Tag: Dangote

  • Dangote, others back govt’s drive in agriculture

    Dangote, others back govt’s drive in agriculture

    Key players in the private sector have pledged support for government’s investment drive in agriculture.

    Chief executive officers of major companies gave this assurance at a meeting with Minister of Agriculture Akinwunmi Adesina in Abuja.

    The company chiefs met with the minister under the aegis of Nigeria Agribusiness Group (NABG) under the Agricultural Transformation Agenda (ATA).

    “Working in partnership with the private sector, we are driving new investments in the agriculture sector,” the minister said, adding: “To continue this never-before-seen trend in diversifying from the one-dimensional oil and gas economy and build on the investment inertia of the agricultural sector, we must engage the private sector to drive and coordinate regulatory and policy reforms in the country.”

    Initial discussions between the minister and the agribusiness leaders took place last May.

    “This group will drive inclusive market growth, representing the interests of farmers, aggregators, input providers, supply chain management, food processing, marketing and consumers,”Alhaji Sani Dangote, chairman of Dansa Foods Division of Dangote Group said.

    “Private sector support of necessary policy and regulatory reforms will ease doing business in the agricultural sector and reforms to sustain the gains of ATA beyond 2015,” Alhaji Mohammed Abubakar, of UMZA farms in Kano, said.

    At the Eminent Persons Group meeting in New York earlier in the year, Alhaji Dangote called for better coordination and collaboration between ministries, departments and agencies of the government.

  • We don’t produce 32.5 grade cement, says Dangote CEO

    We don’t produce 32.5 grade cement, says Dangote CEO

    Dangote Cement Plc has said it manufactures only 42.5 grade cement in all its three plants, which are located in Obajana, Kogi State; Ibese, Ogun State; and Gboko, Benue State.

    It said it is not a party to the firms accused of shortchanging Nigerians by civil society group and professionals.

    Its Chief Executive Officer, Mr DVG Edwin, spoke at a briefing at the weekend in Lagos.

    He said: “In all our three plants, we produce 42.5 grade cement. We believe that Nigerians deserve the best and we remain steadfast in meeting the needs of Nigerians for quality, cost effective cement. We want to align with the civil society group that there is need for standards in cement manufacturing; we need to comply to set standard so that Nigerians can get the best.”

    Edwin said Dangote Cement’s adherence to global best practices informed the production of 42.5 grade cement in all its factories, adding that it is stronger and has better qualities.

    According to him, the cement grade possesses higher strength capability and its rapid setting quality makes it the preferred grade among block makers, builders and construction workers, and add that with quick setting, blocks come out stronger and reduces the number of breakages.

    He said as part of efforts to drive quality, the firm has in the past two years, been training blockmakers on how to mould quality blocks using the 42.5 grade Dangote Cement.

    He said seminars and demonstrations with block makers is a continuous exercise, which has become a vital part of the company’s corporate social responsibility initiative aimed at preventing building collapse.

    Explaining why Dangote Cement is emphasising the production of 42.5 grade cement, Edwin said prior to the country’s attainment of self-sufficiency in cement production, the Standards Organisation of Nigeria (SON) had specified the 42.5 grade as the acceptable grade for importers of cement.

    He said: “Dangote Cement, as a responsible market leader, has continued to produce 42.5 grade in its three plants in strict adherence to the stipulations of SON.”

    He wondered why SON should insist on 42.5 grade as the standard for import and allow a lower grade for local production.

    He asked: “How come that during the import era, we were all compelled by the regulatory authorities to bring in 42.5 grades and now since 2012 when import was banned, the same regulatory authorities condone the production of 32.5 grades?”

    He noted that 92 per cent of Portland cement produced in the United States are in 52.5 and 42.5 grades, while other imported cement from China, Japan, Denmark and Paris are all 42.5 grade. He said: “Over 90 per cent of consumers are not aware of the different types of cement available in Nigeria. Their expectations in respect to the performance of cement are the same regardless of the type. The grade (quality) of concrete to be used may allow 32.5 grade cement for certain construction work such as pavements, rendering (plastering) and culverts but would demand 42.5 grade cement for structures, columns, bridges and multi storey buildings.”

    Reacting to claims by some cement manufacturers that the cause of building collapse is not cement quality, but poor use of materials, especially 32.5 grade, he advocated that the best way to ensure safety in the construction industry is to insist on 42.5 as the grade to be produced and used in Nigeria.

