NASCON Plans New Investments To Boost Returns, Efficiency

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NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited, has said that it is investing in backward integration projects as a strategy to diversify and add more value to both its shareholders and the Nigerian economy.

Chairman, Board of Directors of NASCON, Mrs. Yemisi Ayeni stated this at the sounding of the closing gong on the floor of the Nigerian Stock Exchange (NSE).

Addressing stockbrokers on the trading floor of the Exchange, she said that adhering to best corporate governance has yielded the desired results as the company performed strongly despite the harsh operating environment, delivering good returns to all stakeholders.

She said “We are committed to best corporate governance requirements as all our board members have passed the fiduciary test.”

She told the stockbrokers that NASCON Allied Industries is the company to watch out for in the future in terms of performance as it is breaking new grounds while embarking on projects that will enable it to remain a reference point in the food industry.

While appreciating the gesture of the NSE management in inviting NASCON to sound the closing gong, Ayeni stated that the food processing company will continue to partner the exchange in its drive to ensure that best practices are adopted by listed companies.

She commended the management of the exchange for the progress recorded in promoting corporate governance which has resulted positively with many companies coming for listing. She added that NASCON is proud to partner with an entity that is progressive and ICT driven.

It would be recalled that Executive Director, Commercial, Fatima Aliko Dangote recently assured the shareholders of good returns on their investments, noting that the company is doing so much to enhance their stakes on a consistent basis.

According to her: “…we are expanding, we are investing on new refinery for our salt and we are also looking at innovations, we are bringing other products that are going to be launched soon…We placed shareholders interest so high because they have actually trusted us, they have invested in our business and as you can see, regardless of our challenges, we are still able to push really hard and declare profits. We have to take our shareholders very seriously so that they can keep trusting us, and by so doing, more people will keep buying our shares and hold us in high regards”.

Managing Director/Chief Executive of NASCON, Mr. Paul Farrer fielding questions from Capital Market Editors at Monday’s event said the   company is planning fresh investments that would enable it boost efficiency in its operations.

Managing Director/Chief Executive, Mr. Oscar Onyema, in his welcome remarks, commended the board and management of NASCON for their efforts in ensuring that the company is run efficiently. He asked for the partnership of the company to enable the NSE discharge fully its corporate social responsibility projects.