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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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Idiaye Emerges Edo Assembly Speaker, Alleges Corruption, Poor Leadership Under Ousted Predecessor

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By Yusuf Danjuma Yunusa

The newly elected Speaker of the Edo State House of Assembly, Yekini Idiaye, has said his predecessor, Blessing Agbebaku, was removed by lawmakers over alleged poor leadership and corruption.

Idiaye, who represents Akoko-Edo Constituency I and is a third-term lawmaker, emerged as Speaker on Monday following Agbebaku’s resignation amid moves by lawmakers to impeach him.

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Addressing journalists after Monday’s plenary, Idiaye accused Agbebaku of poor leadership, alleging that his tenure was characterised by corruption and prolonged adjournments.

He said, “The House was inaugurated on the 16th of June, 2023 under the leadership of Agbebaku, and since then we have been passing through a lot of challenges, corruption here and there, adjournment here and there, sometimes for 30 days without a cause. We are not happy with his leadership style. His leadership is poor, and it has been drawing the work of the government backwards.”

Idiaye added, “That is why we removed him. We must encourage our performing governor. He is doing well, anything that will derail or stop our performing governor, we must stop it. That is why we changed him. I can assure all of you that we will do everything possible to support Governor Monday Okpebholo to move this state forward.”

Idiaye’s emergence was also said to have followed the Assembly’s zoning arrangement, which provides that when the governor is from Edo Central Senatorial District, the Speaker should come from Edo North.

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Kano Government Reports ₦996bn Project Portfolio, 867 Completed Across 44 LGAs

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The Kano State Government says it has committed nearly ₦1 trillion to development projects across the state, with more than half of its 1,557 clearly classified projects already completed.

The figures were contained in an international press briefing, by Comrade Nura Maaji Sumaila, Commissioner for Public Procurement, Projects Monitoring and Evaluation. The briefing provided an update on project implementation, geographical distribution, procurement compliance and financial performance under the administration of Governor Abba Kabir Yusuf.

According to the ministry’s project database, the cumulative contract value stands at ₦996.29 billion, while ₦695.20 billion has received No Objection Certificate (NOC) approval and ₦444.75 billion represents payment certificates vetted by the ministry.

Of the 1,557 projects classified by the ministry, 867 projects, representing 55.68 per cent, have been completed. Another 654 projects, or 42 per cent, are ongoing, while 26 projects are at the award stage and 10 are planned and ready for award.

The ministry said some high-value projects are still awaiting the establishment of relevant due-process procedures. They include an approximately ₦113.19 billion mass-housing project at Dawakin Kudu and a ₦22 billion Rural Model City housing project covering the state’s 36 rural local government areas.

According to Maaji the geographical spread of the projects, stressing that government investment is not concentrated in Kano metropolis.

For its analysis, the ministry classified projects into single-LGA, cross-cutting and statewide/other interventions to avoid double-counting projects that serve several local government areas.

The eight metropolitan LGAs account for 598 projects valued at ₦299.36 billion, representing 30.01 per cent of the total contract value. The 36 rural LGAs account for 653 projects valued at ₦287.90 billion, or 28.90 per cent. Cross-cutting projects account for ₦159.50 billion, while statewide and other interventions represent ₦249.54 billion.

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The government said the figures demonstrate substantial investment beyond the state capital, covering rural roads, healthcare facilities, schools, housing, feeder roads and other infrastructure.

 

According to the commissioner Cross-cutting projects account for approximately ₦159.50 billion, or 16.01 per cent of the cumulative contract value. The projects include solar-powered street lighting, wireless solar traffic lights, traffic-management systems, major road expansions, pedestrian bridges, metropolitan road corridors and inter-LGA roads and bridges.

Among the projects identified are the Dakata–Yadakunya Road, Airport Gate–Triumph–Murtala Muhammad corridor, Katsina Road expansion, Airport Junction–Ashton/Club Road corridor, Kura–Kubarachi–Madobi road and bridges, and the Janguza–Durum–Kabo–Karaye road.

