Dr. Kehinde Bankole, the Founder of KAB Constructions and Owner/Developer of Lekki Court Estate, has urged President Bola Tinubu to address the excessive practices of local manufacturers in the construction industry regarding arbitrary material costs.
Dr Kehinde, speaking exclusively to Tribune Online in Lagos, emphasized the industry’s heavy reliance on forex, highlighting that material prices persist even as the dollar fluctuates.
He pointed out that the cost of locally produced construction iron surged from N550,000 in December 2023/January 2024 to N1,400,000 in February.
Questioning the criteria for pricing determination, Dr. Bankole expressed concern about the stagnant state of the industry, raising doubts about the marketability of properties at exorbitant prices.
Dr. Bankole emphasized the necessity for the President to intervene, highlighting the unpredictability in pricing trends and suggesting the revival of the Price Control Board.
He stressed the urgency of governmental action to regulate pricing dynamics and ensure a sustainable construction environment.
“The President has to come out in strong terms to check the local manufacturers of building materials.
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“As at December 2023 to January 2024, a tonnage of locally produced iron was being sold between N550,000 and N570,000. As i am talking to you this morning, that iron is being sold for N1,400,000.
“What is the yardstick for God’s sake? All of them will come back and lie that it has to do with forex. That is a lie. We cannot continue like this for God’s sake
“At a time dollar went up, building materials went up. As dollar is coming down, building materials are still going up.
“That says a whole lot. We need the president at this time to come out and tell these people enough is enough.
“Unfortunately, we don’t seem to have checks and balances in Nigeria. Somebody could just wake up tomorrow and say this is the amount I want to sell.
“The President should bring back the Price Control Board. I recall when MKO was contesting, he knew virtually how much everything was. Right now, it seems no one really cares about what is going on.
“We need people that will sit down and check mate how the prices of things are in this country. A tuber of yam that is N1000 today might be N2000 tomorrow. So, tell me how that is affected by dollar.
“I was on a particular site in the morning. I moved some bags of cement at N5,000 per bag. Before you knew it, i was going to buy more but decided not to sell. And before i left site in the evening, cement was already N7,500.
“In all honesty, construction is stagnant. For those of us in the real estate business, how do we do it? How do we sell the house? Who are selling it to? And at what rate?” He said.
While speaking on how he has been giving back to his people in Kwara State, Dr. Bankole said.
While admitting he has been doing the little he can to help his people in Kwara State in these hard times, Dr Bankole said that his Foundation is set to sponsor about 100 Kwara Indigenes to tertiary institutions across the country.
According to him, education is everybody’s right and the foundation will be taking the responsibility of school fees and other emoluments.
“Right now, we are sending about 100 people to tertiary institutions across the country.
“We are starting any moment from now. Education is everybody’s right. We will be taking responsibility for all their fees,” he said.
TheWitness
