BUA Group consolidates cement subsidiaries

BUA Group consolidates cement subsidiaries
31 October 2019

BUA Group, has announced the consolidation of its subsidiaries Cement Company of Northern Nigeria Plc (CCNN) and Obu Cement Company Plc.

The move is part of its bid to deepen the Nigerian capital market and enhance the growth of the cement industry, said BUA Group.

Commenting on the development, the Founder & Executive Chairman of BUA Group, Abdul Samad Rabiu, said this consolidation would mark the culmination of the first phase of the BUA mid-term strategic plan for its cement businesses, which currently include four cement plants spread across Obu Cement Company and the Cement Company of Northern Nigeria.

The greenfield US$450m Sokoto Kalambaina II plant with 3Mta cement capacity is also scheduled to come on-stream in 2H20, alongside another 48MW power plant, Rabiu added.

This consolidation will cement BUA's position as the second largest cement producer in Nigeria while also positioning it to take advantage of the combined synergies to effectively serve northern and southern Nigeria, based on the strategic locations of these plants as well as a sizeable export market.

Published under Cement News