Katsina-born Dahiru Mangal has completed a $1.5 billion cement plant in Moba, Kogi State, and rolled out the first cement from the facility.
The Mangal Cement Company Limited officially commenced business to rival the big players such as Dangote, BUA, and Lafarge cement.
The facility will produce about 200 cement trucks daily, which analysts say will create direct and indirect jobs.
ThisDay reports that Mangal Industries signed a deal with a Chinese company, Sinoma, to build the facility in November 2021.
The facility’s initial cost was projected at $600 million, but it increased to $1.5 billion due to the naira crash.
Fahad Mangal, the company’s chief executive officer, promised a state-of-the-art, technology-driven facility that poses no threats to the environment.
The Max Air boss is reportedly involved in many ventures, including transportation, textile, agriculture, oil and gas, and construction.
The development comes as Dangote Cement reportedly lost about N1 trillion in market share in July as investors’ sentiments shifted.
Dangote Cement, the most capitalized stock on the NGX, Dangote Sugar Refinery, and NASCON Allied Industries are the three most traded stocks under the Dangote conglomerate.
The firms’ share prices dropped by 10, 13.6, and 19.8%, respectively, translating into a market share cap loss of N1.21 trillion in the period under review.
According to reports, the NGX lost 2.28% in July, with its market cap shedding N1,09 trillion from N56.602 trillion at the beginning of the month to N55.514 trillion.
During the period, Dangote Cement dropped N1.12 trillion of its market cap, closing July with a N10.07 trillion market cap, from N11.19 trillion at the beginning of the month.
The Dangote Sugar Refinery Plc recorded a N71.06 billion market loss, moving from N522.32 billion to N451.26 billion.
TimesNow.com.ng earlier reported that cement manufacturers have decided to bring down the price of the product to between N7,000 and N8,000 per 50kg.
This was agreed during a meeting initiated by the minister of works, David Umahi, and attended by his counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, February 19, 2024.
The meeting was part of efforts made to identify the underlying reasons for the abrupt increase in commodity prices.
Source: TimesNow.com.ng
