BUA Group to pay N2.80k per share dividend to shareholders, agrees to reduce cement price

Abdul-Samad Rabiu, Chairman of BUA Group, has announced a dividend payment of N2.80k per share to shareholders, higher than the N2.60k shared in the previous year.

Rabiu who stated this Thursday at the 7th Annual General Meeting of Bua Cement which was held in Abuja, also announced the the company has concluded plans to reduce the cost of its cement as part of efforts to support the federal government’s economic plans.

He noted that the company intends to achieve its target by improving the production capacity of its cement-producing plants.

“By the end of the year, we intend to have two more production lines on stream which will boost our production capacity by at least 40 per cent to 70 million tons,” he said.

“The idea of increasing production capacity is to see how we can be able to drop prices on our part to support the government’s efforts because importation will not be the best solution.

“The average price of cement in Nigeria is N4,500 which translates into N90,000 per ton or $100. So if the government threatens to start importing cement, it will even cost them more because the forex is now high and when you bring it through the ports, you must pay taxes, trucking and other levies which will add to the price,” he noted.

At the AGM, Rabiu also announced a dividend payment of N2.80k per share to shareholders, higher than the N2.60k shared in the previous year.