BUA’s Obu Cement, CCNN set to merge as Group consolidates entire Cement business

Must Read

GTBank Extends Banking Hours Till 6pm

Guaranty Trust Bank, GTBank has announced the extension of its banking hours till 6 pm today, Monday, 20 January...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...
- Advertisement -
  • announces completion date for new $450million
  • Kalambaina II Plant bringing total capacity to 11million mtpa
- Advertisement -

This morning, the BUA Group announced – in a disclosure filing, that BUA is set to consolidate its entire cement business in a move that will deepen the Nigerian capital market and enhance the growing Nigerian cement industry.

BUA’s Obu Cement, CCNN set to merge as Group consolidates entire Cement business

Currently, BUA Group’s cement assets include the 2million metric tonnes per annum Cement Company of Northern Nigeria as well as the 6million metric tonnes per annum Obu Cement Company. BUA also announces that the US$450million (Four Hundred and Fifty Million US Dollars)

3million mtpa new Sokoto Kalambaina Cement plant for which construction began in 2018 will be completed by H2, 2020. This will effectively consolidate BUA’s position as Nigeria’s second-largest producer of cement with 11million metric tonnes per annum.

Read:  Speech Delivered At Official MoU Signing Between Ikeja Electric And Mojec International Ltd

The statement cited Abdul Samad Rabiu, Founder & Executive Chairman of BUA Group, as saying that “this consolidation marks 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.

“A new $450million SokotoKalambaina II Plant is scheduled to come on stream in the second half of 2020 alongside another 48MW power plant to complement the existing assets and take advantage of a growing cement market in Northern Nigeria and the West African region, Rabiu added. He said the consolidation would cement BUA’s position as the second-largest cement producer in Nigeria whilst also positioning it to take advantage of the combined synergies to effectively serve Northern and Southern Nigeria based on the strategic locations of its plants.

“We intend to continue creating value for the benefit of shareholders of the consolidated company by maintaining our focus on outperforming the Nigerian cement industry across key indices through a laser-like commitment to excellent products and service delivery, operational efficiency as well as maintaining our leadership position in our home markets,” Rabiu added.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Bellwether Stocks Drags Equity Market to Marginal Loss

The Nigerian Equity Market on Wednesday lurched lower to sustain yesterday’s downtrend, as the ASI dipped marginally by 0.03%. The...

DStv and GOtv Customers catch an all-new series, Mao Mao: Heroes of Pure Heart makes its debut on Cartoon Network!

On 27 January, Cartoon Network will introduce DStv and GOtv customers to a crime-fighting samurai cat named Sheriff Mao Mao with its brand-new original series Mao...

Oxford Dictionary adds Okada, Danfo, Mama Put, 26 other Nigerian words, expressions

A total of 29 Nigerian words and expressions have been included in the Oxford English Dictionary January updates. They include, ‘Ember Month’, ‘Danfo’, ‘Non-indigene’, ‘Guber’,...

Trend Micro Creates Factory Honeypot and Traps Malicious Attackers

Six-month investigation results can help inform protection strategy for industrial environments HONG KONG, CHINA - Media OutReach - 22 January 2020 - Trend Micro Incorporated (TYO: 4704; TSE:...

More Articles Like This