New Nigerian cement plant venture announced
A new cement factory, Northrich Cement Limited, is to be built in Sokoto, a city located in the northwest of Nigeria at a cost of N42bn.
The plant, with an expected capacity of 1.5Mta, is a joint venture project by the China-based Zhonghao Overseas Construction Engineering Limited and its Nigerian associate, Loratt Capital Limited.
Under the joint venture, the Chinese company will be the major shareholder and technical partner with 55 percent equity, Loratt Capital will hold 25 per cent stake while the indigenes of the host state, Sokoto, and other Nigerians will hold 20 per cent. A statement signed by Alhaji Muktar Aliyu Shinkafi of Loratt Capital said the project will be funded 90 per cent by the Import and Export Bank of China while Nigeria’s Intercontinental Bank Plc will provide guarantee for the facility. Published under Cement News
