Chief Correspondent, Nigeria, Lagos
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Apr 9, 2014
Apr 9, 2014
Apr 7, 2014

Dangote Cement to double capacity this year

LAGOS (Reuters) – Nigeria’s biggest company by market capitalization, Dangote Cement (DANGCEM.LG: Quote, Profile, Research, Stock Buzz), expects to double its cement production capacity across Africa this year to 40 million metric tons ( 44.092 million tons), its chief executive said on Monday.

Devakumar Edwin told the Reuters Africa Investment Summit in the commercial hub of Lagos that the firm would add 9 million tons to its Nigeria operations, bringing them to 29 million tons, and open plants across Africa that have been several years in the making, adding a further 11 million tons.

Apr 7, 2014

Nigeria’s UBA slows further African expansion to consolidate

LAGOS (Reuters) – Nigeria’s United Bank for Africa (UBA.LG: Quote, Profile, Research, Stock Buzz) (UBA) has given pause to an aggressive expansion across the continent as it consolidates its existing operations in 19 different countries and meets commitments to fund large power projects at home, its chief executive said on Monday.

Phillips Oduoza also told the Reuters Africa Investment Summit that UBA’s stronger 2013 profits had been largely driven by a 25 percent surge in deposits to 2.2 trillion naira ($13.41 billion), from 1.8 trillion over the year, and an expansion of risk assets by 40.5 percent.

Apr 6, 2014
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    • About Tim

      "“I am the Bureau Chief for Nigeria since Nov. 2011. Before that I covered West Africa for 2 years from Ivory Coast, Iraq for 2 years (from Baghdad), and east and central Africa for 5 years, including Uganda, eastern DRC, South Sudan, Kenya and Madagascar.”"
      Joined Reuters:
      2005
      Languages:
      English, French
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