Cement News tagged under: Nigeria

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Dangote Cement receives approval for share buyback

23 January 2020, Published under Cement News

Nigeria’s Dangote Cement has received shareholder approval to complete a share buyback scheme within 12 months. Under the plans, 1.7bn out of a total of 17.04bn ordinary shares will be repurchased.  Aliko Dangote, Dangote's chairman, has confirmed the scheme will be funded out of the profits of the company. He also noted that a number of shares under the programme are required to be cancelled in accordance with Securities and Exchange Commission and Nigerian Stock Exchange rules. As a res...

BUA Cement formally lists on Nigerian Stock Exchange

10 January 2020, Published under Cement News

Nigeria’s BUA Cement has been formally listed on the country’s stock exchange with a market capitalisation of over NGN1.2trn (US$3.32bn). The listing brings a conclusion to the merger process between the BUA-owned entities, Cement Company of Northern Nigeria (CCNN) and Obu Cement Co. The listing has seen BUA Cement become the third-most capitalised stock on the Nigerian Stock Exchange. "We are coming into the market at the beginning of the year and since trading has commenced, we expect t...

Shareholders approve CCNN-Obu merger

06 December 2019, Published under Cement News

Shareholders of Cement Co of Northern Nigeria (CCNN) and Obu Cement Co have unanimously approved the merger of the two entities into Obu Cement plc. This implies that all the assets, liabilities, licences and undertakings of CCNN, including employees, real property and intellectual property right, have been transferred to Obu Cement. Also, the entire issued share capital of CCNN, comprising 13,143,500,966 ordinary shares of 50 kobo each be cancelled and CCNN be dissolved without being woun...

Dangote plans to construct 1.5Mta plant in Togo

12 November 2019, Published under Cement News

Nigeria’s Dangote Industries Ltd has reportedly signed a contract with the government of Togo to build a cement factory in the country. The 1.5Mta grinding plant is expected to represent an investment of US$60m. The project will be constructed in Lomé and use clinker produced in Togo and Nigeria, according to a statement. Construction of the facility has been scheduled for the 1Q20.

Dangote Cement Group's unaudited 9M19 results see volumes rise 1.1%

31 October 2019, Published under Cement News

Dangote Cement Group's unaudited results for the 9M19 to 30 September 2019 saw group volumes up 1.1 per cent to 18Mt and Nigerian sales up 0.6 per cent to 10.8Mt, driven by strong 3Q19 promotional activity. Pan-African cement volumes rose by 1.7 per cent to 7.1Mt for the 9M19. However, group revenue fell by 0.8 per cent to NGN679bn (US$1.88bn) and group EBITDA slipped by 10.1 per cent to NGN303.2bn. Joe Makoju, Group Chief Executive Officer said: "The huge success of our Bag of Good...

BUA Group consolidates cement subsidiaries

31 October 2019, Published under Cement News

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,...

Cement Co of Nigeria doubles 9M revenues

29 October 2019, Published under Cement News

Cement Co of Nigeria saw 9M revenue advance 117.2 per cent to NGN42.51bn (US$5.3bn) in 2019 from NGN19.57bn in the 9M18, reports Reuters News. In addition, the company posted a 9M profit before income taxes of NBN11.68bn, up 103.8 per cent when compared with NGN5.73bn in the 9M18. Cement Co of Nigeria markets its cement under the Sokoto Cement brand name. The company is majority-owned by BUA International Ltd.

Gwana Cement Factory to produce cement in US$864m deal

29 October 2019, Published under Cement News

Nigeria’s Bauchi State Government has signed a US$864m deal with an American investment company to produce cement at the Gwana Cement Factory. Bauchi State Governor, Senator Bala Mohammed, made the disclosure at the opening ceremony of a three-day event for the FCT Minister’s Press Corps in Bauchi. He said the constant return to scale of the investment was around NGN2bn (US$5.51m). The government has also signed a Memorandum of Understanding for the implementation of Kujuru Solar Power...

Dangote

28 October 2019, Published under Cement News

Dangote Cement has announced plans to expand its cement capacity in Africa by 29 per cent to 62Mta. The company is expected to add 6Mta in Nigeria in 2020, taking its capacity in its home market to 35Mta, while other expansions are earmarked mainly for west Africa, including Niger and Côte d'Ivoire. On the back of this and other investments, the group’s total revenue is forecast to reach US$30bn in the next few years. Meanwhile, in Tanzania, Dangote remains locked in a dispute with the co...

Dangote Cement signs new asset management contract with GE

25 October 2019, Published under Cement News

Dangote Cement has signed an agreement with General Electric (GE) to deploy an Asset Performance Management (APM) solution to reduce unplanned downtime and enhance performance of power generation assets at two cement plants in Obajana and Ibese, Nigeria. The project also includes extending the current service agreement for the seven GE LM6000PC aeroderivative gas turbines installed at the sites for an additional 50,000 operating hours. "We are proud to continue our 13-year collaboration w...