FCCPC probes cement price manipulation as Nigerians pay more than African peers

The Federal Competition and Consumer Protection Commission (FCCPC) has launched a deeper investigation into the Nigerian cement industry following preliminary findings that the rising price of cement may not be fully explained by legitimate production and market costs.

The commission said its three-month inquiry raised concerns about possible manipulation of cement prices after receiving widespread complaints over the soaring cost of the building material despite Nigeria’s substantial limestone deposits and large installed production capacity.

The investigation was carried out by the FCCPC’s Anticompetitive Practices Department (ACP) and included a cross-border comparison of Nigeria’s cement market with those of Kenya, Tanzania, South Africa, Egypt, Morocco, Algeria and Togo.

The study examined factors including limestone availability, population, production capacity, domestic consumption and retail prices to determine whether prevailing prices in Nigeria were consistent with market conditions.

According to the commission, the findings showed a notable disparity between cement prices in Nigeria and those in some other African markets.

A 50kg bag of cement that sold for between ₦9,300 and ₦9,700 in January 2026 rose to between ₦10,500 and ₦13,000 by the middle of the year. By July, prices of between ₦13,000 and ₦15,000 were reported in some parts of the country.

The FCCPC said its comparison found that a 50kg bag sold for about $5.40, equivalent to ₦7,344, in Kenya, while the same quantity was around $4.80, or ₦6,528, in Tanzania.

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In Togo, where the commission noted the absence of significant limestone deposits, a 50kg bag sold for approximately $6.75, equivalent to ₦9,180.

The price disparity has prompted the regulator to question why Nigeria’s substantial natural-resource base and production capacity have not resulted in stronger downward pressure on domestic prices.

The FCCPC estimates that Nigeria has installed cement production capacity of between 60 million and 65 million metric tonnes annually, compared with domestic consumption of approximately 25 million to 30 million metric tonnes.

The commission also noted that Nigeria is a net exporter of cement and clinker, making the continued high domestic prices a key issue in its investigation.

However, the FCCPC stressed that it has not concluded that any cement manufacturer has violated competition laws. The preliminary findings, it said, only provide sufficient grounds for further investigation.

The commission is examining whether prevailing prices can be justified by legitimate costs or whether there is evidence of coordinated conduct, abuse of market power, restriction of domestic supply or anti-competitive distribution practices.

Cement producers and other industry participants have cited several factors behind the higher prices, including energy costs, naira depreciation, imported machinery and spare parts, transportation and logistics expenses.

The FCCPC said it was testing those explanations against verified information on production costs, pricing, capacity utilisation, exports and broader market conditions.

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As part of the investigation, the commission has issued Notices of Commencement of Investigation and Summons to Produce to key industry participants.

The companies are expected to provide information covering their pricing methodologies, production levels, capacity utilisation, exports and commercial relationships.

FCCPC Executive Vice Chairman and Chief Executive Officer Tunji Bello said the investigation was necessary because cement plays a strategic role in the Nigerian economy.

According to Bello, the cost of cement directly affects housing, commercial property development, public infrastructure and the wider cost of doing business.

The probe also comes amid repeated calls from the Federal Government for cement manufacturers to reduce prices.

In June 2026, Minister of Works David Umahi urged cement producers to reduce prices, arguing that the high cost of the material was increasing the cost of government infrastructure projects and contributing to demands for contract variations.

The government had previously reached an understanding with major cement producers, including Dangote Cement, BUA Cement and HBM Nigeria, that cement should generally sell within the ₦7,000 to ₦8,000 range per 50kg bag, depending on location.

Despite those discussions, retail prices have remained considerably higher in several parts of Nigeria.

Industry financial results also show that major cement producers have continued to record strong revenues amid sustained construction demand and higher prices. The development, however, does not by itself establish that any company has engaged in anti-competitive conduct.

The FCCPC must now determine whether the high cost of cement in Nigeria is primarily the result of legitimate economic pressures or whether unlawful practices are contributing to the price disparity.

The outcome of the investigation could have significant implications for consumers, builders, contractors, property developers and the construction industry, particularly as high building-material costs continue to affect housing affordability and infrastructure development.

For now, the commission has emphasised that its findings remain preliminary and that the investigation is ongoing. Any regulatory or enforcement action will depend on the evidence gathered during the process.

