removal from office, the NPA, under new leadership, implemented the AGF’s position. In 2022, BUA was granted formal approval to resume reconstruction works. The contract was awarded to TREVI, and BUA has since invested over $65 million—entirely self-funded and with no recourse to public funds or subsidies. Work is ongoing and completion is expected in the first quarter of 2026.

    THE REAL DANGER: INVESTOR CONFIDENCE AND RULE OF LAW

    “We must state clearly that this matter goes beyond BUA. Had Ms. Usman’s actions been allowed to stand, it would have sent a disastrous signal that contracts in Nigeria are worthless, court orders are optional, and public institutions or individuals can act unilaterally without consequence. We must never return to that era. Nigeria’s reform success today is rooted in respecting contracts, due process, and investor confidence—principles being restored under President Tinubu’s administration, under which BUA has committed over $1 billion in new investments across energy, food processing, manufacturing, infrastructure and social interventions.

    “We wish to emphasise that Ms. Usman is entitled to her opinions, irrespective of how distorted they may be. However, she is not entitled to distort the facts or rewrite history. We do not seek a public spat and would like her to concentrate on fulfilling her duties in her new role under the strong leadership of President Tinubu. We therefore simply restate the facts that Ms Hadiza Bala-Usman had no authority to decommission Terminal B unilaterally. She also acted in defiance of a court injunction and contractual procedure and her actions caused significant economic loss of over USD10 million, reputational risk to BUA, and investor concern for Nigeria.

    “Our core message remains the same: public office should be viewed as a position of trust rather than a platform for personal biases. Those granted public power need to resist the temptation to let prejudice, ego, and vendetta influence their actions.

    Challenging her to come forward with any evidence on how BUA contravened the concession agreement, the group said:

    “If Ms Hadiza Bala-Usman believes she acted lawfully, we challenge her to cite the specific clause or clauses that guided her unlawful actions. If not, let the facts remain where they belong — in the public record.”

  • How Tinubu’s policy helped lower food prices – BUA Chairman

    How Tinubu’s policy helped lower food prices – BUA Chairman

    Chairman of BUA Group, Alhaji Abdul Samad Rabiu, has credited President Bola Tinubu’s duty waiver policy on essential food imports as a key factor behind the recent decline in food prices across Nigeria.

    Speaking to State House Correspondents on Thursday after a meeting with the President at the Presidential Villa in Abuja, Rabiu highlighted the significant impact of the policy introduced last year.

    “Food prices are falling in Nigeria, and we’re actively supporting that effort,” Rabiu said. He recalled that President Tinubu approved a duty waiver for six months on the importation of key staples such as brown rice, maize, wheat, and sorghum—at a time when food prices were at record highs.

    He noted that, in 2023, a 50kg bag of rice sold for around ₦100,000, wheat flour went for ₦80,000, maize was about ₦60,000 per 50kg bag, and a carton of pasta cost ₦20,000. Following the waiver, BUA Group imported large quantities of these items, which helped stabilize and lower market prices.

    “As the imports began arriving and we started processing them, prices dropped significantly,” Rabiu explained. “Today, rice is down to ₦60,000 per 50kg, flour is ₦55,000, and maize is around ₦30,000.”

    He credited the price reduction to President Tinubu’s strategic intervention and criticized hoarding practices that had previously driven up costs. According to him, some companies would buy and store large quantities of paddy during the harvest season, creating artificial scarcity once the season ended.

    “Farmers still get paid the same, but hoarders double the prices later. With the imports now available, those hoarders are struggling to sell and are incurring losses,” he added.

    Rabiu stressed the need to protect both farmers and consumers, pointing out that while food producers must be supported, 250 million Nigerians should not have to bear inflated prices due to the actions of a few.

    He also revealed that BUA Foods has imported enough rice to meet demand until the end of the year and warned that any attempts to hoard would be countered by further price cuts.

    “As long as supply remains steady, prices won’t rise beyond current levels,” Rabiu said. “Hoarders will now think twice because the risk of loss is real.”

    He expressed concern that while there was public outcry when food prices were high, little recognition was given now that they are falling. Nonetheless, he was optimistic the downward trend would continue.

    On the topic of cement, Rabiu argued that current prices are reasonable when viewed in dollar terms, considering currency devaluation and rising input costs. At an exchange rate of ₦1,600 to the dollar, a ₦9,000 bag translates to about $110–$120 per tonne, which he said is comparable globally.

