With eye on expansion, Dangote Cement gets set for fund-raising drive
Dangote has $350m reserved for capital projects in 2018, including for building export facilities at Nigeria’s ports to boost shipments to West African countries
Lagos — Dangote Cement will consider a London share sale over the next two years as Africa’s biggest producer of the building material seeks funds for expansion. Nigeria’s biggest company, owned by the continent’s richest man, Aliko Dangote, will also seek to raise $500m via the issue of a eurobond, chief financial officer Brian Egan told investors on a conference call on Tuesday, after reporting first-quarter financials. That’s on top of a 300-billion naira ($833m) local-currency bond announced in March. Under new CEO Joseph Makoju, Dangote Cement is investing heavily in expansion, with $350m earmarked for capital projects in 2018. Those include the building of export facilities at Nigeria’s seaports to boost shipments to neighbouring West African countries. The economy of Africa’s biggest crude producer is set to grow in 2018, after falling into recession amid low oil prices in 2016. On Monday, Dangote Cement hired former Xstrata CEO Mick Davis as a nonexecutive director alongside...
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