    He said despite training builders on how to use 32.5 grade of cement, some of them still cut corners.

    “Incidence of building collapse will be greatly reduced if we adhere to a common quality specification, leaving no opportunity for manipulations,” he added.

    On claims by some cement manufacturers that switching over to 42.5 grade would erode their profit margins, Ekanem said producing the grade though would lead to a marginal cost increase, it should be seen as a patriotic gesture to stem the tide of building collapse.

     

    “We place a high premium on human lives and not cost. Nothing on earth can be substituted for human lives. Those arguing that migrating from 32.5 to 42.5 will erode their profit margin are insincere and selfish as human lives are more important than profit taking,” he said.

    The sales/marketing director of Dangote Cement also said that in the last five years, the price of cement from Dangote has remained constant despite the high inflationary rate, high cost of fuel, and infrastructure deficit, and other operational challenges. “Even though, we have consistently been producing 4.2 grade cement the price is the same for 32.5 grade,” he pointed out, noting that the company invested so much in logistics hence, the company’s cost of moving cement products is the lowest in the industry.

    A coalition of civil society groups and professional bodies in the construction industry are set to launch a major campaign for the standardisation of the manufacturing and importation of the product. The coalitions, according to media reports, have called on the relevant authorities to initiate actions to make 42.5 grade of cement the standard product in Nigeria.

    The stakeholders’ argument is that nearly all the cement manufacturers and importers in the country are in the habit of taking advantage of the lax regulation and lack of enforcement to vary their pigmentation in favour of the lower grade cement (32.5) which in most cases is used in building and seen to be partly responsible for the collapse of houses. They believe that the practice, which is quite prevalent, is usually overlooked by SON.

     

     

  • ‘15 multi-nationals have returned’

    ‘15 multi-nationals have returned’

    New policies by the federal government have bought back fifteen industries that left the country, Minister of Industry, Olusegun Aganga, said yesterday.

    He spoke in Yola during a visit to Savannah Sugar Company Limited (SSCL), a subsidiary of Dangote group of companies.

    Aganga assured that the economy would soon be revived through ongoing revolutionary policies in the productive sector.

    The policies, he explained, are aimed at putting the nation in the number one spot in Africa.

    The minister commended Dangote for planning to expand the sugar company to 30,000 hectares of sugar cane.

    He stated that the group is planning to establish additional 50,000 hectares of sugar plantation in Taraba State next year, saying the development will create additional 180,000 jobs.

    The Group Managing Director (GMD) of Dangote Sugar Company, Graham Clark, said Dangote has 4,000 workers at Savannah Sugar Company and plans to employ more.

    He pledged to build a 25- bed hospital for the host communities for accessible medical attention.

  • Dangote opens new depot

    Dangote opens new depot

    Dangote Cement Plc yesterday officially commissioned a new cement depot in Idi-Iroko, Ogun State.

    The commissioning of the 72,000 bags capacity purpose-built cement depot is another statement by the firm to remain on the driver’s seat of innovation in the cement industry.

    Speaking on the occasion, Regional Director, Dangote Cement, Mr. Akin Adesokan said the firm will ensure constant supply of the product to ease transportation problem.

    “We will ensure that the depot is always stocked with cement,”he said, adding that the cement to be sold in the depot is 42.5 grade with quick setting as one of its unique quality.

    He said with the commissioning, the firm is delivering on its main objective of bringing its product nearer to the people.  “We are delivering on ensuring that Nigerians have access to the major component in building which is cement. We are ensuring that houses in Nigeria stand strong. We are ensuring that Nigerians have the ability to build their personal houses,” he said.

    The depot was built by Jimmy Azeez  Enterprise, one of Dangote Cement’s major distributors. Jimmy Azeez would also manage the facility. Adesokan described the collaboration with Jimmy Azeez as “another milestone in our mutually beneficial business relationship with our distributors.”

  • Court hears Otudeko’s suit against Dangote February 6

    Court hears Otudeko’s suit against Dangote February 6

    A Federal High Court, Lagos, on Tuesday fixed February 6 for hearing of a suit filed by Oba Otudeko against Alhaji Aliko Dangote and the Nigerian Ports Authority (NPA) over a land dispute.

    Justice Okon Abang adjourned the case at the instance of the counsel to Dangote, Mrs. Fola Sowemimo, to enable her to file written statement on oath.

