Shareholders approve proposed merger between CCNN, Obu Cement

Moses Emorinken, Abuja

The Cement Company of Northern Nigeria (CCNN) is in the process of seeking final approval from the Securities and Exchange Commission (SEC) on its proposed merger with Obu Cement Plc, as shareholders unanimously voted in favour of the proposed merger to enhance operating and administrative efficiency.

The plebiscite which took place at the Court-Ordered General Meeting of the shareholders of the CCNN had 157 out of 170 accredited shareholders voting in favour of the resolution.

According to the Chairman of the CCNN, Alhaji Abdulsamad Rabiu, “The total number of shares held by shareholders present and who voted was 307,027,755 shares, and voted in favour of the resolution approving the scheme which represents 99.93 per cent. Based on the results of the poll, the motion for the merger of CCNN with Obu Cement was unanimously carried.

“The report of the result of this meeting will be filed with the Securities and Exchange Commission for its final approval….

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