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Dangote Cement Shareholders Unanimously approve a 10% share Buy-back Programme

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Non-Executive Director, Dangote Cement Plc, Halima Aliko-Dangote; Chairman, Dangote Cement Plc, Aliko Dangote;  Group Managing Director, Dangote Cement Plc, Michel Puchercos; and Non-Executive Director, Dangote Cement Plc, Olakunle Alake at the Extraordinary General Meeting of Dangote Cement Plc, held in Lagos on December 13, 2022.

 

 

 

Shareholders of Dangote Cement, unanimously on Tuesday authorised the Management of the company to undertake a share buyback of up to 10 percent of its issued shares, effective from the date of the resolution.

The company had earlier indicated an interest in undergoing a share buyback programme, in respect of up to 10 percent of its issued shares, for the purpose of improving the company’s return on equity and its shareholders’ value, so as to facilitate the future long-term growth of the company.

The approval through voting, which was given at the company’s Extraordinary General Meeting, held in Lagos recorded a 100 percent approval from the shareholders, with many of them describing the exercise as very laudable and a win-win situation for them.

 

Among other resolutions, the shareholders authorised that the “Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.”

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The Board was also authorised to ensure that the amendment of the Articles of Association of the company reflects the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.

 

It would be recalled that the Shareholders, at the company’s recent 13th Annual General Meeting (AGM), also commended the Management of the company for an impressive performance despite the economic challenges in the year under review.

 

Unanimously, they approved N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year. That represented a 25 per cent increase in dividend compared to the 2020 dividend of N16.00 per share, reinforcing the Company’s commitment to maximising shareholder value. They also applauded the company for its drive in reducing unclaimed dividends of the company.

 

Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion. Also, the Company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 percent owing to strong cost control measures.

 

Chairman of the company, Aliko Dangote, said that “Over the last decade, Dangote Cement has recorded exponential growth across all areas.” According to him, “Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.”

 

“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability, and grit. These values are what we need to face in unpredictable times in the future.

 

“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa while creating sustainable value for our stakeholders,” Dangote added.

 

 

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Breaking:Bomb Explodes In Niger

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Governor Muhammad Umaru Bago of Niger state

 

A bomb has exploded in Hayin Shiroro in Niger state northcentral Nigeria.

NIGERIAN TRACKER sources said the bomb has caused the death of 2 persons and six were seriously enjoyed .

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Some are currently receiving treatment.

Details later

 

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Alleged Money Laundering: Yahaya Bello Begs Court to spare his landed Property

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A former governor of Kogi State, Yahaya Adoza Bello, has appealed to Justice Maryann Anenih of the Federal Capital Territory, FCT High Court, Maitama, Abuja, to spare him the possession of a landed property in the Maitama district as one of the conditions for bail.

Bello made the plea on Thursday, December 19, 2024, through his counsel, J.B. Daudu SAN. He argued that obtaining Certificates of Occupancy and other title documents for properties in Maitama is challenging due to the peculiarities of the area.

“My Lord, most people who may be willing to stand as sureties are reluctant to part with their original title documents.

Moreover, many buildings in Maitama are corporate establishments like Transcorp Hilton, NCC among others. Therefore, we are pleading with this honourable court to consider other highbrow areas such as Asokoro, Wuse 2, Guzape, and others when granting bail to our client,” he said.

Earlier, Daudu informed the court that the matter was slated for the hearing of Bello’s bail application. Explaining, he told the court, “We filed our application yesterday, December 18, 2024, and the prosecution served a counter-affidavit the same day.

“We intend to focus on the trial, and for that, we need unrestricted access to the defendant to ensure he is fully prepared.

The charges against him are bailable. Moreover, there are critical documents that only he can access. My Lord, the second and third defendants have already been granted bail, and if not for procedural delays, my client would have been granted bail as well,” he said.

In response, counsel for the prosecution, Olukayode Eniton SAN, did not oppose the bail application.

“I confirm that the learned senior counsel, Daudu, has been in communication with the prosecution team. Based on the assurance that the defendant will stand trial, barring unforeseen circumstances, we are willing to defer to your lordship’s discretion regarding the terms and conditions of bail,” he said.

In her ruling, Justice Anenih granted Bello bail in the sum of N500 million with three sureties in like sum. The sureties must be notable Nigerians with landed property in Maitama, Jabi, Utako, Apo, Guzape, Garki, or Asokoro.

The judge also ordered Bello to deposit his passport and other travel documents with the court registrar. She further directed that he remain in the custody of the Nigerian Correctional Service Centre, Kuje, until his bail conditions are met.

Two other defendants standing trial alongside Bello, Umar Shuaibu Oricha and Abdulsalami Hudu had their bail conditions varied. The judge reduced their bail sum from N300m to N200m and further ordered that they could get landed properties within the jurisdiction of the court that had the same values as the bail sum.

The Economic and Financial Crimes Commission, EFCC is prosecuting Bello alongside Oricha and Hudu on a 16-count charge of criminal breach of trust and money laundering to the tune of N110.4 billion.

Justice Anenih adjourned hearing on the substantive suit till January 29, 2024

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Newly Assigned Kano Commissioner of Water Resources Orders Immediate Audit of State Water Board

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The Honourable Commissioner for the Ministry of Water Resources, Alhaji Umar Haruna Doguwa, has directed a comprehensive staff audit for employees working under the Kano State Water Board. This directive aims to enhance the working environment and ensure effective service delivery.

In a statement issued today by the Honourable Commissioner, Doguwa emphasized that the staff audit is intended to create a conducive atmosphere and an efficient working environment. “The staff auditing is aimed at providing a conducive atmosphere and effective working environment, which would result in effective service delivery,” Doguwa explained.

The Honourable Commissioner also called on the affected staff members to fully support and cooperate during the auditing exercise. “I urge the affected members of staff to give maximum support and cooperation during the auditing exercise,” he stated.

The statement was signed by the Public Relations Officer, Rukayya Uba Sulaiman, who reiterated the importance of the audit in achieving the ministry’s goals.

The staff audit is expected to identify areas for improvement and streamline operations within the Kano State Water Board, ultimately leading to better service delivery for the residents of Kano State.

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