Otedola set for cement foray, Nigeria

Otedola set for cement foray, Nigeria
24 September 2008

Competition in the cement and sugar manufacturing sectors of the economy is set to heighten with the entry of billionaire businessman, Mr. Femi Otedola, into the fray.

The sectors, currently dominated by Alhaji Aliko Dangote, are set to receive an investment injection of US$2bn (about N240bn) from Otedola.

This disclosure was made by Mrs. Yewande Giwa, Otedola’s legal adviser, to journalists in Lagos yesterday.

Although she did not give a comprehensive breakdown of how much would go into each sector, she said cement manufacturing was especially "capital intensive" and that her boss was currently undertaking feasibility studies and accessing the logistics required for smooth and efficient take-off.

Otedola, according to her, is currently perfecting all the necessary paper work to enable him bring in bagged cement into the country temporarily "in the first instance" until he could finalise the plans for the manufacturing plant.

Published under Cement News