BACKGROUND INFORMATION
The Calabar Cement Company (CALCEMCO) was incorporated on 18th August 1964 by the Government of the defunct Eastern Region of Nigeria in accordance with Chap.37 of the Company Act. CALCEMCO inauguration in 1967 coincided with the commencement of the Nigerian Civil War (1967-70) during which it suffered various form of dormancy, pilferage, looting and sabotage of plants and fixtures. The Government did not evolve a deliberate plan to inject capital towards refurbishing the plants. By 1976, the management entered into agreement with Plant Suppliers - Polysuis Ltd of Ascot Berks U.K. by which the plant was to be converted from wet to dry process with the plan to increase the overall capacity from 100,000mt to 400,000mt per annum. FGN’s position was that CALCEMCO will be liquidated first before a sale of its assets en-bloc to a "Core Investor". The United Cement Company of Nigeria (UNICEM) emerged as the core investor for the sale of 35% holding of the shares of the Calabar Cement Company, CALCEMCO.
