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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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FGCKOSA Sues Federal Government, Developer Over Alleged Conversion of FGC Kano Land to Private Estate

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The Federal Government College Kano Old Students Association (FGCKOSA) has instituted a suit at the Federal High Court in Abuja challenging what it described as an unlawful attempt to convert part of the land belonging to Federal Government College (FGC) Kano into a private residential estate through a Public-Private Partnership (PPP) arrangement.

In a statement issued on Saturday, FGCKOSA said the suit seeks judicial intervention over a land-swap agreement allegedly involving the Federal Ministry of Education, the Federal Ministry of Housing and Urban Development, Pluck Global Company Limited, the Infrastructure Concession Regulatory Commission (ICRC), and other federal authorities.

According to the association, the case has been assigned to Justice Inyang Ekwo of the Abuja Judicial Division of the Federal High Court, with the first hearing scheduled for July 8, 2026.

FGCKOSA stated that the defendants in the suit include the Minister of Housing and Urban Development, the Minister of Education, Pluck Global Company Limited, the Infrastructure Concession Regulatory Commission, and the Attorney-General of the Federation.

The association explained that the Attorney-General of the Federation was joined in the suit because the matter raises fundamental legal questions concerning the powers of federal ministries over public land, the legality of concessions affecting federal educational institutions, and the protection of public assets held in trust for educational purposes.

According to FGCKOSA, the central issue before the court is whether land belonging to a federal government secondary school and reserved for public educational use can lawfully be transferred to a private developer under the guise of a PPP or concession arrangement.

The association said it is also seeking clarification from the court regarding the roles and powers of the Federal Ministry of Education, the Federal Ministry of Housing and Urban Development, the Federal Executive Council, the ICRC, and Pluck Global Company Limited in relation to the disputed land.

FGCKOSA alleged that the decision to seek legal redress became necessary after repeated requests for information and transparency concerning the transaction were allegedly ignored by relevant authorities.

According to the association, it had written to the Federal Ministry of Education requesting clarification and access to documents relating to the concession arrangement. It added that a separate request was also sent to the ICRC seeking copies of the PPP agreement and approval documents associated with the project.

FGCKOSA claimed that while the ICRC acknowledged that the Ministry of Education was the contracting authority for the transaction and referred the association back to the ministry, key documents, including the concession agreement, approval records, valuation reports, procurement details, and evidence of Federal Executive Council approval, have yet to be made public.

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The association further alleged that despite an existing court order in Kano restraining activities relating to the disputed land, individuals linked to the project were seen entering the school premises and marking portions of the land.

According to FGCKOSA, such actions amounted to an attempt to advance the land-swap arrangement despite the pendency of legal proceedings, a development it described as troubling and inconsistent with respect for the judicial process.

The association also expressed concern over reports that authorities were considering relocating or reconstructing some school facilities outside the concessioned area, arguing that such moves suggest an assumption that the transaction is already irreversible.

FGCKOSA maintained that the land belonging to Federal Government College Kano was originally reserved for educational activities, security infrastructure, recreational facilities, future expansion, and the long-term development of the institution.

According to the association, the proposed concession would involve carving out approximately 30 hectares of the school’s land for private residential and commercial development, a move it said could permanently undermine the future growth of the institution.

The alumni body stressed that it was not opposed to genuine efforts aimed at improving infrastructure and development within the school. However, it argued that any redevelopment initiative must be transparent, lawful, and in the best interest of students, staff, alumni, and the wider public.

FGCKOSA revealed that it had previously proposed what it described as a transparent alumni-led redevelopment initiative for the school, which would focus on raising funds, attracting grants and corporate social responsibility support, upgrading facilities, and improving academic standards without relinquishing any portion of the school’s land.

According to the association, the suit is seeking several reliefs from the court, including a declaration that public land belonging to Federal Government College Kano cannot be converted into private property for the benefit of a private developer through a PPP arrangement.

The association also seeks an order nullifying any concession, transfer, lease, sale, or land-swap agreement found to be inconsistent with the Land Use Act, concession laws, and constitutional provisions governing public assets.

FGCKOSA further requested a perpetual injunction restraining the Ministry of Education, Pluck Global Company Limited, and their agents from selling, allocating, marking, developing, or otherwise interfering with the disputed land pending the determination of the matter.

In addition, the association said it is demanding full accountability from all public institutions involved in the conception, approval, and implementation of the transaction, as well as a judicial pronouncement on whether federal school land can be treated as disposable real estate without proper legal authority and public oversight.

The association maintained that the case extends beyond Federal Government College Kano and raises broader concerns about the protection of public educational assets across Nigeria.

FGCKOSA called on the Federal Ministry of Education, Pluck Global Company Limited, the ICRC, and all parties connected to the project to suspend all activities on the disputed land pending the outcome of the court proceedings.

