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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.

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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Frontfoot Media to host its 5th Media Audit Reporting workshop in Gombe

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By Asile Abel,Jos

FrontFoot Media Initiative has concluded plans to hold the fifth edition of its Audit Reporting Training programme for journalists to be hosted in Gombe State.

Statement by the Front Foot Media Initiative Training Coordinator Mr Chido Nwakanma said previous trainings were held in Benin, Awka, Abuja, and Lagos state.

He added that, FrontFoot Media Initiative will hold the training under the auspices of the Wole Soyinka Centre for Investigative Journalism and the sponsorship of the MacArthur Foundation.

Mr Emeka Izeze, a director of FrontFoot Media, said “The Gombe programme will feature participants not only from Gombe but also from the neighbouring states of Adamawa, Bauchi, Plateau, and Taraba, a testament to the inclusivity and reach of Front Foot’s training initiatives. We look forward to training about 40 media personnel, each of whom plays a crucial role in our media landscape.”

Adding to the statement, Gombe State Governor, Muhammed Inuwa Yahaya would address participants in line with his agenda of openness and accountability.

Frontfoot Media Initiative also announced that Mr Ismaila Zakari, a past President of the Institute of Chartered Accountants of Nigeria, an Internal Auditor of Premium Pensions Abuja, and an ICAN Fellow, will lead the training supported by Mr Yusuf Doma, a Fellow of ICAN and Internal Auditor at Premium Pensions Abuja. Their expertise and guidance will ensure a high-quality learning experience for all participants.

The media and capacity building NGO described the programme as “a flagship capacity development programme of FrontFoot Media Initiative. It is a Collaborative Media Engagement for Development Inclusivity and Accountability project.

“In this effort, FrontFoot teams, accompanied by experts in the field, work in pre-selected states where they conduct free training for journalists. Participants learn how and where to locate the relevant reports, interpret the material, and write engaging news stories and features that enlighten, stimulate, and empower the electorate, and discourage impunity.” the statement added.

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Babangida’s Military Contemporary, Lt. General Garba Duba, Passes On at 82

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A military contemporary of Nigeria’s former military President, Lieutenant General Garba Duba, has died.

General Garba Duba died at the age of 82. A native of Kontagora, Niger State, Duba held several positions during his military career, including serving as Governor of Bauchi State in 1978 and as Governor of Sokoto State during Buhari’s regime.

An impeccable source told NIGERIAN TRACKER that the funeral prayer for the late Duba was held today, Friday, after Jumuat prayer at the National Mosque in Abuja.

Governor Muhammad Umar Bago of Niger State and legislators from the state attended the funeral prayer.

He joined the army as a Cadet Officer at the Nigerian Military Training College Zaria in 1962, presumably a course mate of Ibrahim Babangida. At the beginning of his career, he was at the Indian Military Academy. Duba was one of the northern officers who participated in the Nigerian counter-coup of 1966 which led to the death of General Johnson Aguiyi-Ironsi. During the Nigeria Civil War, he was a Captain, commanding a squadron of armored vehicles. As military governor of Bauchi state, he provided infrastructure in the form of residential accommodation and offices, including secretariats for the newly-created 16 local government areas.

In 1993, he retired from the military and went into private businesses where he held positions like chairman, New Nigerian Development Company (NNDC), chairman of SGI Nigeria Limited, director in First Bank of Nigeria, non-executive director of Honeywell Flour Mills Plc and chairman of the board of Leadway pension fund.

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ECOWAS Parliament to hold Second Extraordinary Session in Kano

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All arrangements have been concluded for the Second Extraordinary Session of the Sixth Legislature of the Parliament of the Economic Community of West African States (ECOWAS) to be held in Kano, Nigeria.

The Second Extraordinary Session, according to the ECOWAS Parliament, will be held at the Bristol Hotel in Kano, the Commercial Centre of the country, between the 20th and 25th May, 2024.

President of the Federal Republic of Nigeria and Chairman of ECOWAS Authority of Heads of State and Government, Bola Ahmed Tinubu, attended the inaugural session of the Sixth Legislature of the ECOWAS Parliament held on April 4, this year.

The Deputy President of the Senate of the Federal Republic of Nigeria, Senator Barau I Jibrin, emerged as the First Deputy Speaker of the assembly during the inauguration.

The event, according to a statement by the Special Adviser to the Deputy President of the Senate on Media and Publicity, Ismail Mudashir, will attract parliamentarians from Nigeria, Benin Republic, Burkina Faso, Cape Verde, Cote D’ Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Senegal, Sierra Leone and Republic of Togo.

The ECOWAS Parliament, also known as the Community Parliament, is one of the institutions of the ECOWAS. It is the Assembly of Peoples of the Community, serving as a forum of dialogue, consultation and consensus for representatives of the people of West Africa to promote integration.

In a statement signed by special adviser to Senate President on Media and publicity Ismail Mudassir said the ECOWAS Parliament which was established under Articles 6 and 13 of the ECOWAS revised treaty of 1993, is composed of 115 seats.

 

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