The ministry said such projects should not be assessed solely according to the local government in which they are located because their benefits extend across administrative boundaries.

The briefing identified several high-value investments contributing significantly to the state’s overall project portfolio.

These include the approximately ₦113.19 billion mass-housing scheme at Rijiyar Gwangwan in Dawakin Kudu, the ₦24.77 billion Katsina Road expansion covering Fagge and Dala, and about ₦21.90 billion for the Modern Cities infrastructure programme across Dawakin Kudu, Dawakin Tofa and Kumbotso.

The ministry also identified approximately ₦27.74 billion for the Madobi–Yako–Kafin Maiyaki/Kiru Road intervention and about ₦22 billion for prototype mass-housing units under the Rural Model City Project covering all 36 rural LGAs.

 

Beyond project delivery, the ministry said its mandate includes ensuring that public procurement and implementation are subject to appropriate review, monitoring and financial controls.

The ₦996.294 billion cumulative contract sum represents 100 per cent of the portfolio. Of this amount, ₦695.196 billion, or 69.78 per cent, has received NOC approval, while ₦444.747 billion, equivalent to 44.64 per cent of the contract value, represents vetted payments. Vetted payments amount to approximately 63.97 per cent of the NOC-approved figure.

The ministry said the figures reflect the fact that the portfolio includes completed, ongoing, recently awarded and planned projects, making continued monitoring, certification, cash-flow planning and prioritisation necessary.

 

The government said it would continue monitoring ongoing projects, addressing implementation bottlenecks, strengthening certification processes and ensuring that public resources are deployed responsibly and with value for money.

It also reaffirmed commitments to transparency in procurement, monitoring projects from procurement through completion, linking payment certification to verified implementation, and providing objective information to citizens, development partners and the international community.

Nura Iro Maaji said the project portfolio demonstrates interventions across all 44 local government areas, covering urban and rural infrastructure, mass housing, roads, bridges, healthcare, education, climate-resilient infrastructure and traffic management.

 

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BREAKING: INEC Declares Adeleke Winner of Osun Guber Election

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By Yusuf Danjuma Yunusa

The Independent National Electoral Commission (INEC) has declared incumbent Governor Ademola Adeleke the winner of the Osun State governorship election, defeating his closest rival, Bola Oyebamiji of the All Progressives Congress (APC).

Mr Adeleke, the Accord Party candidate, was announced winner by the state returning officer in the early hours of Sunday after a fiercely contested poll across the state’s 30 local government areas.

Mr Oyebamiji, the state’s former finance commissioner, came second, while the African Democratic Congress (ADC) candidate, Najeem Salaam, emerged as the second runner-up.

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A total of 15 political parties contested the election, with 1,906,390 permanent voter cards collected, according to the electoral umpire.

Mr Adeleke, who defected from the Peoples Democratic Party (PDP), under which he won his first election in 2022, had touted his achievements in the state’s economy, infrastructure, pension payments, the health sector, and digital transformation.

INEC announced on Sunday that Mr Adeleke won in local councils, including Oriade, Osogbo, Orolu, Ife Central, Ilesha-West, Ife-North, Ede South, Ifedayo, Boluwaduro, Iwo and Ifelodun.

Mr Oyebamiji won in Ilesha South, Boripe, Irepodun, Obokun, and Atakumosa West.

“Osun is no longer offline. Osun is awake—digitally and economically,” the governor said while highlighting his achievements recently. “We pay what is owed. We respect those who served. This is not politics. This is performance. This is leadership with results. Osun is rising—and we are not turning back.”

Before the election, he repeatedly alleged attempts to disrupt it. He had also vowed to constitute an independent commission of inquiry after Saturday’s governorship election to investigate all reported killings and acts of violence connected with the electioneering.

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