Dangote Cement has concluded plans to expand its production capacity with the construction of a new 6Mt integrated cement plant in Itori, Ogun State, according to the company’s Group Managing Director, Arvind Pathak.
He also disclosed that Dangote Cement will soon deploy grinding plants in Ghana and Cote d’Ivoire to ensure cement becomes available in all African countries.
Pathak was speaking at the Closing Gong Ceremony on the Trading Floor of the Nigerian Exchange Ltd (NGX), which also served to introduce him as the new Group Managing Director of Dangote Cement to the dealing members of the Exchange on Thursday.
He said: “We have successfully completed our 0.4 million tonnes grinding plant in Ghana and are on track to complete our 1.5 million tonnes grinding plant in Cote d’Ivoire. In addition, we are strengthening our local production capacity efforts to meet future demand with a 6Mt integrated cement plant in Itori, Ogun state. The Itori cement plant will increase Nigeria’s capacity to export cement, enabling more diversification and foreign exchange inflows for the economy.
He stated that Dangote Cement was proud of its strong ties with the NGX and will always look forward to embracing new ways to engage and foster this partnership. The Exchange, he opined, “is very important to Dangote Cement as it provides a platform for our stock to be traded, as well as the means to raise funds through the capital market. The exchange is also one of the regulatory bodies which we comply with. Dangote Cement has made great strides in our debt capital market journey, from the issuance of our maiden ₦100 billion 5-year bond in 2020 to another landmark bond issuance, where we raised ₦116 billion.”
He added that Dangote Cement has also received numerous recognitions from capital market regulators and players which include the best issuer in terms of the fixed income listings by the Nigerian Exchange Limited (NGX) in 2022.
Earlier, Chief Executive Officer, Nigerian Exchange Limited, Mr. Temi Popoola welcoming the delegation from Dangote Cement lauded the company on its 2022 full-year financial results. He said that it is heart-warming to welcome the largest listed company on the Exchange and called for more collaborations that will help to deepen the NGX. Popoola said the NGX through its activities and initiatives has boosted investors’ confidence which can be seen in the appreciation of listed equities adding that the goal of the Exchange is to innovate and help more businesses to grow. Part of the innovation he disclosed is the new USSD scheme that makes it possible to access the NGX services on mobile phones.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...
INVESTIGATION: Uncompleted Old Enugu-Onitsha Road brings untold hardship, tears to commuters, residents of Enugu communities
Ugwu Obinna’s younger sister was killed after a truck driver transporting cows rammed into her shop located at the Okpatu...
INVESTIGATION: Students sit on floors, under leaking roofs as multi-million naira project is nowhere to be found in Zamfara
Suleman Tukur, 15, an SS 2 student of Government Day Secondary School (GDSS) Bakura in Bakura local government area of...