BUA Cement has explained why its initial strategy to sell the commodity across the country for a fixed price of N3,500 per 50kg bag was unsuccessful.
The corporation claimed that market forces hampered the plan.
This clarification came after two civil society groups handed the firm a seven-day ultimatum to sell cement at N3,500 per bag or face a picket.
The corporation maintained that it had actually honored that guarantee.
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“We actually sold our cement for three to four months at N3,500. We thought other players in the cement industry would join us in making the price of cement affordable,” the executive director, Mr Kabir Rabiu told Leadership.
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Kabir noted that BUA was unable to maintain the discounted price of N3,500, as the intermediaries and wholesalers prevented the intended recipients, the end-users, from accessing the reduced price.