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Nigeria: Sokoto Plans N42 Billion Cement Plant
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Leadership (Abuja)
6 August 2008
Posted to the web 6 August 2008
Isaac Aimurie
A new state of the art cement plant of US$350 million, with 1.5 million tons/annum capacity is to be sited in Sokoto through a joint venture between China based Zhonghao Overseas Construction Engineering Company Limited and its Nigerian associate, Loratt Capital under the name Northrich Cement Limited.
A statement signed by the Managing Director, Aliyu Shinkafi, made available to LEADERSHIP, said, the colourful signing ceremony for the joint venture was performed in China on 23rd July, 2008 at the 20 storey building corporate head office of CZOCECL, No 15 East Plaza, North Fourth Ring Road, Beijing, by the two companies ...
The Managing Director of CZOCECL, Mr. Lia 0 Qingling signed on behalf of his company while Alhaji Muktar Aliyu Shinkafi signed on behalf of his company Loratt Capital Ltd.
At the ceremony, Alhaji Muktar Shinkafi, explained to the Chinese gathering, the current efforts of President Yar'Adua to restore confidence in Nigerian economy was yielding fruits and emphasised the president's effort in solving the energy crisis in the country.
The joint venture is based on 55 per cent, 25 per cent and 20 per cent basis. The Chinese company will be the major shareholder and technical partner with 55 per cent equity, and Loratt Capital will hold 25 per cent stake while the remaining 20 per cent belong to indigenes of host state, Sokoto, and other Nigerians.
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The project will be funded 90 per cent by the Import and Export Bank of China, (Eximbank), while intercontinental Bank Plc will provide the local guarantee for the facility. The entire technology will also be from China. Both construction and technical management will be undertaken by the Chinese until the facility is fully paid and competent Nigerians were trained to takeover its operations.
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