    He cited high production costs—such as a ₦15 billion monthly gas bill at BUA’s Obu plant and dollar-denominated expenses for equipment, expertise, and mining—as reasons for price levels.

    Despite these challenges, Rabiu said cement manufacturers, including Alhaji Aliko Dangote, have agreed to support the President’s Renewed Hope agenda by freezing cement prices for government-backed infrastructure projects.

    “We will maintain current prices for any contractor involved in Renewed Hope projects,” he announced. A formal letter to the Ministry will be issued next week, he added.

    Rabiu also praised the Minister of Works, Dave Umahi, for prioritizing concrete roads, which he described as more durable and cost-effective than bitumen.

  • Maiduguri flood: BUA donates N2bn to victims

    Maiduguri flood: BUA donates N2bn to victims

    The Chairman of BUA Group, Alhaji Abdul Samad Rabiu, has announced the donation of N2 billion to flood victims in Maiduguri and Jere in Borno State.

    The Executive Director of the group, Kabiru Rabiu, who represented the chairman on a sympathy visit to Governor Babagana Umara Zulum, in Maiduguri, said the N2bn donation in cash and food items.

    “Your Excellency, Alhaji Abdul Samad Rabiu has sent a token of N1billion in cash and N1billion in food items. In addition to that, he is donating five trucks of 900 bags of rice, five trucks of 900 bags of bags of flour and five trucks of 4500 cartons of spaghetti.

    Borno flood: Donors have paid N4.4bn into relief account –Zulum
    “Your Excellency, a lot of properties and lives have been lost to this disaster. We pray to God to have mercy on those who lost their lives and their family the fortitude to bear the loss,” he said.

    Responding, Governor Zulum appreciated the business mangul for sympathizing with the state during the difficult time and the huge amount donated to cushion the effect of the disaster. He also promised to utilize the money judiciously.

     

  • How dealers frustrated our efforts to sell cement at N3,500 per bag – BUA Cement

    How dealers frustrated our efforts to sell cement at N3,500 per bag – BUA Cement

    AbdulSamad Rabiu, Chairman of the Board of Directors of BUA Cement Plc has disclosed how cement dealers in the country frustrated the efforts of the company to sell cement at N3,500 per bag last year. TheNewsGuru.com (TNG) reports Rabiu made the disclosure at the 8th Annual General Meeting of BUA Cement held in Abuja.

    Rabiu highlighted that his company had sold over a million tons of cement to dealers at a price of N3,500 per bag, intending for these savings to be transferred to the end-users. However, he noted that the dealers were selling each bag of cement to consumers for prices ranging from N7,000 to N8,000. He mentioned that the company needed to discontinue the policy since its involvement was not intended to support dealers financially.

    He mentioned that BUA Cement was unable to regulate the dealers who, he claimed, were earning substantial profits due to the high margins, as the company lacks influence over pricing in the open market.

    “So, a lot of the dealers took advantage of that policy. Rather than pass the low prices to the customers, they were selling at even double the price we sold to them. Some were selling at N7, 000 and 8 000 per bag. They made a lot of money with the very high margin. I think we had sold more than a million tons at N3,500 before we realised what the dealers were doing.

    “And then, because of the issues that Nigeria faced at the time about devaluation of the Naira last year and the removal of fuel subsidy, we could not continue that policy. We wanted that price to stay at that level but dealers refused. So, we could not sustain that simply because we did not want to be in a situation where we are subsidizing dealers.

    “I’m referring to the point when the foreign exchange rate moved from about N600 to maybe N1,800 to the US Dollar. So, it became even more challenging and more difficult for us to actually sustain that price policy,” Rabiu said.

    BUA Cement’s profit after tax drops by 31.2 per cent

    Meanwhile, Rabiu, at the 8th AGM of BUA Cement Plc, disclosed that the company recorded revenue growth of 27.4 per cent in 2023 but that profit after tax declined by 31.2 per cent due to foreign exchange losses.

    The BUA Cement Chairman announced that the company saw an increase in net revenue of N460 billion within the period from N361 billion in 2022. According to Rabiu, the company also improved its capacity utilisation to 61.2 per cent in 2023 from 59.8 per cent in 2022, due to an increase in cement volumes dispatched. He said that the increase in volumes dispatched also resulted in an increase in market share

    “Furthermore, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose to N169 billion from N155 billion recorded in the prior year. Though, profit after tax declined by 31.2 per cent to N70 billion from N101 billion recorded in the corresponding period in 2022. This was impacted by foreign exchange losses, which arose from the devaluation and the continued depreciation of the Naira,” he said.

