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Dangote Cement grosses N413.2bn revenue in the first 3 months

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Aliko Dangote

 

In the first three months of the 2022 financial year, Dangote Cement has recorded a 24.2 percent increase in its revenue and an 18 percent increase in its profit after tax for the same period.

Unaudited results for three months ended 31st March 2022, showed revenue of N413.2 billion and a profit after tax of₦105.9 billion.

Analysis of the cement giant’s three months results indicated that Dangote Cement sold a total volume of 7.2Mt of cement across the group with Nigerian operations accounting for 4.8Mt while the rest of Africa did the balance of 2.4Mt.

Chief Executive Officer, Dangote Cement, Michel Puchercos, in his comments, said that the company started the first quarter on a positive note despite the new uncertainties brought by a very volatile global environment. He stated that increases recorded in revenue and profitability drove strong cash generation across the Group. Profit after Tax rose to ₦105.9 billion, up 18 percent compared to last year while Group EBITDA rose to  ₦211.0 billion, by 18.6 percent with an EBITDA margin of 51.1 percent.

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Puchercos said, “On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Demand remained strong across all markets, and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite these temporary challenges.

Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback programme. Following the completion of both tranches, Dangote Cement has now bought back 0.98% of its shares outstanding. This share buy-back programme reflects the Company’s commitment in finding opportunities beyond dividend to return cash to shareholders.”

Puchercos added, “the volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.

Our continuous focus on efficiency, meeting strong market demand and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”

Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria. The Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta while Gboko plant in Benue state has 4Mta; and  Okpella plant in Edo state has 3Mta.

Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.

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El-Rufai’s Counsel Threatens Legal Action Over Airport Face-off

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By Yusuf Danjuma Yunusa

 

The legal team of former Kaduna State Governor, Malam Nasir Ahmad El-Rufai, on Thursday condemned what it described as an unlawful attempt by security operatives to arrest their client upon his arrival at the Nnamdi Azikiwe International Airport, Abuja.

In a statement issued in Abuja and signed by Ubong Esop Akpan of The Chambers of Ubong Akpan, counsel to El-Rufai, the lawyers alleged that operatives of the Department of State Services (DSS) attempted to arrest the former governor without presenting a warrant or formal invitation.

According to the statement, El-Rufai arrived in Abuja aboard Egypt Air flight MS 877 from Cairo when security agents moved to detain him.

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The legal team argued that the invitation earlier issued by the Economic and Financial Crimes Commission (EFCC) was delivered to El-Rufai’s residence while he was out of the country, describing any demand for immediate appearance as “illogical and impractical.”

The lawyers said they had formally communicated with the EFCC since December 2025, assuring the Commission that El-Rufai would honour the invitation upon his return. They further stated that the EFCC was notified that he would voluntarilyx appear at its office by 10:00 a.m. on Monday, February 16, 2026.

They described the alleged attempt to arrest him despite this commitment as arbitrary and a violation of due process.

The statement further alleged that security operatives seized El-Rufai’s international passport during the encounter, an action the legal team characterised as unlawful.

Citing provisions of the 1999 Constitution (as amended), the lawyers contended that the attempted arrest breached their client’s fundamental rights, including the right to personal liberty, fair hearing, dignity of the human person, freedom of movement and right to own property.

“No government agency possesses unfettered authority to detain citizens without due process,” the statement read, adding that all state institutions are bound by constitutional safeguards.

The legal team demanded the “immediate and unconditional cessation” of any attempt to detain El-Rufai, the return of his passport, and a formal apology for what it termed an infringement on his rights and dignity.

It also maintained that the former governor would honour all legitimate law enforcement summons and would not evade lawful investigation.

The lawyers warned that legal action would be pursued against individuals and agencies allegedly responsible for the incident, stressing that the judiciary remains the proper avenue for resolving the matter.

As of press time, there was no official response from the DSS or the EFCC regarding the allegations.

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Senate Grills AGF Over Zero Capital Allocations, Unpaid Contracts in 2025 Budget

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By Yusuf Danjuma Yunusa

The Accountant-General of the Federation (AGF), Dr Shamseldeen Ogunjimi, faced intense questioning on Thursday as the Senate Committee on Finance scrutinised the 2025 budget implementation, citing zero capital allocations to several Ministries, Departments and Agencies (MDAs), mounting unpaid contracts and concerns over the Centralised Payment System.

The heated exchange occurred during the AGF’s budget defence session, where lawmakers voiced frustration over what they described as poor fund releases and low implementation levels despite increased government revenues.

Chairman of the Committee, Senator Sani Musa (Niger East), opened the session with sharp criticism, accusing the Office of the Accountant-General of maintaining what he termed an “unfriendly” posture toward the committee.

“We are not going to take your budget until we are satisfied that your office is ready to do things that will make things work for Nigerians,” Musa said.

He also questioned the continued use of the envelope budgeting system, arguing that it had failed to deliver desired outcomes and should be replaced with a more performance-based framework.

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Senator Danjuma Goje (Gombe Central) described the current situation as “embarrassing,” noting a surge in complaints from contractors over unpaid jobs since 2024.

“We have never seen contractors bombarding us weekly for intervention on non-payment of executed contracts,” Goje said.

He queried the impact of recent fiscal reforms, including the removal of fuel subsidy and the unification of the foreign exchange market, which were expected to boost government revenues.

“The impression given to Nigerians is that more money is available. Where is the money now? Why are contractors owed? And why was there zero allocation for capital votes of most MDAs in 2025?” he asked.

Senator Muntari Dandutse (Katsina South) raised concerns over reports that revenue-generating agencies recorded N28 trillion, yet many contractors remain unpaid and several MDAs have no capital allocation.

“What happened to the N28 trillion?” he asked, adding that the Centralised Payment System had not improved the situation and was allegedly affecting government operations.

Other lawmakers, including Senators Abdul Ningi (Bauchi Central), Asuquo Ekpenyong (Cross River South), Adams Oshiomhole (Edo North), Aminu Abbas (Adamawa Central) and Patrick Ndubueze (Imo North), urged the AGF to advise President Bola Tinubu on the need to prevent possible internal sabotage within the system.

Responding, Ogunjimi attributed the funding challenges to indiscriminate contract awards by some MDAs without confirmed budgetary backing. He said a directive had been issued prohibiting agencies from awarding contracts without available funds.

“As Accountant-General, my office can only disburse funds that are available. I must have the funds before I can release them,” he said.

He also noted that the previous reliance on “Ways and Means” financing had been discontinued in the interest of economic stability.

While acknowledging operational challenges with the Centralised Payment System, the AGF assured lawmakers that steps were being taken to address the issues and improve efficiency.

The committee later moved into a closed-door session with the AGF for further deliberations.

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Fubara Orders Immediate Dissolution of Rivers Executive Council

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By Yusuf Danjuma Yunusa

Rivers State Governor, Sir Siminalayi Fubara, has dissolved the State Executive Council with immediate effect.

The announcement was made in a Government Special Announcement issued on Thursday and signed by the Chief Press Secretary to the Governor, Onwuka Nzeshi.

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According to the statement, all Commissioners and Special Advisers have been directed to hand over to the Permanent Secretaries or the most senior officers in their respective ministries without delay.

“His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has dissolved the State Executive Council,” the statement read.

The governor also expressed appreciation to the outgoing members of the Executive Council for their service and wished them well in their future endeavours.

No reason was provided for the dissolution at the time of filing this report.

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