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Dangote Cement boosts capacity with new plants in Nigeria, Cote d’Ivoire and Ghana 

L-R: Rabiu Umar, Group Sales and Marketing Director, Dangote Cement Plc; Temi Popoola, CEO of Nigerian Exchange Limited; Arvind Pathak, GMD/CEO of Dangote Cement; and Ernest Ebi, Non-Executive Director, Dangote Cement Plc, at the Company's Closing Gong Ceremony on NGX Photo: Dangote Group

*As Dangote Cement plans to roll out new plants in Nigeria, Cote d’Ivoire and Ghana, Arvind Pathak, Group Managing Director of the conglomerate, discloses a new integrated cement plant at Itori, Ogun State, will increase Nigeria’s capacity to export cement, enabling more diversification and Forex inflows for economy of the country

Isola Moses | ConsumerConnect

As part of the effort at strengthening local production of the building and construction product, Dangote Cement says the company has concluded plans to expand its production capacity through the construction of a new 6Mt integrated cement plant at Itori, Ogun State.

Mr. Arvind Pathak, Group Managing Director (GMD) of Dangote Cement, affirmed that the new plant on completion, would enhance the domestic production of Dangote Cement on the African continent.

Pathak stated this while speaking at the Closing Gong Ceremony on the Trading Floor of the Nigerian Exchange Limited (NGX), which also served to introduce him as the new Group Managing Director of Dangote Cement to the dealing members of the Exchange.

The conglomerate, in a statement issued Thursday, July 13, 2023, also said aside from this move, Dangote Cement would soon deploy grinding plants in Ghana and Cote d’Ivoire so as to ensure cement becomes available in all African countries.

Pathak also 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.”

The new GMD further stated Dangote Cement is proud of its strong ties with the NGX, and would always look forward to embracing new ways to engage and foster this partnership.

Pathak noted that the Nigerian Exchange “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.”

He said Dangote Cement has made great strides in its 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.”

According to him, Dangote Cement has also received numerous recognitions from Capital market regulators and players, including the best issuer in terms of the fixed income listings by the Nigerian Exchange Limited (NGX) in 2022.

Earlier, Mr. Temi Popoola, Chief Executive Officer (CEO) of the Nigerian Exchange Limited, welcomed the delegation from Dangote Cement, and lauded the company for its 2022 full-year financial results.

Popoola said it was heart-warming to welcome the largest listed company on the Exchange.

He, therefore, called for more collaborations that would help to deepen the NGX.

Popoola as well noted through the NGX activities and initiatives, the Exchange had boosted investors’ confidence.

He emphasised this could be seen in the appreciation of listed equities.

The NGX Chief stated 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.

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