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FG Summons Dangote, BUA Over Rising Cost Of Cement - Politics - Nairaland

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FG Summons Dangote, BUA Over Rising Cost Of Cement by peekspot(m): 9:21am On Feb 17


David Umahi, minister of works, has summoned cement manufacturers over the rising cost of the product.

The price of cement has been oscillating between N8,000 and N10,000 per bag from about N4,000 a few weeks ago.

Dangote, BUA, and Lafarge are some of the cement manufacturers summoned by the works ministry.

Orji Uchenna Orji, media aide to the minister, said: “Worried by the escalating cost of cement despite huge patronage by road and housing contractors to cement manufacturers, the Honourable Minister of Works, His Excellency Sen Engr Nweze David Umahi CON, has summoned an urgent meeting of all cement manufacturers in Nigeria”.


Orji quoted his principal as saying that the disparity between ex-factory price and market price is huge.

“It is common knowledge that the manufacturers have their challenges, which we shall look into, but from our findings, the disparity between ex-factory price and the market price is wide,” Umahi was quoted as saying.

“We therefore need to look into the situation and other issues with a view to finding a common front.”
https://www.thecable.ng/fg-summons-dangote-bua-over-rising-cost-of-cement/amp

12 Likes 1 Share

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by Richtaiwo: 9:23am On Feb 17
No need inviting the two greedy capitalists leveraging on high cost to feast on Nigerians. Just find a way of reducing the hardship. Things will naturally take proper shape. Inviting them is just like forcing or begging them.

150 Likes 16 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by opera1(m): 9:24am On Feb 17
I don't just understand what lead to the increase coz we have all the raw materials here. It's now 12k per bag in some places.

100 bags is ₦1m. How poor man wan take get house like this?

201 Likes 13 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by insidelife22(m): 9:24am On Feb 17
Allow other investors in the cement industry for competitions, and watch demand and supply determine the cost.

239 Likes 19 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by alsudan: 9:25am On Feb 17
Ebola and his people should first summon themselves over the fallen Naira

82 Likes 7 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by thesicilian: 9:28am On Feb 17
insidelife22:
Allow other investors in the cement industry for competitions, and watch demand and supply determine the cost.
These are some their biggest campaign financiers. If the president decides to break the competitive advantage that has been handed over to these capitalists from generation to generation, where will the next campaign funds come from.
They all know what they are doing.
The masses are nothing but pawns

155 Likes 15 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by 123yes(m): 9:31am On Feb 17
This APC government have no sense. You devalue you currency to almost #1770 to a,$ollar They have to increase their prices so as to cover their cost of production. That is common economics. What did u want them to do? to produce and sale at a loss?.

98 Likes 13 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by Iseoluwani: 9:32am On Feb 17
Nigeria is gone to the dogs

11 Likes

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by Tjra: 9:32am On Feb 17
alsudan:
Ebola and his people should first summon themselves over the fallen Naira
Compare your comment with those of the previous intelligent posters. Shameful right? undecided

45 Likes 6 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by STEWpid(f): 9:34am On Feb 17
Chai..


Time for other cement companies like Sokoto cement to start selling and gain prominence!!

Many people are already buying the cement as if nothing happened.


Even when it gets to N20,000, some people will still buy.


The effects are only dawning on Mekunus.

30 Likes 2 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by matify83: 10:04am On Feb 17
The ministry of works will be at the receiving end because all contractors handling federal projects will come back for contract variation due to the rising cost of inputs.

Umahi once threatened to import cement if they don't bring down the price of local cement. That was when BUA decided to announce his ex-factory price of 3500 which did not see daylight.

With the high costs of running those factories and vehicles, I presume the minister is only putting the chart before the horse except he wants them to fold up like several multinationals who wound up and left due to our harsh operating climate.

30 Likes 2 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by CharleyBright(m): 10:21am On Feb 17
Dangote is a crook.
The man has been Milking the country for decades now.
BUA said he will crash cement price to N3500, and suddenly Dangote started fights with BUA. Whatever agreement they had to stop the fights is the effect of the spiking price in cement.

43 Likes 1 Share

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by Caramia2020(m): 11:02am On Feb 17
It's important that the issue of cement should be addresse.
Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by mytime24(f): 11:05am On Feb 17
Generator republic

21 Likes 3 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by chicfarmer: 11:14am On Feb 17
123yes:
This APC government have no sense. You devalue you currency to almost #1770 to a,$ollar They have to increase their prices so as to cover their cost of production. That is common economics. What did u want them to do? to produce and sale at a loss?.
The additives in cement production which may be imported is very minimal. Naira devaluation cannot be responsible for over 120% price increment for cement. The major raw material for cement is locally and abundantly available.
This cement cabal need to be checked before they get out of hand.

62 Likes 3 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by Godfullsam(m): 11:23am On Feb 17
insidelife22:
Allow other investors in the cement industry for competitions, and watch demand and supply determine the cost.

Government has never denied other investors from investing in the cement industry.

Government only stopped the importation because the natural resources needed for the production is readily available in Nigeria.

19 Likes 1 Share

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by chicfarmer: 11:29am On Feb 17
matify83:
The ministry of works will be at the receiving end because all contractors handling federal projects will come back for contract variation due to the rising cost of inputs.

