Eagle Cement moves to acquire Nigercem

Eagle Cement moves to acquire Nigercem
Published: 09 October 2008

Eastern Bulk Company Limited, makers of Eagle brand of Cement has concluded arrangements to take over the Nkalagu cement factory in Ebonyi State.

Eagle Cement acquired the company after qualifying in the hands of the Technical Committee on Privatisation (TCOP) established by the conference of South-East governors following the introduction of the privatisation programme by the Federal Government, just as the shareholding structure of Nigercem after the privatisation in 2002 stood as follows: Eastern Bulkcem Company Limited with 60%, Ebonyi State Government 10% while other institutions and other Nigerians shared 30%.  

According to a document signed by the Chairman, Board of Directors, Nze Maduako and made available to Vanguard yesterday in Abuja submitted its expression of interest and was subsequently pre-qualified to submit its final bid after a formal due process was carried out.