BACKGROUND INFORMATION
AshakaCem Plc (now Lafarge Cement) was incorporated on 7th August 1974 and converted to a public company in September 1974. However, It started operations in September 1979. The Company was initiated and promoted by the Nigerian Industrial Development Bank Limited (NIDB) in collaboration with the Federal Ministry of Industries, Associated Portland Cement Manufacturers limited (now Blue Circle Industries PLC, UK), the Nigerian Bank for Commerce and Industry (NBC&I), Northern Nigeria Investment Limited (NNIL) and the Government of the then North-Eastern State (now Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe States). Prior to privatisation, Ashaka Cement had an estimated 88% capacity utilisation against its 700,000 metric tonnes per annum with a 24% market share. Ashaka cement company Plc was privatised in March, 2001 through a hybrid strategy (combination of Core Investor sale and Share floatation on the Floors of the Nigerian Exchange Commission). 50% ofthe company shares to Blue Circle while the remaining 50% to the investing public across Nigeria. However, in July 2022, Lafarge SA of France took the 50% shares of Blue Circle Industries Plc.
