NNPC report

FG Grants Dangote Waiver On Export Via Land

The federal government has granted Dangote Cement PLC permission to export cement through the land borders.
The exemption which is against the backdrop of the closure of the nation’s land borders by the federal government for over a year now may well be an indication of a possible relaxation of the closure order experts say.

Dangote Cement Plc got the authorisation according to a Blomberg report to export cement by land to Niger and Togo in the third quarter for the first time in ten months.
This revelation which according to the report was made bare by the Chief Executive Officer of the company, Michel Puchercors on an investor call in Lagos, explained that the export was made possible ” through authorisation given by this administration “.
Meanwhile, the company which resumed land export with ‘restricted volume ‘ plans to grow the trade using the sea channel, the CEO added.

Dangote Cement’s plan to buy back some of its shares has been delayed by market volatility and low liquidity which have affected valuation, explained the Acting Chief Finance Officer, Guillaume Moyen at the same conference call.

The border closure that started in August last year according to official government quarters is aimed at curbing smuggling and boosting local production.

Although, many believe that the closure encouraged consumption of local produce such as rice, others are of the view that several individuals and organisations that depended on the Nigerian market were adversely impacted by the directive.