The $1.1 billion merger between the Cement Company of Northern Nigeria (CCNN) and BUA Group’s Kalambaina Cement has won the “Best Merger & Acquisition Deal in Africa” award at the EMEA Finance Achievement Award.
O’tega Ogra, Group Head, Corporate Communications, BUA Group, said on Sunday that the award was presented to the company in London by the EMEA Finance.
EMEA Finance reports on major financial events initiated and influenced by the international financial industry active in Europe, Middle East, and Africa.
Speaking on the award, Chimaobi Madukwe, Group Chief Operating Officer, BUA Group, expressed gratitude to EMEA Finance for the award, describing it as a global nod to the expansion programme of the BUA Group.
Madukwe reiterated BUA’s commitment to ensuring high capacity utilisation, efficiency and better quality of its products with its investments in cement manufacturing in Africa.
“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 recognised in this manner, it gives the management of CCNN and BUA a satisfaction that our strategy to expand beyond the shores of Africa is realisable,” he said.
He said 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.
The Securities and Exchange Commission (SEC) had in Dec. 2018 approved the merger of the 500,000 metric tonnes per annum CCNN and 1.5 million metric tonne per annum Kalambaina Cement.