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Cement: How dealers frustrated our N3,500/ bag policy – BUA

The Chairman of BUA Cement, Alh. Abdul Samad Rabiu, yesterday recounted how cement dealers frustrated his company’s N3, 500/bag policy, last year.
He spoke at the 8th Annual General Meeting of the company in Abuja.
He said that while his company sold over a million tones of cement to dealers at N3, 500, per bag, with the intention that they would pass the benefits to end-users, the dealers sold a bag of cement to consumers at as high as N7000 and N8,000.
A ton is equal to 20 bags of 50 kg weight.
He said the company had to discontinue the policy as its intervention was not to subsidise dealers.
According to him, BUA Cement could not stop the dealers whom he said made huge profits from the high margin because the company had no control over prices in the open market.
He added that the Naira devaluation last year and the fuel subsidy removal also played roles in making the policy unsustainable.
Alh Rabiu said, “We were selling cement at N3,500 with the expectation that the dealers and the retailers would pass the benefits of the low price to the end-user customers.
“It’s such that whatever price you sell cement at, you pay. It doesn’t matter what happens if the price doubles or triples if it’s less than that. So, we didn’t actually have that price.
“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 from.the very high margin. I think we had sold more than a million tons, yes 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. We are subsidizing the dealers.
“So, I’m referring to the point where the FX rates, the exchange rates, from when we decided to sell it at N3,500, the rate was about N600 to maybe N1,800, N1,900 to the US Dollar. So, it became even more challenging and more difficult for us to actually sustain that price.”
The Chairman said, however, that the company had continued to work towards making that prices did not escalate at levels of the percentage increase of the Naira devaluation.
His words, “If you see the exchange rate then, and the exchange rate today, we see that cement is actually cheaper today than what it was last year.
“The reason being that if the dollar was up, so we see there is, the price of cement should actually be maybe N10,000 Naira per bag. The dollar exchange rate has actually been goin up you know. The price of cement, if you take the N4,000 that it was in the beginning of last year, at 4,000 .and today’s N6,000, it’s only 50% increase.
“So, we directly pushed to ensure that the price of cement is not getting higher than what it is today.
“But then again, you have areas where everything is dollar-dominated. Energy is the biggest cost. You know, it’s not correct.
“And our energy today is denominated in dollars. We buy gas to power our plants mainly. And gas is priced in dollars.”
The Chairman revealed that one of BUA’s plants monthly invoice, NGKW is about N15 billion Naira for one plant, one factory.
Maybe N16 billion monthly. It used to be N3 or N4 billion Naira. That is just one example.”
According to the financial report presented by the Board of the company, the company recorded a strong revenue growth of 27.4% to N460 billion (2022: N361 billion), resulting from its increasing market share.
However, with the devaluation of the Naira in June 2023, and its continued depreciation, as well as growing inflation, the Company experienced increasing price pressures which affected production costs, which increased by 39.5% to N276 billion (2022: N197.9 billion).
Within this period under review, a net foreign exchange loss of N70 billion (2022: N5.5 billion) was recorded, with N52.5 billion attributed to finance costs.
This was associated with the construction of an additional 3mmtpa lines at Obu and Sokoto, and the sum of N17.5 billion was attributed to foreign trade payables.
Despite these challenges, the Company reported a net profit after tax of N69.5 billion and declared a N2 dividend per share.
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HoR Minority Caucus decries killings in Plateau, Benue states, urges immediate presidential decisive actions

The Minority Caucus in the House of Representatives has expressed serious concerns over killings in Plateau and Benue states demanding immediate presidential decisive actions.
This was contained in a statement jointly signed by leaders of the caucus, Rep Kingsley Chinda, leader, Rt. Hon. (Dr) Ali Isa J.C
Minority Whip ,Rt. Hon. Aliyu Madaki Deputy Minority Leader ,Rt. Hon. George Ozodinobi
Deputy Minority Whip.
The caucus in the statement outrightly condemned the disturbing trend of killings, maiming, and kidnapping of innocent people across the country.
” Following the killings of over 50 people in Bokkos, Plateau state; loss of many lives in twin attacks in Otukpo, Benue state, coming a few days after the Uromi, Edo state unfortunate incident, the Caucus is seriously worried about these growing acts of brigandage and unprovoked attacks on law-abiding citizens.
The Caucus is deeply concerned that with reckless abandon, deliberate disrespect for human lives, and disregard for the constitution of the Federal Republic of Nigeria, these marauders inflict merciless torture, unexplainable pains, and callous killings of helpless, and defenceless Nigerians.
These gruesome murders and the shedding of the blood of innocent lives happening in quick successions in three locations across the country, stands condemnable by every conscionable Nigerian.
The ferociousness and sporadic nature of the vicious actions perpetrated by yet unknown persons remains shocking.
Worried about the dangers this portends to the security of lives and properties of Nigerians; which is the main purpose of government, the Caucus calls on President Bola Tinubu to take deliberate, intentional, and timely decisions towards nipping the disturbing tide in the bud.
Good, he has directed that the perpetrators should be apprehended. However, given the severity of these incidents, and implications on national security, the Caucus urges the president; through the National Security Adviser to ensure that all security agencies embark on comprehensive and strategic collaboration towards arresting those involved in these heinous and gory incidents.
The government should ensure the immediate release of the numerous innocent people that were kidnapped during the dastardly incidents.
The Caucus commiserates with the government, and people of Plateau, and Benue states over the unfortunate incidents. The Caucus also expresses deep condolences to the families of the victims, and pray for the quick release of those kidnapped.
Finally, as a responsive and responsible group of lawmakers, the Caucus promises to pursue legislative actions; where and when necessary towards finding realistic solutions to these negative developments in our country.
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OERAF held memorial lecture on conflict resolution, security/safety of community in Nigeria

