Marketers sell BUA Cement above N5,000 despite company's pledge to sell a bag for N3,500

The ex-factory price of BUA cement was recently reduced by 30% to N3,500, but the cement has continued to be sold for N5,000 and above in several regions of the country.

In an earlier report, the company said the changes were to be reflected starting Monday, October 2, 2023.

According to Legit.ng's finding, the cost of a bag of BUA cement is as high as N5,500 in some regions of the nation.

Legit.ng chatted with Baba Seki, a well-known bricklayer in Lagos' Iyana-Iba neighbourhood. He described the announcement to lower cement prices as simply a media spin.

He claims that ever since the announcement, the bricklayers have continued to expect this to reflect, but no marketer has managed to lower the price. He said; Here, we have not seen any price deduction.

It is only in the news that they mentioned the price of Bua cement will be slashed. I am still buying the cement for N5,200.

A distributor Shola Mufta in Lagos claimed that Dangote cement is sold for N5,100 while BUA Cement is sold for N5,200. He said: Cement price has not gone below N5,000 for a very long time. Even last year, it was sold for like N4,500.

So it is not true that cement prices went down. It is what they say but it is not like that.

Business Hallmark discovered that the BUA brand costs an average of N5,400 in Ibadan, the capital of Oyo State. Additionally, the brand averaged N5,450 in Osogbo, N5,500 in Akure, and N5,500 in Ado-Ekiti.

Cement traders who spoke to the news outlet explained why cement prices might not be offered for so cheap.

A major cement distributor Alhaja Shakira Folarin, told BH that even if BUA gives out a bag of cement at the rate of N3,500 from its plants in Kalambaina, Sokoto State, or Obu, Okpella, in Edo State, it doesn’t mean consumers will buy for the same amount.

While BUA is in charge of delivering the goods to its depots in Lagos and the South West states for large distributors to pick up, he said that the distributors are in charge of paying the costs of transporting the cement from BUA depots to their warehouses.