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Dangote promises higher returns, value to shareholders, stakeholders

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Ag. Company Secretary, Dangote Cement Plc, Edward Imoedemhe; Chairman, Dangote Cement Plc, Aliko Dangote; Group Managing Director/CEO, Dangote Cement Plc, Arvind Pathak; and Non-Executive Director, Dangote Cement Plc, Olakunle Alake at the 14th Annual General Meeting of Dangote Cement Plc held in Lagos on 13th April 2023

Chairman of Dangote Cement Plc, Aliko Dangote has guaranteed shareholders and other stakeholders of the company’s management’s resolve to keep the company profitable by leveraging on strategic innovations for the continuous growth of their investments.

Speaking at the 14th Annual General Meeting (AGM), of the company in Lagos, Dangote said the prospects for the cement company remain bright as the management will continue to innovate on quality products delivery to millions of its customers across Africa while touching the lives of its host communities.

He stated: “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our other stakeholders… Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality. We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient. In addition, we aim to deliver higher returns and value to our shareholders.”

The Chairman pointed out that despite the challenging macroeconomic environment in 2022, the company still made great strides, performed admirably, and remains Africa’s largest and leading cement producer.

Dangote explained that in the face of unexpected challenges in 2022, the company implemented robust cost reduction strategies to manage the inflationary environment, and thus enhanced its competitiveness while maintaining high levels of product quality and customer service delivery.

According to him: “In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas. We also increased the use of Compressed Natural Gas (CNG) for our trucks due to the rising diesel cost environment.

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These efforts have helped us reduce our cost base and enhanced our flexibility, enabling the Company to respond more effectively to changes in the market. As a result, we recorded revenue and EBITDA growth of 17.0 per cent and 3.5 per cent from the prior year respectively, albeit under unprecedented inflationary pressure. We also achieved a profit after tax of ₦382.3 billion, up 4.9 per cent compared to 2021.”

Analysing the 2022 year-end result, Dangote explained that the company achieved its highest revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) in history at ₦1,618.3 billion and ₦708.2 billion, respectively. The exceptional EBITDA, according to him, was supported by its numerous cost containment measures, substituting higher-cost fuel for cheaper alternative fuel products.

The Company Chairman explained that: “Over the last twelve years, volumes have grown by a double-digit compound annual growth rate of 11.2 per cent. Similarly, EBITDA has grown at a compound annual growth rate of 16.3 per cent, over the same period, implying a five-fold increase and revealing a true growth story.

“Accordingly, we closed the year with a profit after tax of ₦382.3 billion and an Earning per Share (EPS) of ₦22.27. Despite these accomplishments, we are not resting on our laurels. We recognise that the business environment remains volatile, so we will continue to evolve with the changing times while embracing technological advancement,” he added.

Speaking on the Company’s Annual Reports, Mrs. Bisi Bakare, Chairman of the Pragmatic Shareholders Association, commended the management of Dangote Cement for its doggedness during the year under review for still being able to exceed the shareholders’ expectation in view of the inclement economic weather under which companies operated in the country.

She explained that the shareholders were happy for the returns, pointing out that it only means that the company was living up to its billing as the largest in Sub-Saharan Africa, adding that if not for the resilience of the management, the company would not be able to post such an impressive performance in 2022.

Mrs. Bakare alluded to the successful listing of the N300 billion series bond by the Company, saying the company succeeded largely due to the confidence reposed in the company and its management by the investing public. “It is not all companies that could record such a feat given the huge amount involved and the biting economic situation”, she stated.

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How Fubara engaged social media influencers to tarnish image of FCT Minister, Wike -Group reveals

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Concerned Rivers People, CRP has revealed how Rivers Governor Siminalayi Fubara engaged social media influencers to tarnish image of the Federal Capital Territory FCT Minister Nyesom Wike.

This was contained in a statement issued and signed by the CRP’s Director of Communication, Robinson Uke where he stated that:

“Bloggers engaged by public officials to influence politics in Nigeria has become the norm as we are aware of deliberate moves by Fubara to denigrate the hardworking FCT minister before Mr President.

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“This obviously will not fly as we are also aware that some bloggers equally turned down mouth watering offers declaring that the minister has not in any way attacked the Rivers Governor either directly or indirectly.

Uke explained that: “All the FCT minister has said is that an agreement is an agreement, Fubara should swallow his pride and respect the agreement.

“This he has not done yet he is lavishing hard earned tax payers money of the state on social media influencers across the country without an Appropriation Act to back his spending.