    The Board Chairman said that, despite the reduction in the company’s bottomline, it is committed to shareholder value. He announced a dividend of two Naira per share for the year ended Dec. 31, 2023 to be distributed to shareholders.

    Rabiu said that the operating environment within the period was challenging as global growth declined to 3.2 per cent in 2023 from 3.5 per cent recorded in 2022.

    “Conversely, global inflation peaked at 6.8 per cent in 2023. Across Sub-Saharan Africa, economic growth declined to 3.3 per cent relative to the 4.0 per cent recorded in 2022, driven majorly by global slow down, weather shocks and supply-side issues,” he said.

    He said that the company would continue to implement and pursue its strategic goals of expansion and increasing market share. He said that it would also explore solutions that will enable it to sustain value creation for its shareholders and other stakeholders.

    The Managing Director of the company, Yusuf Binji, said that the major challenges faced during the year arose from the currency redesign policy of the Central Bank of Nigeria (CBN). Bjnji said that the 2023 general elections and foreign exchange volatilities also created major challenges.

    “Like every manufacturing business, some of our inputs are dollar-denominated, and with the devaluation and continued depreciation of the Naira, we recorded rising energy and other raw materials cost.

    “Also, the depreciation of the Naira led to the revaluation of existing liabilities on the balance sheet, which resulted in an exchange loss of N70 billion,” he said.

    According to him, the company was still able to manage its negative shock, declare a profit and, most importantly, preserve shareholders’ fund.

  • Abdul Samad Rabiu approves 50% salary increment for BUA staff

    Abdul Samad Rabiu approves 50% salary increment for BUA staff

    Chairman of BUA Group, Abdul Samad Rabiu, says the company has approved a 50 per cent salary increment for staff across board.

    Rabiu made the disclosure in an internal memo signed on Sunday in Lagos by Mr Mohammed Wali, BUA’s Head of Human Resources.

    The memo quoted BUA chairman as saying that the increment was to mitigate the impact of the economic hardship currently being faced in the country.

    He said the salary increment would cover both permanent/regular and non-permanent staff with effect from Feb. 1, 2024.

    “Sequel to the above development, the Human Resources and Finance departments are processing the increase to ensure that it is captured in the February 2024 payroll.

    “It is hoped that with this magnanimous gesture, we will be more committed to our duties and put in our very best to justify the confidence reposed in us,” he said.

     

  • JUST IN: BUA crashes price of cement to N3,500 per bag

    JUST IN: BUA crashes price of cement to N3,500 per bag

    Finally, BUA Cement Plc fulfilled its promise to crash the price of cement from N5000 to N3,500

    The development came after the company’s Chairman, Abdul Samad Rabiu promised to reduce ex-factory price of his cement early next year.

    The average price of cement is between N5,500 and N6000 which is sold by leading manufacturers, Dangote Cement and Larfage Africa.

    BUA said, “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.

    “As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward.

    “As a result, BUA Cement would now be sold at an ex-factory price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.

    “Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17 million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.

    “All pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023.

    ” Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”

  • Senate moves to liberalise cement policy in Nigeria

    Senate moves to liberalise cement policy in Nigeria

    The Nigerian Senate on Tuesday debated a motion on the need for liberalization of cement policy in Nigeria.

    TheNewsGuru.com (TNG) reports the motion was moved by Senator Lola Ashiru and five other Senators.

    Senator Ashiru noted that the Nigerian cement market is oligopolistic in nature with three players.

    Dangote Cement has 60.6%, Lafarge Africa 21.8% and BUA Group 17.6%.

    All three dominate the scene, making it susceptible to price-fixing practices.

    Ashiru said if the status quo persisted, the negative consequences of high prices on the economy would outweigh the benefits of producing cement locally.

    According to him, the recent increase in the price of cement from N2,600 to N3,800, slowed down the amount of construction work being embarked upon thus negatively affecting labour engagement.

    He expressed worry that the significant rise in cement prices in the country and the low purchasing power of Nigerians may result in substandard building constructions and non-completion of planned infrastructural works.

    Following debate on the motion, the Senate hitherto called on the Federal Government to provide more industrial incentives and industrial protection such as offering concessionary loans and larger tax incentives for new entrants in order to boost production of cements, reduce price and encourage more valuable producers in Nigeria.

  • Lamentation galore as cement prices soar in South East

    Lamentation galore as cement prices soar in South East

    Prices of cement has increased by 67 per cent in the South East states of Abia, Anambra, Ebonyi, Enugu and Imo, engendering a lamentation galore.