Umahi once threatened to import cement if they don't bring down the price of local cement. That was when BUA decided to announce his ex-factory price of 3500 which did not see daylight.

With the high costs of running those factories and vehicles, I presume the minister is only putting the chart before the horse except he wants them to fold up like several multinationals who wound up and left due to our harsh operating climate.

The government needs to read the riot act to these cement boys. If importing cement is far cheaper than locally producing it, then the government may well call their bluff if they want to shut down. Compare the millions of artisans who would be left jobless because of the prohibitive prices of cement to the few thousands these cement manufacturers employ. Do the maths and see which is better.

Of course we don't want factories to shut down but if they become cogs in the nation's wheel of progress then they may pay the price.
I can assure you that the construction industry is right now comatose because of this cement price crisis. Think of the Engineers, plumbers, painters, carpenters, iron benders, aluminium artisans, unskilled labourers etc who are stranded at home with no means of income. This cement issue deserves the strongest direct response from the government without caring whose ox is gored!

53 Likes 5 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by Nicepoker(m): 11:43am On Feb 17
opera1:
I don't just understand what lead to the increase coz we have all the raw materials here. It's now 12k per bag in some places.

100 bags is ₦1m. How poor man wan take get house like this?
Cost of power very essential and the dwindling naira.

2 Likes

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by Ezewuzie01: 11:56am On Feb 17
Why can't Ibeto or any other wealthy Igbo or group pool resources together to revitalize the Nkalagu cement to free Igbos from the Fulani cement mafia? Igbos like coming to social media to complain about everything and blame other tribes when we haven't done our homework.

21 Likes 4 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by HarunaWest(m): 12:03pm On Feb 17
123yes:
This APC government have no sense. You devalue you currency to almost #1770 to a,$ollar They have to increase their prices so as to cover their cost of production. That is common economics. What did u want them to do? to produce and sale at a loss?.
Oga calm down. 90% of the whole raw material for cement production is sourced from Naija. Its only machinery maintenance and spare parts that are secured abroad. Is this enough reason to just increase the orice of cemennt abnormally? Why did Dangote stop production in 2 trains all of a sudden? Nigeria have given too many elites monopoly, thats what we are suffering right now. If everyone was given a level playing field, we wouldnt be in a fix right now.

30 Likes 3 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by matify83: 2:02pm On Feb 17
chicfarmer:


The government needs to read the riot act to these cement boys. If importing cement is far cheaper than locally producing it, then the government may well call their bluff if they want to shut down. Compare the millions of artisans who would be left jobless because of the prohibitive prices of cement to the few thousands these cement manufacturers employ. Do the maths and see which is better.

Of course we don't want factories to shut down but if they become cogs in the nation's wheel of progress then they may pay the price.
I can assure you that the construction industry is right now comatose because of this cement price crisis. Think of the Engineers, plumbers, painters, carpenters, iron benders, aluminium artisans, unskilled labourers etc who are stranded at home with no means of income. This cement issue deserves the strongest direct response from the government without caring whose ox is gored!

I share your sentiments

9 Likes

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by stacyadams: 2:03pm On Feb 17
grin
FG summons
FG pleads
FG condems


Zero plans grin

30 Likes 1 Share

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by stacyadams: 2:06pm On Feb 17
Ezewuzie01:
Why can't Ibeto or any other wealthy Igbo or group pool resources together to revitalize the Nkalagu cement to free Igbos from the Fulani cement mafia? Igbos like coming to social media to complain about everything and blame other tribes when we haven't done our homework.

Go pull resources revitalize nkalagu cement instead of coming to nairaland to lament

16 Likes 2 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by OgaTheTop2: 2:25pm On Feb 17
These people are just taking advantage of the situations in Nigeria. Well, I don't blame them...there is no regulatory and monitoring system in naija.

3 Likes 1 Share

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by ERockson: 2:26pm On Feb 17
Let me handle your water project

1 Like

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by allabig(m): 2:26pm On Feb 17
scope.

they all benefit from it.
dangote isn't wicked.
FG' actions triggered the increase.

Tinubu Govt will mostly depend on tax

2 Likes

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by RichDad1(m): 2:26pm On Feb 17
Clowns.
Shebi when BUA reduced the prices of cement last year, the useless government couldn’t protect the company from the useless Dangote and his fellow vultures when they started blackmailing BUA.

19 Likes

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by slaawomirr: 2:27pm On Feb 17
Damnnn niggar

Imagine 11k for cement

3 Likes 2 Shares

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by sonofthunder: 2:27pm On Feb 17
peekspot:

https://www.thecable.ng/fg-summons-dangote-bua-over-rising-cost-of-cement/amp



I thought people used to say Bua is a good man that dangote is the crook

4 Likes

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by Donedeal1(m): 2:27pm On Feb 17
Why not seal up the concern warehouses.

6 Likes

Re: FG Summons Dangote, BUA Over Rising Cost Of Cement by israelmao(m): 2:27pm On Feb 17
In spite of concessions and wavers granted to Dangote and BUA by FG,price of cement is skyrocketing even though the major raw materials for it are being sourced right in Nigeria without foreign exchange influence.

21 Likes 4 Shares

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