    The News Agency of Nigeria (NAN) reports that Otudeko, Chairman of Honeywell Group, filed the suit in 2006 at Justice Ramat Mohammed’s court.

    He is claiming 48 million dollars against the defendants as damages for breach of contract over a 10.8 square metres of land within the Lagos Ports Complex, known as the 5th Apapa Wharf Extension.

    In the suit, the NPA, Bureau of Public Enterprises (PBE), Dangote Industries Limited, Dangote and Greenview Development Nigeria Limited, are listed as first, second, third, fourth and fifth defendants respectively.

    NAN reports that the suit was subsequently transferred to Justice Abang after the retirement of Mohammed.

    When the case came up on Tuesday, Counsel to the plaintiff, Dr. Joseph Nwobike (SAN), told the court that the case was slated for trial.

    According to Nwobike, he is faced with the challenge of retrieving the exhibits tendered before the former judge.

    The counsel, therefore, asked for an adjournment to enable him to retrieve the exhibits.

    Meanwhile, counsel to the third, fourth and fifth defendants, Sowemimo, has argued that the case was not yet ripe for hearing since the defence had yet to file its written statement on oath.

    She urged the court to grant an adjournment in favour of the defence, adding that “since the defence was unprepared it would serve the interest of justice to give them time to regularise.’’

    Abang had in a bench ruling adjourned the case to February 6 and ordered the defence to file its written statement before the next date of adjournment.

    In his statement of claim, Otudeko averred that by an agreement, NPA leased the land to him for five years for N2.2 million yearly.

    He said the land was to be used for the setting up a bulk food handling facility, adding that in keeping with the agreement, it paid the amount and additional N290, 000 for survey.

    According to the plaintiff, the BPE suddenly suspended his pre-existing rights, and granted the concession to Greenview Development Limited belonging to Dangote.

    He said that NPA and BPE later asked him to vacate the facility to ensure its smooth transfer to the new operator.

     

     

     

  • Otudeko vs Dangote: Court to hear land suit January 21

    Otudeko vs Dangote: Court to hear land suit January 21

    Justice Okon Abang of the Federal High Court in Lagos will on January 21 hear a suit involving two of Nigeria’s richest men, Oba Otudeko and Aliko Dangote.

    They are in court over a land measuring 10.841 square metres at the Lagos Ports Complex, known as the 5th Apapa Wharf Extension.

    Otudeko, through his company, Honeywell Group Limited, is urging the court to declare that he is the rightful owner of the land by virtue of a lease agreement between his company and the Nigerian Ports Authority (NPA).

    But Dangote is insisting that the agreement was neither turned into a deed nor was it registered in any lands registry.

    The matter was before Justice Ramat Mohammed before it was assigned to Justice Okechukwu Okeke following Mohammed’s transfer to another division.

    Following Justice Okeke’s retirement last year, the case was reassigned to Justice Abang to begin de novo (a fresh).

    In the suit with number FHC/L/CS/329/06, listed NPA, Bureau of Public Enterprises (BPE), Dangote Industries Limited,Dangote and Greenview Development Nigeria Limited as defendants.

    The claimant said NPA leased the said land to it for five years for setting up a bulk food handling facility at N2.168 million per year.

    Honeywell added that in keeping with the agreement, it paid the sum as well as N290, 000 for the land survey.

    The plaintiff noted that it took possession of the land to the knowledge of the defendants and began the required technical investigations.

    It said its expenditure on setting up facility costing about $100 million.

    The plaintiff added that despite being aware of its massive development plans on the land, the BPE allegedly suddenly suspended the pre-existing rights by concessioning NPA’s Apapa Ports Complex, including the 5th Apapa Wharf Extension to Greenview Development Limited, a company which Dangote allegedly has interest in.

    Honeywell Group added that NPA and BPE latter asked it to vacate the facility to ensure smooth transfer to the new operator.

    According to the claimant, Dangote and his company actually procured and induced the NPA to break the initial agreements and legal relations.The plaintiff alleged that Dangote, through his agents, harassed, threatened and ordered its officials to vacate the land.

    Besides, the plaintiff argued that BPE lacked the power under its port reforms to take over and alienate NPA’s assets when the NPA Act has neither been amended.

    By the alleged forceful eviction from the land, Honeywell said it lost the profit it would have made and was greatly injured in its business.

    The plaintiff said due to the delay, the cost of putting up the contemplated structure rose from $100 million to $148 million.

