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  • Business - Companies
  • Updated: 1 year ago

New Date Set For Dangote Fertilizer Plant Operation

New Date Set For Dangote Fertilizer Plant Operation

The Chief Operating Officer of Saipem SpA, Maurizio Coratella, has revealed the period Dangote Fertilizer plant will begin production after construction work was delayed by the coronavirus pandemic. The fertilizer plant was initially thought for this year, but the timeframe won't be feasible.

With the easing of the lockdown which led to restriction of movement for about two months, activities are returning to normal, and according to Coratella, work is advancing. While giving an update on the progress of the Dangote Fertilizer plant, Coratella said that it will begin operation around February or March.

[READ ALSO: Dangote Group, BUA Group Fight Dirty Over Mining Sites In Edo, As Rivalry Intensifies]

“We are picking up now that things are looking more stable and are currently very well advanced,” Coratella said Wednesday in an interview. “We are in the commissioning stage of the first train; for the second, we will have that commissioning in six to seven months time.” Coratella said in a Bloomberg report.

Note that Saipem SpA is the company constructing the fertilizer plant, and the company is setting up dedicated flights for vendors and suppliers as part of its special arrangements. This will enable Saipem SpA to meet the deadline for completion of the Dangote Fertilizer plant.

Aliko Dangote Tightens Market Grip, Acquires Rival, Savannah Sugar

Dangote Sugar Refinery has tightened its grip in the sugar market as it takes over market competitor, Savannah Sugar Company Limited. Dangote sugar received all assets of Savannah Sugar - this includes tax losses and other liabilities. The takeover was made after an extraordinary general meeting was held last week.

The court had ordered the meeting for shareholders of the Dangote Sugar Refinery. The meeting led to a resolution that the company acquire all assets belonging to Savannah Sugar Company. In a statement obtained by AllNews, Dangote Sugar now owns the real property and intellectual property rights of Savannah Sugar as it bet big on the sugar market after Dangote Industries sold its flour subsidiary.

[READ ALSO: BUA Cement Intensifies Rivalry With Dangote Cement As It Eyes Adamawa]

Part of the deal led to the court ordering that shareholders of Savannah Sugar be issued 146,878,241 ordinary shares of N0.50 each in the share capital, for the 162,756,968 ordinary shares held by the Scheme Shareholders in SSCL. This means they will remain as shareholders of Savannah Sugar.

With the conclusion of the deal, the statement reads that Dangote Sugar will receive "all the assets ((including all tax attributes, unutilized capital allowances, tax losses, withholding tax credits and any other tax refunds available subject to the approval of the FIRS), liabilities and business undertakings."

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