BUA Cement Plc has increased the ex-factory price of its cement product by N200 per bag. The cement manufacturer, it was reliably gathered, unveiled its new price increase from N2,800 to N3,000 per bag over the weekend.
The price increase by BUA is contrary to what he has repeatedly asserted that his company does not have any justification to increase the price of cement as it is currently making enough returns.
It would be recalled that BUA Cement, in various statements issued between April 24 and June 18 this year, had refuted any claims of increase in the ex-factory price of its cement products by N300 per bag, stating that, “the company had no plans to increase prices of its cement now or in the near future.”
According to a statement issued on April 24, 2021, the company stated that, “the solution was not in an increase of ex-factory price at this period.”
The company, in its statement, had “reiterated its stand that the timing was not right for any increase in the price of major commodities, especially not at this period whilst Nigerians are still trying to recover from the economic consequences brought about by the Covid-19 pandemic – especially for a product for which all raw materials are locally sourced.”
On June 17, 2021, BUA Cement had issued a fresh statement titled ‘No Further Increase in the Price of BUA Cement’ in response to numerous clarification requests from its distributors and the public that the company does not seek to increase the ex-factory price of its cement in the foreseeable future.
“We are aware of the feedback and outcry from the public, and the government on the high retail price of cement in a period of economic recovery. BUA is also of the firm belief that the current retail prices of cement are higher than normal, hence our earlier communication not to increase ex-factory prices in the foreseeable future.
“As a responsible corporate entity, we refuse and reject associations with any actions that are deemed capable of projecting any industry we operate as a cartel. Hence, whilst we respect that the said company has decided to increase their prices, we are not questioning the reason(s) why, but would like to make clear BUA’s position on a price increase.
“The timing is not right for any increase on BUA’s part, and we do not have any justifiable business reason to increase our prices (ex-factory) anytime soon. We therefore urge our distributors not to panic as well as not engage in any arbitrary hike in the retail price of BUA Cement,” the statement read.
The increase in the company’s ex-factory price of cement has generated ripples among distributors, retailers and consumers across the country, with many wondering at the sudden change of mind of the manufacturer and this volte-face dishonesty.
In a market survey carried out on the price increase, a cement distributor in Kano, Alhaji Sadiq, wondered why BUA Cement changed its cement price, contrary to expectations and its promise. “I don’t understand why BUA did this increase at this particular time. The chairman of BUA, Abdulsamad Rabiu, personally promised us that his company will not increase the price of its cement. Honestly, this is not good for our business and the industry. This is the biggest scam by any major corporate organisation in the history of this country,” he lamented.
Another cement distributor based in Asaba, Delta State Sunday Odogwu, expressed anger at the price increase by BUA Cement, despite all his repeated promises of no further increase in the price of BUA cement.
According to Odogwu, “BUA told us several times before in their statements to distributors that they are not ready to increase their cement price. The last notice was just last month in June. Why are they doing this now? It is so not fair, and we are disappointed. Our customers will not understand all this and will be blaming us!”
“This shows total disregard and non-adherence to international corporate governance rules and standards. More importantly, his action shows a total disregard and disrespect for his customers, who over the years from their loyalty and patronage of his cement have in no small measure contributed to his business success.
“Initially, we believed the management of BUA as having sympathy for the populace. But this current position is not only deceptive but also portrays the organisation as having a hidden agenda in order to smear competition and gain an unfair market advantage over others in the industry”, he added.
HACKAHOLICS DIGITAL SUMMIT 2023: WEMA BANK LAUNCHES AFRICA’S LARGEST GATHERING OF INNOVATORS, DISRUPTORS, REGULATORS, POLICYMAKERS, INVESTORS & CUSTOMERS IN THE DIGITAL SPACE
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has announced the launch of the Hackaholics Digital Summit 2023, Africa’s largest gathering of innovators, disruptors, regulators, policymakers, investors & customers in the digital space.