    The plaintiff is, therefore, urging the court to declare it as the land’s exclusive legal occupier.

    It prayed the court to restrain the defendants from treating it as stranger or trespasser on the land.

    It also wants $48 million damages, being the additional expenses required to build the bulk food handling facility.

    But Dangote, in his statement of defence, said the action was frivolous, vexatious and constituted an abuse of court process.

    Urging the court to dismiss the suit, the industrialist added that the action was aimed at truncating the Federal Government’s policy on the seaports.

    He said it was also filed to stall the progress of work being carried out by Greenview Development on the land.

    He argued that no Presidential consent was sought or obtained before the lease agreement was granted to Honeywell Group in respect of the land.

    According to him, notices were given to the public in 2003 for the concessioning of all seaports/complexes by the BPE as part of the Federal Government’s privatisation and commercialisation policy.

    Under the policy, Dangote said all existing leases/licenses of land at the seaports were affected, and that fresh bids were required for the concessioning of the various seaports.

    The defendant added that Greenview was eventually granted the concessionaire approval by the Federal Government of Terminal E of Apapa Ports covering an area of 19.091 hectares.

    Dangote said it was untrue that the plaintiff had ever been in occupation of the land known as the 5th Apapa Wharf Extension.

     

     

  • Investors stake N22b on equities

    •Nigeria’s first domestic ETF hits market

    Investors staked more than N22 billion on quoted equities on the Nigerian Stock Exchange (NSE) as stocks fluctuated between profit-takers and bargain-hunters. In what indicated the cautious mood of the market, the main index closed the week with a marginal gain of 0.07 per cent.

    The modest positive market position was due mainly to gains by cement companies, especially Dangote Cement, which in many instances was the rallying point for the market recovery. Most indices at the NSE indicated widespread declines in share prices.

    The All Share Index (ASI), the main index that tracks prices of all equities on the NSE, inched up from the week’s index-on-board of 41,450.48 points to close the week at 41,480.62 points. Average year-to-date return for 2014 thus increased slightly to 0.37 per cent. Aggregate market value of all quoted equities also increased slightly from opening value of N13.265 trillion to close the week at N13.275 trillion.

    With the exception of cement-driven NSE Industrial Index, all sectoral indices closed on the negative. The NSE 30 Index, NSE Consumer Goods Index, NSE Banking Index, NSE Insurance Index, and the NSE Oil/Gas Index depreciated during the week by 0.56 per cent, 0.49 per cent, 3.20 per cent, 3.0 per cent and 3.08 per cent respectively. The NSE Industrial Goods Index appreciated by 0.85 per cent, driven largely by Dangote Cement and Lafarge Cement Wapco Nigeria. The NSE Lotus Islamic Index- an Islamic law-based index that groups some influential selected Shariah compliant stocks, made the highest gain with an increase of 2.23 per cent.

    Total turnover stood at 1.72 billion shares worth N22.44 billion in 29,600 deals. Financial services sector remained the most active with a turnover of 1.2 billion shares valued at N10.85 billion in 15,134 deals; representing about 70 per cent of total turnover. The oil and gas sector rode on the back of increased demand for Oando to place second on the activity chart, pooling 182.28 million shares worth N2.22 billion in 4,866 deals. Also, conglomerates sector rode on the back of Transnational Corporation of Nigeria (Transcorp) to occupy the third position on the activity chart with 124.13 million shares worth N665.14 million in 1,982 deals.

    The three most active stocks were FBN Holdings Plc, Transcorp and Unity Bank Plc, which altogether accounted for 407.95 million shares worth N3.23 billion in 5,007 deals, representing 23.7 per cent of total turnover volume.

    Meanwhile, Nigeria’s first domestic Exchange Traded Fund (ETF) will open for public subscription today following the approval of Securities and Exchange Commission (SEC).

    The ETF-Vetiva Griffin 30 Exchange Traded Fund (VG 30 ETF) is being promoted by Vetiva Fund Managers Limited, a Nigerian investment management firm. Vetiva is offering 100 million units of VG 30 ETF at par in this initial public offering (IPO). Application list for the IPO will open for 15 working days, up till January 31, 2014, in line with extant rule of SEC.

