Dangote Cement successfully completes US$729m unsecured bond

NIGERIA – Dangote Cement Plc, Africa’s largest cement producer, has announced the successful issuance of 50 billion Series 1 Fixed Rate Senior Unsecured Bonds under its new N300 billion (US$729m) Multi-Instrument Issuance Programme. The bonds were issued on May 26, 2021, at coupon rates of 11.25%, 12.50% and 13.50% for the 3, 5 and 7-year tranches respectively. Despite market headwinds, the bond issuance was well received and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors. The proceeds of…

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New factory being built to solve cement shortage in Ethiopia

ETHIOPIA – A new cement factory under construction with 7,000 metric tons of production capacity per day is set to solve the current cement shortage in Ethiopia. This was announced by Ethiopia’s Prime Minister Abiy Ahmed, who indicated that the new factory has production capacity to produce more than Dangote Cement and MIDROC Derba Cement are currently producing together. “I hope the new factory will go operational in the coming three or two months,” he said, adding that  cement market of the country is affected by contraband trade. The Prime…

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Dangote Cement bags AA+ and A1+ ratings from Global Credit Ratings

NIGERIA – Africa’s largest cement producer, Dangote Cement Plc, has bagged AA+(NG) and A1+(NG) ratings from Global Credit Ratings (GCR). GCR in its notice, affirmed the long-term and short-term national scale issuer ratings of AA+ (NG) and A1+(NG) respectively, assigned to Dangote Cement Plc, as well as with the outlook accorded as Stable. In addition, the cement firm’s N100 billion (US$262.12m) Series 1 Fixed Rate Bond has been assigned AA+. This rating signifies that Dangote Cement’s credit profile and liquidity is very strong, with low risk of default. The rating…

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Dangote Cement Plc. appoints Ms. Berlina Moroole as non-Executive Director

NIGERIA – Dangote Cement Plc, one of Africa’s largest cement manufacturing companies,  has announced the appointment of Ms. Berlina Moroole to its Board as a Non-Executive Director. The cement giant noted that Ms. Berlina Moraale’s will assume office as non-executive Director once her appointment has been approved by shareholders who will meet during the company’s next Annual General Meeting. Accoriding to a statement by Dangote Cement, Ms. Moroole is the Chief Internal Audit, Risk and Sustainability Officer for Motus Holding. Ms. Moroole is also the Chair of  the Board of…

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Dangote Cement kick-starts clinker exportation with maiden shipment to Senegal

NIGERIA– Africa’s largest cement manufacturing company, Dangote Cement Plc, has commenced clinker exportation to other African countries, reaffirming its status as the biggest cement producer in Africa.  The first shipment from the cement producer’s Export Terminal in Apapa Port, Lagos, carried 27,800 metric tonnes of clinker and was destined for Senegal, the cement producer said in a statement. Speaking during the departure of the ship conveying clinker, Group Executive Director, Dangote Group, Alhaji Sada Ladan-Baki said increased exportation of clinker and cement to other African countries will generate foreign exchange…

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Dangote Cement boosts Nigeria’s economy by a launch of 27800mt of clinker

NIGERIA – Dangote Cement has set the pace with the exportation of 27,800 metric tonnes of clinker to a neighbouring African country placing Nigeria as one of the leading clinker exporters in the world. The company is expected to increase the quantity of clinker export to other African countries within the next few weeks. With this historic maiden voyage from its Export Terminal located in Apapa Port, Lagos, Dangote has gradually made Nigeria, which until recently was one of the world’s largest bulk importers of cement, first self-sufficient in cement…

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Dangote Cement receives board approval to issue first bond

NIGERIA – Dangote Cement Plc has obtained the approval of its board of directors to access the capital market for a medium-term debt funding under its N300 billion (US$818.1 million) bond registration programme. The cement firm in a statement filed at the Nigeria Stock Exchange (NSE) has said it intended to issue its maiden series of bonds, tagged ‘Series 1 Bonds’, subject to obtaining regulatory approvals and favourable market conditions. “The process of obtaining requisite approvals from the Securities and Exchange Commission for issuance of the series 1 bonds has…

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Dangote Cement’s full year profits fall to US$547m as growth in key markets plunge

Dangote Cement

NIGERIA – Dangote Cement Plc, Africa’s leading cement producer, has posted a profit after tax of N200.521bn (US$546.87 million) for the financial year ended December 31, 2019. The cement company’s profits for 2019 represent a 48.63% reduction when compared against the US$ 1.07 billion (N390.325bn) profits recorded in 2018. The company’s revenues also fell to N891.674bn (about US$2.44 billion) from the N901.213bn (about US$2.46 billion) recorded in 2018. The board proposed a final dividend of N16 per share subject to ratification by the shareholders at the coming Annual General Meeting.…

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Dangote Cement’s CEO, Eng. Makoju retires, to be succeeded by Michel Puchercos

NIGERIA –  The Group Managing Director/CEO of Dangote Cement Plc, Eng. Joseph Makoju will retire as GMD/CEO effective January 31, 2020, a position he has held since 2018; according to a report from the Nigerian Stock Exchange. Eng. Makoju, popularly known as Mr. Cement, is bowing out after 45 years of transformational leadership in the cement industry. Dangote Cement’s Board has in his place approved the appointment of Mr. Michel Puchercos as the Group CEO, effective 1st February 2020. The outgoing GMD/CEO of Nigeria’s largest cement manufacturer holds a BSc…

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Nigeria’s Dangote Cement to digitize its cement plants to boost operational efficiency

NIGERIA – Dangote Cement plc has signed an agreement with General Electric to digitize operations at the company’s two cement plants in Obajana and Ibese, Nigeria. A move believed to help one of Africa’s largest cement company improve efficiency, reliability essential to continuous operations and the plants’ business strategy.  The agreement signed in October this year will allow GE to Modernize Seven GE LM6000PC Aeroderivative Gas Turbines and Install Its Asset Performance Management (APM) Digital Solution at Dangote Cement Plants. The Contract Includes Service Agreement Extension for Additional 50,000 Operating…

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