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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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Kano to Declare State of Emergency on Wildlife Conservation

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The Kano State Government is set to declare a state of emergency on wildlife conservation, following a landmark decision announced by the Special Adviser to Governor Abba Kabir Yusuf. The announcement was made during a press briefing held in Kano, marking a significant move towards the preservation and protection of wildlife in the state.

“I have to first welcome you for accepting our invitation to this great meeting, which is the first of its kind in the history of Kano State,” the Special Adviser stated. “We are the first members of the office newly created by the executive governor of Kano State, Engr. Abba Kabir Yusuf. Congratulations to all of us.”

He emphasized the gravity of the task at hand, stating, “My fear to Allah is that whoever is assigned to any task will be asked for all he did. I am seeking Allah’s guidance on this journey, specifically assigned as a special adviser to the executive governor on wildlife conservation. This responsibility is huge, and for success, there must be a need to strategize the process by identifying where we were, where we are now, and where we want to reach.”

The Special Adviser highlighted the necessity of refreshing the knowledge of responsibilities related to wildlife conservation, noting that the state had lost a significant number of wildlife due to urbanization, hunting, and lack of government consideration.

“In the 1960s and 1970s, researchers working in Africa recognized the necessity of including human activities in the discussion of wildlife conservation. Since the 1980s, the roles of communities in biodiversity conservation have been given serious consideration globally,” he explained. He called for adopting principles from advanced countries to transform wildlife conservation in Kano State.

The state government aims to make Kano a leading state in wildlife conservation activities in Nigeria. To achieve this goal, several objectives were outlined:

1. Create and preserve any forest remains under state government for wildlife conservation.
2. Recommend making Kano State Zoos the leading zoo in Nigeria.
3. Recommend creating a wildlife conservation board or agency.
4. Recommend creating or improving more zoos and the ones available in the state.
5. Recommend providing a zoo that will attract Kano State indigenes and tourists.
6. Recommend providing a zoo that meets international standards.
7. Recommend providing a zoo with maximum revenue sources for the state.
8. Recommend providing a zoo that accommodates a large number of activities beyond zoo contents.
9. Recommend providing more animals in the zoo and the wild.
10. Recommend introducing a zoo-free day in Kano State annually.

Additional recommendations included considering wildlife resources as public trust, eliminating game markets, and using technology and science to implement wildlife policies effectively.

The Special Adviser Abdullahi Halliru Sawaba also stressed the importance of the upcoming stakeholder meeting to create a master plan for the next eight years on wildlife conservation. “The master plan for the next eight years will be created based on the outcome of the meeting with stakeholders,” he stated.

 

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Group Raises Alarm Over Alleged N3 Trillion Fuel Importation Fraud by NNPCL, Business Partners

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The Coalition for Economic Liberation and Transformation (CELT) has raised alarm over alleged N3 Trillion fuel importation fraud traced to the Nigerian National Petroleum Company Limited’s (NNPCL) and some of its business partners in the last  42 days.

This revelation came to light during a press conference held in Abuja on November 15, 2024.

According to CELT, Nigeria imported 1.5 million metric tonnes of premium motor spirit, 414,018 metric tonnes of diesel, and 13,500 metric tonnes of aviation fuel between October 1 and November 11.

Henry Owolabi, the Executive Director of the coalition criticized NNPCL’s Group Chief Executive Officer, Mele Kolo Kyari, for prioritizing fuel importation over domestic refining, despite the availability of local refineries.

The Dangote Refinery, with a capacity to process 650,000 barrels of oil daily, is one such refinery that could significantly reduce Nigeria’s reliance on foreign fuel.

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CELT questioned Kyari’s decision-making process, citing the detrimental impact on Nigeria’s economy and currency.

The coalition accused Kyari of sabotaging domestic refineries and undermining the Central Bank of Nigeria’s policies aimed at strengthening the naira.

CELT demanded Kyari’s immediate sack and urged the Central Bank to halt further payments for fuel importation.

