On July 10, 2024, the House of Representatives Committee investigating the recent surge in cement prices issued a stern warning to Alhaji Aliko Dangote and his company, Dangote Cement. The committee emphasized that every entity, no matter how influential, must respect parliamentary authority.
The Joint Committees on Commerce, Industry, Special Duties, and Solid Minerals convened a special session to address public concerns regarding the alleged price increase by Dangote Cement. Despite being summoned, officials from Dangote Cement failed to appear at the scheduled hearing, provoking a strong reaction from committee members.
Chairing the panel, Rep. Jonathan Gaza stressed the importance of accountability, asserting, “No individual should consider themselves above the parliament of their nation. No Nigerian citizen should be beyond the reach of the National Assembly.”
Concerns were voiced regarding the economic impact of heightened cement prices, with Rep. Gaza advocating for a reassessment to alleviate hardships faced by consumers. He urged for a prompt reduction in prices to mitigate adverse effects on the populace.
In response to the absence of Dangote Cement representatives, the committee took decisive action. They instructed both the Cement Manufacturers Association of Nigeria and the Central Bank of Nigeria to attend the next hearing within two weeks. The objective is to explore collaborative solutions to stabilize cement prices and ensure fair market practices.
Expressing disappointment, Rep. Gaza criticized Dangote Cement’s alleged profit-driven approach, remarking, “They appear to prioritize profits over the welfare of the very citizens who have enabled their success. This necessitates a reconsideration of governmental stance on such matters.”
Concluding the session, the committee issued a clear ultimatum: “Failure to comply with the scheduled appearance will result in a subpoena and subsequent warrant of arrest for non-compliance with parliamentary summons.”
The committee’s resolute stance underscores the legislature’s commitment to upholding economic fairness and accountability in Nigeria’s industrial sector. As the investigation progresses, stakeholders await further developments in this pivotal economic issue.
