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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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President Tinubu Salutes Nigerian Workers On May Day

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President Bola Ahmad Tinubu

 

President Bola Tinubu heartily congratulates Nigerian workers on the auspicious occasion of Workers’ Day held annually to celebrate the lifeblood of our country.

The President salutes Nigerian workers for their fidelity to the peace, progress, and development of the nation evident in their tireless efforts and patriotic zeal to keep the national engine running.

President Tinubu celebrates Nigerian workers across all spheres – from the clerical officer who ensures the proper documentation and distribution of correspondence; the security officer who remains ever dutiful through all seasons; the teacher who secures the future of our nation by imparting knowledge to the next generation; the doctor who works relentlessly to save precious lives, and to all Nigerian workers who keep the candle aflame.

The President affirms that his administration remains committed to improving the welfare of all workers, noting the various relief programmes, including the wage award and the imminent minimum wage review.

President Tinubu strongly believes that the custodians of the nation’s machinery deserve a fair wage and enhanced welfare and that a labourer is deserving of not just any reward but fair and commensurate wages.

In a statement t by Chief Ajuri Ngalele Special Adviser to the President on Media and Publicity said the President assures Nigerian workers of his dedication to not only improving their welfare but also enhancing their working conditions and providing the necessary tools for them to succeed.

 

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Backward Integration: Dangote Targets 700,000MT of Refined Sugar in Four years

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L-R: Company Secretary/Legal Adviser, Dangote Sugar Refinery Plc, Temitope Hassan; Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singhvi ; Executive Director, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; and Chairman, Dangote Sugar Refinery Plc, Aliko Dangote, at the Dangote Sugar Refinery Plc 18th Annual General Meeting, on Tuesday, April 30, 2024 in Lagos.

 

Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP).

Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) held yesterday in Lagos, just as the Nigerian Exchange released the company’s first-quarter result for 2024, indicating an increase of 20.1 per cent in its revenue to N122.7 billion.

Dangote, at the AGM, said in alignment with the Federal Government of Nigeria’s policy guidelines, DSR continues to focus on and enhance its Backward Integration Project (BIP) by deploying and reviewing project strategies to ensure efficient delivery.

He noted that the 700,000 metric tonnes would meet 50 per cent of the current market demand for refined sugar. According to him, the 10-year sugar development plan to produce 1.5 million MT of sugar per annum from locally grown sugarcane remains a germane roadmap to the attainment of the Company’s objectives.

Our focus is on achieving the revised targets set for DSR Numan Operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited, while we are hopeful that the Taraba State Government will resolve the community payment issues that have led to the stoppage of activities at the Dangote Taraba Sugar Limited, Lau/Tau project.”

He added that “…During the year under review, despite the challenges we were faced with, the company significantly scaled up investment in the Backward Integration Projects with the ongoing expansion of the DSR Numan factory refining capacity from 3,000TCD to 9,800TCD year-end.

The factory will be increased with an additional 5,200TCD to 15,000 TCD (tonnes of cane crushed per day) eventually to meet the need in view of the massive land development activities also going on at the site. The aim is to achieve 24,200 hectares in total by the year 2029.”

He also emphasised that despite the adverse impact on the business environment by the continuous increase in the inflationary trend, lack of liquidity and FX to fund the company’s equipment import among others for the backward integration projects, concerted efforts are ongoing to secure the needed funds for the development of the Nasarawa Sugar Company Limited project at Tunga in Awe Local Government Area of the state.

This will enable the company to put in place the needed infrastructure for the eventual commencement of full-scale production and ensure that the Dangote Sugar Backward Integration ‘Sugar for Nigeria Project’ is achieved. In the end, over $700 million investment would be committed to the Backward Integration Programme,” he added.

Dangote said that the Dangote Sugar (Ghana) Limited, was established as a subsidiary of the Company during the year under review, in line with the plan to expand its presence in the sugar industry across Africa.

On outlook, he stated that “achievement of the goals of the Sugar Backward Integration Master Plan remains our focus. This will go a long way in delivering the anticipated benefits, especially in FX savings and cushioning its impact on our operations amongst other benefits to the company, all stakeholders, and the nation.”

Group Managing Director/CEO of Dangote Sugar, Ravindra Singhvi said, “Despite these challenges, we are resolute and focused on the delivery of our business targets in the medium to long term.”

