Fidelity Bank co-funded BUA Group’s $350m cement factory commissioned

On Tuesday, July 17, 2018, the Vice President of Nigeria, Yemi Osinbajo commissioned the new BUA Cement Factory located on Kalambaina Road in Sokoto State. Co-funded by Fidelity Bank Plc, the project which commenced in 2015 has an installed capacity of 1.5 metric tonnes per annum and is valued at $350 million.

Fidelity Bank’s involvement in this project further demonstrates the Bank’s resolve to grow the country’s manufacturing sector. Regarded perhaps, as the single largest private sector-led investment in North West Nigeria, the plant is part of the company’s expansion plans.

According to Osinbajo, the Muhammed Buhari-led administration has formulated and implemented numerous business-friendly policies aimed specifically at ensuring that every State in the country can compete favourably with its counterparts in Africa.

The newly commissioned plant will create at least 2, 000 direct and 10, 000 indirect jobs when fully operational, the Chairman of the Group, Abdulsamad Rabiu said at the event. Rabiu pointed out that the plant is equipped with ultra-modern facilities which makes it possible to operate both on fuel and coal or mixed together, The plant also has the capacity to generate 35 megawatts of electricity which is beyond what Sokoto State requires on daily basis.

Fidelity Bank was represented at the event by the Directorate Head, Corporate Bank, Obaro Odeghe; Division Head Conglomerate, Bayo Ogunbiyi; and Ag. Head Construction Akachi Ikonne. Also present at the event were the Governor of Sokoto State, Gov. Aminu Tambuwal, Managing Directors of other Finance Institutions who are involved in the project, Traditional Rulers, Distributors of BUA Cement and Members of Sokoto State Government etc.

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