  • Dangote leads biggest African billionaire gainers of  2013

    Dangote leads biggest African billionaire gainers of 2013

    No one made bigger bucks in Africa in 2013 than the continent’s richest man, Aliko Dangote. The Nigerian cement, sugar and flour mogul saw his fortune soar $10.1 billion, or 79% through Wednesday, the 31st of December 2013. The biggest catalyst was his Dangote Cement shares which has experienced a 74% run-up over the last 12 months. He is now worth $22.9 billion according to FORBES’s most recent statistics, up from $12.8 billion at the end of December 2012.

    Aliko Dangote

    2013 was a roller coaster year for Dangote. In April, the 57-year-old tycoon announced that his Dangote Group, West Africa’s largest company, would construct a private oil refinery in Nigeria. When completed, it will have a refining capacity of 400,000 barrels per day and will reduce Nigeria’s dependence on oil imports. Dangote’s name attracts big money, and several local and international financiers quickly lined up to back him on the project. He subsequently raised $4.5 billion. He is also aggressively expanding his publicly traded Dangote Cement across the continent, announcing plans September and October to build new plants in Kenya and Niger at a cost of $750 million.

    The second biggest gainer in dollar terms in 2013 was Angolan investor Isabel Dos Santos, the eldest daughter of Angola’s president. FORBES’ estimate of her net worth grew by $2.8 billion during 2013 to $3.7 billion, but not because her wealth grew dramatically over that period. FORBES was able to uncover and verify more assets owned by Dos Santos, 41, between December 2012 and August 2013; and wrote about those assets here. She is now Africa’s richest woman.

    Nigeria’s richest woman, Folorunsho Alakija, controls Famfa Oil Limited, an oil exploration company that owns a lucrative stake in the Agbami deepwater oilfield. FORBES puts her net worth at $2.5 billion, up from $600 million in December 2012, after she first appeared on the FORBES list of Africa’s richest people. Her increased net worth is a result of new information made available to Forbes on the true value of her company’s interest in Agbami, information that has been verified by analysts in the industry.

    Africa’s wealthiest media mogul, Koos Bekker, CEO of South Africa-based media giant Naspers, saw his fortune nearly in the past year –from $450 million to $1.2 billion — as a result of a huge run-up in the stock and additional stock purchases by Bekker. Naspers’ shares rose more than 100% in 2013.

    In the case of Abdulsamad Rabiu, Africa’s newest billionaire, we estimate he is $550 million richer than Forbes’ estimate in December 2012, primarily because Forbes Africa was given exclusive access to new information regarding his holdings.

    The full list of the biggest dollar gainers in Africa, measured from December 31, 2012 through December 30, 2013, is below.

    •Aliko Dangote

    Net Worth: $22.9 billion

    Up: $10.1 billion (79%)

    • Isabel dos Santos

    Net Worth: $3.7 billion

    Up: $2.8 billion (311%)

    •Christo Wiese

    Net Worth: $6.5 billion

    Up: $2.4 billion (58.5%)

    •Folorunsho Alakija

    Net Worth: $2.5 billion

    Up: $1.9 billion (317%)

    •Johann Rupert

    Net Worth: $7.8 billion

    Up: $1.4 billion (22%)

    •Nassef Sawiris

    Net Worth: $6.6 billion

    Up: $1 billion (18%)

    •Mohammed Mansour

    Net Worth: $3.1 billion

    Up: $900 million (41%)

    Billionaire Sheldon Adelson was Year’s Biggest Winner, with fortune jumping $15 billion

    •Koos Bekker

    Net Worth: $1.2 billion

    Up: $750 million (167%)

    •Abdulsamad Rabiu

    Net Worth: $1.2 billion

    Up: $550 million (85%)

    • Yasseen Mansour

    Net Worth: $2.4 billion

    Up: $400 million (20%)

    • Stephen Saad

    Net Worth: $1.45 billion

    Up: $350 million (31.8%)

    • Youssef Mansour

    Net Worth: $2.3 billion

    Up: $350 million (18%)

    • Nicky Oppenheimer

    Net Worth: $6.6 billion

    Up: $100 million (1.5%)

    •Mike Adenuga

    Net Worth: $4.7 billion

    Up: $100 million (2.2%)

  • Dangote, Mo Abudu, bank chief  among Top 13 CEOs of 2013

    Dangote, Mo Abudu, bank chief among Top 13 CEOs of 2013

    The President of Dangote Group of Companies, Alhaji Aligo Dangote; Chief Executive Officer of Guaranty Trust Bank Plc, Olusegun Agbaje and the Chief Executive Officer of EbonyLife TV, Mo Abudu, have been listed among Nigeria’s Top 13 CEOs for 2013.

