AshakaCem, a subsidiary of Lafarge Africa Plc, has disclosed that its new coal-fired power plant in Gombe State is going to cost $100 million.

Speaking at the company’s 41st Annual General Meeting (AGM) yesterday in Abuja, the chairman, Board of Directors, Mallam Suleiman Yahyah, said the ongoing project, which would be completed in the next 18 to 20 months, is in two phases: the first phase of the project will cost the company $40 million, while the second phase will cost $60 million.

He said: “It is going to be an independent power plant that will utilise our abundant coal resources. It will be located at our plant. It’ll be called Aco independent power plant. It will give Ashaka 100 per cent of its energy needs; we will sell the surplus to the (national) grid and give some to the community. The project is ongoing; it will be completed within the next 18 to 20 months.

“The coal-fired power plant will not only support the expansion but also contribute to the ‘Star of the North’s social investment in its operating environment by supplying power to the neighbouring communities.”

Speaking on the 2015 financial results at the meeting, the board chairman said the company recorded a dividend payment of 15 kobo on every ordinary share in issue for the period of 2015 financial year, totalling N336 million, adding that the company recorded a profit of N2.7 billion after tax.

According to him, “The results we are presenting today to shareholders have been 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 on the resilience which saw us through the last quarter to propel us to better results in 2016.

“We now enjoy a more stable and secure operating environment. We are also well positioned to benefit from the threefold increase of capital expenditure envisaged in the 2016 budget.”

http://www.leadership.ng/business/525540/new-ashaka-coal-fired-power-plant-gulp-100m

kayfra:
AshakaCem, a subsidiary of Lafarge Africa Plc, has disclosed that its new coal-fired power plant in Gombe State is going to cost $100 million.

Speaking at the company’s 41st Annual General Meeting (AGM) yesterday in Abuja, the chairman, Board of Directors, Mallam Suleiman Yahyah, said the ongoing project, which would be completed in the next 18 to 20 months, is in two phases: the first phase of the project will cost the company $40 million, while the second phase will cost $60 million.

He said: “It is going to be an independent power plant that will utilise our abundant coal resources. It will be located at our plant. It’ll be called Aco independent power plant. It will give Ashaka 100 per cent of its energy needs; we will sell the surplus to the (national) grid and give some to the community. The project is ongoing; it will be completed within the next 18 to 20 months.

“The coal-fired power plant will not only support the expansion but also contribute to the ‘Star of the North’s social investment in its operating environment by supplying power to the neighbouring communities.”

Speaking on the 2015 financial results at the meeting, the board chairman said the company recorded a dividend payment of 15 kobo on every ordinary share in issue for the period of 2015 financial year, totalling N336 million, adding that the company recorded a profit of N2.7 billion after tax.

According to him, “The results we are presenting today to shareholders have been 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 on the resilience which saw us through the last quarter to propel us to better results in 2016.

“We now enjoy a more stable and secure operating environment. We are also well positioned to benefit from the threefold increase of capital expenditure envisaged in the 2016 budget.”

http://www.leadership.ng/business/525540/new-ashaka-coal-fired-power-plant-gulp-100m

now just imagine a company producing power and some parasitic states can not due to a faulty and criminal federal arrangement orchestrated by some gambaris up north and supported by some loud mouthed cowards down south with their tiger clawed faces..