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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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Shamaki Congratulates Yari on Appointment as Tinubu’s Campaign DG

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A chieftain of the All Progressives Congress (APC), Shamakin Marafan Sokoto has congratulated Senator Abdul’aziz Yari Abubakar on his appointment as Director-General of the APC Presidential Campaign Council for the 2027 election.

Shamaki described Yari’s appointment as well deserved, saying his wealth of political experience, leadership qualities and proven track record contributed significantly to his emergence for the important position.

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He said Yari’s experience would play a key role in mobilising support and coordinating the APC’s campaign efforts towards ensuring the success of President Bola Ahmed Tinubu and the party in the 2027 presidential election.

According to him, the appointment reflects the confidence the APC leadership has in Yari’s capacity to deliver, particularly given his years of experience in politics and governance.

Shamaki expressed optimism that Yari would bring his vast political network and organisational skills

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Call Me Chairman, Not Tony!’: Elumelu’s Blunt Correction of Trainee Splits Internet as Old Video Sparks Double Standard Fury

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By Yusuf Danjuma Yunusa

A seemingly brief exchange between United Bank for Africa (UBA) Group Chairman, Tony Elumelu, and a female graduate trainee has erupted into a nationwide conversation about cultural values, corporate etiquette, and the politics of address, after a video of the interaction went viral on social media.

The incident occurred on Thursday, August 20, 2026, during an interactive session at the graduation ceremony for UBA’s Graduate Management Accelerated Programme (GMAP) in Lagos. In the now-viral clip, the trainee began her question by greeting the billionaire businessman with a casual, “Good morning, Tony.”

Mr. Elumelu, who was serving as a mentor at the event, promptly and firmly corrected her. According to multiple reports, he told her: “No, you won’t call me Tony. You call me Mr. Elumelu, or TOE, or Chairman.” He further justified his stance, explaining that he does not subscribe to what he termed the casual, Western-style familiarity in professional settings. “I don’t subscribe to that kind of Oyinbo life, okay!” he added.

The exchange has since polarized the Nigerian public, sparking a fierce debate on social media.

One faction of netizens has rallied behind Mr. Elumelu, arguing that the trainee’s address was a clear sign of disrespect, given his status as the chairman of a major financial institution and his seniority in age. Commentators argued that in a formal setting, the use of a title is a basic sign of respect. One social media user remarked, “Common sense should make you understand that at that moment, you are not talking to your friend, but what he is, a chairman or boss, or at least an adult that is obviously older than you.”

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Conversely, a second group has come to the trainee’s defense. They argue that modern corporate culture, even within Nigerian banks, often encourages a first-name basis to foster a more egalitarian and open work environment. A former UBA staff member, Innocent Istifanus Moses, confirmed that GMAP graduates are typically taught to address colleagues, including senior executives, by their first names. In his view, the trainee’s mistake was not irredeemable, and he advised her to issue a brief, sincere apology. “Mistake–briefly acknowledge–correct it– move on confidently,” wrote one observer.

Accusations of Double Standard Emerge

The debate took a sharper turn when an old video resurfaced online, showing Mr. Elumelu in a 2022 interview with Chisom Obi-Okoye, an MBA student at Stanford Graduate School of Business in the United States. In that footage, the student interviewer addressed him as “Hi Tony” multiple times without any objection or correction from the businessman.

This discovery has led to widespread accusations of a double standard. Critics argue that Mr. Elumelu is willing to accept the casual, “Oyinbo” culture he decried when it suits him in an international setting but enforces a rigid traditional hierarchy at home. One Facebook user, Awuzie Frankline, questioned the inconsistency, stating, “Respect should be consistent not dependent on someone’s status, location or social class.”

Defense: ‘When in Rome, Behave Like The Romans’

In defense of the UBA Chairman, supporters have argued that there is no contradiction, as the two situations occurred in vastly different cultural contexts. They contend that Mr. Elumelu was simply adapting to the norms of his environment—behaving like the Romans while in Rome, as it were. In a formal corporate setting in Nigeria, they argue, it is appropriate to demand the traditional respect that is due to one’s elders and superiors. As one commentator put it, the issue is about “the need to adjust to culture and nuance as they come.”

Beyond the immediate controversy, the incident has opened a wider conversation about generational differences, the clash between traditional African values and Western corporate norms, and the importance of navigating social cues in professional environments.

Jide Akintunde, a social commentator, expressed surprise at Mr. Elumelu’s objection, noting that his first name has been central to his public and industry branding for years. He suggested that the public correction, while perhaps justified, could have been handled privately to avoid humiliating the young trainee.

As of Friday, the young woman at the center of the storm has not made a public statement. The video, however, continues to trend, serving as a potent reminder of the intricate and often unspoken rules that govern professional and social interactions in Nigeria.

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President Tinubu Suspends Three Perm Secs as ICPC Uncovers Another Fake Agency in SGF Office

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By Yusuf Danjuma Yunusa

President Bola Tinubu has ordered the immediate arrest of George Nwabueze over the alleged operation of a fake government agency within the premises of the office of the secretary to the government of the federation (OSGF).

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The president also ordered the immediate suspension of three permanent secretaries following fresh findings by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in its investigation into alleged fake government agencies and weaknesses in public service processes.

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