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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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JUST IN: Adelabu Resigns as Power Minister to Pursue Oyo Governorship Bid

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By Yusuf Danjuma Yunusa

The Minister of Power, Adebayo Adelabu, has resigned his appointment to focus on his governorship ambition in Oyo State.

Adelabu disclosed this in a resignation letter addressed to the President Bola Ahmed Tinubu on Tuesday, and routed through the Secretary to the Government of the Federation.

In the letter titled “Resignation as Honourable Minister of Power”, Adelabu expressed gratitude to the President for the opportunity to serve in his administration.

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He said it was a privilege to contribute to efforts aimed at strengthening Nigeria’s power sector in line with the administration’s Renewed Hope Agenda.

Adelabu added that his decision to step down was to enable him fully pursue his aspiration to contest for the office of Governor of Oyo State.

He noted that the move would allow him to dedicate his time and resources to the political ambition.

The former minister also conveyed his appreciation and respect to the President for the confidence reposed in him during his tenure.

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After Kwankwaso Joins ADC, Party Alleges Plot by APC, Senior Lawyers to Force INEC Into Illegal Takeover

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By Yusuf Danjuma Yunusa

The African Democratic Congress (ADC) has alleged that the All Progressives Congress (APC)-led federal government is mounting pressure on the Independent National Electoral Commission (INEC) to interfere in the party’s leadership affairs, following the defection of Senator Rabiu Musa Kwankwaso to its ranks.

In a statement issued on Tuesday, the ADC claimed that a coordinated effort is underway to compel INEC Chairman, Professor Joash Ojo Amupitan (SAN), to invalidate party actions and alter its leadership structure before courts have ruled on pending disputes.

According to Mallam Bolaji Abdullahi, the party’s National Publicity Secretary, a letter dated March 28, 2026, written by a team of Senior Advocates of Nigeria, is being used to pressure the electoral commission. The letter reportedly seeks to enforce a particular interpretation of a Court of Appeal ruling regarding “status quo ante bellum” — a legal principle referring to the restoration of a prior state of affairs.

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The ADC said the legal representatives went as far as threatening the INEC chairman with arrest should he fail to accede to their request within seven days.

“The authors of this vexatious letter are attempting to pressure INEC to take sides and grant them what no court in Nigeria has granted,” Abdullahi said in the statement.

The party dismissed claims by Hon. Nafiu Bala Gombe, whom it described as an expelled former member, asserting that he was never the party’s chairman and had previously resigned his position.

“What we are witnessing is a convergence of legal pressure and political intent by a ruling party that is unsettled by the growing appeal of the ADC,” Abdullahi added.

The ADC described itself as “the only viable opposition party left in the country” and vowed to resist what it called a “grand plan” to destabilise its leadership using all constitutional means.

Kwankwaso, a former governor of Kano State and presidential candidate of the New Nigeria Peoples Party (NNPP) in the 2023 general election, recently defected to the ADC — a move the party claims has unsettled ruling party officials.

The ADC called on INEC to remain guided by the constitution and resist pressure, stating that the matter “is bigger than the ADC” and concerns whether Nigerians can freely choose an alternative political path.

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Steron community development through football competition kicks off in Kano

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By Abdulgafar Oladimeji

 

The Kano edition of the Steron national community development through football competition , on Tuesday flagged off in all the wards in across the 15 metropolitan local governments in Kano .

 

The football competition sponsored by Steron Community Development Foundation will feature grass root football clubs drawn from the wards .

The managing director, Steron Resources International, Abubakar Sadiq Omar briefing sports writers in Kano last Monday, said the major motives behind the football competition is use football as a vehicle to empower Nigerian youths.

According to him, the Steron football project is borne as part of the company’s Cooperate Social Responsibility , CSR with the set out target to assist the youths to achieve their football dreams , saying it is also to make life more meaningful to the future population of Nigerians.

The Managing director , who was represented by the head of the foundation, Mr Musa Mohammed said “ we recognize the power of football as a very strong national unifier and tool for empowerment.

“we hosted similar competitions in other parts of the country, now we are in Kano , Kano is going to be exceptional.

“it is going to be exceptional because, we have invited football scouts to come and watch the matches, so that they can identify those players with exceptional talent, then we can proceed to help them pursue their professional football development.

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Mohammed further said that “throughout the duration of the competition, we will be offering free medical services to players, coaches, back room staff, referees and football fans.”

 

Kano state Football Association, KSFA described the Steron football project as a comprehensive package that would touch all spheres in the pursuit of football development in the state.

The chairman KSFA youths competition committee,, Hassan Garo , spoke on the behalf of the state FA disclosed that the football competition kicks off , March 31st and runs through the first week of April 2026.

 

He stated that the tournament is an open competition without age restrictions, explaining that this is to allow talented players within all age ranges to showcase their football qualities

He said, however ,players who have featured in any level in either of the national major football leagues are exempted from taking part in the tourney.

In his words “ the tournament will start at the wards level centres, the winners at the wards will proceed to compete to produce the local government champion, then each local government champion will now compete to determine the overall champion.

“our joy at the FA knows no bound, because all the clubs have reasons to celebrate the coming of Steron, once you make it to the local government level you will get consolatory prizes

“meaning that if you advance from the ward stages to the local government you will not go home empty handed, also the scouts will be here to scout for talents.

“the opening match in the inter local government phase, which will involve the clubs that qualified from each local government will be played at Sani Abach stadium.

“The remaining matches at this level of the matches will be played at Mahaha ports complex, the final matches will return to be played at Sani Abach stadium.

He disclosed that provisions have been made for adequate security presence , adding that the state FA has prioritize the essence to make the competition an entertaining event.

He added that the media will be given a pivotal role to bring to Kano living rooms, live reports of the matches .

Garo stressed that “we are not leaving anything to chance, we want to see more private entities like Steron come into the game, either for communal purposes like this one or for commercial purposes, therefore we will always live up to expectations.

He enjoined Kano fans and football stakeholders to grab the opportunity been offered by the sponsors in the area of medical outreach to improve their well being.

Our correspondent reports that, the matches have kicked off in the designated ward centres across the state.

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