Investment

By Sabiu Abdullahi 

AbdulSamad Rabiu, the Chairman of BUA Cement, has revealed that his company’s intention to sell cement at N3,500 per bag last year was thwarted by the actions of cement dealers. 

During the 8th Annual General Meeting held in Abuja, Rabiu stated that BUA Cement had sold over a million tons of cement to dealers at a price of N3,500 per bag, with the intention of passing the savings on to end-users.

However, he noted that dealers were selling each bag of cement to consumers for prices ranging from N7,000 to N8,000. 

Rabiu expressed frustration that the company’s policy was not being implemented as intended, saying, “So, a lot of the dealers took advantage of that policy. Rather than pass the low prices to the customers, they were selling at even double the price we sold to them.” 

He attributed the discontinuation of the policy to the company’s inability to regulate dealers, who were earning substantial profits due to high margins.

Rabiu also cited the challenges posed by the devaluation of the Naira and the removal of fuel subsidies last year, which made it difficult for the company to sustain the price policy. 

“We wanted that price to stay at that level, but dealers refused. So, we could not sustain that simply because we did not want to be in a situation where we are subsidizing dealers,” he said.

By Salihi Adamu Takai

The personal anecdote of Robert T. Kiyosaki’s Rich Dad and Rich Dad’s Guide to Investing is alluring. The author’s insatiable appetite for investment doesn’t reveal excessive love for money. Instead, it’s just a guide for future students’ financial capacity. His voracious appetite for investment started when he was based in Huawei and met his friend and his Rich Dad. 

Robert was, of course, a fortune student who graduated from college and got a job with the Marine Corps as a pilot. He was able to survive on $12,000 annually. However,  in 1973, his mindset changed, and he became reluctant to continue working as a self-employed and government employee.

Robert believed that if he didn’t become an investor,  he would continue to be poor like his Poor Dad, who ended up with a paycheck-to-paycheck life. Eventually, he was guided by his Rich Dad. He became a sophisticated investor as he planned it — learning from his Rich Dad.

Investments vary as the business does. Since Rich Dad refused to let Robert invest in his business due to a lack of funds, it taught him that before investing with people, ensure you are financially and educationally equal to them. Robert didn’t have the minimum amount of $35,000 to invest in Rich Dad’s business, which disqualified him.

Therefore, as a university student, you must be open-minded and never limit your thoughts on becoming a self-employed or government employee (working with the government!). Try to be optimistic about money and believe that it’s simple to invest.

When you think that money is difficult to get, it will be difficult for you to become rich. Save your little income to invest it, starting a business with an open mind.

Salihi Adamu Takai wrote via salihiadamu8888@gmail.com.