CCNN to Pay N1.25k Dividend July 27, Holds AGM July 26

By Dipo Olowookere

The board of directors of Cement Company of Northern Nigeria (CCNN) has given shareholders of the firm something to cheer about.

This is because the board has proposed the payment of N1.25k per share cash dividend to shareholders.

The cash dividend payment is for the year ended December 31, 2017.

A notice issued by the cement manufacturer disclosed that the closing date of the shareholders’ register is from June 19 to 22, 2018, while the payment date is July 27, 2018.

Meanwhile, the board of CCNN has announced a date for its Annual General Meeting (AGM).

The day of the meeting is July 26, 2018 and it would take place at the Lantana Hall, Eko Hotel & Suites, Victoria Island, Lagos, at 11am.

CCNN was founded by the Premier of the then Northern Region, Sir Ahmadu Bello, Sardauna of Sokoto. It was incorporated in 1962 and commenced production in 1967 with an initial installed capacity of 100,000 tons per annum at the Kalambaina plant.

The need to meet the increasing demand for cement necessitated an expansion of the plant with the commissioning of a second line with an installed capacity of 500,000 tons per annum in 1985, by the then Head of State, Major General Muhammadu Buhari.

In 1986, the first line was shut down due to its uneconomic mode of operation, thus leaving the plant with a rated output of 500,000 tons per annum.

Under the privatization and commercialization programme of the Babangida Administration in 1992, the Federal Government disinvested about 20% of its holding in the company and sold it to the Nigerian Public.

Under the civilian administration of Mr Olusegun Obasanjo, CCNN was earmarked as one of the companies to be fully privatized.

In 2000 therefore, public bidding for the company was concluded and Scancem International ANS of Norway, a member of Heidelberg Cement Group was appointed as core investor and technical partner of the firm.

Following a strategic re-orientation, Heidelberg Cement Group divested its CCNN shares in 2008. The Nigerian company Damnaz Cement Company Limited became CCNN’s new core investor.

In 2010, BUA International Limited acquired Damnaz Cement Company Limited and became indirectly the majority shareholder in CCNN and its technical partner.