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NSE, stockbrokers commend Dangote over cement investment

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The Dangote Group has said the management of the Nigerian Stock Exchange and stockbrokers have commended its investment in the cement industry and described it as a revolution in the transformation of the economy.

The Director-General, NSE, Mr. Oscar Onyema, who led investors, leading players at the Exchange as well as top stockbrokers on a visit to the Ibese, Ogun State plant of the Dangote Cement Plc, was said to have expressed surprise at the level of technologies being used in the plant.

Onyema, according to a statement by the Dangote Group, expressed admiration for the extensive investment made by the company on the two additional lines of three million metric tonnes per annum, which would raise the total production capacity at the Ibese plant to 12 mmtpa as well as the latest technologies on offer, adding that Nigeria needed more Dangotes.

He reportedly said when taken through the quality control mechanism and the robotic laboratory, and the fact that the end product of the quality checks and assurances was the 42.5 grade of cement, “If this is the case, the 42.5 grade is the way to go.

“What we have seen here is amazing. I know for sure that this high level technology saves time and cost couple with the technical capabilities, quality control and the quality of the end product, I can speak on behalf of my colleagues that what we have seen is fantastic and that Dangote Cement is incomparable.

“The calibration of the sample of 42.5 demonstrated here to show the quality shows that is the way to go to restore sanity to the construction industry currently being plagued with building collapse and loss of lives and properties.

“The operations here are impressive; the shareholders have cause to hope for more with more investments ongoing and not only in Nigeria, but across the continent. I can assure you that the stockbrokers here will start talking to their clients about the exploits of Dangote Cement and the profit prospect.”

The stockbrokers were quoted as saying that they were now better informed and in better position to advise their clients, having seen the massive investment by Dangote Cement.

Earlier, during the question and answer session, the Group Managing Director, Dangote Cement, Mr. Devakumar Edwin, explained why the company could not have been producing lower grade of cement, saying the machines at the plant were the latest technologies from leading manufacturers all over the world.

Article Credit: Punchng

Updated 4 Years ago

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Tags:     Dangote Group     NSE     Mr. Oscar Onyema     Mr. Devakumar Edwin