Dicon Salt Limited was incorporated in late 1984, a then 60% - 40% joint venture between the Defence Industries Corporation of Nigeria ("DICON") and its technical partners, AIMS of Brazil.
The Company commenced business in 1985 with the importation, packaging and distribution of bagged salt through the Company's established network, under the "Dicon Salt"label to develop a market share. In 1987, the company commissioned a small salt washing, and bagging factory at Kirikiri Lighter Terminal in Lagos. In 1991, it merged with Union Salt Limited to form Union Dicon Salt Ltd. Its shares were sold to the public and the Company was listed on the Nigerian Stock Exchange ("NSE") on the 23rd of September, 1993.
Union Dicon saw declining fortunes in the period up until 2007 when it ceased core operations. At the peak of its operations however, Union Dicon was a well-recognized brand, controlling over 50% of the Salt Industry in Nigeria. Its factory offices in Lagos and Port-Harcourt are located at the port-side and have a renewable lease with the Nigerian Ports Authority which gives the company capacity to operate a jetty.
In November 2013, Union Dicon Salt in a bid to revive its operations entered into a strategic agreement with CBO Capital Partners, a Financial Advisory and Investment Management firm. This saw CBO Capital acquire 15% of the Company with an option to further increase its shareholding to 55%.
The Board of Directors of Union Dicon Salt has agreed to CBO’s turnaround and repositioning plan which involves redefining its business operations for increased competitiveness, and a strategic entry into the Consumer Market. CBO seeks to transform Union Dicon into an integrated consumer goods business with an initial focus on foods.
This will see the Company harnessing opportunities for profitability along the entire agribusiness value chain that involves Upstream activities (cultivation and ownership of assets and resources), Midstream (processing and packaging) and Downstream (marketing, logistics & trading).