Economy
Anger as BUA Betrays Customers, Increases Price of Cement
By Modupe Gbadeyanka
Customers and distributors of BUA Cement Plc have expressed their anger over what they described as a betrayal of trust on the part of the cement maker.
Their anger was triggered after the management of BUA Cement reportedly unveiled the new ex-factory price of its cement product over the weekend.
The firm increased the price of the product by N200 per bag, pushing the value higher to N3,000 per bag from N2,800 per bag despite weeks of promise not to increase the price.
Recall that a few months ago, when it was reported that the company was planning to increase the price of cement, BUA had claimed that there was no justification to increase the price of cement as it is currently making enough returns.
BUA Cement, in various statements issued between April and June this year, had refuted any claims of an 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.
But the increase in the company’s ex-factory price of cement over the weekend is generating 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, Mr 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, Mr 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 Mr 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.
By Adedapo Adesanya
Global cryptocurrency platform, Luno, has launched a structured crypto prediction markets product in Nigeria, which will enable customers to apply their market knowledge to short-term crypto price events and earn USDC when their insights are correct.
The prediction market allows customers to express a view on whether the price of selected crypto assets, being BTC, ETH, SOL, DOGE, and XRP, will be above or below the daily price event. The market operates daily with clearly defined rules and settlement periods, offering customers structured, time-bound opportunities to act on their conviction.
Nigeria remains one of the most active crypto markets globally, with increasing demand for tools that combine simplicity and transparency. By introducing Prediction Markets focused solely on price levels, Luno aims to provide a fast, confident, and opportunity-forward format for market engagement.
Unlike traditional gaming or prediction firms like Polymarket and Kalshi, in which the odds are set by the company, Luno’s Prediction Market, powered by Limitless, is focused exclusively on crypto asset price movements within the Luno platform.
This means customers are not purchasing the underlying asset, but participating in a defined, outcome-based market that settles transparently based on real-time price data.
According to a statement, the launch reflects a broader shift in how customer behaviour is evolving in Nigeria’s growing crypto asset ecosystem, particularly as crypto asset adoption matures, many users are seeking more flexible and responsive ways to engage with markets beyond long-term holding or traditional spot trading.
Luno’s Prediction Markets product is designed to meet this demand within a familiar and regulated platform environment. The feature builds on how customers already interact with crypto asset prices – analysing charts, following market news, and forming views- and provides a structured framework for expressing those views.
According to Mr Ayotunde Alabi, chief executive of Luno Nigeria, the company is combining crypto education with a secure platform to help Nigerians confidently apply their market knowledge in a responsible and practical way.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets. Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.
“By tying this to our ongoing educational initiatives, such as our scholarships with AltSchool, we are encouraging users to apply what they have learned about market analysis into a practical, responsible framework. Our priority is ensuring that where confidence meets opportunity, it is supported by the standards of trust our customers expect.”
Luno said it will further support the rollout with Learn & Earn educational content and tutorials explaining market mechanics and price determination. To promote informed decision-making and ensure the product is used responsibly,
Luno has embedded specific controls, including customers reading and acknowledging a risk disclosure before participating, as well as moving funds from their ordinary USDC wallet to a separate prediction wallet, which will be used to participate in prediction markets.
The firm also said that customers cannot hold both sides of the same market, in this case, Above and Below at the same time.
By Adedapo Adesanya
The Nigerian capital market will transition to a T+1 settlement cycle from May 29, as part of efforts to enhance efficiency and align with global standards, the Central Securities Clearing System (CSCS) Plc said in a notice.
If this is achieved, it would be about six months after the Nigerian central depository, clearing, and settlement agent switched to a T+2 settlement cycle from the previous T+3 cycle. The previous transitioning was precisely on November 28, 2025.
This switch will shorten the settlement period for trades, allowing transactions to be completed one business day after the execution date, instead of the current two-day cycle.
CSCS Plc, in the disclosure, said the move represents the next phase in the development of Nigeria’s capital market infrastructure.
It stated that the new settlement cycle is expected to improve post-trade efficiency, reduce settlement risk and speed up the movement of securities and funds across the capital market.
The company added that trades executed on Thursday, May 28, the final trading day under the T+2 cycle, and those executed on Friday, May 29, the first trading day under the T+1 cycle, would both settle on Monday, June 1.
“This transition requires coordinated readiness across all market participants, including exchanges, brokers, custodians, registrars, settlement banks and institutional investors.
“Industry-wide engagements and technical readiness initiatives are ongoing to ensure a seamless transition.
“All market participants are encouraged to review their internal processes, systems and operational workflows to ensure alignment with the new settlement framework,” the company stated.
After the T+2 settlement cycle went live last year, the erstwhile chief executive of the company, Mr Haruna Jalo-Waziri, at the time said CSCS Plc is already preparing to shift to a T+1 settlement cycle by mid-2026.
Mr Kalo-Waziri, who has since been replaced by Mr Shehu Yahaya Shantali, said the organisation had been strengthening its capacity over time, ensuring that the eventual migration would be efficient, stable, and cost-effective, stressing that the transition aligns with global best practices and reflects the market’s readiness for faster, more reliable settlement processes.
By Adedapo Adesanya
The duo of FrieslandCampina Wamco Nigeria Plc and Geo-Fluids Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.12 per cent on Monday, March 16.
FrieslandCampina Wamco Nigeria Plc lost N1.45 during the session to sell at N123.55 per share versus the previous price of N125.00 per share, and Geo Fluids Plc depreciated by 5 Kobo to N3.05 per unit from N3.10 per unit.
The losses recorded by the two securities lowered the market capitalisation by N8.88 billion to N2.480 trillion from N2.489 trillion, and crashed the NASD Unlisted Security Index (NSI) by 14.86 points to 4,145.60 points from 4,160.46 points.
On the first trading day of the week, the value of securities transacted by investors went up by 10.8 per cent to N33.2 million from N29.9 million, but the volume of securities dipped 97.5 per cent to 265,610 units from 10.4 million units, and the number of deals decreased by 43.5 per cent to 26 deals from 46 deals.
At the close of trades, Central Securities Clearing System (CSCS) Plc was the most active stock by value on a year-to-date basis with 38.6 million units sold for N2.4 billion, followed by Okitipupa Plc with 6.4 million units traded for N1.2 billion, and FrieslandCampina Wamco Nigeria Plc with 6.5 million units worth N609.6 million.
Resourcery Plc closed the day as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units transacted for N504.5 million, and CSCS Plc with 38.6 million units exchanged for N2.4 billion.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn