CCNN to boost power generation, production with N120b
The Cement Company of Northern Nigeria (CCNN), Sokoto, has concluded plans to invest about $600 million on an additional power plant as part of efforts to achieve its self-sufficiency target in power supply and also enhance its production capacity.
The company, currently generating 12MW of electricity, is building the new plant in partnership with a Chinese company, CBMI to expand its capacity to 16 MW.
The Principal Manager (Corporate Affairs) CCNN, Alhaji M. S. Suleiman when the post privatization monitoring team of the Bureau of Public Enterprises (BPE), led by Ibrahim Babagana visited the plant recently, disclosed this.
Suleiman said that hitherto, “CCNN’s plant does not generate sufficient power to take the full load when running the plant on full capacity utilization”.
In a statement made available to The Guardian, Suleiman said that CBMI, China, has started the construction of a new production line which has a production capacity of one million tonnes of clinker per year, and that the line should be commissioned by the end of 2016 to increase the company’s capacity by about 200 per cent.
The Project Manager also told the team that the core investor is operating the company with total staff strength currently put at 383 of which only 2 are expatriates.
It should be recalled that the company was incorporated in 1962,and was partially privatized in 1992 and fully privatized in 2000 with Heidelberg Cement as Core investor.
However, through merger and acquisition, CCNN shares were sold to Damnaz Cement Co. Ltd in 2008 and Damnaz assumed full responsibility as core investor with its technical/administrative experts. In January 2010, Messrs Bua International Ltd acquired Damnaz.
The current ownership structure has core investors owning 50.7per cent of the company; State Governments over the years reduced their shareholding from 36.8per cent to 7.6per cent; while other private shareholders retain 41.7per cent.
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