Connect with us

News

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

Published

on

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.

Advert

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.

News

Arewa Youths Merger Group APC Raises Alarm Over Kachalla Maha,Seeks Barracks In Kano

Published

on

 

 

Coordinator, Comrade Musa Mujahid Zaitawa, has lodged a formal complaint with Nigeria’s Minister of Defence, Christopher Musa, requesting the urgent establishment of a military barracks in Northern Kano, particularly in communities along the Kano-Katsina border.

This was contained in a statement signed by the National Coordinator and issued to the press.

Comrade Zaitawa said the request follows publicized security threats in the area, including threats attributed to a notorious bandit leader, Kachalla Maha, who was reported to have threatened to infiltrate parts of Kano State.

Advert

“Establishing a forward military base in this corridor will strengthen the efforts of President Bola Ahmed Tinubu and our security agencies to deter criminal activity, improve response time, and protect farming communities and travelers,” Comrade Zaitawa said.

The group also expressed concern about the political environment ahead of the 2027 elections. In the statement, the group said it has observed activities that it believes could undermine peaceful elections in Kano if not addressed. It called on the Presidency, the Office of the National Security Adviser, the National Assembly, and security agencies to ensure that all political actors and security personnel operate within the law and remain neutral.

The Arewa Youths Merger Group further noted an incident involving the arrest of its spokesperson, Mustapha Dan Muhammad, by security operatives. The group called for due process and respect for the rights of citizens and civic groups.

The group reaffirmed its commitment to supporting peace and democracy. It said it is engaged in voter education, campaigns against thuggery and drug abuse, and youth empowerment through skills training in Kano.

“We support the federal and Kano State governments in their efforts to secure the state. We urge all stakeholders to ensure a level playing field and a peaceful electoral process in 2027,” the statement added.

Continue Reading

News

Okonjo-Iweala to Tinubu: Borrow Cautiously, Reforms Should Create Jobs for Nigerians

Published

on

 

By Yusuf Danjuma Yunusa

The director-general of the World Trade Organisation, Ngozi Okonjo-Iweala, has urged the Nigerian government to be careful about borrowing and managing the country’s debt, saying economic reforms must improve the lives of ordinary Nigerians.

She also called on the government to sustain ongoing reforms while creating more jobs and economic opportunities for the country’s growing youth population.

Mrs Okonjo-Iweala spoke on Wednesday at the seventh Africa Emerging Markets Forum in Abuja.

Commending the Central Bank of Nigeria for its monetary and foreign exchange reforms, Ms Okonjo-Iweala urged Nigeria to continue broader economic reforms while remaining disciplined in managing its finances.

“Nigeria needs to continue the work on overall macroeconomic reforms with a careful approach to fiscal issues, contracting of debt and debt management,” the WTO chief stated.

Advert

According to the latest data from the Debt Management Office, Nigeria’s total public debt stood at N159.28 trillion at the end of December 2025, rising by N14.61 trillion, or 10.10 per cent, from N144.67 trillion recorded at the end of 2024. The figure covers the debt owed by the federal government, the 36 states and the Federal Capital Territory. The government is also expected to continue borrowing this year to finance its 2026 budget deficit.

Mrs Okonjo-Iweala said the success of Nigeria’s reforms should not be measured only by improvements in economic indicators. Instead, she said Nigerians must begin to experience better living conditions through more jobs and opportunities.

“Above all, Nigeria needs to focus on creating jobs and economic opportunities for a young and hungry population. Nigerians have to feel the dividends of reform in the real economy,” noted the WTO chief.

Nigeria has one of the world’s youngest populations, with millions of young people joining the labour market every year. However, many struggle to find decent jobs, making employment one of the biggest economic challenges in the country.

Since President Bola Tinubu assumed office in May 2023, his administration has introduced major reforms, including the removal of petrol subsidy and the liberalisation of the foreign exchange market.

The policies have pushed up the cost of living, with many Nigerians facing higher prices for food, transport and other essentials. Although inflation has slowed in recent months, prices remain high.

The National Bureau of Statistics said Nigeria’s headline inflation rate eased slightly to 15.91 per cent in June 2026 from 15.93 per cent in May. Food inflation, however, increased to 17.52 per cent, showing that many households are still paying more for basic food items.

For opportunities, Ms Okonjo-Iweala said countries that maintain stable economic policies and improve their business environment will be better placed to benefit from changes in global trade.

She noted that companies are increasingly looking for new places to invest and diversify their supply chains, creating opportunities for countries that can offer stability and predictable policies and urged Nigeria to continue strengthening its economy so it can attract long-term investment and create more jobs for its people.

Continue Reading

News

U.S. Discontinues Routine Visa Services in Abuja, 24 Other African Cities

Published

on

 

By Yusuf Danjuma Yunusa

The U.S. government says routine visa services in Abuja and 24 other African cities will end on August 1.

“Effective August 1, 2026, the Department of State will realign routine visa services in Antananarivo, Abuja, Asmara, Bamako, Banjul, Brazzaville, Bujumbura, Conakry, Cotonou, Durban, Freetown, Gaborone, Harare, Juba, Libreville, Lilongwe, Lusaka, Maputo, Maseru, Mbabane, N’Djamena, Niamey, Nouakchott, Ouagadougou, and Windhoek to a regional visa hub,” the agency stated.

It noted that citizens and residents of the affected countries who wish to apply for a visa on or after August 1, 2026, must schedule an appointment and pay the required visa fee at the appropriate designated non-immigrant visa locations or designated immigrant visa locations.

Advert

From August 1, Nigerians who want to process a U.S. visa would have to travel to the U.S. consulate in Lagos.

According to a statement on July 23 by the agency, the move is “realigning visa operations in Africa to regional hubs, part of a long-standing Department practice that strengthens national security by promoting more uniform screening, vetting, and adjudication standards, as well as improves efficiency”.

Last June, reports had it that Abuja was missing from President Donald Trump administration’s shortlist of 20 African cities where foreigners seeking to travel to the U.S. can process visa applications.

The U.S. currently has around 50 embassies and consulates across Africa that process visa applications, but the new move by the State Department will slash that number to 20 amid Mr Trump’s crackdown on immigration.

Continue Reading

Trending