Nigeria’s SEC approves renewal of Dangote Cement’s share buy-back programme

Dangote Cement Plc, Africa’s largest cement producer said that the Securities and Exchange Commission (SEC) has approved the renewal of its share buy-back programme until January 21 2022. The share buy-back programme will be executed under the approval granted by the Company’s shareholders at the Annual General Meeting of Dangote Cement Plc which was held on May 26, 2021, within the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s Rules and Regulations and under the approval of the Nigerian Exchange.

The share buy-back will be undertaken through an open market offer or self-tender, at such times and on such terms as the management of the Company may determine, subject to prevailing market conditions. The Company will continue to monitor the evolving business environment and market conditions, in making decisions on tranches of the share buy-back programme.

Dangote Cement Plc is Sub-Saharan Africa’s largest cement producer with an installed capacity of 48.6Mta capacity across 10 African countries. We operate a fully integrated “quarry-to customer” business with activities covering manufacturing, sales and distribution of cement. We have a production capacity of 32.3Mta in our home market, Nigeria. Our Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.3Mta of capacity across four lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and our Gboko plant in Benue state has 4Mta.

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Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.