NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited specializing in salt production, is considering a business merger with two other food companies within the Dangote group. The decision will be discussed during an upcoming board meeting scheduled for later this month. The proposed merger aims to consolidate NASCON with Dangote Sugar, which operates the largest sugar refinery in sub-Saharan Africa, and Dangote Rice. While NASCON and Dangote Sugar are publicly listed on the Lagos Stock Exchange, Dangote Rice is currently not quoted. Dangote Industries Limited serves as the holding company for various enterprises majority-owned by Aliko Dangote, the wealthiest individual in Africa.
This planned merger follows a similar consolidation move made by BUA Group, the primary competitor of the Dangote group. BUA Group merged its food businesses, including rice, sugar, flour, edible oils, and pasta, into a new entity called BUA Foods. BUA Foods subsequently listed on the Nigerian Exchange and is presently the largest consumer goods company in Nigeria based on market value, with a worth exceeding N2.4 trillion as of the opening of the market on Thursday. The company's total assets as of March 31 stood at N649.6 billion.

BUA Group, which is headed by Abdul Samad Rabiu, the second-richest individual in Nigeria and the fourth-wealthiest in Africa, is responsible for the consolidation of its food businesses into BUA Foods.
As of Thursday's market opening, Dangote Sugar and NASCON commenced trading with respective market capitalizations of N329.8 billion and N70.2 billion. By the end of March, the two companies had total assets valued at approximately N558.9 billion and N59.2 billion.

Dangote Group's most significant investment is the oil refinery located in Lekki, Lagos. The refinery has a capacity to process 650,000 barrels of oil per day and was commissioned in May. It is reported to have cost approximately $19 billion.
In a similar vein, BUA Group is constructing its own refinery in Akwa Ibom State. This refinery is anticipated to have a daily crude processing capacity of 200,000 barrels and is projected to be operational by 2025.