Displaying items by tag: Cement Company of Northern Nigeria

Nigeria: Dangote Cement’s net first half profits have increased by 5.4% to US$329m from US$312m in 2018. The Cement Company of Northern Nigeria have reported a corresponding increase of 163% to US$40,000 from US$15,000.

Nigeria: Cement Company of Northern Nigeria’s (CCNN) sales revenue more than doubled to US$89.1m in the first half of 2019 from US$33.6m in the same period in 2018. Its profit after tax nearly tripled to US$20.3m from US$7.22m, according to the Business Day newspaper.

Nigeria: The Cement Company of Northern Nigeria’s (CCNN) profit rose in 2018 following its merger with Kalambaina Cement. Its profit after tax grew by 77% year-on-year to US$15.9m in 2018 from US$8.9m in 2017, according to the Punch newspaper. It produced 0.76Mt of cement in 2018 and it sold 0.74Mt. The company is planning to expand its production distribution in north-east and north-central regions as it does not expect the north-west to absorb its enlarged production capacity of 2Mt/yr.

Nigeria: The Cement Company of Northern Nigeria (CCNN) has successfully merged with Kalambaina Cement. Abdul Samad Rabiu, the chairman of CCNN, said that the merger would boost efficiency, productivity, output and the financial returns of the company, according to the Eagle newspaper. The merger plans were publicly announced in mid-2018.

Nigeria: BUA Group has ordered a 3Mt/yr production line from China’s CBMI for its Kalambaina cement plant in Sokoto State. It follows the commissioning of a 1.5Mt/yr line at the site in mid-2018, according to the This Day newspaper. The company also completed a new line at its Obu plant at Okpella in Edo State in late 2018. BUA Group will have a production capacity of 11Mt/yr once the new project is completed. BUA Group is also in the process of merging with the Cement Company of Northern Nigeria (CCNN).

Nigeria: The Cement Company of Northern Nigeria (CCNN) says it has received formal approval from the Securities Exchange Commission and the Federal High Court for its merger with Kalambaina Cement. It added that the scheme of the merger was effective from 24 December 2018. New CCNN shares have been issued to and allotted to Kalambaina Cement’s shareholders at an agreed ratio.

Nigeria: The Cement Company of Northern Nigeria (CCNN) says it has received clearance by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) for its proposed merger with Kalambaina Cement. Following the merger all of the assets, liabilities, licences and undertakings will be taken over by the CCNN, according to the Punch newspaper. The completion of the proposed merger is subject to the approval of the shareholders of the CCNN and Kalambaina Cement and the final regulatory approvals from SEC, the NSE, Federal Inland Revenue Service and the Federal High Court.

Nigeria: The Cement Company of Northern Nigeria (CCNN) has appointed Khairat Abdulrazaq-Gwadabe and Shehu Abubakar as independent directors. It has also appointed Abbas Ahmad Gandi as a non-executive director of the company, according to the This Day newspaper.

Abdulrazaq-Gwadabe is a barrister and a solicitor of the Supreme Court of Nigeria and the managing partner of A Abdulrazaq & Co, a legal firm. She obtained a B.A in European Studies and Spanish from the University of Wolverhampton, UK and the Universidad Complutense in Madrid, Spain. She holds an LL.B from the University of Buckingham, UK and was called to the Nigerian Bar in 1986. She also holds a Masters Degree in Law (LL.M) from the University of Lagos. From 1999 to 2033 she was the senator for the Abuja Federal Capital Territory constituency.

Abubakar has worked for the banking industry from 1987 to 2017, recently retiring as an executive director of Keystone Bank. He has also been a director
on the boards of Global Bank of Liberia and KBL Health Care. He holds a B.Sc. (Business Management) from Usman Danfodio University, Sokoto and an MBA from Ahmadu Bello University, Zaria.

Gandi qualified as a chartered secretary from the Chelmer Institute of Higher Education, Chelmsford, UK. Amongst a career spanning two decades he worked as the Director General (Permanent Secretary) in the Sokoto State Civil Service. He was elected as a member of Constituent Assembly for the 1989 Constitution of the Federal Republic of Nigeria. On his return from the Constituent Assembly he was appointed as sole administrator/chairman of Yabo Local Government Council in Sokoto State.

Nigeria: Cement Company of Northern Nigeria’s (CCNN) sales revenue rose by 39% year-on-year to US$54.7m in 2017 from US$39.3m in 2016. Its profit after tax more than doubled to US$9m from US$3.5m, according to This Day newspaper. However, its cost of sales also rose, by 18% to US$33.4m from US$28.3m.

Nigeria: Alhaji Abdulsamad Rabiu, the chairman of the Cement Company of Northern Nigeria (CCNN), has warned that the price of cement may rise if the Naira continues to devalue. He made the comments at the company’s Annual General Meeting according to the Nation newspaper. Imported inputs such as fuel, machinery, spare parts and gypsum would all be affected by local currency depreciation. The cement producer was forced to shut down its Sokoto cement plant for intermittent periods in late 2015 due to poor supplies of low pour fuel oil (LFPO) from the Kaduna refinery.

The subsidiary of BUA Group reported that its turnover fell by 14% year-on-year to US$41.4m in 2015 from US$48m in 2014. Its profit after tax fell by 37% to US$3.81m from US$6.09m.