The Chairman of BUA Group, Abdul Samad Rabiu, has announced a 50% salary increase for all employees.
The announcement was conveyed via an internal memo signed by Mohammed Wali, BUA’s Head of Human Resources, in Lagos.
The memo said the company’s decision to increase salaries is to address the ongoing economic challenges in the country. The increase applies to both permanent and non-permanent staff members and is set to take effect from February 1, 2024.
“Sequel to the above development, the Human Resources and Finance departments are processing the increase to ensure that it is captured in the February 2024 payroll,” the memo stated.
The Chairman of BUA Group had disclosed plans to reduce the price of cement to N3,500 for 50kg bags, beginning from October 2, 2023.
However, findings by The Explainer revealed that instead, the selling price of BUA cement in Kaduna state stands between N8,000 and N8,500. In certain areas of Abuja, the price reportedly soared to N15,000.
Inflation in Nigeria has been on a steady increase lately. The country’s headline inflation rose to 29.90% in January, an increase from the 28.92% reported in December, according to the National Bureau of Statistics (NBS). The food inflation rate also hit 35.41% on a year-on-year basis.
Meanwhile, the Federal Government has called for a meeting with BUA, Dangote, Lafarge, and other cement manufacturers to address the increasing prices of cement.