FCCPC probes cement price manipulation as Nigerians pay more than African peers

Adeleke withdraws EFCC suit after Tinubu’s intervention

Osun State Governor, Ademola Adeleke, has directed the state Attorney-General to withdraw the lawsuit filed against the Economic and Financial Crimes Commission (EFCC) over the restriction placed on a state government account.

Adeleke disclosed this in an interview with Channels Television on Sunday, shortly after he was declared the winner of the Osun State governorship election, saying he was no longer interested in pursuing the case following President Bola Tinubu’s intervention.

The governor said Tinubu personally intervened in the matter and contacted him, adding that he considered the President’s intervention sufficient reason to discontinue the legal action.

“What else do I want? I’ve instructed my Attorney-General to drop it. Mr President has done well; he called me. What more do I want?” Adeleke said.

The dispute followed the decision by the EFCC to place a Post-No-Debit restriction on an Osun State Government account as part of an investigation into the alleged handling of about ₦11 billion in Ecology Funds, Intervention Funds and allocations from the Federation Account.

The anti-graft agency said its investigation had been ongoing since March 2026. It said the restriction became necessary after it detected what it described as the “precipitate and unwarranted movement of funds” from the account into several corporate entities.

The EFCC maintained that the restriction was connected to its investigation and was aimed at preventing further movement of funds while the probe continued.

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Adeleke had strongly opposed the action, directing the state Attorney-General and Commissioner for Justice to challenge the restriction in court.

The governor had described the EFCC’s action as unlawful and politically motivated, particularly because it occurred shortly before the Osun governorship election.

The legal dispute subsequently became a major point of contention between the Osun State Government and the anti-graft agency, with the state seeking judicial intervention over the restriction on its account.

However, Adeleke has now opted to discontinue the case after Tinubu’s intervention.

The governor also addressed reports concerning some of his aides who had been invited or detained by the EFCC in connection with the investigation.

He said his lawyers were engaging with the commission and had been directed to visit the agency to address the matter.

“Well, we are… we’ve been talking. I’ve been calling all my lawyers to go there,” Adeleke said.

The governor also questioned the decision to invite some of his aides, particularly his spokesperson, for questioning by the anti-graft agency.

“Can you imagine my spokesperson? You are inviting my spokesperson to EFCC. Is my spokesperson a finance minister or accountant? So I told him, ‘Go,’” he said.

Adeleke, however, said his aides had complied with the invitations because they had nothing to hide.

The governor further clarified that his renewed support for Tinubu should not be interpreted as an indication that he intends to return to the All Progressives Congress (APC).

When asked whether he would return to the APC, Adeleke said, “I’m not even thinking about it right now.”

He nevertheless stressed that remaining outside the APC would not prevent him from supporting Tinubu ahead of the 2027 presidential election.

“But that doesn’t mean I can’t express my support… Mr President,” Adeleke said.

The governor, who previously contested political positions under the APC before moving to the Peoples Democratic Party (PDP) and later the Accord Party, said his support for Tinubu was independent of his party affiliation.

Adeleke also alleged that some individuals had been using Tinubu’s name in connection with the EFCC matter without the President’s knowledge.

His comments came after he defeated the APC candidate, Bola Oyebamiji, in Saturday’s governorship election to secure a second term as Osun governor.

According to the Independent National Electoral Commission (INEC), Adeleke polled 511,067 votes, while Oyebamiji secured 444,815 votes.

The governor’s decision to withdraw the lawsuit is expected to ease the immediate legal confrontation between the Osun State Government and the EFCC, although the anti-graft agency’s investigation into the alleged handling of public funds remains a separate matter.

The development also comes at a significant political moment for Adeleke, who is preparing to begin his second term after another closely contested election in the state.

Adeleke withdraws EFCC suit after Tinubu’s intervention

Adeleke unveils second-term plans, vows to transform Osun into industrial hub

Osun State Governor Ademola Adeleke has unveiled his plans for his second term, promising to transform the state from a predominantly civil service state into an industrial and investment hub.

Adeleke made the disclosure during an interview on Channels Television’s Politics Today programme on Sunday, days after securing re-election in the August 15, 2026 Osun governorship election.

