MON 23 AUG, 2021-theGBJournal- Dangote Cement Plc, Africa’s largest cement producer, today announced the launch of a new N150 billion Commercial Paper Programme.
Dangote said the programme allows it ‘’to broaden our funding sources and, combined with our ₦300 billion multi-instrument issuance Bond programme, increases our access to capital market funding.’’
The Commercial Paper, the company said, will be used for working capital and general corporate purposes.
Commenting on the bond issuance, Michel Puchercos, Chief Executive Officer of Dangote Cement Plc, said: “The establishment of a new N150 billion Commercial Paper confirms Dangote Cement Plc’s ambition to maintain its long and successful track record of accessing the Nigerian debt capital market. Dangote Cement has issued an aggregate of N450 billion in Commercial Papers since 2018.
I want to thank our stakeholders and investors who contributed to the success of all the previous issuances of the commercial paper programme. We look forward to the same warm reception as we engage with fixed income investors under this new programme. Thank you again for your continued trust in Dangote Cement.”
Dangote Cement Plc is Sub-Saharan Africa’s largest cement producer with an installed capacity of 48.6Mta across 10 African countries, inclusive of 32.3Mta in Nigeria.
The company operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement. The Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.3Mta of capacity across four lines. The Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta, and the Gboko plant in Benue state has 4Mta.
Dangote Cement has played major role in helping Nigeria eliminate its dependence on imported cement through its current investment and has transformed the nation into an exporter of cement serving neighbouring countries.
In addition, it has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).
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