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” at the EMEA Finance Achievement Award held in London recently.
Receiving the award, Chimaobi Madukwe, a director of CCNN who is also the Group Chief Operating Officer of BUA Group, expressed gratitude to EMEA Finance for the award and described it as a global nod to the expansion programme of BUA Group. Madukwe then reiterated BUA’s commitment to ensuring high capacity utilization, efficiency and better quality of its products with it’s investments in cement manufacturing in Africa.
According to Madukwe, “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”.
The capital market regulators had in December 2018 approved the merger of the 500,000mtpa CCNN and 1.5mmtpa Kalambaina Cement. The merger described as the biggest in 2018 further reaffirmed CCNN’s position as the market leader in the North West regional market with huge export opportunity to countries like Niger and Burkina Faso. Stanbic IBTC acted as financial advisers to CCNN for the transaction.
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