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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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INEC Extends Submission of Nominated Candidates Deadline for 2027 Elections by Three Days

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By Yusuf Danjuma Yunusa

The Independent National Electoral Commission (INEC) has granted a three-day extension to political parties for the submission of candidate names for the 2027 presidential and National Assembly elections.

The deadline, initially set to expire at midnight on Saturday, July 11, 2026, has been moved to Tuesday, July 14, 2026. The commission announced the adjustment in a statement issued on Sunday by its National Commissioner and Chairman of the Information and Voter Education Committee, Mohammed Kudu Haruna.

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According to INEC, the extension was necessitated by a formal appeal from the Inter-Party Advisory Council (IPAC), which cited difficulties encountered by several parties in uploading the required names and personal particulars of their aspirants within the original timeframe.

In the statement, INEC emphasized that the decision underscores its dedication to an inclusive electoral process while remaining strictly within the bounds of the law. The commission reaffirmed that the adjustment is a responsive measure to the operational challenges raised by the political parties.

INEC has consequently urged all political parties to make the most of this additional window to finalize their submissions.

“The Commission enjoins political parties to take advantage of this window of opportunity and ensure that all necessary details are uploaded before the expiration of the new deadline,” Haruna added.

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ICPC to Arraign ex-Minister Uche Nnaji over Forged Credentials

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By Yusuf Danjuma Yunusa

Former Minister of Science and Technology, Uche Nnaji, is scheduled to be arraigned on Monday before the Abuja Division of the Federal High Court over allegations of certificate forgery that led to his resignation in 2025.

According to Peoples Gazette, the Independent Corrupt Practices Commission was compelled to open an investigation on Mr Nnaji after evidence of forged credentials surfaced, further reinforced by a follow-up petition by the HEDA Resource Centre, an anti-corruption group.

Reports had in 2023 that Mr Nnaji’s discharge certificate from the National Youth Service Corps was a dupe and that his so-called bachelor’s degree certificate was so poorly done that any curious observer could spot its inconsistencies without extra effort.

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Despite resigning over alleged certificate forgery, Mr Nnaji picked up the 2027 PDP Enugu governorship nomination form earlier this year and emerged the winner.

He was arrested at the Nnamdi Azikiwe International Airport in Abuja on July 1, having shirked previous invitations to visit the ICPC office for questioning.

Sources acquainted with the matter said the anti-graft commission has built a “water-tight” case against Mr Nnaji and filed criminal charges against him before Justice Abdulmalik Joyce.

The Gazette learnt that it will be nearly impossible for Mr Nnaji to wriggle his way out of these evidence-backed charges, which border on corruption, including the submission of forged credentials to the National Assembly during his ministerial screening, and so on.

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Remi Tinubu Urges Davido, Burna Boy, Asake, to Help Tackle the Economy, Says Govt Alone Can’t Fix It

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By Yusuf Danjuma Yunusa

The First Lady Senator Oluremi Tinubu has said that although luxury is good, Burna Boy, Davido, Asake and other wealthy Nigerians should help the less-privileged.

She said “the burden on the government is huge”, so the rich should help.

Also, Mrs Tinubu reiterated her call for Nigerians to consider small businesses such as akara.

She made the calls in Lokoja, Kogi State, on Saturday, where she launched the national community food bank.

“Nigeria is a great country. We have a lot of wealthy people. But our priorities are different. And I think it’s high time we started helping those who need help in the country.

“I want to appeal to our young ones in the entertainment industry.

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“I’ve mentioned it before, and I will use Akon, a music icon who does a lot of great charity work.

“The Burna Boys of this world, Asake, all of them, Davido. We want to see you with one foundation or the other, helping the poor with your money.

“Good cars are good; a Maybach is good. Rolls-Royce is good, but still you can still help. The burden on the government is huge.

“You can still help.

“There are pepper sellers. There are vegetable sellers. There are okra sellers, melon sellers, akara, kulikuli. Akara is delicious; I can tell you that,” she added.

The first lady also urged Nigerians not to look down on legitimate means of eking out a living.

“And I read an article about a young graduate who said he didn’t get a job. And he said he sells akara because he couldn’t get a job, and he’s in Abuja.

“We approached him, but I didn’t put my name to it. We equipped him more. He now has 12 workers under him, and he’s doing very, very well.

“So our people should never despise jobs,” she said.

Speaking on empowerment programmes in Kogi, Tinubu announced the donation of ₦100,000 to empower another 2,000 petty traders in the state.

She also commended the beneficiaries for their efforts.

“Today in that same spirit, the Renewed Hope Initiative has donated ₦100 million to the First Lady of Kogi State and RHI coordinator to empower another 2,000 petty traders in Kogi State with the sum of ₦50,000 each to recapitalise their existing businesses.

“And I’m glad that the women who are beneficiaries, they got the idea because I saw them bringing their tray of different food items, very small items, to welcome me today.

“And I think the message is quite received, no matter how people want to turn it around,” Mrs. Tinubu added.

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