DAILY POST
AbdulSamad Rabiu, the Chairman of BUA Cement, has said the intention of his company to sell cement at N3,500 in 2023 was frustrated by the actions of cement dealers.
Rabiu said BUA sold over a million tons of cement to dealers at N3,500 per bag, intending for these to be transferred to the end-users.
Speaking in Abuja, Rabiu 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 lacked influence over pricing in the open market.
He said, “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.
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