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Cement Price Hikes: Legislators accuse FCCPC of alleged failure to protect consumers, summon CMAN

Bags of Cement in Nigerian Market

*The Joint Committee of the House of Representatives, in the National Assembly, Abuja, investigating the recent arbitrary increases in the prices of cement Monday, May 20 express disappointment in the Federal Competition and Consumer Protection Commission for the Commission’s alleged failure to protect cement consumers in accordance with its Establishment Act

Isola Moses | ConsumerConnect

The Joint Committee of the House of Representatives, in the National Assembly (NASS), Abuja, FCT, investigating the recent arbitrary increases in the prices of cement in the country Monday, May 20, 2024, expressed disappointment in the Federal Competition and Consumer Protection Commission (FCCPC) for its alleged failure to protect cement consumers in accordance with the Commission’s Establishment Act.

The House of Representatives Joint Committee especially frowned at the market regulatory Commission for purportedly not doing enough to ensure the product consumers get some respite since the cement manufacturers reportedly agreed to sell a 50kg bag of cement for N7,000 per bag February this year.

Dr. Adamu Abdullahi, Acting Executive Vice-Chairman and CEO of FCCPC

Recent reports from across the country revealed that the sudden increments in prices of cement have become a source of worry to Nigerian consumers, especially in terms of the effects in increasing house and office accommodation rents.

ConsumerConnect reports the price of cement, which was sold between N5,000 and N5,300 per 50kg bag in several areas of Lagos State till December 2023 have increased by over 100 percent early January this year, a situation which immediately attracted government’s intervention.

Further checks at the weekend, however, indicated that a 50kg bag of cement still sold for between N7,000 and N8,000 in some retail markets in Ikeja, Agege and Iju-Ishaga areas of Lagos State.

Similarly, some building engineers at construction sites and block moulders also told this publication Saturday that a bag of cement is sold a wholesale price of N7,500 to N8,000 in locations, such as Agbado, Ijoko and Adiyan Gasline areas of Ogun State.

Meanwhile, the Federal lawmakers, besides hitting at the FCCPC, also have issued a final summon to the Cement Manufacturers’ Association of Nigeria (CMAN) for failing to honour its invitation for a second time.

The Committee warned that it would not be deterred by the court injunction the manufacturers had obtained in respect of appearing before House to tell Nigerians their role in the continued high prices of cement brands in the West African country in recent times.

Jonathan Gaza, Chairman of the Joint Committee investigating the recent arbitrary increases in the prices of cement, on Monday, gave the final warning to the Association and other key industry stakeholders at resumption of the investigative hearing in the National Assembly.

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