This groundbreaking summit will serve as a hub for sharing cutting-edge insights, trends, and best practices in the tech industry towards the positive transformation of technology and innovation not just in Nigeria but across the African continent.
In 2019, Wema Bank introduced Hackaholics, a dedicated initiative targeting youth and startups. Its mission is to provide a stage for entrepreneurs and innovators with transformative, tech-driven concepts to bring their ideas to fruition and refine their skills. The 4th edition of Hackaholics, launched in April 2023, involved several months-long journey to top Nigerian universities to identify and nurture talented students with creative ideas. These students were afforded the opportunity to collaborate, enhance their skills, and actualize their unique concepts through technology. The Hackaholics Digital Summit will host both the grand finale of Hackaholics 4.0 and the inaugural edition of the digital summit.
The Hackaholics Digital Summit 2023 is scheduled for October 6, 2023, in Lagos, Nigeria, under the theme “Re-Imagine: Disrupting the Ecosystem for Scale.” This multifaceted event commences with the launch of the Hackaholics Digital Summit and concludes with the exciting grand finale of Hackaholics 4.0. During this grand event, the standout teams from the competition will showcase their innovations, contending for the prestigious titles of Hackaholics 4.0 winners.
Notably, the winning team will receive a grant of N10,000,000 worth of prizes, the first runner-up N7,000,000 worth of prizes, the second runner-up N5,000,000 worth of prizes, while a special N3,000,000 grant is reserved exclusively for a female-led team. Additionally, a N15,000,000 grant will be allocated to University STEM endowment.
The Digital Summit will further encompass an array of simultaneous master classes, providing attendees with the opportunity to witness the emergence of Africa’s technological future while gaining invaluable insights from renowned experts. These masterclasses will delve into topics such as “The Future of Financial Services,” “Venture Capital and Funding Viable Innovation for Scale,” and “Strategic Technology for Impact & Societal Change: Transforming Today & Tomorrow’s World.”
Attendance to this prestigious event is by invitation only; however, interested customers and technology enthusiasts can secure a spot at the Wema Bank Hackaholics Digital Summit 2023 by registering at https://hackaholics.wemabank.com/digital-summit.
Don’t miss the chance to be part of this exceptional gathering, charting the course for the future of technology in Africa.
Primate Ayodele’s Prophecy Fulfilled As Godswill Akpabio Faces Impeachment Threat (VIDEO)
The emergence of Godswill Akpabio as the senate president of Nigeria may have been approved physically but spiritually, there were pockets of resistance for his leadership. This claim has now been authenticated following the impeachment threats currently facing the politician.
Long before the senate presidency election, the electorates were warned by Primate Ayodele about the choice of their candidate. The global prophet went as far as mentioning names of candidates that have the approval of God but in the usual character of Nigerian politicians, they ignored.
Primate Ayodele repeatedly said that an Igbo person is the right candidate to become the next senate president but the most prominent person in that category wasn’t allowed to get the seat, the electorates threw their weight behind Godswill Akpabio.
It would also be recalled that immediately Akpabio won, Primate Ayodele stated that there would be problems in the house. Some supporters of the politician thought Primate Ayodele had a personal issue with their principal and went on to verbally attack the prophet. Little did they know that it won’t even take long before things unfold.
In a video shared on Primate Ayodele’s tiktok account in August, the prophet clearly revealed that some people will launch an attack of impeachment on Godswill Akpabio. Every normal person would have thought this will not come to pass anytime soon because the government is still new and there were no issues at the time Primate Ayodele released that prophecy but prophets don’t operate on the normal realm, they have the ability to see stillness in the midst of a raging storm and a raging storm in the midst of stillness.
These were the words of Primate Ayodele:
‘’I see that some people will launch attack of impeachment on Akpabio, they will condemn him and will begin to have problems.’’
As the prophet revealed, reports making rounds have it that the Senate President is going through an impeachment attack which was launched by two senators from the north. According to the reports, former governors who are also in the senate have joined the league of senators seeking for the impeachment of Godswill Akpabio.
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