    A market survey at various wholesale and retail shops in the zone by NAN shows that the price of the product has increased almost by double when compared to the price in 2020.

    A cement dealer at Kenyetta Market in Enugu, the Enugu State capital, Ifeanyi Amadi, said the increase in the product’s price started last year due to the COVID-19 pandemic and increase in the naira to dollar exchange rate.

    Amadi noted that a trailer load of Dangote Cement with 600 bags which sold for N1.5 million in 2020, is now N2.3 million in the first quarter of 2021.

    “The prices change on daily basis, so as we are talking now, I cannot guarantee the prices it will be sold for tomorrow,” he said.

    Another retailer at Uwani, Samuel Uwakwe, said he was surprised at the rate the prices of the product change in the country.

    According to him, a bag of Dangote Cement is sold at N3,900, Unicem for N3,700, Bua Cement for N3,700 and Kogi Super Cement at N3,600.

    Uwakwe lamented that few individuals were given opportunity to supply the product and pleaded with suppliers to reduce the prices and make it available for the citizens.

    He maintained that the prices would likely crash during raining season.

    A block mounding industry owner, Albert Okechukwu, noted that increase in the price of the product affected his business though he still sells six-inch and nine-inch blocks for N170 and N180 respectively.

    Okechukwu said: “This is the same price we sold last year and it is same till date because we cannot change prices in order to retain our customers but most block industries have reduced quality of their blocks.”

    A site Engineer, Emma Ugwuoke, said he wanted to start a building in the village when the price was N2,800 last year, but was waiting to see if it would come down.

    Ugwuoke said: “When I went back next time, I was told it was N3,000 and to my greatest surprise, they sell N3,900 and N4,000 now in my village.

    “There is nothing one can do than to buy it like that.

    “I want government to do something urgently about it because it is frustrating buying cement at that price.”

    In Abia State, a cross-section of residents of Umuahia, the state capital, also decried the high price of cement, which ranges from N4,000 to N4,100 per 50kg bag.

    Those who spoke to NAN said the price hike had further dashed the hope of many Nigerians, wishing to own their personal homes.

    A businessman, Victor Ugwu, said he had to suspend his building project because of the “unfortunate development”.

    Ugwu said: “I have stopped my project for now.

    “I cannot afford to continue with the current price of the commodity.

    “The economy is very bad so I hope to wait until there is a drop in the price.

    “I think the hike can be attributed to the monopoly being enjoyed by the cement producers in the country.

    “Unfortunately, there may not be any respite until that monopoly is broken.”

    However, a cement dealer, James Ogbonna, said the problem had nothing to do with the manufacturers of the commodity.

    Rather, Ogbonna blamed the price hike on the activities of “shylock distributors” of cement.

    He said the hike had affected his business adversely, adding that cement patronage had been at the lowest ebb, since the price hike.

    He said: “In the first and second week of March, we sold a bag for N3,200, but within the third week we started selling at N3,500.

    “By the end of March, the price moved up to N4,000 and now, we sell between N4,000 and N4100, depending on the brand.”

    Another dealer, Godwin Okafor, said his sales had dropped drastically as a result of the hike.

    Okafor said: “We have a lot of challenges in this cement business now.

    “When we make deposit and order for the goods, it takes about one month before we get delivery.”

    It is a similar situation in Awka in Anambra State as stakeholders decry the situation.

    Kenechukwu Okoye, a cement dealer along Zik Avenue, Awka, said before the #EndSARS protest in 2020, a 50kg bag of cement was sold at N2,500.

    “Shortly after the #EndSARS, the price rose to N3,000 and from there to the present price of N4,000 and N4,100, we are selling today,” he said.

    Okoye said though the distributors initially blamed the problem on difficulties encountered by the hauling firm transporting the product, the situation had come to stay.

    In Owerri, the Imo State capital, price of cement is between N3,850 and N4300, depending on the brand.

    At the Building Materials Market in Naze, Owerri North Local Government Area, Dangote and BUA cement are sold at N4,000 per bag, while UNICEM is sold for N3,900.

    Okechukwu Okonya, a seller, said the cost could be attributed to high cost of transportation as a result of fuel price.

    Okonya also said major dealers sometimes hoard the product in their warehouses to create artificial scarcity.

    Another trader, Marcel Iwu, agreed that although there had been hoarding by major dealers, manufacturers had also complained of increased cost of raw materials.

    Iwu added that the prices could go higher or reduce at any given time, noting that even if prices fall, traders would want to sell off their old stock at higher rates.

