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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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Kenyan Presidential Aspirant Warns Dangote: ‘Don’t Rush Lamu Refinery, I’ll Send You Back to Nigeria’

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By Yusuf Danjuma Yunusa

A man identified in a viral video as Kenyan presidential aspirant Patrick Osoi has sparked a heated online debate after warning Nigerian billionaire Aliko Dangote not to rush into establishing an oil refinery in Lamu, saying he would send the businessman back to Nigeria if elected president.

In the clip, said to have been recorded at a Lions Movement event, Osoi says: “I want to tell Aliko Dangote, please don’t rush to start the refinery because, when I’m sworn in as President of Kenya next year, you will be heading back to Nigeria.”

The remarks appear to reference a proposed $16 billion refinery project in Lamu, a coastal county that Kenya has promoted as a future hub for oil and gas infrastructure. Osoi argued that Kenyan investors have the capacity to build and run such a facility without foreign ownership.

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“We don’t need to beg foreigners to develop our resources,” he said, according to a partial transcript of the video. “Kenyans can do it.”

The video has been shared widely on Facebook, X and WhatsApp, drawing mixed reactions. Supporters praised Osoi for what they called a bold defense of economic sovereignty. Critics warned that the comments could scare off foreign investors and strain Kenya’s diplomatic and trade ties with Nigeria.

Dangote, Africa’s richest man and chairman of Dangote Group, has not publicly responded to the clip. His conglomerate operates one of the world’s largest single-train refineries in Nigeria and has investments in cement, sugar, fertilizer and petroleum across Africa.

The Kenyan government has not commented on the video. It was not immediately clear whether the Lamu refinery project involving Dangote is still active or whether Osoi’s remarks reflect any official policy.

Political analysts say the controversy underscores growing public debate in Kenya over foreign investment, local content and control of natural resources ahead of the next general election, expected in 2027.

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NDC’s Kano Governorship Candidate Gwarzo Missing From INEC Final List

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By Yusuf Danjuma Yunusa

The National Democratic Congress (NDC) governorship candidate in Kano State, Aminu Abdussalam Gwarzo, is absent from the final list of governorship candidates released by the Independent National Electoral Commission (INEC).

The three-page list, signed by INEC Secretary Rose Oriaran-Anthony, contains 17 governorship candidates and their running mates for the Kano election, but neither Gwarzo nor any other NDC candidate appears on it.

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Those listed include Governor Abba Kabir Yusuf of the All Progressives Congress (APC), Abacha Muhammed Sani of the Peoples Democratic Party (PDP), and candidates from the African Democratic Congress (ADC), Labour Party (LP), Social Democratic Party (SDP), Action Alliance (AA), African Action Congress (AAC), Action Democratic Party (ADP), All Progressives Grand Alliance (APGA), Allied Peoples Movement (APM), and New Democratic Party (NDP), among others.

The document provides the names, political parties, ages, genders, and educational qualifications of the candidates and their deputy governorship candidates.

INEC did not state why the NDC candidate was omitted, and the published list does not indicate whether the omission is connected to the party’s nomination process, documentation, or another issue.

The development raises questions about the NDC’s participation in the Kano governorship election, although the list alone does not establish the reason for Gwarzo’s absence.

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Dawakin Tofa Academic Forum Holds Maiden Heroes Day, Honours Former Kano Governor

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The Dawakin Tofa Academic Forum has held its maiden Heroes Day and awards ceremony, honouring 10 distinguished late indigenes of Dawakin Tofa Local Government Area of Kano State for their contributions to education, public service, politics, community development and other fields.

The event, organised by the Dawakin Tofa Academic Forum, brought together academics, community leaders, elders and other stakeholders to celebrate the legacies of prominent personalities who contributed to the development of Dawakin Tofa, Kano State and Nigeria.

Speaking at the ceremony, the chairman of the forum, Dr Junaidu Danladi, said the organisation was established in 2018 to bring together educated indigenes of Dawakin Tofa, including professors, associate professors and other professionals from tertiary institutions.

Danladi said the forum had grown significantly since its establishment, with more than 100 members committed to promoting educational development and recognising individuals whose contributions had positively shaped the community.

He said the maiden Heroes Day was organised to preserve the history of Dawakin Tofa and ensure that the achievements of its prominent sons were documented and remembered by present and future generations.

In his remarks, Surveyor Muhammad Nadu Yahaya, an elder and former commissioner for lands, budget and planning, described the initiative as a timely and commendable development, saying the recognition of distinguished personalities from Dawakin Tofa was long overdue.