Furthermore, CELT called on regulatory agencies to verify the quality of imported fuel and investigate financial claims.

The coalition emphasized the need to prioritize domestic refining, highlighting benefits such as significant cost savings, energy security, economic growth, and environmental sustainability.

Owolabi added: “Kyari and his fake fuel-importing associates have successfully rubbished the Central Bank of Nigeria (CBN)’s policies targeted at strengthening the Naira. They mopped up the limited dollars that would have gone into procuring manufacturing-related imports.

“The irresponsible importation, which is compromising the naira, borders on criminal when one recalls that President Bola Tinubu, personally, intervened to broker the naira sale of crude oil to Indigenous refineries to reduce the pressure on Nigeria’s currency and make refined products more affordable. Kyari and his lackeys insult our president by persisting in this criminal trade.

“Kyari’s leadership role in the fuel importation racket perhaps explains why he has deliberately sabotaged the nation’s investments in the three major government-owned refineries in the last two years. Why would a man who has not allowed our refineries to work be allowed to continue to lead the NNPCL?

“Additionally, this importation has severe economic consequences. The money used for importing fuel could be effectively utilised in areas, like healthcare, education and infrastructure.

“The government and other appropriate bodies must promptly tackle these concerns. They must emphasise the importance of boosting manufacturing and supporting our refineries to function at their potential.

“Consequently, the Coalition for Economic Liberation and Transformation urges the CBN to stop further payments to Kyari’s cronies in the name of fuel importation. Those who persist in importing what is readily available locally should bear the brunt of sourcing the foreign exchange to pay for their indulgence.

“Furthermore, our Coalition demands that Kyari be sacked without hesitation to restore the industry’s transparency and accountability and to prevent the NNPCL CEO and his associate from spreading contagion to other sectors of the economy.

“Finally, we demand that the necessary regulatory and anti-graft agencies step in to arrest the anomaly around fuel importation.“

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Bauchi Suspends 6 Civil Servants for Alleged Theft of Govt Properties

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The Bauchi State Civil Service Commission has suspended six civil servants in the Ministry of Works and Transport for allegedly diverting public properties under their custody.

The affected staff were said to have sold properties removed from the site of the ongoing constructions of Bridge Flyovers at Wunti and Central Market within Bauchi metropolis worth millions of naira.

The suspended staff attached to the State Infrastructures Development and Maintenance Agency (BASIDMA), were alleged to have committed an offence contrary to Section 0327 of the Bauchi State Public Service Regulations.

A statement signed by Sale Umar, the commission’s Information Officer, identified the affected staff as Mohammed Musa Saye Chief Store Officer, Ado Abba Pali, Senior Technical Officer, Danladi Noma, Senior Fireman, Garba Nuhu Senior Works Superintendent, Ibrahim Inuwa, Technical Assistant Electrical and Uzairu Mudi also a Technical Assistant Electrical.

The statement noted that, the commission acting on the provision of Section 0331 of the State Public Service Regulations, approved the suspension of the staff to allow relevant authorities investigate the allegations against them.

“The suspended Officers were alleged to have either sold or converted Government’s properties removed from the ongoing constructions of Bridge Flyovers at Wunti and Central Market within Bauchi metropolis worth millions of Naira which contravened Section 0327 of the Bauchi State Public Service Regulations, a serious wrongdoing and improper behavior”, the statement said

Similarly, the commission said it has considered a petition brought before it by a senior staff of Bauchi Radio Corporation (BRC) who was sidelined by the Management in the list of staff recommended for promotion.

“The Management of the Bauchi Radio Corporation has been directed to resubmit authentic recommendations of senior Staff promotion which must include a Petitioner Bashir Idris who was sidelined by the Radio House”, it added.

Recall that the Commission had on September suspended three Permanent Secretaries from the office of the Secretary to the State Government, Ministry of Higher Education and Ministry of Natural Resources for serious misconducts.

Wikki Times

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