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.
