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Dangote Sugar posts N36.27 billion profit in nine months  

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Aliko Dangote

 

Nigeria’s largest sugar refinery, Dangote Sugar Refinery Plc has announced a profit before tax (PBT) of N36.27 billion for the nine months ended September 30, 2022. According to the sugar refiner’s unaudited results posted on the Nigerian Exchange portal, PBT rose by N13.17 billion compared to N23.10 billion posted in the corresponding period in 2022.

Profit after tax (PAT) rose from N15.51 billion to N24.83 billion while revenue went up from N195.50 billion to N288.32 billion.

Group managing director, Dangote Sugar Refinery Plc, Ravindra Singhvi in his remarks attributed the positive results in the nine months to key trade interventions introduced during the year and   positive market responses. He said, “Our impressive performance in the period demonstrates our resilience in the face of prevalent challenges, which rightly reflected in strong topline growth shown in the financial results.”

Dangote: Priority Investments in Infrastructure, Core Industries will Boost Nigeria’s Economy

It should be recalled that Dangote Sugar Refinery recorded a profit before tax (PBT) of N29.73 billion for the half year ended June 30, 2022 while profit after tax (PAT) hit N20.24 billion in that period.

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Meanwhile, Dangote Sugar Refinery has continued to implement its sugar backward integration projects plans and the enhancement of its Outgrowers Scheme to support the economic growth of the immediate communities. The aim is to develop a robust outgrower scheme with about 5,000 outgrowers when the projects have fully taken off, in addition to the achievement of other targets of its Sugar for Nigeria Project plan.

The key focus is of the sugar refiner is achievement of the Dangote Sugar Backward Integration Projects targets and put Nigeria on the path of sugar self-sufficiency and the world sugar map.

Employee Health & Safety as well as that of its partners remains a top priority at the company’s operations at the Apapa Refinery, its Sugar Backward Integration Operations in Numan, Adamawa State and Tunga, Nasarawa State. All processes are in compliance with stipulated health and safety protocols.

Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity at the same location, refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses.

Its Backward Integration goal is to become a global force in sugar production, by producing 1.5M MT/PA of refined sugar from locally grown sugar cane for the domestic and export markets.

To achieve this, Dangote Sugar Refinery Plc acquired DSR Numan Operations (Savannah Sugar Company Limited), located in Numan, Adamawa State in December 2012, and embarked on the ongoing rehabilitation of its facilities and expansion of its 32,000 hectares’ sugarcane estate.

In September 2020, the scheme of merger between DSR and Savannah Sugar Company Limited was completed which gave birth to a bigger and stronger business with considerable opportunity for growth and delivery of superior benefits to all stakeholders. The expansion of the Numan sugar estate is still ongoing as well as the development of the greenfield site acquired at Tunga, Nasarawa State for the achievement of DSR’s sugar for Nigeria development master plan.

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Tinubu’s Peace Move Takes Effect as Rivers Assembly Suspends Fubara’s Impeachment

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By Yusuf Danjuma Yunusa

The Rivers State House of Assembly has halted its impeachment proceedings against Governor Siminalayi Fubara and his deputy, Professor Ngozi Odu, following President Bola Tinubu’s latest intervention in the state’s protracted political crisis.

The Assembly made the decision during Thursday’s plenary, TVC News reported.

The lawmakers had on January 8 initiated impeachment moves against the governor and his deputy, citing alleged gross misconduct . The notices of allegation were forwarded to the Chief Judge of Rivers State, Justice Simeon Chibuzor-Amadi, with a request to constitute a seven-man investigative panel as required by Section 188 of the 1999 Constitution .

However, the process was halted after a Rivers State High Court sitting in Oyigbo Local Government Area restrained the lawmakers and the Chief Judge from proceeding . Justice F. A. Fiberesima issued an interim injunction barring Speaker Martin Amaewhule, the Clerk of the House, and 31 other defendants from taking further steps toward impeachment .

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The court specifically restrained the Chief Judge from receiving, forwarding, considering, or acting on any request or resolution aimed at constituting an investigative panel against Fubara and Odu . The matter was subsequently adjourned indefinitely after parties informed the court that appeals had been entered at the Court of Appeal .

Thursday’s decision by lawmakers to discontinue the impeachment process followed President Bola Tinubu’s fourth intervention in the oil-rich state’s political crisis .

