AshakaCem Independent Power Plant to Gulp $100m

Dele Ogbodo in Abuja
The Chairman, AshakaCem Plc, a subsidiary of LafargeHolcim, Mr. Suleiman Yahyah, on Tuesday said the company’s new independent power plant, presently under construction will gulp $100 million for its completion.

The ongoing project expected to meet the company’s energy needs, he said will utilise the abundant coal resources located in Akko community of Gombe state, stressing that the project which is designed in two phases will be completed before the end of 2017.

Yahyah said: “The plant will be located within our Akko plant will give Ashaka 100 percent of its energy needs and the surplus will be sold to the grid and given some to the communities within.”

The chairman made the disclosure at the company’s 41st annual general meeting, held in Abuja, adding that the first phase of the project which has already commenced will cost $40 million, while the second phase will gulp $60 million.
On the N336 million dividend, he said the shareholders of the company have unanimously endorsed a dividend payment of 15 kobo on every ordinary share issue for the 2015 financial year, adding that the dividends will be paid to shareholders out of retained earnings from the pioneer profit in line with relax tax laws.

According the result of the dividend was achieved in a challenging global and national economic climate.

“We made N2.7 billion as profit after tax in 2015. The climate is currently tough but we are counting n the resilience which saw us the last quarter to propel us to better results in 2016,” he said

While thanking government for tackling the security challenges in the area, he said: “We have to thank the government for bringing peace to the community and secondly we have to thank the community for aligning with and supporting us at difficult times.

“We have to also thank our distributors and shareholders for all the support that they have given us in our most difficult times. Now we have seen enough of roll out of infrastructure project and enough of commitment to changing Nigeria, which will give Ashaka and LafargeHolcim, new momentum to take advantage of this emerging opportunity.

In a remark, the Company’s Managing Director, Mr. Rabiu Abdullahi, said: “Our company continues to be mindful of its partnership with host communities to our facilities. Our commitment to various community development projects is already making positive impact on the local communities and we will not relent on our efforts.”