The governor said industrialisation would be one of the central priorities of his second administration, as he seeks to attract investors, create jobs and expand economic opportunities across the state.

“I am tired of hearing Osun State as a civil service state. I want to make sure I move it to an industrial state where investors will come in,” Adeleke said.

He identified the development of a free trade zone and the state’s industrialisation programme as key components of his strategy to attract businesses and stimulate economic growth.

Adeleke also listed the completion of the Osun airport project and further infrastructure development among the major priorities for his second term.

The governor expressed confidence that the projects would be completed within the next four years, adding that increasing interest from people returning to Osun and prospective investors indicated growing confidence in the state.

He said his ultimate ambition was to leave behind a legacy that would make Osun a reference point for other Nigerian states.

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“I would like to be remembered that when Governor Ademola Adeleke came as a governor, he left a legacy of making Osun State a reference point that other states can look up to,” he said.

Beyond economic development, Adeleke said his second term would focus on political reconciliation and inclusive governance following a highly contested election.

The governor said he would establish a reconciliation committee to bring political actors and residents together and create an avenue for people across party lines to contribute ideas to the development of Osun.

He extended a “hand of fellowship” to his former opponent, Bola Oyebamiji, saying he was prepared to consider any useful proposals from the APC candidate.

“If you have any ideas, put them on the table. If the idea is good, I am going to utilise it,” Adeleke said.

The governor also expressed willingness to work with Oyebamiji and former governor Gboyega Oyetola, despite their membership of the All Progressives Congress (APC), where such cooperation would benefit Osun and support the administration of President Bola Tinubu.

Adeleke further declared his support for President Bola Tinubu’s 2027 re-election bid, saying he would “go all out” for the President.

He denied having any agreement with Tinubu linked to the Osun governorship election, insisting that his decision to support the President was based on his own political considerations.

Adeleke said he also wanted the Federal Government to sustain infrastructure development in the South-West, particularly the rehabilitation and construction of federal roads linking the region to other parts of Nigeria.

The governor ruled out returning to the APC, saying such a move was not part of his current political plans.

“As I’m talking to you, I’m not even thinking about that. It’s not on my agenda. But that doesn’t mean that I cannot support Mr President,” he said.

Adeleke also said he had directed the Osun State Attorney-General to withdraw a legal matter involving the Economic and Financial Crimes Commission (EFCC), describing the decision as part of efforts to reduce political tensions.

He said President Tinubu’s personal intervention had helped ease some of the tensions between the state government and the Federal Government.

On allegations that some of his associates were being detained or questioned by the EFCC, Adeleke said his lawyers had been instructed to intervene.

He maintained that his associates had nothing to hide but criticised what he described as continued questioning and intimidation.

The governor also defended his public image as a politician known for dancing, saying dancing was simply his hobby and did not interfere with his responsibilities as governor.

“My hobby is dancing. I have loved dancing right from when I was little, so that doesn’t stop me from doing my job. And my job speaks for itself,” he said.

Adeleke attributed his re-election victory to the confidence voters had developed in his administration, saying he had fulfilled many of the promises made during his first campaign.

“Of all the things that I promised them I would do, I kept my promises. I have been tested and trusted,” he said.

The governor also called for peace following the political tension and violence reported in parts of Osun ahead of the election.

He said he instructed his supporters not to retaliate when campaign materials were destroyed, arguing that political differences should not be allowed to damage the state’s social fabric.

“I’m a very peaceful person. I told my people that they should not retaliate. They destroyed my posters all over. I told my people not to touch their people. Just leave them alone,” Adeleke said.

He added that political power ultimately belonged to the people and should not be pursued through intimidation or violence.

Adeleke also embraced the “Bulldozer” nickname associated with his campaign, saying it reflected his political strength and ability to overcome obstacles.

Asked whom he would thank for his election victory, the governor credited God, recalling that he also emerged victorious in the 2022 election.

“I have a God that never fails. I praise Him all the time,” he said.

With his second term secured, Adeleke now faces the challenge of turning his promises into measurable results, particularly in industrialisation, infrastructure, investment, job creation and economic development.

His pledge to move Osun beyond its traditional civil service identity and establish it as an industrial and investment destination is expected to be a defining test of his second administration.

Adeleke unveils second-term plans, vows to transform Osun into industrial hub