PRESS RELEASE,
15th May, 2024.

The global family and movement of the Indigenous People of Biafra (IPOB) ably led by the great and indefatigable leader Mazi Nnamdi Okwuchukwu Kanu calls on Tinubu’s Government to break the monopoly in Cement business which is responsible for high cost of cement in Nigeria. The APC Government should stop State induced hardship on the citizens.

IPOB in the time past has called on President Tinubu’s Government to unbundle the monopoly in Cement business which is currently monopolized by Fulani cartels namely Dangote and BUA cements. No serious government watches helplessly while her citizens groom under economic hardships while the capitalists make billions.

Serious Nations prioritize affordable housing by ensuring that building materials are accessible and affordable to the citizens. One of the ways to make building materials affordable is to discourage any form of monopoly. A liberalized economy and market will allow competition that will attract investments resulting in the increase of supply ahead of demand. Such competition in the long run provides consumers with alternatives at the reduced prices. The Tinubu government must not allow the continuation of the monopolistic attitudes of the Fulani capitalist and their entitlement mentality as if Nigeria belongs to them.

Allowing the Fulani capitalists to continue reaping the citizens off with high cost of cement is not only wicked but cowardice. Just like Tinubu’s Government deregulated the Power Sector, every other sector particularly cement production and distribution should also be deregulated. Both old and new entrants into the cement and building materials should be allowed to compete with the existing monopolists. The competent Cement companies like Ibeto Group that their licenses were illegally suspended should be reinstated particularly now the two capitalists are claiming the impossibly in cement price reduction. Ibeto Group has the capacity and the logistics to crash the price of cement and make it affordable to an average Nigerian builder.

How could APC government headed by president Ahmed Bola Tinubu should allow cement industries to increase the price of cement to the price of 7,500 per bag while other countries in West Africa are lower as 3,500 per bag. Tinubu you must look into this and proof yourself innocent on this economic hardship ravaging the country.

The Federal Government of Nigeria led by Ahmed Bola Tinubu should reinstate Ibeto Group’s cement license and allow him to compete in the cement market. The only reason that Ibeto Group cement license was suspended is because he is an Igbo businessman.

The Nigeria Government must understand that only Igbo businessmen can compete and make the prices of items affordable to all. For instance, Dr. Allen Onyema of Air Peace created a healthy competition by his entrant into the international flight that led to the reduction in international flight tickets. Restricting Ibeto Group from competing in the cement industry that he played on before the two Fulani capitalists instigated Federal Government to suspend his Cement license is still the same ethnic economic policy against Ndigbo. The Nigeria Government should understand that the more they frustrate the ingenuity of Ndigbo, the more Nigeria goes into economic mess.

The Federal Government of Nigeria should allow Ibeto cement and other companies into the Cement business to compete with the existing monopolists. Resisting other companies entrant into the cement industry means that the Federal Government is an accomplice in the extortion of Nigerians via exorbitant cement price.
Let the monopoly over cement business be broken and the price of the cement will crash. Every Nigerian deserves to build or live in an affordable house.

More business men and women should encourage bring in cement and rod including making Ajokuta steel industry to be operational by Nigeria government and its functionaries.

COMRADE EMMA POWERFUL MEDIA AND PUBLICITY SECRETARY FOR IPOB.