The Olotu and Rowland Ekuogbe Akpodiete Foundation (OERAF) on Tuesday 8th April, 2025 held memorial lecture on conflict resolution and security/safety of community in Nigeria, in honour of late chief Ekuogbe Rowland Akpodiete Ph.D, who was born on April 4th 1924 and passed on April 9th 1995.
The event which took place at the popular Ughelli Kingdom Hall, witnessed several brilliant security experts and government functionalities.
Presenting his brief opening speech, the Executive Director of Olotu and Rowland Ekuogbe Akpodiete Foundation, SPY CSP Olotu Otemu Akpodiete Ph.D (JP) revealed that over the years, the foundation has been touching lives and rendering community impact services across board.
He maintained that his late grand father was a great community leader per excellence and until his death, he was the spoke person (Otota) of the great Ughelli Kingdom. which is why as we celebrate his remembrance, I decided to use the opportunity to impact more lives.” He added.
On his part, the guest speaker of the event, Mr Sylvester Obose, CSS,MNIIS dealt wonderously on the topic.
According to him, Mr Sylvester said the training focuses on the definition, causes of conflict, and dynamics of conflicts.
He further said that the goal was to increase participants knowledge of the concept and study of conflict and conflicts prevention.
He concluded that the safety and security of our community is something that is of paramount importance. By implementing those measures presented to you today, everyone of us stand a better chance of making community safe and secured.
Dr Wilton T. Harry, MIS, CPP,DFCSI,FNIS, also spoke extensively on the same topic during the security training. He posited that the security of lives and properties is a collective responsibility.
The OERAF Executive Director also use the medium to register several others into the Delta State Contributory health insurance scheme.
Dignitaries present during the training were: Olorogun Major Patrick A. Egone Rtd, member Delta State Advisory Council, Chief Emmanuel Ogobene, member Delta State Advisory Council, Mr Edwin Asima, LGSC, Ughelli North Local Government, Chief. Mrs Grace Akpodiete, Deaconess Florence Enughwure, Bar. Agboka Akpodiete- Omale.
Other highlights of the event was the organizing of raffle draws for all the communities present and Ughelli Kingdom VGN, where Erhuwarien Community in Ughelli South LGA and Ekredjebo Community in Ughelli North LGA won security communication gadgets.
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NLC Warns Abure to Step Aside, Urges LP Members to Be on Standby

By Gloria Ikibah
The Nigeria Labour Congress (NLC) has issued a stern warning to Julius Abure, following the Supreme Court ruling on April 4, 2025, which declared the tenure of Mr. Abure and his National Working Committee (NWC) as expired and no longer legally recognized.
Despite the court’s clear ruling, Mr. Abure has continued to release statements insisting he remains the chairman of the Labour Party (LP). The NLC has strongly condemned his actions, describing them as “an affront” to the rule of law and the authority of Nigeria’s highest court.
In a statement signed by the NLC President, Comrade Joe Ajaero, the Congress accused Abure and his supporters of “crass disdain for decency” and warned that the patience of Nigerian workers and genuine LP members is wearing thin.
“The current affront of Mr. Julius Abure and co-travellers against the law… has convinced those who doubted our earlier position that Mr. Julius Abure and the few miscreants following him have sworn themselves to utter impunity,” the statement read.
The NLC also debunked allegations that it was planning to attack Labour Party offices, calling such claims false and a distraction from the real issue of compliance with the Supreme Court judgment.
“We use this medium to put every Nigerian worker, Labour Party member, and patriotic citizen on alert. We will no longer condone the antics of inconsequential characters like Mr. Julius Abure,” Ajaero said.
He added that the NLC and its allies would not stand by while the rule of law is undermined and urged all genuine members of the Labour Party to prepare to “peacefully repossess all offices of Labour Party nationwide.”
According to the statement, the NLC Political Commission and concerned stakeholders will soon issue directives on how this will be carried out. They also called on security agencies, especially the Nigeria Police and the DSS, to uphold their constitutional responsibilities and support the enforcement of the Supreme Court’s judgment.
The statement also urged the Independent National Electoral Commission (INEC) to fully comply with the court’s ruling by removing all traces of Mr. Abure and his team from its records.
To resolve the current leadership crisis in the Labour Party, the NLC said the remaining institutional members of the party’s National Executive Committee (NEC) are expected to appoint an interim leadership and organize a Special National Convention, as prescribed by the party’s constitution.
“A word is enough for the wise!” Ajaero added.
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