Two weeks ago, Tinubu met with key political actors, including Governor Fubara and his predecessor, Nyesom Wike—now Minister of the Federal Capital Territory—at the Presidential Villa in Abuja . The closed-door meeting aimed to resolve the lingering power struggle that has polarised the state since Fubara’s assumption of office.

Following the meeting, Wike publicly acknowledged the President’s intervention and directed lawmakers to comply .

“I have told the assembly to do the needful and obey Mr. President, which I know they will not hesitate,” Wike said after inspecting projects in Abuja. “I also believe the governor will carry out his own part to make sure that this is the final time Rivers people will hear this kind of discord” .

The latest intervention marks a significant de-escalation in the crisis, which stems from the political feud between Fubara and his predecessor, Wike, over control of the state’s political structure . Observers note that Thursday’s development suggests both parties may have reached a new understanding following the presidential mediation.

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CDS Oluyede Honored with National Award in Sierra Leone

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By Yusuf Danjuma Yunusa

Nigeria’s Chief of Defence Staff (CDS), General Olufemi Oluyede, has been decorated with the Grand Commander of the Order of the Rokel, one of Sierra Leone’s highest national honours. The award was conferred during a grand ceremony marking the 17th Armed Forces Day of the Republic of Sierra Leone.

In a statement released on [Date, if available], the Director of Defence Information, Major General Samaila Uba, confirmed that the honour recognises General Oluyede’s pivotal role in securing peace in Sierra Leone during his service with the Economic Community of West African States Monitoring Group (ECOMOG).

The statement highlighted that the award serves as a profound appreciation not only for General Oluyede’s personal contributions but also for the sacrifices of all Nigerian officers and soldiers who fought to restore peace and stability to the nation during its civil war.

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General Oluyede’s connection to Sierra Leone dates back to the early 1990s. Between 1992 and 1994, he was deployed as a Platoon Commander, tasked with securing the residence of the then-Head of State. During this period, he was lauded for his exemplary leadership, professionalism, and unwavering commitment to protecting the government in a time of intense turmoil.

Aside from Nigerian CDS, other distinguished personalities from Nigeria, Guinea, United Kingdom, United States and Kenya, among others, were equally awarded medals during the ceremony.

They included former Nigerian CDS, Gen. Martin Luther Agwai (rtd), Lt. Gen. Daniel Opande of Kenya (rtd), Lt. Gen. Ibrahima Sory Bangoura of Guinea, Maj. Gen. Paul Rogers of USA and
Brig. Gen. Edward Butler (rtd) of the UK.

The Armed Forces Day event also served as a solemn tribute to the courage and sacrifice of regional forces. Special recognition was reserved for the Nigerian Armed Forces, whose steadfast commitment under the ECOMOG banner was described as being at the forefront of regional peace enforcement.

The Nigerian contingent was particularly commended for its distinctive bravery, resilience, and dedication to the protection of civilians during Sierra Leone’s brutal civil war, cementing the nation’s legacy as a cornerstone of peace and stability in the West African sub-region.

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Troops Kill Senior Boko Haram Commander, Arrest Drone Supplier in Zamfara Operation

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By Yusuf Danjuma Yunusa

Troops of Operation HADIN KAI, operating in coordination with local vigilantes and hunters, have killed a senior Boko Haram commander during a mission in the Madagali axis of Zamfara State.

Security sources confirmed that the neutralised terrorist, identified as Abdullahi Mafa, was a former hybrid commander of the insurgent group. He was killed in a targeted operation on Thursday following a fierce encounter with security forces along the Visik River corridor.

According to security analyst Zagazola Makama, the troops came into contact with suspected Boko Haram fighters while laying an ambush in the area, leading to a gun battle that resulted in Mafa’s death.

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In a separate but related operation within the same Madagali Local Government Area, troops also arrested a suspected logistics and drone supplier linked to the terrorists. The suspect, Dauda Usman Gubula, was apprehended during a raid at the Madagali Motor Park.

Makama, citing official sources, revealed that security operatives recovered several items from the suspect, including two aerial drones and 20 solar power banks believed to be destined for terrorist use. Gubula is currently in custody as investigations continue.

The military has maintained sustained offensive operations across the region as part of ongoing efforts to dismantle Boko Haram cells and restore normalcy to affected communities.

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