Abdul Samad Rabiu, the chairman of the board of directors of BUA Cement, disclosed that his company crashed the price of a bag of cement to N3,500.
Speaking at the 8th Annual General Meeting of the company in Abuja, Rabiu, however, revealed that the pricing was thwarted by dealers who exploited the situation, selling the same product at inflated prices of N7,000 and N8,000 per bag to Nigerians.
He revealed that BUA Cement sold over a million tons of cement to dealers at N3,500.
His words:
Rabiu stated that the company’s current price is due to foreign exchange fluctuations and diesel, LNG, and spare parts costs.
He claimed that other manufacturers of cement products were also not ready to cut prices to make the product affordable to Nigerians.
Rabiu stated:
Earlier, TimesNow.com.ng reported that Nigerian billionaire Aliko Dangote lost his title as the wealthiest man for the second time in a month.
South Africa’s Johann Rupert claimed the top spot from the Nigerian industrialist after Dangote’s wealth declined due to a drop in the shares of his company, Dangote Cement.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
