"A Bag Costs N4k": Dangote Cement Reacts to Allegations of Selling Cement Cheaper in Other Countries
- Dangote Cement has stated that it is not true the company sold cement at lower prices in some West African nations.
- This follows earlier criticism by Nigerians who claim there is significant price difference between its cement in Nigeria and neighboring countries
- The company points out the need to separate the ex-factory prices from the prices at which retailers sold cement
Dangote Cement Plc has clarified that its cement pricing aligns with, or even falls below, the prevailing prices along the West African coastline.
In addition, the company in a statement, said that in contrast to widely circulated reports in various media, the cost of a bag of cement from its operations in Nigeria had not changed.
This is coming after the company received harsh criticism for the price difference between its cement in Nigeria and other West African nations.
Source: Facebook
Legit.ng had earlier reported that the cement company emerged as the most valuable company in Nigeria by market capitalisation as at the end of July 2023.
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
The company recently completed its two-day Tranche 1 share buyback program. The initiative entails the acquisition of 168,735,593 fully paid ordinary shares, accounting for 1% of the presently issued shares.
Company commits to inclusive and sustainable business
According to the statement, the cost of Dangote Cement was N4,010 in Okpella and N4,640 in Ibese, Objana, and Gboko as of Monday, Punch reported.
It added that charges per bag could range from N5,000 to N5,300 when transportation expenses and delivery location are taken into account.
The company claimed that the statement was made in response to recent rumours that claimed it sold cement in Nigeria for substantially more than it did in other nations, including the Republic of Benin and other nearby nations.
Arvind Pathak, the Group Managing Director of Dangote Cement, stressed the significance of separating the ex-factory prices of the company from the prices at which retailers sold cement in the market.
Pathak said:
We continue to innovate new ways to deliver quality products to millions of our customers across Africa, while providing top-notch customer services.
At Dangote Cement, we are committed to building an inclusive and sustainable business for all stakeholders across the value chain.
Dangote, BUA Cement spend N205 billion powering generators in first 6 months of 2023
Legit.ng earlier reported that two of Nigeria’s biggest Cement manufacturers, Dangote Cement and BUA Cement, said they spent about N204.925 billion powering their generators for operations during the half year ended June 30, 2023.
The spending represents an 18% increase from N173.537 billion recorded during the same period in 2022.
The amount also represents 41.15% of the total cost of sales for the firms amounting to N498.031 trillion recorded during the review period.
Source: Legit.ng
