Major cement manufacturers in the country including Dangote Cement, BUA Cement, Ashaka Cement, Eagle Cement among others have been issued a 14-day ultimatum within which to appear before the House of Representatives Joint Committee investigating the arbitrary price hike of the commodity nationwide.
Addressing stakeholders at yesterday’s commencement of investigation into the matter, Chairman of the Joint Committee comprising Solid Minerals, Commerce, Industry and Special Duties, Hon. Gaza Gbefwi said failure to meet the deadline will bring out the parliament’s true colour in its reaction.
He said given the multiplier effects of out of reach of cement prices “not only on the wide housing deficit in the country, but its overall use in almost every developmental aspect of development, cement manufacturers must take its pricing seriously and ready to come out clean on reasons behind the spiraling cost of cement and its effects on the economy generally.
“Nothing whatsoever stops the House from bringing down its full legislative powers on manufacturers and their Chief Executives not cooperating in the investigation, so as to get to the bottom of the issue.
Co-chairman of the panel and Chairman, House Committee on Commerce, Hon. Ahmed Munir pointed out that the signals being sent out by the continued absence of key government functionaries, such as Ministers and cement manufacturers’ Chief Executives from the Investigative Hearing lends credence to allegations of collusion among them to keep cement high for pecuniary gains.
He stated that the investigative hearing aimed at finding solutions to the hardships caused by the exorbitant cost of cement and proffer solution to it rather than witch hunt anyone or institution.
Also issued two weeks ultimatum within which to cause appearance before the Joint Committee are the Ministers of Solid Minerals and the presence of Chief Executives of professional institutions invited to throw more light on the development.
Declaring the hearing open, Speaker of the House, Rep. Abbas Tajudeen, represented by the Deputy Speaker, Hon. Benjamin Kalu, underscored the urgency of addressing the issue, especially considering Nigeria’s staggering housing deficit.
The Speaker emphasized that the spike in cement prices has severely affected the infrastructure environment and the entire economy.
He cited research from the African Development Bank, revealing Nigeria’s housing deficit to be over 28 million units, highlighting the critical need for affordable cement to tackle this challenge.
The Speaker reiterated the House’s commitment to the welfare of Nigerians and stressed the importance of transparency in the cement industry.
