Cement News tagged under: Nigeria
Nigeria: UNICEM Mfamosing's second line commissioned30 November 2016, Published under Cement NewsUnited Cement Co of Nigeria (UNICEM) commissioned its new line at Mfamosing, Cross River State, in September 2016. Loesche has since announced its scope of supply for the project, including the LM70.4+4CS, its largest VRM built for grinding clinker. With a pre-existing 2.5Mta capacity, UNICEM contracted Loesche to extend the plant with a further two vertical roller mills. A type LM60.4 mill was installed for the grinding of raw material at a rate of 500tph and the LM70.4+4CS which is desi... |
Nigeria: Ashaka Cement to delist from NSE18 November 2016, Published under Cement NewsLafargeHolcim subsidiary Ashaka Cement has said that it will voluntarily delist its shares from the Nigerian Stock Exchange (NSE) after the freely-tradable proportion fell below the 20 per cent required by the bourse’s regulations, Vanguard News reports. At present, only around 15 per cent of Ashaka stock is tradable on the NSE. Ashaka made the offer to delist to head off the possibility of the NSE taking regulatory action against it. An extraordinary general meeting will be convened t... |
Nigeria: cement sector still imports 75% of its gypsum03 November 2016, Published under Cement NewsNigerian Society of Engineers (NSE) President, Dr Ebenezer Damisa, has stressed the need for Nigeria to strengthen its mining institutions to curb illegal importation of raw materials as the country still imports 75 per cent of its gypsum required for cement production. According to Dr Damisa, “As at today about 75 per cent of the requirement of gypsum used for cement production is still imported into the country and we think that the money used to the importation, if given to local miners... |
Dangote sees 21% rise in revenues, but drop in profit for 3Q1631 October 2016, Published under Cement NewsDangote reported a revenue of NGN442bn (US$1.4bn) for the nine months ended 30 September 2016, representing a 21 per cent YoY increase from NGN365bn in 9M15. Profit after tax fell to NG133bn from NGN157.9bn in 2015, impacted by foreign exchange issues and resulting in a much higher cost of sales, up from NGN138.694bn in 9M15 to NGN231.684 in 9M16. The Managing Director of Dangote Cement, Onne Van der Weijde said the management is confident of delivering strong growth this year despite t... |
Nigeria: Lafarge raided and closed for suspected for tax evasion18 October 2016, Published under Cement NewsLafarge Cement Co Ltd in Onne and IGPES, an engineering company, in Port Harcourt, were raided by Nigerian enforcement officers from the Federal Inland Revenue Service (FIRS) on Monday for tax evasion. The leader of the FIRS team disclosed that Lafarge Cement had not paid its taxes since 2012. While the cement company's premises were sealed for failing to pay taxes of over NGN10m (US$31,695), IGPES, an engineering firm, was shut down for allegedly evading tax to the tune NGN1.2bn since 20... |
Dangote27 September 2016, Published under Cement NewsDespite a 15 per cent increase in sales in Nigeria in July and August this year, Dangote Cement has been forced to increase its cement prices in the country due to escalating costs. Disruptions to the domestic gas supply have resulted in the producer increasingly turning to LPFO and coal to power its plants, despite these fuels being up to three times more expensive than gas. The naira has also experienced a significant devaluation against the US dollar, further increasing costs. “The pr... |
Nigeria: Lafarge Africa refinances with five-year bonds23 September 2016, Published under Cement NewsLafarge Africa (LafargeHolcim Group) has raised NGN60bn (US$184m) by issuing three and five-year bonds through book building. The cement producer issued a three-year bond at 14.25 per cent to raise NGN26.38bn and sold a five-year bond at 14.75 per cent to raise NGN33.62bn, it said in a statement. Previously, in April, Lafarge Africa reported that it would refinance some dollar-denominated debt at subsidiary United Company of Nigeria (UNICEM), which it bought a year ago. The refinancing wou... |
Nigeria: producers encouraged to use tyres as raw material15 September 2016, Published under Cement NewsThe Standards Organisation of Nigeria (SON) has approached local cement producers, encouraging them to use tyres as a raw material for firing kilns. Acting Director General of SON, Dr Paul Angya, said, “We are looking for environmentally-friendly ways of disposing seized tyres. That is why we are talking to cement companies and another company in Kwara state that said they can use tyres as raw materials to produce some other products.” SON was previously paying waste management organis... |
Nigeria: Sokoto Cement will have 60MW power by mid-201714 September 2016, Published under Cement NewsSokoto Cement (Cement Company of Northern Nigeria Plc) will build two additional power plants by mid-2017 that will enable the company to generate at total of 60MW of electricity, reports All Africa. The company currently generates 16MW electricity from its biomass plant for its use and for neighbouring communities. Sokoto Cement promised to reduce its current NGN1.3bn (US$4.1m) debt by increasing the price of its products, increase marketing strategies as well as reducing all administrati... |
Nigeria: Bricklayers threaten protest over cement prices12 September 2016, Published under Cement NewsThe Lagos State Bricklayers Association have called on the Nigerian government to take action to lower cement prices, the Nation reports. According to the newspaper, if the authorities do not succeed in bringing down the cost of cement by 20 September, bricklayers will hold a rally in Nigeria’s largest city to air their grievances. President of association, Deacon Abel Olukayode, stated: “We have been lamenting over rising incidents of building collapse in the country. Are we not going... |