Business
Dangote, Sinoma sign agreement to build 6Mta cement plant
Dangote, Sinoma sign agreement to build 6Mta cement plant
Dangote Industries Ltd. (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tonnes per annum cement plant in Itori, Ogun State.
The development was contained in a statement signed by Mr Anthony Chiejina, Group Chief Branding and Communication Officer, DIL, on Wednesday in Lagos.
According to the statement, the agreement was signed by Alhaji Aliko Dangote, President, Dangote Group alongside the Group Executive Director, Strategy, Capital Projects and Portfolio Development, DIL, Mr Devakumar Edwin.
It said that China Sinoma Engineering was represented by its President, Yin Zhisong, and the company’s Chairman, Liu Renyue.
The statement said that the new integrated cement plant at completion would strengthen the local production capacity of Dangote Cement.
This brings its local capacity to 41.25 million tonnes per annum and total African capacity to 57.6 million tonnes per annum.
It added that the Itori Cement Plant would also increase Nigeria’s capacity to export cement, thereby enabling more diversification and foreign exchange inflows for the economy.
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The statement said that the project was further expected to develop the domestic economy through creation of thousands of indirect and direct jobs and drive economic development in the Itori axis.
The statement said that ancillary businesses would be drawn to the axis to take advantage of the location of the cement plant to provide goods and services to staff, contractors and other stakeholders.
“Constructing the new cement plant is in line with Dangote Group’s vision of producing local goods that were formerly imported in spite of the abundance of raw materials for local production of such goods.
“Sinoma is a strategic partner who has been instrumental to the success of key projects in Dangote Group.
“You have handled some of our key projects and I am positive that this project will be completed as scheduled,” he said.
The China Sinoma Group President expressed satisfaction with the commitment and determination of the Dangote Group in building cement plants across Africa.
“It is an honour for us to build another cement plant for Dangote Group and we are proud and happy to be on this journey with the company again,” it said.
The News Agency of Nigeria (NAN) reports that the plant projected to be completed in 27 months is expected to have two lines by 6,000 TPD clinker production with an installed daily total capacity of 12,000 TPD of clinker production.
The Itori Cement Plant will be Dangote Cement’s fourth cement plant constructed as a green field project in Nigeria; the rest are Obajana, Ibese and Okpella Plants.
NNPC Denies $6.8 Billion Debt Allegation and Defends Federation Account Remittances
On Sunday, the Nigerian National Petroleum Company Limited (NNPC Ltd) refuted claims of a $6.8 billion debt to international traders. In a statement, Olufemi Soneye, Chief Corporate Communications Officer, clarified that the company does not owe the reported sum.
The NNPC Ltd’s response followed allegations that it has not contributed any funds to the Federation Account since January. Soneye emphasized that such claims are false, asserting that the company and its subsidiaries consistently remit taxes to the Federal Inland Revenue Service (FIRS).
Soneye explained that while NNPC Ltd manages numerous open trade credit lines, it adheres to a first-in-first-out payment approach for its obligations. He also highlighted that the company is a major contributor to the Federation Account Allocation Committee (FAAC) through its tax contributions.
Regarding the quality and quantity of imported petroleum products, Soneye clarified that NNPC Ltd does not oversee these matters, as this falls under the purview of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an independent body.
The statement reinforced NNPC Ltd’s commitment to transparency and accountability, in line with the company’s TAPE (Transparency, Accountability, and Performance Excellence) philosophy.
Naira rebounds, gains N28.15 against dollar
The Naira on Tuesday closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for Naira.
The percentage increase is significant when compared to the previous trading date on Monday, April 29.
The local currency experienced about two weeks steady fall by exchanging at N1,419 to a dollar.
The success story was replicated in the volume of currency traded, as the total daily turnover increased.
The daily turnover stood at 225.36 million dollars on Tuesday up from 147.83 million dollars recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,450 and N1,200 against the dollar.
Naira rebounds, gains N28.15 against dollar
Naira appreciate, gains further by 1.8% against dollar
The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar on Tuesday.
Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the dollar.
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However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday.
Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
The reports gathered that the Central Bank of Nigeria(CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira appreciate, gains further by 1.8% against dollar
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