Yahaya said the forum represented the intellectual elite of Dawakin Tofa, whose members had demonstrated a commitment to advancing the community through knowledge, innovation and public service.

He commended the organisers for introducing the Heroes Day initiative, describing the selected award recipients as eminent personalities whose influence extended beyond Dawakin Tofa to Kano State and Nigeria.

Yahaya also called on the people of Dawakin Tofa to make additional efforts to distinguish the local government through educational advancement, community development and other innovative initiatives.

He prayed for Allah’s blessings upon the award recipients and the organisers, urging the forum to sustain the programme as an annual event that would inspire younger generations.

Similarly, Madakin Kano, Yusuf Nabahani Cigari, commended the Dawakin Tofa Academic Forum for recognising the achievements of the community’s late prominent figures.

Cigari said Dawakin Tofa was blessed with accomplished individuals across politics, the economy and public service, adding that the local government had a rich history of producing personalities who contributed to the development of Kano State and the country.

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He urged the people of Dawakin Tofa to remain united and work collectively towards the progress of their community, stressing the importance of preserving its heritage and celebrating its achievements.

The former chairman of the Dawakin Tofa Academic Forum, Dr Ameer Abdul Aziz, presented the profiles and contributions of the personalities selected for the maiden edition of the Heroes Day.

Abdul Aziz explained that hundreds of deserving indigenes could be considered for recognition, but the forum selected 10 individuals for the inaugural edition, with the intention of honouring more distinguished personalities in subsequent editions.

Among those honoured was Bello Kano, also known as Madakin Kano, who was born in 1907 and died in 1987. Abdul Aziz said Bello Kano began his career in education as an assistant teacher before rising to become a headteacher at a middle school.

According to Abdul Aziz, Bello Kano also served in different administrative and legislative capacities and contributed to the establishment of primary and post-primary schools in Dawakin Tofa, helping to expand access to education in the area.

Another recipient was Alhaji Adamu Danguguwa, who lived from 1913 to 1988. Abdul Aziz said Danguguwa acquired Qur’anic education and later attended Samaru Agricultural School, where he received agricultural training.

The forum also recognised a former governor of Kano State, “Alhaji Abdu Dawakin Tofa,” born in 1932 and died in 2003, who studied at Kansas University in the United States and served as commissioner for agriculture, deputy governor and governor of Kano State from May to October 1983.

The late Imam of Dawakin Tofa, Mukhtar Iman, who lived from 1935 to 2008, was also honoured for his contributions to reconciliation and efforts to combat illiteracy, according to Abdul Aziz.

The forum recognised Ahmad Ismail Dungurawa, who lived from 1945 to 2008, for his role in struggles for justice and his efforts to promote the interests of ordinary people.

Another award recipient, Aminu Garba Yaro, was celebrated for his generosity and support for children, including assistance to young people seeking educational opportunities. Abdul Aziz said Yaro, who worked with United Bank for Africa, made contributions to the welfare and advancement of others.

The forum also honoured Engineer Magaji Abdullahi, a water engineer who lived from 1947 to 2016, for his contributions to Dawakin Tofa, Kano State and Nigeria. Abdul Aziz said Abdullahi’s professional work and services had made a lasting impact on the community ,a prominent politician and a former Deputy Governor of Kano state from 2003 to 2007.

Abdullahi Maikano Rabiu, who lived from 1949 to 2021, was recognised for his commitment to supporting students, including those he knew personally and others who approached him for assistance, according to Abdul Aziz.

Abdul Aziz described Rabiu as a compassionate individual and a man of wisdom whose generosity helped many people pursue their educational ambitions.

The forum also honoured Alasan Dawakin, who was born in 1946 and died in 2023, for dedicating about five decades of his life to teaching and learning, according to the former chairman.

Another honouree was Malam Abdullahi Maikano, who lived from 1942 to 2023, in recognition of his contributions to the community.

The organisers said the Heroes Day was designed not only to honour the achievements of the deceased personalities but also to encourage younger generations to emulate their commitment to education, service, integrity and community development.

The maiden edition marked an effort by the Dawakin Tofa Academic Forum to document the history of prominent indigenes and establish a platform for celebrating individuals whose contributions might otherwise be forgotten.

The forum is expected to use the initiative to strengthen community ties, promote educational values and encourage the emergence of future leaders committed to the development of Dawakin Tofa and Kano State.

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