BUA CEO Abdulsamad Rabiu Exposes Those Behind High Cement Price in Nigeria [Video]

• Nigerian billionaire Abdul Samad Rabiu has revealed that his company, BUA, reduced the price of a bag of cement to N3,500
• Rabiu revealed that dealers took advantage of the low price and sold the product with a high-profit margin to Nigerians
• The company was forced to reverse its prices due to the devaluation of the naira, exchange rate volatility, and the increased cost of business operations

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

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 …