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.

Advert

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

Eid-el-Fitr: FG Declares Thursday, Friday Public Holidays

Published

on

 

By Yusuf Danjuma Yunusa

The Federal Government has officially declared Thursday, March 19, and Friday, March 20, 2026, as public holidays to celebrate Eid-el-Fitr, marking the end of the holy month of Ramadan.

The announcement was made on Tuesday by the Minister of Interior, Olubunmi Tunji-Ojo, in a statement issued on behalf of the Federal Government by the ministry’s Permanent Secretary, Magdalene Ajani.

In the statement, the Minister extended warm greetings and heartfelt congratulations to the Muslim Ummah for the successful completion of the Ramadan fasting period.

Advert

Tunji-Ojo encouraged the Muslim faithful to uphold the profound spiritual values fostered during the holy month. He emphasized the importance of sustaining the virtues of love, generosity, peace, tolerance, and sacrifice in their daily lives.

He also called on all Nigerians to leverage the festive occasion to offer special prayers for the nation’s continued peace, unity, and prosperity.

While wishing all Muslims a joyous and blessed Eid-el-Fitr, the Minister urged citizens to celebrate responsibly. He specifically encouraged acts of kindness and generosity towards the less privileged in society, embodying the spirit of the season.

The Minister reaffirmed the Federal Government’s steadfast commitment to fostering national unity and promoting peaceful coexistence among the diverse communities in Nigeria.

Continue Reading

News

Tinubu Orders Relocation of Service Chiefs to Maiduguri Following Deadly Borno Attacks

Published

on

 

By Yusuf Danjuma Yunusa

In a decisive response to Monday’s multiple bombings in Borno State, President Bola Tinubu has ordered the nation’s Service Chiefs to immediately relocate to Maiduguri to take direct control of security operations in the region.

The directive comes after coordinated attacks, suspected to have been carried out by Boko Haram terrorists around 7:25 pm, which resulted in the deaths of over 20 people and left more than 100 others injured.

President Tinubu issued the order while reacting to the tragic incidents shortly before his departure for a historic state visit to the United Kingdom. In a statement, he vowed that the Federal Government would not be cowed by terror.

“The recent news from Maiduguri, Borno State, is profoundly upsetting. I mourn those who lost their lives, sympathise with the injured, and stand in solidarity with the people of Borno during this challenging time,” the President said.

Advert

Describing the attacks as the “final desperate and frantic attempts” of criminals facing relentless pressure from the military, Tinubu reassured Nigerians of his administration’s commitment to security.

“I want to make it categorically clear that these acts of terror are being carried out by elements trying to instil fear, as they are under constant pressure from our brave armed forces operating in various theatres. We will continue to intensify our efforts against all criminal elements, wherever they may be,” he stated.

The President commended the troops for repelling the assaults on military positions, praising their “courage and fighting spirit.” He reiterated that the terrorists would be defeated, noting that recent approvals for additional equipment and operational support following a security meeting last weekend were already being implemented.

“Our gallant military and civilian task forces will curtail and put them down,” Tinubu affirmed. “Just last weekend, during a security meeting with leaders of security and intelligence agencies, I approved additional equipment and operational support to enhance their capabilities. This effort is already in progress.”

Beyond the military directive, the President instructed emergency management agencies to ensure that the injured receive proper medical care. He concluded with a firm warning to the perpetrators.

“There is no place in Nigeria where terrorists will find safety. We will locate them, confront them, and completely defeat them. Nigeria will not succumb to fear.”

Continue Reading

News

Soludo Sworn in for Second Term as Anambra Governor

Published

on

 

By Yusuf Danjuma Yunusa

Governor Chukwuma Soludo of Anambra State and his deputy, Dr. Onyekachukwu Ibezim, were officially sworn in for a second term in office on Tuesday. The inauguration ceremony took place at the newly renovated Alex Ekwueme Square in Awka, the state capital.

The oath of office and the oath of allegiance were administered by the Chief Judge of Anambra State, Justice Onochie Anyachebelu, at approximately 11:05 a.m. The governor and his deputy were accompanied by their wives and other family members during the ceremony.

The event was attended by a host of high-profile dignitaries. Vice President Kashim Shettima, former Presidents Olusegun Obasanjo and Goodluck Jonathan, were present to witness the inauguration. Other notable personalities expected at the event included elder statesmen such as former Commonwealth Secretary-General Emeka Anyaoku.

Advert

The newly refurbished Alex Ekwueme Square served as the venue for the ceremony, drawing a large crowd that included traditional rulers from all 179 communities in Anambra State, as well as monarchs from other parts of Nigeria.

Governor Soludo, who secured his re-election on November 8, 2025, under the platform of the All Progressives Grand Alliance (APGA), saw a strong turnout from party supporters. APGA members from all 326 political wards across the state mobilized to attend the event.

In light of the gathering, security was heavily reinforced across the state. Personnel from the Nigeria Police Force, the Nigeria Security and Civil Defence Corps (NSCDC), the Federal Road Safety Corps (FRSC), and other security agencies were deployed to strategic locations to ensure order.

The governor and his deputy marked the conclusion of their first term on Sunday with an interdenominational thanksgiving service held at the International Convention Centre.

Continue Reading

Trending