Nigerian business magnates, Abdul Samad Rabiu of BUA Group, and Alhaji Aliko Dangote of the Dangote Group may have put their pasts behind.
In what seems to be a reconciliation meeting, the BUA Chairman recently received Dangote in audience at his company’s headquarters.
Prior to this development, the billionaires had for a long time, been rivalries as they both share some similarities. Aside from being major players of the same sectors of the economy, they both hailed from Kano State.
It is of common knowledge that the wealthy Nigerians were not only fierce rivals in the Nigerian business environment, but were also embroiled in a bitter conflict of interests that made their relationship a topic of discussion among Nigerians at large.
Nairametrics understands that the recently-held meeting between Dangote and Rabiu may have doused off their alleged indifferences, as they both shared exciting moment together, alongside the Chairman, Flour Mills Nigeria, John Coumantaros.
The meeting started with Rabiu appreciating the businessmen for coming to share their visions and aspirations in transforming and industrializing the food sector in Nigeria.
In response, Dangote and Coumantaros restated their mutual commitments to improving food security in Nigeria with optimism. Apparently improving food security in Nigeria was the core reason for the meeting.
Speaking further, Coumantaros said Flour Mills and BUA Group had made the commitment and partnership to enhance food security in Nigeria. Indeed, BUA Group and Flour Mills are two of West Africa’s largest investors in the foods and agribusiness sector.
Recall that BUA Group consolidated its cement business comprising the publicly listed 2million Mtpa Cement Company of Northern Nigeria Plc (CCNN) and 6 million mtpa Obu Cement Company Plc in October 2019. The consolidation was made in anticipation of enhancing the growth of the cement industry and boosting the Nigerian economy.
According to Rabiu, the newest 3 million metric tonnes cement plant, which the group started constructing in 2018 (the $450 million Sokoto Kalambaina II plant,) is scheduled for completion in the second half of 2020.
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He added that this consolidation marks the culmination of the first phase of the BUA mid-term strategic plan for its cement businesses, which currently include four cement plants spread across Obu Cement Company and the Cement Company of Northern Nigeria.
“With the consolidation and addition of the Sokoto Kalambaina II plant, this will bring BUA Cement’s total installed capacity across all its cement holdings to 11 million MTPA.
“A new $450million Sokoto Kalambaina II Plant is scheduled to come on stream in the second half of 2020 alongside another 48MW power plant to complement the existing assets and take advantage of a growing cement market in Northern Nigeria and the West African region,” said Rabiu.