Dangote Cement capitalisation reaches a significant US$15 billion

At the inauguration of Dangote Academy’s Graduate Engineer Trainees Scheme, GETS, Dangote Group’s Chief Human Resources Officer, Mr. Pabby Paramjit disclosed that the Group’s capitalisation has reached an impressive US$15 billion. In addition to this, the company is expected to single-handedly surpass Nigeria’s entire cement need, which currently stands at about 17 million tpa, before the end of next year.

A new cement plant at Ibere, Ogun State will increase the current cement output from 12 million tpa to 18 million tpa. The third phase of the Obajana cement plant, Paramjit added, would soon be commissioned and therefore boost output of the commodity.

Alhaji Aliko Dangote, the Group’s President’s vision is to grow the cement segment of the business empire into an international organisation that would export cement from Nigeria to the West African sub-regional market within the next four years.

Currently, cement accounts for 80% of business, while the non-cement segment including industries as diverse as flour mills, water, juice, pasta and bags account for the remaining 20%. Mr. Paramjit said Alhaji Dangote decided to establish the Dangote Academy in recognition of the important roles personnel play in building great companies around the world.

“Money, machinery and men are the most important factors in the business. People are the most important of these factors because people make the money and machinery work,” he said. The human resource chief added that the academy was established for further skill development among young engineering graduates who would be trained for the period of one year and then given career opportunities in the Dangote Group.

Mr. Paramjit disclosed that the scheme was designed to continue to attract young and brilliant graduates to the Dangote Group, develop the future leaders of the company for effective succession plan, and build the business vision, values and ethics into character and behaviour of its future leaders.

A large campus with training rooms, workshops, library and internet facilities, to house all training and development efforts of the Group in the future, is currently being constructed in the cement town of Obajana.

In his remarks, the Managing Director and Chief Executive Officer of the Obajana cement plant, Mr. Jagat Rathee, said that by 2015, Dangote Cement would hit a production target of 50 million tpa out of which 20 million t would be sold in Nigeria and the rest would be exported to other countries.

He added that negotiations had commenced for the establishment of integrated cement plants by the Group in Cameroun, Congo, Senegal and would capture several other African countries in the years ahead.

Read the article online at: https://www.worldcement.com/africa-middle-east/17102011/dangote_cement_capitalisation_reaches_a_significant_us$15_billion/