“This development raises ethical concerns, as it undermines transparency and accountability in governance.

” The Nigerian government has responded by demanding approval for sponsored posts, citing concerns over misinformation and manipulation.

“We want to specially thank those bloggers who are standing by the truth and refused to be used by the drowning Fubara who has betrayal flowing in his DNA.

“To Fubara we wish him the best of luck in his political sojourn as an African proverb says a child who refuses to allow his mother to sleep, the child too will not sleep.

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JUST-IN: Rivers Assembly Initiates Impeachment Proceedings Against Fubara

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By Yusuf Danjuma Yunusa

The Rivers State House of Assembly has begun impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Oduh.

During plenary presided over by the Speaker of the state House of Assembly, Martins Amaewhule, according to a live broadcast on Channels Television on Thursday, the Majority Leader, Major Jack, read out the notice of allegations and gross misconduct against Fubara.

“The governor does not even want to present any budget, because if he wanted to, he would have brought it all this while. Siminalayi Fubara is a mistake. Rivers state has never had it this bad,” the Speaker said.

Twenty-six members of the Rivers State House of Assembly signed the notice, which they alleged was against the Nigerian Constitution.

Amaewhule said the notice will be served to Fubara in the next seven days.

The Deputy Majority Leader of the House, Linda Stewart, also read out the notice of allegations and gross misconduct against Oduh.

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Relying on Section 188 of the Nigerian Constitution, Jack reeled out seven points of alleged gross misconduct against Fubara.

Some of the accusations include the demolition of the Assembly Complex, extra budgetary spending, withholding funds meant for the Assembly Service Commission, and refusal to obey the Supreme Court on the financial autonomy of the house.

After Jack laid his notice before the Speaker, who said the notice would be served to the governor in seven days, the deputy leader, Linda Stewart, also brought forward a notice of gross misconduct against Odu.

According to the report, some of the allegations against Odu included reckless and unconstitutional spending of public funds, obstruction of the House of Assembly from performing its constitutional duties as outlined by the 1999 Constitution, conniving to allow unauthorised persons to occupy offices without proper screening by the legitimate House of Assembly.

“Siminalayi Fubara and Ngozi Odu are nothing but a threat to our nascent democracy. If they are allowed to remain in office, I do not know what will become of our democracy. They are moving about from place to place, spending taxpayers’ money without approval,” the Speaker added.

Other allegations were that she approached another group of people for budgetary approval instead of the legitimate Rivers State House of Assembly, seizure of salaries and allowances accruing to the RSHA and the Rivers State Assembly Service Commission.

The move is the second attempt by the lawmakers to impeach Fubara and his deputy, following a similar one in March 2025.

In the notice signed by 26 members of the Rivers Assembly at that time, the lawmakers accused Fubara and Odu of gross misconduct after the governor fell out with the immediate governor of the state, Nyesom Wike.

Following escalating tensions in the oil-rich state, President Bola Tinubu intervened and declared a state of emergency.

The president suspended Fubara, his deputy and the Rivers Assembly and said the development is “required by section 305(5) of the 1999 Constitution as amended.

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Despite Dangote’s Withdrawal, ICPC Vows to Continue Investigation on Ex-NMDPRA Boss

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By Yusuf Danjuma Yunusa

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has declared its intention to proceed with an investigation into the sacked Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, despite the withdrawal of a petition against him by businessman Aliko Dangote.

Mr. Dangote had earlier petitioned the anti-graft agency, alleging that Mr. Ahmed misappropriated $5 million for the payment of his children’s school fees. The ICPC had consequently invited Mr. Dangote in December to formally adopt the petition as required by law.

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However, in a statement issued on Wednesday, the Commission confirmed the petition’s withdrawal. It noted receipt of a formal letter dated January 5, 2025, from Dr. O.J. Onoja, SAN, the legal counsel to Aliko Dangote. The letter, titled “Notice of Withdrawal of Petition against Engineer Farouk Ahmed,” stated that the petitioner was withdrawing the complaint in its entirety and indicated that another law enforcement agency had taken over the matter.

The ICPC, in its response, asserted its statutory authority to continue the probe. Citing sections 3(14) and 27(3) of its enabling Act, the Commission stated that investigations had already commenced in the public interest.

“The ICPC will therefore continue to investigate this matter in line with its statutory mandate and in the interest of transparency, accountability and the fight against corruption for the benefit of Nigeria,” the statement concluded.

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