23 January 2018

Nigeria: Nascon Plans New Investments to Boost Returns, Efficiency

NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited, has said that it is investing in backward integration projects as a strategy to diversify and add more value to both its shareholders and the Nigerian economy.

Chairman, Board of Directors of NASCON, Mrs. Yemisi Ayeni stated this yesterday at the sounding of the closing gong on the floor of the Nigerian Stock Exchange (NSE).

Addressing stockbrokers on the trading floor of the Exchange, she said that adhering to best corporate governance has yielded the desired results as the company performed strongly despite the harsh operating environment, delivering good returns to all stakeholders.

She said "We are committed to best corporate governance requirements as all our board members have passed the fiduciary test."

She told the stockbrokers that NASCON Allied Industries is the company to watch out for in the future in terms of performance as it is breaking new grounds while embarking on projects that will enable it to remain a reference point in the food industry.

It would be recalled that Executive Director, Commercial, Fatima Aliko Dangote recently assured the shareholders of good returns on their investments, noting that the company is doing so much to enhance their stakes on a consistent basis.

While fielding questions from Capital Market Editors at Monday's event, Managing Director/Chief Executive of NASCON Mr. Paul Farrer said the company is planning fresh investments that would enable it boost efficiency in its operations.

Managing Director/Chief Executive, Mr. Oscar Onyema, in his welcome remarks, commended the board and management of NASCON for their efforts in ensuring that the company is run efficiently. He asked for the partnership of the company to enable the NSE discharge fully its corporate social responsibility projects.

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