The $1.1billion merger between the Cement Company of Northern Nigeria and BUA Group’s Kalambaina Cement has been awarded the Best M&A Deal in Africa by the EMEA Finance Achievement Award which took place recently in London.
A Director of CCNN and also the Group Chief Operating Officer, BUA Group, Chimaobi Madukwe received the award. In his statement at the 11th annual Award, he expressed gratitude to EMEA Finance for the award and described it as a global nod to the expansion vision of BUA Group. In addition, he reiterated BUA’s commitment to ensure high capacity utilization, efficiency and better quality of its products with the 2 million metric tonnes per annual plants capacity.
“As a brand, this is a very big achievement for BUA. And we thank EMEA Finance for the award. The award is highly competitive, and for BUA Group’s investment and achievement in the cement sector to be recognized in this manner, it gives the management of CCNN and BUA a satisfaction that our strategy to expand beyond the shores of Africa is realizable,” he stated.
The capital market regulators had in January 2019 approved the merger of the 500,000mtpa CCNN and 1.5mmtpa Kalambaina Cement. The merger described as the biggest in 2018 further reaffirmed CCNN as the market leader in the North West regional market with huge export opportunity to countries like Niger and Burkina Faso.
EMEA Finance is a leading bimonthly global industry publication that reports on the major financial events and happenings initiated and influenced by the international financial industry active in Europe, Middle East, and Africa.
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