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Dangote Cement Exports Clinker to African Markets

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Dangote Cement clinker

By Adedapo Adesanya

Africa’s largest cement producer, Dangote Cement, has begun the export of clinker, which is used to produce cement, to other African countries.

In a statement released on Sunday, the company said it exported 27,800 metric tonnes of the product to Senegal during the weekend.

It also said it would work towards increasing the quantity of clinker exported to other African countries within the next few weeks.

The company said the milestone is part of plans to place Nigeria on the map as one of the top clinker exporters in the world while taking advantage of the African Continental Free Trade Area (AfCFTA) agreement.

Speaking during the departure of the ship conveying clinker from its export terminal in Apapa, Lagos Mr Sada Ladan-Baki, group executive director of Dangote Group, said the increased exportation of clinker and cement to other African countries would boost Nigeria’s foreign exchange earnings and reduce unemployment in the country.

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“The beauty of what we have done is that we are going to be generating foreign exchange for the country in terms of dollars and Euros. For every batch of clinker we export, the money comes back to Nigeria. The amount we are talking about is not small.

“Presently, Dangote Cement should either be number one or number two exporter of cement in Africa and the revenue we have generated in the form of foreign exchange is running into millions.

“Today, we have formally launched the Dangote Cement Export Terminal. We are still going to do another major launch when the second ship is going out of the country,” he said.

Mr Ladan-Baki said the company has helped Nigeria attain self-sufficiency in cement production from being on the top importers of the product some years back.

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He said the company would soon also launch an export terminal in Onne, River State to enable the company export clinker, initially to its grinding facility in Cameroon and then to its new grinding plants across West Africa.

The director said this would not only generate useful foreign currency for Dangote Cement to support other expansion projects outside Nigeria, but it would also help to increase the output of the Nigerian plants which would help to improve job creation and increase prosperity in Nigeria.

“This terminal will assist Dangote to actualise the full potential of the company’s investment in cement. You know as usual when the rain comes, sales decline, but not clinker export.

“This feat by Dangote is going to generate a lot of jobs because the export terminal has already created jobs to many Nigerians. As at now, the numbers of employed Nigerians at the terminal have reached 100. We are targeting about 200 to 300 workers in Lagos terminal alone.

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“The exportation of clinker by Dangote will also help the country compete effectively with every country that is in the business of exportation of clinker. At Dangote Cement, we are going about it aggressively and we are seeing it as an opportunity.

“What we have in plan is to send clinker from Nigeria to Ivory Coast, Cameroon and Ghana. Cameroon as an example takes about 82,000 metric tonnes every month. Our target is to export at least 4 million metric tonnes of clinker annually to various parts of Africa.

“That is our target that we hope to achieve within the next one to two years,” he added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

NASD Unlisted Security Index Extends Loss by 0.93%

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NASD Unlisted Securities Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the bearish territory for the second session this week following a 0.93 per cent loss it printed on Tuesday.

The negative movement in the value of Central Securities Clearing Systems (CSCS) Plc and Nigerian Exchange (NGX) Group Plc further depressed the market capitalisation of the exchange by N4.95 billion to close at N525.23 billion in contrast to N530.18 billion it quoted at the previous session.

Similarly, the two stocks sliced the NASD Unlisted Security Index (NSI) by 6.97 points to 738.91 points from 745.88 points it recorded at the previous session.

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Business Post reports that CSCS Plc depreciated by 99 kobo or 5.50 per cent to sell at N17 per share compared to N17.99 per share of the previous session.

On its part, NGX Group saw its stock lose 40 kobo or 2.1 per cent to close at N18.93 per unit as against N19.33 per unit it finished a day earlier.

At the market yesterday, the trading volume suffered a 59.7 per cent slump as only 366,354 units were transacted by investors in contrast to the 909,339 units traded on Monday, indicating that investors’ interest in the market is gradually waning and they need a trigger to boost their confidence.

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Also, the trading value went down by 55.4 per cent as shares worth N8.3 million exchanged hands compared with the N18.5 million transacted on Monday.

