Business
Dangote, Sinoma Sign Agreement On new 6Mta Cement Plant In Itori, Ogun State
Dangote, Sinoma Sign Agreement On new 6Mta Cement Plant In Itori, Ogun State
Dangote Industries Limited (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tons per annum cement plant in Itori, Ogun State. The agreement was signed by the Chairman of Dangote Cement Plc, Aliko Dangote alongside the Group Executive Director, Strategy, Capital Projects & Portfolio Development, DIL, Devakumar Edwin, while China Sinoma Engineering was represented by its Group President, Yin Zhisong, and the company’s Chairman, Liu Renyue.
Dangote speaking at the signing ceremony, said that new integrated cement plant at completion will strengthen the local production capacity of Dangote Cement, bringing its local capacity to 41.25 million tons per annum and total African capacity to 57.6 million tons per annum. He said the Itori Cement Plant will also increase Nigeria’s capacity to export cement, thereby enabling more diversification and foreign exchange inflows for the economy.
According to Dangote, the project is further expected to develop the domestic economy through creation of thousands of indirect and direct jobs and drive economic development in the Itori axis. Ancillary businesses, he stated will be drawn to the axis, who will be seeking to take advantage of the location of the cement plant to provide goods and services to staff, contractors and other stakeholders.
He added that constructing the new cement plant is in line with Dangote Group’s vision of producing locally goods that were formally imported despite the abundance of raw materials for local production of such goods.
He described Sinoma as a strategic partner who has been instrumental to the success of key projects in Dangote Group. He said, “We are comfortable working with your company. You have handled some of our key projects and I am positive that this project will be completed as scheduled.
Group President of China Sinoma Engineering, Yin Zhisong, expressed satisfaction with the commitment and determination of the Dangote Group in building cement plants across Africa. He said: “It is an honour for us to build another cement plant for Dangote Group. We are proud and happy to be on this journey with the company again.
When operational, the plant is expected to have two Lines x 6,000 TPD Clinker Production with an installed daily total capacity of 12,000 TPD of Clinker production. It is expected to be completed within 27 months with best-in-class equipment in the cement industry, sourced from Europe’s major equipment suppliers.
The plant will have its own captive power plant to generate electric power for use by cement kilns and other production processes.
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.
Dangote Cement is Africa’s leading cement producer with 51.6Mta production capacity across Africa with Nigeria accounting for 35.25Mta.
Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta.
Africa’s Leading Investment Firm, Africent Group, Rebrands
Africent Group, a holding company that invests and supervises its own businesses and established companies with business interests in oil, shipping, mining and minerals, agriculture, landholdings, and warehouses, has announced that it will be undergoing a rebranding initiative.
As a leading investment firm in Africa, Africent Group has grown and expanded its business interests over the years. The company believes that it is time to refresh its brand to better reflect its core values, mission, and diversified business portfolio.
As part of this rebranding initiative, Africent Group will update its company logo, website, and marketing materials to align with its core values and mission. The rebranding initiative will not change the company’s commitment to excellence and providing exceptional service to its clients.
Africent Group is excited about this new chapter in its journey and believes that the rebranding initiative will position the company for continued growth and success in the future.
For more information on Africent Group and its diversified business portfolio, please visit their website at https://africentgroup.com/
GTCO Food & Drink Festival 2023… A Celebration Of Food!
The annual GTCO Food & Drink Festival is back again for its 6th Edition, and food lovers across Africa and the world are in for a feast like never before! The event is slated to hold from Saturday April 29th till Monday May 1st 2023, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos, providing a 3-day weekend of food and endless celebration.
The GTCO Food & Drink Festival brings together the greatest minds on the global culinary stage, the most industrious Nigerian small food business owners, a world class, state-of-the-art children’s play area, merging them all to give attendees the most memorable food and drink event.
Commenting on the 2023 GTCO Food and Drink Festival, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said; “Food and drink are intrinsically social things, and best enjoyed when shared. We understand the value of bringing together businesses and consumers who are passionate about food and have continued to inspire new ways to experience life through food and drink. The continuing success of our free-business platforms reflect our unchanging commitment to Promoting Enterprise and echoes our brand promise of creating Great Experiences.”
Constantly innovating the space and on a quest to continue creating great experiences for all stakeholders, GTCO Food & Drink will be expanding its capacity by creating more opportunities for more businesses and increasing its highly coveted vendor stalls from 142 to 204, giving even more innovative and assiduous business owners the chance to not only showcase their businesses to the over 250,000 foodies in attendance, but also engage with their customer base and learn from a confluence of other great-minded food entrepreneurs. The event will also feature three premier DJs in Africa, setting the scene for a weekend of celebration, food, drink, and togetherness.
Guaranty Trust Holding Company Plc is a leading financial services company providing banking and non-banking services including payments, wealth management, and pension fund management, with a presence across eleven countries spanning West and East Africa as well as the United Kingdom. The Group operates a diversified, Proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement which has endeared the brand to millions of people across Africa and beyond. Over the years, many customers have benefited from its unique loan products including the Food Industry Credit and Fashion Industry Credit designed specifically for businesses in the food and fashion industry.
It’s time once again to come together and celebrate the great joys food has to offer! Attendance is FREE.
For more information on the event, please visit: https://foodanddrink.gtcoplc.com
Aliko Dangote Makes N460bn In A Day, Overtakes Four On Billionaires’ List
DANGOTE– Nigerian business tycoon, Aliko Dangote, overtook two Russians, one Chinese and an Indian on the billionaires’ list on Monday, after making N460bn in a day.
The Chief Executive Officer of Dangote Group made the profit following increased demand for Dangote Cement, beating his fellow billionaires by earning about $100 million.
He maintains a majority share at his Cement company, following the company’s announcement of a significant share buyback two weeks ago.
According to Bloomberg Billionaire Index, Dangote remains Africa’s richest man, a feat he has maintained for 12 years in a row.
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