    The rating, by Ventures Africa, is contained in a statement yesterday in Lagos by the Communication Associate of Red Media Africa, Daffne Akatugba.

    The statement said the CEOs were recognised not because they occupied the chairs of companies with “high-sounding” names but because they made a difference in highly competitive markets and demonstrated effective management capabilities.

    The top CEOs were also said to have demonstrated hard work, resilience, research and a deep understanding of the Nigerian business climate as they moved their companies to greater heights.

    The statement noted that 2013 was a remarkable year with many businesses rising and conglomerates recording huge profits in Nigeria’s enterprising market.

    It added: “Over the years, we have read and heard about innovations and changes in management, investments gone sour or profitable and market share expansions on the home front and beyond.”

  • Dangote to reduce Dancem’s stake by October

    Dangote to reduce Dancem’s stake by October

    Alhaji Aliko Dangote, the core investor in Dangote Cement (Dancem) Plc, will have to reduce his majority shareholding in Dancem by October 2014 in compliance with listing regulations at the Nigerian Stock Exchange (NSE) and earlier proposal made by the cement company.

    A report on compliance due date for companies in free float deficiencies on the NSE obtained by The Nation indicated that Dangote Industries Limited, the holding company of Alhaji Aliko Dangote; and core investor in Dancem has up till October 26, 2014 to sell down or dilute its shareholdings in the cement company.

    The reduction in shareholding is to enable Dancem to comply with the free float rule at the NSE. Companies listed on the NSE are required to maintain a minimum free float of 20 per cent and 15 per cent for companies on the main board and second tier board respectively. Dancem is quoted on the main board. It is NSE’s most capitalized stock.

    Free float, otherwise known as public float, refers to the number of shares of a quoted company held by ordinary shareholders other than those directly or indirectly held by its parent, subsidiary or associate companies or any subsidiaries or associates of its parent company; its directors who are holding office as directors of the entity and their close family members and any single individual or institutional shareholder holding a statutorily significant stake, which is 5.0 per cent and above in Nigeria.

    Thus, free float’s shares do not include shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated, affiliated or family holdings.

    Stock markets maintain minimum public float to prevent undue concentration of securities in the hands of the core investors and related interests, a situation that can make the stock to be susceptible to price manipulation. Besides, it provides the general investing public with opportunity to reasonably partake in the wealth creation by private enterprises.

    According to the NSE, the free float rule helps to ensure that there is an orderly and liquid market in the securities of quoted companies.

    The updated free float record of the NSE indicated that Dancem has a free float of 4.93 per cent, 15.07 percentage points below the minimum required 20 per cent.

    The management of Dancem had applied and presented compliance plan based on which the NSE approved compliance deadline of October 2014 for the company. However, Dancem is required to provide quarterly disclosure reports to the NSE on the efforts being made to fully comply by the deadlines.

    By the expiration of the deadlines, Dancem is mandatorily required to have completed partial divestments or dilution of the core investor’s shareholdings to free 20 per cent equity stake for public holding, unless the management of the NSE grants fresh waivers and extensions for the companies. In the extreme instance, a company with deficient public float may opt to delist its shares.

    The Nation’s checks indicated that Dangote Industries may have to divest more than 2.3 billion ordinary shares in free float transactions valued at more than N500 billion, based on current issued shares and market consideration.

    Dangote Industries currently holds some 93 per cent majority equity stake in Dancem, which has total outstanding paid up share capital of 17.04 billion ordinary shares of 50 kobo each. Dancem opened yesterday at N212.8 per share.

    It should be recalled that the South African government had in June 2013 emerged the second largest equity investor in Dancem with the purchase of 1.5 per cent equity stake in the Nigeria’s most capitalised quoted company.

    The deal, totaling N45.75 billion, saw the South Africa’s government, through its wholly owned investment company, Public Investment Corporation of South Africa (PIC), acquiring 255.61 million ordinary shares of 50 kobo each of Dangote Cement at N179 per share. The transaction made the South African government the second largest institutional shareholder, after Dangote Industries Limited (DIL). It remains the only known public entity with significant shareholding in the company. The transaction price of N179 then represented 30-day volume weighted-average-price of Dangote Cement.

    Dangote Industries, which held about 94.9 per cent majority equity stake in Dangote Cement prior to the sale.