He pointed out that “as we continue to navigate through the scarcity and high cost of foreign exchange, escalating costs of raw materials amongst others, our focus is to enhance the effectiveness of our supply chain processes, optimise cost, improve our operational efficiencies and delivery on our Sugar for Nigeria backward integration project.”

He said “the target is to produce a minimum of 1.5MT refined sugar annually from locally produced sugarcane at our integrated sugar production estates, which is expected to alleviate some pressure on costs and our demand for foreign currency.

Achievement of a sustainable business remains one of our key strategies and concerted efforts were made towards sustaining the achievements we have recorded in the past,” Singhvi added.

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Ganduje’s Suspension: Court Fixes May 27 For Hearing

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Kano State Governor ,Dr Abdullahi Umar Ganduje
Dr Abdullahi Umar Ganduje,APC National Chairman

 

A Kano High Court sitting at Audu Bako secretariat has fixed May 27, 2024, for the commencement of hearing of three applications in the case of the suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.

The Court presided over by Justice Usman Malam Na’abba after listening to counsels from both parties involved set the date for the hearing.

The applications are preliminary objection, joinder application and challenge of jurisdiction of the court to entertain and hear the matter.

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The applicants, Haladu Gwanjo and Laminu Sani Barguma through their counsel, Ibrahim Abdullahi Sa’ad filed a motion exparte with 13 paragraph affidavit dated April 16 sworn by the second.

The applicants are seeking for the Court to determine an order of interim injunction on Ganduje’s suspension.

The court had on 17th April granted an order directing parties to maintain status quo as at the 15th day of April, 2024, in relation to the suspension of the fourth respondent from the first respondent by the Ganduje Ward executive committee restraining the respondents whether by themselves, servants, agents, privies from taking any step contrary to the decision of the executive committee of Ganduje Ward which suspends the fourth respondent from the first respondent political party pending the hearing and determination of the motion on notice.

A Kano High Court sitting at Audu Bako secretariat has fixed May 27, 2024, for the commencement of hearing of three applications in the case of the suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.

The Court presided over by Justice Usman Malam Na’abba after listening to counsels from both parties involved set the date for the hearing.

The applications are preliminary objection, joinder application and challenge of jurisdiction of the court to entertain and hear the matter.
The applicants, Haladu Gwanjo and Laminu Sani Barguma through their counsel, Ibrahim Abdullahi Sa’ad filed a motion exparte with 13 paragraph affidavit dated April 16 sworn by the second applicant.

The applicants are seeking for the Court to determine an order of interim injunction on Ganduje’s suspension.

The court had on 17th April granted an order directing parties to maintain status quo as at the 15th day of April, 2024, in relation to the suspension of the fourth respondent from the first respondent by the Ganduje Ward executive committee restraining the respondents whether by themselves, servants, agents, privies from taking any step contrary to the decision of the executive committee of Ganduje Ward which suspends the fourth respondent from the first respondent political party pending the hearing and determination of the motion on notice.

At the resumed hearing on Tuesday, counsel to the applicant, Ibrahim Sa’ad, said they were served with the counter affidavit by the respondent this morning in court.
He asked for another date to enable them respond to the application.

Counsel to the first, second and third respondents did not object to the request made by the counsel to the applicant for a new date to be given.

“We have filed and served all parties our motion dated April 24 challenging the juriaoof this Court to entertain this matter.”

Counsel to the fourth respondent, Lydia Oyewo, did not also object the new date but told the court that her client was not served with the court processes.

“We have not been served with the processes of the Court. The plaintiff is in contempt of the court because they have failed with the order of the Court directing him to serve all the defendants in the matter.”

“Particularly, we are appearing out of respect to the court. Our client has not been served so we could not file any processes before the Court.

However we have been unable to compile and transmit record. In essence, the court of appeal is not yet seized with the jurisdiction for the matter and then for this court to determine and continue with the matter pending when we did the needful.

“This is an intra party matter and the court has held severally to even to the apex court that the court does not have jurisdiction to hear and determine intra party matters that has to do with leadership, membership and discipline of members.”

On their part, parties seeking to be joined led by Barrister S. U Jibril informed the Court of their position in joining the matter.

After listening to both counsels, Justice Usman Malam Na’abba fixed 27 May to enable both parties to serve their processes and for hearing of the three applications.

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