Cement News tagged under: Nigeria
Ibeto Group completes planning stages of two new plants16 July 2018, Published under Cement NewsNigeria’s Ibeto Group has announced that its project with Sinoma to construct two cement plants in Nkalagu and Effium, Ebonyi State, has concluded the planning stages. The first factory will be situated adjacent to Nigerian Cement Co’s Nkalagu plant and have a 9000tpd capacity, according to Cletus Ibeto, CEO, Ibeto Group. "We are not going to remove anything from the old plant but set up the new one beside the moribund factory," said Mr Ibeto. "We will also commence another plant in Effi... |
Dangote to list in London in 2019?09 July 2018, Published under Cement NewsDangote Cement is considering carrying out its long-planned listing of shares in London after the Nigerian presidential and parliamentary elections on 16 February 2019 and state government elections in March as it intends to expand through acquisitions, according to a report in Business Day. "We are working on it and we’ll look at it in 2019," Edwin Devakumar, group executive director at Dangote Industries, said. "We have grown to this extent mostly via greenfield investments. To grow muc... |
Dangote to issue shares as part of its NGN150bn Commercial Paper Programme04 July 2018, Published under Cement NewsDangote Cement Plc has announced the issuance of NGN50bn (US$13.9m) series 1 and 2 notes under its NGN150bn Commercial Paper Programme, announced on 27 June 2018. The series 1 and 2 notes will be listed on Nigeria's FMDQ OTC Securities Exchange on 19 July 2018. Funds raised in the Commercial Paper (CP) Programme will be used for capital expenditure, working capital and general corporate purposes. Joe Makoju, Group CEO, said: "This landmark transaction is the largest-ever Commercial P... |
Dangote opens mega warehouse in Nigeria03 July 2018, Published under Cement NewsDangote Cement Co has inaugurated its mega warehouse in Imo State, Nigeria. The warehouse was officially opened by Governor Rochas Okorocha and the president of Dangote Group, Alhaji Aliko Dangote. "Dangote Cement has sold more cement in Imo State than it has done in any other part of the country because of the infrastructural revolution going on in the state. Imo State today is a new state," said Mr Okorocha. This follows Adeyemi Fajobi, national sales and distribution director, announc... |
Nigeria's CCNN and Kalambaina Cement to merge28 June 2018, Published under Cement NewsThe Board of Directors of Nigeria’s Cement Co of Northern Nigeria (CCNN) and owners of the 0.5Mta Sokoto cement plant have announced that it has informed the Nigerian Stock Exchange of its proposed merger with BUA-owned Kalambaina Cement Co Ltd, owned and operators of the 1.5Mta Kalambaina plant in Sokoto state, Nigeria. CCNN's Managing Director, Ibrahim Aminu, said the proposed merger would improve the competitiveness of CCNN in its home market and also enable it utilise the more modern p... |
Investors urged to finance Dangote and Lafarge Africa growth01 June 2018, Published under Cement NewsFollowing last month's approval of a NGN9.1trn (US$25bn) budget for 2018, Nigeria is set to go on a massive infrastructure spending spree. Eager to be at the forefront of cement supply, Dangote Cement and Lafarge Africa are urging foreign investors to get onboard. The budget is the nation's biggest-yet spending plan, says Bloomberg, with almost a third of it going into roads, rail, ports and power. Furthermore, with a major housing gap of 17m, which is expected to increase in line with a... |
Dangote Cement begins new Management Trainee Programme31 May 2018, Published under Cement NewsDangote Cement Plc has begun the training of its newly-hired managers, who were inaugurated at the weekend at the Dangote Academy Ikeja, Lagos. They are being trained under a new scheme, the Management Trainees Programme (MTP). The Group Managing Director of Dangote Cement Plc, Joseph Makoju, said the management scheme was "to sustain our exponential growth, competitiveness and market leadership". "We are committed to attract top talents into our business for our current and future business... |
Ibeto Cement signs deal to receive US$850m in funding29 May 2018, Published under Cement NewsNigeria’s Ibeto Cement Co Ltd has signed a deal to receive US$850m in financing from Milost Global Inc, according to the New York-based private equity firm. The binding agreement includes US$500m in equity and US$350m of debt. The chairman of the Ibeto Group, Cletus Ibeto, has announced the company’s plan to grow beyond west Africa through the acquisition of other cement businesses within the next 12 months, according to Milost Global. The cement producer is currently developing two cement ... |
Lafarge Africa plans to cut debt over the next 18 months25 May 2018, Published under Cement NewsLafarge Africa Plc plans to cut debt over the next two years as it seeks to boost profit before resuming expansion, according to the company’s chairman, Mobolaji Balogun. The company expects its leverage ratio to fall from over 100 per cent to between 60-70 per cent over the next 18 months, according to Bloomberg. "As soon as the debt becomes more comfortable, we don’t sit there, we will put the foot down on the next round of expansion," said Mr Balogun. The company’s total debt has droppe... |
A strong domestic market drives Dangote's 1Q18 results27 April 2018, Published under Cement NewsThis week Dangote Cement Group reported on its 1Q18 business results that saw group revenues surge up 16.3 per cent to NGN242.1bn (US$0.67bn). Cement sales in Nigeria have been particularly strong rising by 5.3 per cent to 3.97Mt, while exports from the company’s homeland have risen to 211,000t in 1Q18 with Togo, Niger and Ghana the main export destinations. Pan-African sales increased 4.4 per cent YoY to 2.24Mt. "The first quarter of 2018 has started strongly with substantial increases ... |