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The move is expected to double the facility’s annual capacity to 5 million tonnes, strengthening Dangote Cement Plc’s position as Africa’s leading cement manufacturer.
A surge in the market value of his stake in Dangote Cement, Africa’s largest cement maker, has added $800 million to his wealth in just three day.
His 86 percent stake in Dangote Cement has taken a hit, with shares dropping from $0.31 at the start of the year to $0.25.
The partnership is set to address the surging demand for CNG, driven by Dangote’s vast fleet and an expanding base of Auto CNG users nationwide.
Pan-African operations drive growth; profit margins remain steady despite rising costs.
The move adds to the foundation’s recent efforts to alleviate economic hardships and address critical social issues in Nigeria.
The decline follows a brief uptick in April fueled by the Central Bank of Nigeria’s (CBN) efforts to address a backlog of dollar obligations, which strengthened the naira.
In the first quarter of 2024, Dangote Cement’s Nigerian operations shipped a total of 178,000 tonnes of clinker to Cameroon and Ghana.
This investment follows Otedola’s return to the Forbes Africa’s Richest List, where he now boasts an estimated net worth of $1.2 billion.
Dangote Cement’s remarkable financial performance and ability to sustain profit growth solidify its position as a top player in the African cement industry.
Dangote is set to expand the production capacity of Dangote Cement by constructing a new integrated cement plant in Itori, Ogun State.
Dangote’s 86-percent stake in his cement company is worth $8.64 billion.
The Obajana Cement Factory opened in 2008.
His net worth plunged from $19.1 billion at the start of the month to $18.7 billion.
The group’s profit decreased by more than 10 percent in the first half of 2022.