The $1.1billion merger between the Cement Company of Northern Nigeria and BUA Group's Kalambaina Cement has been awarded the Best M&A Deal in Africa by the EMEA Finance Achievement Award held in London recently.
The award was received by a director of CCNN who is also the Group Chief Operating Officer of BUA Group, Chimaobi Madukwe. Speaking at the 11thannual Award, Madukwe expressed gratitude to EMEA Finance for the award and described it as a global nod to the expansion vision of BUA Group. Madukwe then reiterated BUA’s commitment to ensure high capacity utilization, efficiency and better quality of its products with the 2 million metric tonnes per annual plants capacity.
According to Madukwe, “As a brand, this is a very big achievement for BUA. And we thank EMEA Finance for the award. The award is highly competitive, and for BUA Group’s investment and achievement in the cement sector to be recognized in this manner, it gives the management of CCNN and BUA a satisfaction that our strategy to expand beyond the shores of Africa isrealizable”.
The capital market regulators had in January 2019 approved the merger of the 500,000mtpa CCNN and 1.5mmtpa Kalambaina Cement. The merger described as the biggest in 2018 further reaffirmed CCNN as the market leader in the North West regional marketwith huge export opportunity to countries like Niger and Burkina Faso.
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Cement Company of Northern Nigerian PLC is a public limited liability company incorporated in 1962 and listed on the Nigerian Stock Exchange in 1993. CCNN is the only cement plant in the North Western part of Nigeria, operating a 500,00 metric tonnes per annum cement plant commissioned in 1985. While BUA Group started business in 1988 as a Private Limited Liability Company specializing in the importation and marketing of iron & steel, agricultural and industrial chemicals. Since then it has rapidly developed into a fully-fledged, diversified business with a stake in a wide range of business sectors.