fbpx
Connect with us

News

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

Published

on

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.

How Russia and Ukraine war may lead to third world war

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.

#

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

News

Breaking: Tinubu Orders Release of Minors Arrested Over Endbadgovernance Protest

Published

on

President Bola Ahmad Tinubu

President Tinubu Orders release of all minors who participated in the Endbadgovernance protest .

 

The minister of information and national orientation Muhammad Idris stated this to state House correspondents.

Minister of Information and National Orientation, Mohammed Idris, disclosed this while briefing State House correspondents, on Monday.

The Minister was flanked by the Bayo Onanuga, Special Adviser to the President on Information and Strategy; Sunday Dare, Special Adviser on Public Communications and orientation.

Idris stated that the President has instructed the Attorney-General of the Federation, Lateef Fagbemi, to begin the process of securing the minors’ release without delay.

“The President has directed that all minors be released on the and also reunited with their families anywhere they are in the country. A committee has been set up to look at the issues surrounding their arrest, detention and release. All the law enforcement agents related to the case will be investigated and anyone found wanting will be brought to book,” he said.

 

#

Continue Reading

News

76 Detained Children: Northwest Youth-Students Forum hails Senator Barau, AGF’s prompt intervention

Published

on

 

The Northwest Youth and Students Forum (NWYSF) has expressed its heartfelt appreciation to the Deputy President of the Senate, Senator Barau I. Jibrin and the Minister of Justice and Attorney-General of the Federation, Lateef Fagbemi, SAN, for their prompt intervention in the detention of minors by the Nigeria Police Force, following the End Bad Governance Protest.

The forum in a statement signed by its National Chairman, Abubakar Isyaku Balan said the swift action by the leaders will brings hope to the affected families and demonstrates a commitment to protecting the rights of vulnerable citizens nationwide.

He said “The giant move of the Deputy President of the Senate and the Attorney General of the Federal is no doubt a commendable one. We are proud of this and look forward to the release of the children courtesy of this movement.”

According to the statement, the NWYSF, as a forum comprising of talented youth and students, deemed it necessary to protectively initiate awareness programs that will enlighten the teeming youth on human rights and activism.

“We acknowledge that the minors actions were driven by ignorance and a lack of proper orientation, underscoring the need for civic education and sensitization in the Northwest region. Addressing the underlying issues that led to this situation is crucial, rather than simply punishing the minors. This approach will foster a more informed and empowered youth.

#

“Considering the economic situation in the North, we urge the Federal Government to show compassion and release the detained minors, taking into account their age and circumstances. We also call on the government to provide support for their rehabilitation and education.

“In partnership with government agencies, non-governmental organizations, and community leaders, NWYSF will develop sensitization initiatives focusing on empowering youths with knowledge of their rights and responsibilities, promoting understanding and respect for human rights and teaching alternative dispute resolution methods.

“In view of the above, by working together, we can prevent similar incidents and foster a more informed, peaceful, and inclusive society,” the statement added.

 

Continue Reading

News

ICPC Arraigns Provost, Lecturer for Certificate Forgery in Sokoto

Published

on

Dr Musa Adamu Aliyu ,ICPC Chairman

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Hauwau Gimbiya Mukhtar Abdulkarim, the serving Provost of the Federal College of Education (Technical) (FCET), Gusau, alongside Abdullahi Boyi, a lecturer with the Sokoto State College of Education (SSCE), on alleged certificate forgery.

The duo were arraigned on a six-count charge, registered as charge No. SS/213c/2024, before Hon. Justice Muhammad Aliyu Sambo at the Sokoto State High Court. ICPC accused the two defendants of forging an appointment letter and using it to apply for the position of Provost at the Federal College of Education (Technical) Gusau, Zamfara State.

The defendants were also accused of making false statements to ICPC officers during the investigation, which is an offence under Section 25(1)(a) and punishable under Section 25(ii)(b) of the Corrupt Practices and Other Related Offences Act 2000. “Both defendants, however, pleaded ‘not guilty’ to all six charges when read to them by the Court’s Registrar,” the ICPC revealed in a statement.

#

Counsel for the defendants, Dr. Muhammad Mansur Aliyu and Mr. M.S. Diri SAN, moved for bail applications on behalf of their clients. They requested the court to consider reasonable bail terms, citing the defendants’ “established positions and cooperation during the investigation.”

Counsel to the ICPC, Mr. Suleiman Ahmad, did not oppose the bail applications. Following the consideration of the applications, Hon. Justice Sambo granted bail under specific conditions designed to ensure the defendants’ continued presence throughout the trial proceedings.

The bail conditions require each defendant to provide two sureties who are permanent residents of Sokoto State, with each surety signing a bond of one million naira (₦1,000,000). After granting bail, the ICPC prosecutor requested a date for the trial to commence, emphasizing the Commission’s preparedness to present witnesses and evidence in support of the charges.

Hon. Justice Sambo adjourned the matter to November 21, 2024, when the hearing is set to begin. The prosecution is expected to call witnesses and introduce material evidence to substantiate the allegations.

The ICPC press release was signed by Demola Bakare, Acting Director of Public Enlightenment and Education, and Spokesperson for the Commission.

 

Continue Reading

Trending