Dangote, BUA, Ibeto, Others Given 14 Days Deadline As Cements Prices Soar
Dangote Cement, BUA, IBETO, and other stakeholders have been issued a 14-day ultimatum by the House of Representatives Joint Committee to address concerns regarding the increase in cement prices in Nigeria.
This ultimatum came after the companies and other relevant parties failed to attend the committee’s investigative hearing on Tuesday.
The joint committee, comprising the House committees on solid minerals, Commerce, Industry, and Special Duties, was established by the House to investigate the “arbitrary increase in the price of cement in Nigeria by cement manufacturers.”
Additionally, the Minister of Solid Minerals Development, Dele Alake, was summoned to appear before the committee after failing to attend the hearing on Tuesday. He is expected to appear on Tuesday, May 21, while Dangote, BUA, IBETO, and others are required to appear on Monday, May 20, 2024.
Chairman of the joint Committee and also the Chairman of the Committee on Solid Minerals, Rep. Jonathan Gaza Gefwi, criticized the companies for disregarding the invitation, stating that their actions demonstrate insensitivity to the plight of Nigerians.
Rep. Gefwi highlighted that a comparison of cement prices in countries like Kenya, India, and Zambia for 2021 revealed that Nigeria has the highest cement price when using the official exchange rates for each country. He emphasized the importance of addressing this issue to benefit both citizens and investors.
Furthermore, he clarified the authority of parliamentary committees to invite private entities for investigations, stressing the importance of public hearings to gather evidence on matters affecting citizens.
In his remarks, Chairman of the House Committee on Commerce, Rep. Ahmed Munir, emphasized that the failure of any invited entity to appear before the joint committee would strengthen allegations that the rise in cement prices is arbitrary and contributes to unnecessary hardships for Nigerians, undermining government efforts to address the housing deficit.