In the same vein, the unlisted securities market recorded only 20 deals, 33.3 per cent lower than the 30 deals executed at the preceding trading day.

NGX Group maintained its position as the most active stock by volume (year-to-date) for trading 272.1 million units of its shares for N6.1 billion. The second spot was retained by Swap Technologies & Telecomms Plc for transacting 46.6 million units worth N41.0 million while CSCS Plc held the third position for exchanging 31. 4 million shares valued at N494.2 million.

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In terms of value, NGX Group also remained the busiest with the sale of 272.1 million units of its securities for N6.1 billion, followed by Niger Delta Exploration and Production (NDEP) Plc with 2.9 million units valued at N900.6 million and FrieslandCampina WAMCO Nigeria with 5.9 million units valued at 753.5 million.

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Economy

NGX Delists Four Firms for Poor Corporate Governance

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ATS Training NGX

By Dipo Olowookere

Four companies trading their shares on the Nigerian Exchange (NGX) Limited have been removed over poor corporate governance.

The affected firms; Evans Medical Plc, Nigerian-German Chemical Plc, Roads Nigeria Plc and Unic Diversified Holdings Plc have not been able to abide by the listing rules, including filing their financial results to the exchange.

The stock exchange requires companies trading their equities on its platform to regularly file their financial statements to enable shareholders and the investing public to have information that would enable them to make investment decisions.

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When organisations fail to submit their books for scrutiny, the exchange uses its big hammer, which usually comes in a form of sanction and when it becomes consistent, the firms are shown the way out.

As for the aforementioned four companies, they have failed over a period of time to adhere to the rules of the exchange, which necessitated the regulation action.

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In a regulatory document obtained by Business Post, the NGX disclosed that it removed the “entire issued capital” of the four organisations effective Monday, June 14, 2021.

It was stated that the delisting of the firms received the approval of the board of NGX Regulation Limited (NGX RegCo) on Wednesday, April 21, 2021.

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According to the exchange, the authorisation for the removal of the affected firms is in line with the regulatory delisting process of NGX.

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Economy

DPR Insists Petrol Marketers Must Submit Daily Stock Records

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Daily Stock Records

By Modupe Gbadeyanka

The Department of Petroleum Resources (DPR) has maintained that petroleum marketers in the country must submit daily stock records.

In a statement, the agency regulating the industry said this is one of the statutory requirements to be adhered to by the fuel sellers.

The DPR had requested licensed petrol stations to submit their daily transaction records, but the operators, through their group, the Independent Petroleum Marketers Association of Nigeria (IPMAN), threatened a strike action.

They alleged that officials of the agency were using the means to extort them, describing the request for daily transaction records from filling stations as unacceptable.

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“IPMAN has no other alternative other than instructing our members not to load from Suleja depot in Niger State to express our frustrations after all efforts to make DPR officials desist from unethical practices failed,” the Chairman of IPMAN in charge of Suleja/Abuja Unit, Mr Yahaya Alhassan stated.

But the DPR in the statement said the fuel marketers are not required to pay for filing the statutory report, urging them to submit the data via its website, www.dpr.gov.ng.

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In the statement issued by the Head of Public Affairs at the DPR, Mr Paul Osu, the agency explained that the reason for the request is to collate data on the consumption of the product in the country.

“We want to state for the records that request for daily stock of products supplied is a statutory regulatory requirement for any retail outlet license holder, which enables DPR to provide accurate petroleum products consumption data for the country. This regulatory oversight is at no cost to the retail outlets,” the statement said.

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According to the DPR, the provision of the daily stock report, which is also applicable to petroleum products depots, also enables DPR to provide investment guide to investors in line with its role as a business enabler and opportunity house for the oil and gas industry.

“The department wishes to inform all marketers that all applications and applicable statutory fees for retail outlet operations have been migrated online, www.dpr.gov.ng, in furtherance of the federal government’s ease of doing business policy,” it added.

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