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FG charges Dangote Cement tax of N173.93bn for 2021; paid N97.24 billion tax in 2020  

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Aliko Dangote

 

Dangote Cement Plc has sustained its position as a leading contributor to Nigeria’s economy with a tax charge of N173.93 billion for the financial year ended 31st December 2021. According to the cement group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an increase of 78.7 per cent over N97.24 billion in 2020.

Analysis of the cement company’s financial result for the review year indicated that Group sales volume stood at 29.3Mt, with Nigeria accounting for 18.61Mt while operations in other countries did 10.86Mt. Group revenue was N1,383.6 billion for the full year, made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion, in contrast to the group revenue of N1,034.20 billion in 2020 which constituted of N719.95 billion from Nigeria and N318.68 billion from other African operations.

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Dangote Cement recorded a gross profit of N538.37 billion and after-tax profit of N364.44 billion while earnings per share (EPS) rose to N21.24 from N16.14.  The directors have proposed a dividend of ₦20.00 per share.

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Speaking on the results, Chief Executive Officer, Dangote Cement    Michel Puchercos said, “We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8 percent and Group EBITDA was up 43.2 percent, to ₦684.6 billion at a 49.5 percent margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4 billion up 32.0 percent.”

“Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Due to an increased focus on efficiency while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its shareholders,” he added.

Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. Adopting XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in continuing efforts to modernize and enhance transparency of, and access to, companies’ disclosures.

Dangote Cement has a long-term credit rating of AA+ by GCR and Aa2.ng by Moody’s due to its market-leading position, significant operational scale and strong financial profile evidenced by the company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.

Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, beverages, and real estate, with new multi-billion-dollar projects underway in the oil and gas, petrochemical, fertiliser and agricultural sectors

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2027: Pro-Fubara protesters want suspended Gov to run as Atiku’s VP

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Pro-Fubara protesters in Rivers State are demanding that suspended Governor Siminalayi Fubara, should not be coerce into joining any party even as they called on him to run as Atiku Abubakar’s vice presidential candidate in 2027.

In a trending video online posted on Facebook by some supporters of Gov. Fubara, a lady in black an ardent supporter of suspended Gov Fubara, alongside other protesters apparently registering their anger in the clip declared that:

“We want Fubara returned as Governor. We’re waiting for our own northern collaboration, what we want is for our Governor, to run as vice president with Atiku Abubakar.

“Yesterday (Wednesday) our Governor met with Wike and he was told to support Tinubu, what kind of arrangement is that, we’re not in support of that.

The group’s leader apparently exhibited the position of Fubara as their support is for Atiku/Fubara ticket.

There is no smoke without fire as 2027 macabre dance by Fubara got exposed.

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APC Using Money, EFCC Threats To Weaken PDP Through Defections-Bugaje

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Former member of the House of Representatives and ex-presidential adviser Dr. Usman Bugaje has accused Nigeria’s ruling party, the All Progressives Congress (APC), of systematically using money to induce defections from the opposition Peoples Democratic Party (PDP).

Speaking in an interview with Arise News, Bugaje claimed that the APC has been aggressively targeting opposition figures, leveraging both financial incentives and potential legal threats.

His words: “Well, for what I know—and I don’t claim to know everything—the APC is basically using money to buy off PDP.

“Some say it’s a carrot and stick approach. The money is the carrot. What’s the stick? Possibly the EFCC. They might do these kinds of things. This has been the practice since the time of President Obasanjo.”

Bugaje argued that the root cause of the ongoing wave of defections is money, warning that such practices pose a grave threat to Nigeria’s democratic system.

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He said: “For me, this is a very serious issue. This should be the center of our political discourse. As long as money remains the determining factor, then that’s the end of democracy and the end of politics.”

His comments come in the wake of a major political shake-up in Delta State, where Governor Sheriff Oborevwori and former Governor Ifeanyi Okowa, who was also the PDP’s 2023 vice-presidential candidate, defected to the APC. They were joined by members of the National Assembly, State Assembly, and several local government chairmen.

Bugaje stated that he is skeptical about the PDP’s ability to function as an effective opposition.

“There has not been real opposition since the moment Nyesom Wike did what he did,” Bugaje said.

“The PDP missed its chance to be a viable opposition party. Just look at their conduct on major national issues—from emergency rule debates to budget discussions. They failed to act like an opposition,” he added.

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Saraki: No Cause for Alarm, PDP Will Rebuild and Reposition Despite Delta Defections

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Former Senate President, Dr. Abubakar Bukola Saraki, has urged members of the Peoples Democratic Party (PDP) not to be discouraged by recent defections in the party, particularly in Delta State, assuring them that the PDP will emerge stronger and more united ahead of the 2027 general elections.

In a statement posted on his verified Facebook page, Saraki addressed concerns raised by party supporters and youth following the defection of top party figures, including Delta State Governor Sheriff Oborevwori, to the ruling All Progressives Congress (APC).

*”My view is that those who want to leave the PDP should leave now and let the rest of us who want to stay concentrate on rebuilding the party and refocusing it to play the role of a viable opposition that will provide a better alternative for the good people of Nigeria,”* Saraki wrote.

He emphasized the critical role of the opposition in a multi-ethnic democracy like Nigeria and warned against any attempts to impose a one-party state, describing such an idea as “dangerous” to the country’s diversity and democratic future.

It is in the interest of Nigeria and the survival of our democracy for the opposition to be vibrant and strong enough with the capacity to replace the ruling party at any point,”* he added, insisting that recent events should not demoralize PDP loyalists.

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Reacting to what he described as “insincere leadership” among some PDP figures, Saraki said the current situation vindicated his earlier decision to observe events in silence. He pointed out that internal disloyalty had eroded trust within the party’s leadership ranks.

This development has vindicated the stance of people like me who have decided to remain silent and watch events unfold. I have seen that there was no sincerity with supposed leaders of the opposition,”* he said.

The former governor of Kwara State urged PDP members to view democracy as a long-term project rather than a “knock-out match,” encouraging patience, resilience, and renewed commitment to the party’s values.

“The sustenance of democracy is not a sprint. Rather, it is a marathon… 24 hours is a long time in politics and nobody can predict how the dynamics will evolve in the coming weeks and months,”* Saraki noted.

Addressing the defection of Delta State’s governor and his allies, including the 2023 PDP presidential running mate, Saraki said such moves reflect the declining ethical standards in Nigerian politics. He called for a shift from personal loyalty to strengthening political institutions.

“Yes, it is unbecoming and shocking for the running mate to the standard bearer of a leading party to abandon ship to join the ruling party. This is unprecedented… The country is experiencing a collapse of leadership values,”* he stated.

Despite the setbacks, Saraki expressed confidence in PDP’s prospects, stressing that party strength is measured not by numbers alone but by the dedication and integrity of its members. He called on youths and women to take leadership in the party’s rebuilding efforts.

“The PDP is better with fewer members who are loyal, sincere, determined, and committed to its ideals than with many who flirt with the ruling party in the shadows,”* he declared.

He concluded by assuring supporters that PDP leadership organs will convene to strategize, noting that there is still ample time to reposition the party for success in 2027.

“There is no cause for alarm. Our party members should not lose focus, hope, or determination. We should see the current development as a challenge to rebuild and refocus. Tomorrow is very bright,”* Saraki concluded.

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