NIGERIA: ASHAKACEM TO FAST TRACK N100BN EXPANSION PLAN

The Board of Directors of Ashaka Cement Plc with the support of experts from other Lafarge Group’s businesses across the globe have agreed to fast-track the expansion of its N100billion cement plant in Gombe State.

The move became imperative in order to guarantee the future of AshakaCem to enhance jobs creation in the North-East and deliver economic and social welfare to the immediate communities.

Chairman of the Board of AshakaCem Plc, Alhaji Umaru Kwairanga, confirmed these developments in Abuja when he disclosed that Lafarge Group is committed to the capacity expansion project in Ashaka, Gombe state.

The ground-breaking ceremony of the project was done in April 2014 by President Goodluck Jonathan and had ushered in a new phase in the capacity expansion project of the company.

“Having secured suffi-cient limestone and coal reserves to support the existing plant as well as the new plant, the contracts have been signed with the main equipment and engineering suppliers,” Kwairanga said.

For instance, to ensure the timely delivery of the project, the detailed design of the equipment as well as mobilization of the sources had commenced.

He added that the group would deploy to the fullest its global expertise in procurement and erection of new cement plant.

He noted that credit facility lines of about N50billin had been secured and signed in addition to internally gene-rated cash flows to support the expansion project.

He said: “AshakaCem in the last 40 years since its establishment has operated in harmony with all its neighbouring communities and this partnership is working to the mutual benefits of both parties.

“In the last three years alone the company has spent the sum of N400 million on community related projects and there is the opportunity for the company to do more as this partnership thrives.”

The Country CEO, Lafarge Nigeria and Benin Republic, Mr. Guillaume Roux had stated that the investment of N100 billion in Nigeria was a demonstration of its commitment to the economic growth of the country.