The association also urged the Attorney-General of the Federation to defend the rule of law and public interest by ensuring that federal educational assets are protected from what it described as unlawful alienation.

FGCKOSA says its committed to protecting public education and preserving Federal Government College Kano for future generations, insisting that no public educational institution should be treated as disposable real estate.

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ADC Crisis Deepens as Party Loyalists Reject Claims of Candidate Imposition in Kano

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Comrade Adnan Tudunwada

 

Fresh controversy has emerged within the African Democratic Congress (ADC) in Kano State following allegations by some party stakeholders that the leadership imposed a governorship candidate ahead of the next election cycle.

Reacting to the allegations in a statement, Adnan Mukhtar Tudun Wada said reports from a recent press conference by some individuals claiming to be ADC stakeholders were misleading and did not reflect the position of the party leadership.

According to Tudun Wada, the individual who presented himself as the chairman of the party in Kano was no longer recognized in that capacity following a judgment of the Federal High Court. He stated that the party would constitute a caretaker committee after concluding ongoing efforts to address issues relating to aspirants seeking various political offices across the country.

Tudun Wada further dismissed claims made by a self-acclaimed chairman of an elders committee, insisting that the ADC never endorsed or appointed anyone to such a position. He alleged that the actions of the individual were driven by personal interests and a quest for political relevance.

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The party loyalist argued that those making the claims were attempting to create confusion within the party at a critical period when consultations and consensus-building efforts were ongoing. He maintained that such actions could undermine the party’s internal processes and unity.

Providing details of recent consultations, Tudun Wada said the party organized a consensus meeting involving two leading governorship aspirants, Alhaji Ibrahim Ali Amin Little and Ibrahim Khalil. According to him, both aspirants agreed to work together and accept whichever decision the party eventually reaches regarding its governorship flag bearer in Kano State.

He explained that while party members were awaiting the final report of the consensus committee, they were surprised to learn of a press conference where a particular aspirant was allegedly endorsed and claims were made that an election had already taken place.

Questioning the credibility of such claims, Tudun Wada asked why Ibrahim Khalil would have signed a consensus agreement in Abuja if he genuinely believed that a valid election had already been conducted to determine the party’s governorship candidate.

Tudun Wada emphasized that he and other supporters remained loyal members of the ADC and would not engage in any activity capable of undermining the integrity of the consensus committee or the party’s democratic processes. He noted that they would continue to await the final decision of the national leadership.

Expressing confidence in one of the aspirants, Tudun Wada said Ibrahim Ali Amin Little remained committed to the growth and development of the ADC. He added that party supporters were optimistic that Amin Little would eventually emerge as the party’s governorship candidate.

According to Tudun Wada, supporters of Amin Little are prepared to mobilize across Kano State to celebrate his emergence should the party leadership eventually choose him as its standard-bearer for the governorship election.

 

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UK Prime Minister Officially Resigns

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By Yusuf Danjuma Yunusa

British Prime Minister Keir Starmer announced his resignation on Monday after less than two years in office, in a term characterised by policy U-turns and deep public unpopularity.

“Every decision I have taken has been about putting the country I love first. That is why I will resign as leader of the Labour Party,” Starmer said as he choked up in an emotional speech outside 10 Downing Street.

Starmer said the process of picking a new leader for the centre-left party would be launched in July, and he would remain as prime minister until his successor is chosen, to be in place before parliament returns from the summer recess in September.

Starmer’s main rival, veteran politician Andy Burnham, is due to be sworn in as a member of parliament on Monday after winning a crucial special election on Thursday, allowing him to return to parliament and clearing his path to run for party leader.

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“I will remain in post as prime minister until the contest is complete, and I will do everything I can to ensure an orderly handover of power,” Starmer added.

Until the weekend, Starmer had insisted he was going to fight on and remain as prime minister as he fought off challenges and calls to step down.

He has clung to that position for months after multiple scandals and high-profile resignations that piled the pressure on him and his Labour Party.

But Britain is now set to get its seventh prime minister in a decade.

Starmer’s widely anticipated announcement comes a day before the 10-year anniversary of the Brexit referendum, which triggered the UK’s exit from the European Union and an unprecedented churn of prime ministers.

Starmer has been credited with reshaping Labour into an election-winning party, which clinched a decisive victory in 2024, ending 14 years of Conservative rule.

But his term was derailed by missteps ranging from benefit cuts to criticism over defence spending plans.

He was nearly ousted in March over his ill-fated decision to appoint Peter Mandelson, a known associate of the late US sex offender Jeffrey Epstein, as the UK’s ambassador to Washington.

He has also struggled to fight off the rapid rise of the far-right, anti-immigration Reform UK party — which defeated Labour in local elections in May, further weakening Starmer’s position.

“I will also give my successor my full and unequivocal support, knowing that they will inherit a Britain that is far stronger and fairer than the one I inherited two years ago,” Starmer said in his resignation speech.

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