    NAN reports that in Abakaliki, Ebonyi State, prices of almost all building materials have gone up.

    The prices of cement, rods of various sizes, corrugated roofing sheets and other building materials and accessories, according to NAN findings, have been on the increase since January.

    The price of Dangote and Bua, which sold at N2,500 earlier in November and December 2020, now sold between N4000 and N4500.

    Similarly, Unicem Cement, which also sold at N2,300 within the same period, had also gone up to N4,000 and N4,300.

    John Okoh, a cement dealer at Kpiri-Kpiri market, in an interview with NAN attributed the development to lack of price control mechanism and high rate of exchange rate of the Naira against the dollar.

    Okoh said: “The development is indeed affecting sales and business because many builders have put a stop to their building and other construction projects because they cannot cope with the present high cost of the product.”

    Another resident, Clement Igbo, who owns a block moulding industry, said the high cost of cement was hampering production, adding that he no longer produced maximally due to lack of buyers.

    Igbo said: “A bag of Dangote Cement, which is one of the best products for our business, is selling for N4,500 and it is difficult to buy at this prevailing price and make enough production.

    “We sell six inch and nine-inch block before this price increase at N150 and N200, but now 6 inch-block is sold at N220, while the 9 inch sells for between N250 and N300.

    “Many block industries in the town have closed down production while some have compromised standard which pose great dangers to the building industry.”

    Igbo expressed fears that the high cost of cement, which had led to improper ‘mixture’ of concretes for building purpose, might affect quality and standard of buildings.

    Jerry Onwe, an economic activist ,urged the Federal and States Governments to revive moribund cement factories across the states to meet the increasing demands of cement consumption in Nigeria.

    He noted that the quest for mass housing for poor Nigerians would remain elusive if urgent steps were not taken to address the high cost of building materials in Nigeria.

    One said: “In a nation where an average worker earns N30,000 monthly as take-home wage, how can such a person afford a house of his own in view of the prevailing price of building materials?

    “We have reached a cross road as far as the issue of building materials is concerned and this is a time for government to intervene and bring the situation under control.

    “The Nkalagu Cement Factory in Ebonyi is capable of supply the cement needs of the entire South-East if properly revived.”

  • Rivalry war: Ganduje, others wade in, reconcile Aliko Dangote, Abdussamad Isyaka-Rabi’u over sugar plant saga [Photo]

    Rivalry war: Ganduje, others wade in, reconcile Aliko Dangote, Abdussamad Isyaka-Rabi’u over sugar plant saga [Photo]

    Governor Abdullahi Ganduje of Kano state has waded into the dispute between Dangote and BUA companies owned by two business moguls from the state.

    This is in order to resolve the lingering conflict among the two Kano State prominent indigenes Aliko Dangote and Abdussamad Isyaka-Rabi’u over the establishment of a Sugar plant by BUA.

    A statement by Abba Anwar, the Chief Press Secretary to the governor on Thursday in Kano, said the reconciliation meeting took place on Wednesday in Abuja.

    He said that Alhaji Aminu Dantata, Kano Emirate and the Kano State Council of Imams joined the governor in the reconciliation meeting.

    TheNewsGuru.com, TNG reports that recently there were reports that Dangote complaints about the establishment of a sugar plant by BUA International Limited in the Port Harcourt free trade zone, saying it was out of tune with export laws.

    Anwar said that after the meeting, Chairmen of both Dangote and BUA agreed to work together to supply enough sugar to satisfy the demand of the country.

    According to him, the meeting put a stop to all rumours that the duo was in dispute over sugar business control in the country.

    “They all dismissed allegations that Dangote was planning to see the increase of sugar price, thereby pressurising BUA to succumb to the increment. They described the allegation as baseless and lacking any iota of truth.

    “The meeting was seen as the zenith of other similar efforts to reconcile the two giants by the governor. Alhaji Aminu Alhassan Dantata played the role of a father during the meeting,” Anwar said.

    Present at the meeting were the Minister for Commerce, Trade and Investment, Mr Niyi Adebayo and representative of the Kano Emirate, Alhaji Aminu Dan-Agundi.

    Others are Chairman of the Council of Kano Imams, Sheikh Muhammad Nasir-Adam, the Chief Imam of Sheikh Ahmadu Tijjani Friday Mosque, Kofar Mata, Kano and the Chairman of NEPZA, Adamu Panda.

    All the two business moguls agreed to work together in unity for the growth and development of the nation.