Cement News tagged under: Nigeria

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BUA Cement completes NGN115bn Series 1 corporate bond issuance

05 January 2021, Published under Cement News

BUA Cement Plc has successfully completed its NGN115bn (US$291bn) Series 1 corporate bond issue as part of its NGN200bn bond issuance programme. The development is the largest ever corporate bond issuance in the Nigerian Debt Capital Markets. BUA Cement's N100bn Series 1 issue is a seven-year issuance priced to a rate of 7.5 per cent and was oversubscribed by NGN137.82bn. Meanwhile, BUA Cement announced its intention to increase production capacity to 20Mta by 2022. Its newest 3Mta plant i...

Manufacturers to offer discounted cement for Nigerian housing project

04 January 2021, Published under Cement News

Nigeria’s cement manufacturers have agreed to discount cement prices for the construction of houses under the federal government’s Economic Sustainability Plan (ESP). "They have agreed to give cement for this project at a considerable discount which is a very helpful thing to do and we really commend and thank them for the contributions they are making, it is a very patriotic thing on their part. They also see the importance of this Mass Housing Programme," said Yemi Osinbajo, the country's...

Mfamosing plant is presented with MANCAP product quality certificates

30 December 2020, Published under Cement News

The Standards Organisation of Nigeria (SON) has presented the Mandatory Conformity Assessment Programme (MANCAP) product quality certificates to Lafarge Africa Plc, Nigeria's operations.   The presentation comes after products from the company's Mfamosing plant satisfactorily met confirmatory and standardisation requirements set by SON. While presenting the certificates, Mallam Farouk A Salim, Director General of SON, said: "Lafarge products at the Mfamosing plant were awarded the ...

Prices escalate by 35% in Nigeria

29 December 2020, Published under Cement News

A rise in cement demand coupled with insufficient supply from the major cement producers has driven up prices by 35 per cent in Nigeria. An investigation carried out by The Punch publication indicated that a 50kg bag of cement, which cost between NGN2400 (US$6.32) and NGN2600 as of September this year, now sells for NGN3500. Stakeholders attributed the recent hike in price, which started in October this year, to a supply shortage resulting in “artificial” scarcity. According to the ...

BUA and Sinoma sign US$1.05bn project agreement

23 December 2020, Published under Cement News

Nigerian cement producer BUA Cement Plc has signed an agreement with Sinoma CBMI of China to build three new cement plants with a capacity of 3Mta in Edo, Sokoto and Adamawa states. The 9Mta expansion project is estimated to cost around US$1.05bn and will bring BUA Cement’s total capacity to 20Mta, reports This Day. The new plants are in addition to the company’s 6Mta facility in Edo, the 3Mta works in Sokoto state and the 3Mta plant in Adamawa state, which is expected to be inaugurated in...

Dangote Cement set to begin share repurchase scheme

22 December 2020, Published under Cement News

Nigeria’s Dangote Cement is planning to begin a share buyback programme, starting with a first tranche of 85.2m shares or 0.5 per cent of the total in issue. The purchase is set to take place on 30 December. It is Nigeria’s first company to undertake a share buyback, as previous attempts failed due to fears that the process may be abused. The repurchase plans are not expected to exceed 10 per cent of its issued capital. The shares being purchased will be held as treasury shares and could...

Nigerian cement price hike causes concern for building standards

16 December 2020, Published under Cement News

The Nigerian Institute of Building (NIOB) has said the significant rise in cement prices in the country and the low purchasing power of Nigerians may result in a danger to building construction standards, according to This Day. The institute has therefore called upon the government's intervention. Cement prices recently increased from around NGN2600/50kg (US$6.86) to NGN3500/50kg. The NIOB has stated that the price increase could exacerbate an already volatile and precarious situation. Th...

Community petitions Dangote for payment of land ownership entitlements

19 November 2020, Published under Cement News

Members of the Ijako-Orile community in the Yewa North area of Ogun State, Nigeria, have staged a peaceful protest, urging for the payment of their ownership entitlements to the land on which the Dangote Cement factory is situated in Ibese, according to This Day. Representatives of the community have also submitted a letter of appeal to the president of Dangote Cement, Alhaji Aliko Dangote, over the issue. In their petition, the Ijako-Orile community say they own the land upon which the f...

Dangote allowed to resume overland exports

11 November 2020, Published under Cement News

Nigeria’s government has allowed Dangote Cement to resume exports across the country’s land borders, reports Bloomberg. The step has raised expectations that the country may be opening up trade with its neighbours again. Land borders have been closed for over one year as authorities curbed smuggling and wanted to boost local production. While it encouraged the consumption of locally-grown produce such as rice, factories across west Africa have been impacted by the closure. The regime of ...

Dangote posts 12% rise in 3Q revenue

09 November 2020, Published under Cement News

Dangote Cement plc reported a revenue of NGN761.4bn (US$1.987bn) in the nine months ended 30 September 2020,  representing a 12 per cent YoY rise when compared with 9M19, according to a statement by Michel Puchercos, group CEO. Group EBITDA advanced 17.1 per cent to NGN355bn. “The Cement Group’s revenue went up by 12 per cent to NGN761.4bn compared to NGN679.8bn in 2019 with domestic operations accounting for NGN535.51bn which compared to NGN467.88bn up by 14.5 per cent. Pan-Africa operati...