The Cement Company of Northern Nigeria (CCNN), through a notification to the Nigerian Stock Exchange (NSE), has announced the appointment of Engineer Yusuf Binji as its new Managing Director. Binji’s appointment will take effect on September 1, 2018.
He will be replacing Alhaji Ibrahim Aminu who moved to BUA Group.
The Chairman of the CCNN Board of Directors, AbdulSamad Rabiu who spoke on Binji’s appointment, said the company’s Board of Directors appointed him as an advancement in its commitment to welcome restructuring.
About Binji
Prior to his appointment as the company’s Managing Director, Binji was the Managing Director of Obu Cement Company (a subsidiary of BUA Cement), situated in Okpella, Edo State – a position he has held since February 2017.
Binji has a B. Eng. degree in Chemical Engineering from Ahmadu Bello University in
Zaria (1990) and an M.Sc. Chemical Process Engineering with Distinction, from the
University College, University of London (1993).
He became a Fellow of the Nigerian Society of Engineers in 2013, Solar Energy Society of Nigeria in 2012, Nigerian Society of Chemical Engineers (2016), and Associate Member of the Institution of Chemical Engineers, UK in 2000. He is also a Registered Engineer with the Council for the Regulation of Engineering in Nigeria (COREN).
Binji’s experience spanned almost 3 decades and was a Board Member, Cement
Company of Northern Nigeria Plc between 2012 and 2013, and he was also a Board Member of the Sokoto Energy Research Centre, Energy Commission of Nigeria (2002-2013).
He worked with CCNN Plc and rose to the position of Executive Director, Technical, before he joined BUA Group as Executive Director Cement Projects, Technical, and was later Executive Director, Technical at Obu Cement Limited (a subsidiary of BUA Group).
CCNN Fundamentals
In its half-year 2018 financial results, CCNN’s revenue surged from N8.5 billion in 2017 to N12.08 billion in 2018. Profit before tax increased to N3.65 billion in 2018 as against N1.37 billion in the comparative period in 2017. Also, profit after tax increased from N1.02 billion in 2017 to N2.60 billion in 2018.
CCNN had earlier in June, announced a proposed merger with Kalambaina Cement. The merger was expected to enlarge the company’s cement production upon approval by regulatory authorities – Nigerian Stock Exchange and the Security and Exchange Commission, to a capacity of 2 million metric tonnes per annum.
CCNN was incorporated in 1962 and commenced production in 1967, with an initial installed capacity of 100,000 metric tonnes per annum at the Kalambaina plant. The CCNN stock is currently trading at N28.30 on the floor of the NSE.
