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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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Battle Against Corruption Is Like Fighting Colombian Drug Cartels, Says Kano Anti-Corruption Tzar

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The fight against corruption in Nigeria is as dangerous as fighting armed Colombian drug cartels, former Chairman of Kano State Public Complaints and Anti-Corruption Commission (PCACC), Muhyi Magaji Rimin Gado, has said.

The Medellín Cartel led by Pablo Escobar and the Cali Cartel dominated cocaine trafficking, leading Colombia to vast illicit wealth for the few whose crimes promoted corruption, violence, mass public revenge, and prolonged bloody gunfights with the authorities. The PCACC was established in April 2005 to fight corruption in Kano State.

Mr. Magaji also warned that the increase in violence and banditry in the North is partly linked to the naked abuse and stealing of public funds by corrupt officials whose self-serving policies create a stagnant pool of poverty and human misery from which criminals find many potential recruits.

He said it was when he started investigating corruption petitions, doing his statutory duties, that he discovered the suspect companies were linked to his former Kano State Governor, Abdullahi Ganduje, discovering that a lot of Public-Private Partnership Initiatives were actually linked to the former Governor. He said he also discovered billions of illicit funds relating to the state’s Internally Generated Revenue (IGR), especially concerning fraudulent land rents.

The anti-corruption crusader said his experience while investigating an avalanche of corruption cases in Kano indicated that corrupt politicians are like cancerous ailments that should be removed through a painful but necessary surgical operation before Nigeria can reclaim her pride in the comity of nations.

He said Nigerians should explore democratic opportunities to the brim by casting their votes against a league of corrupt elites that have sold the birthrights of the people.

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He said his decision to investigate the looting of billions of public funds in Kano State under former Governor Abdullahi Ganduje spurred ceaseless threats to his life and that of his family, culminating in his arrest last week Friday by tens of armed security guards who drove him from Kano to Abuja in the night where he was locked up. He said for 17 hours he and his family were subjected to harrowing experiences. He said the armed men bundled him into a vehicle where he was sandwiched between armed policemen who drove in the night from Kano to Abuja in order to gag him. He said if armed bandits had attacked the convoy, there was only a slim chance that any of them would escape.

“The cases I started investigating in Kano involved billions of public funds diverted by public officials. They are desperate to kill in order to sit on stolen funds. They are as dangerous as drug cartels in Colombia. Fighting them is like fighting drug lords.”

He said corruption cannot be fought effectively when law enforcement agents are compromised by the same corrupt politicians who have no respect for accountability.

Rimin Gado said some policemen are currently being used against him by powerful but stupendously corrupt politicians who feed on the misery of the toiling masses. He said he was deeply concerned that the Police initiated criminal investigation into a judicial process, duly initiated under Section 211 of the Nigerian Constitution, and that it is prejudicial for the police to hunt and malign someone who has filed corruption charges on behalf of the State against politicians that consistently ruin the frontiers of democracy and human prosperity.

“I was given fiat by the Attorney General to prosecute allegations of offenses against the laws of Kano State. Why arrest me for doing what I have a legal duty to do? Why not arrest the State if they can?

“The police have no legal or moral reasons to enquire about what is already before the Court of Law, especially a criminal matter which the court had already taken cognizance of,” he said.

He spoke as a Keynote Speaker on the topic Youth as Catalyst of Integrity: Building a Corruption-Free Future for Nigeria, at the Public Presentation of the 19th Edition of the Compendium on 100 Profile Corruption Cases in Nigeria held in Lagos on Tuesday. The event was organised by the Human and Environmental Development Agenda (HEDA Resource Centre) in partnership with local and international groups to mark this year’s International Anti-Corruption Day celebration. The theme of the conference was Uniting with Youth Against Corruption: Shaping Tomorrow’s Integrity.

Rimin Gado said from his experience in Kano, corrupt politicians are as vicious as the world’s most violent drug lords who are prepared to kill and burn the country down rather than face justice or give up their crimes. He said prosperity and development in Nigeria would remain stunted as long as corrupt actors dominate the political economy.

 

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BIKOBA Set for 41st Annual General Meeting in Birnin-Kudu

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Arrangements have been completed for the successful conduct of the 41st Annual General Meeting of Birnin-Kudu Old Boys Association (BIKOBA), the umbrella body of the Old Students of the famous Government Unity College, Birnin-Kudu (formerly Government College, Birnin-Kudu), Jigawa State.

The event, scheduled to take place on Saturday, the 13th of December, 2025, at 9:00 a.m. in the Assembly Hall of the College, will feature a public lecture to be delivered by Alhassan Mohammed, an Assistant Director at the Central Bank of Nigeria.

The lecture, titled “Enhancing Career Development Through Information Technology”, will focus on the importance of acquiring information technology skills, and the appropriate and effective use of its tools for efficient career building in the digital age.

Pharmacist Hashim Ubale Yusuf will chair the occasion, with the Governor of Jigawa State, Malam Umar Namadi, FCA, as Special Guest of Honour, while former Governors of Kano and Jigawa States, Dr. Abdullahi Umar Ganduje (CON) and Alhaji Sule Lamido (CON), will serve as Guests of Honour, respectively.

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Additionally, prominent members of BIKOBA, such as the richest man in Africa and President of Dangote Group of Companies, Alhaji Aliko Dangote, Senator Mustafa Habeeb representing Jigawa Central Senatorial District in the National Assembly, and many distinguished personalities from all walks of life produced by the College, are expected to grace the occasion.

His Highness, the 15th Emir of Kano, Alhaji Aminu Ado Bayero, CFR, JP, who is also an alumnus of the College, will be the Royal Father of the Day, while the Chief Host of the event will be the National President of BIKOBA, Alhaji Ja’afar Usman Muhammad (Turakin Gaya).

In a statement, the National Publicity Secretary of BIKOBA, Mahmud Ibrahim Kwari, said major highlights of the AGM include awards presentation to deserving distinguished personalities, as well as the ratification and approval of an audited account report containing financial transactions of the Association in the outgoing year, by the General Assembly.

Government officials, members of traditional institutions, community leaders, officials of the Parent Teachers Association (PTA), School-Based Management Committee (SBMC), as well as members and friends of the BIKOBA family, are expected to fully attend the historic annual event.

 

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Senate Summons Aviation Minister, Keyamo, Over Hike in Flight Ticket Prices

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By Yusuf Danjuma Yunusa

The Senate on Tuesday summoned the Minister of Aviation and Aerospace Development, Festus Keyamo, along with heads of the Federal Airports Authority of Nigeria (FAAN) and the Nigeria Civil Aviation Authority (NCAA), over the sudden and steep increase in domestic flight ticket prices.

The minister and heads of the agencies are expected to appear before lawmakers in a closed-door session on a date to be announced.

The resolution followed a motion sponsored by the Chairman of the Senate Committee on Aviation, Buhari Abdulfatai.

While presenting his motion, Mr Abdulfatai lamented that airfares across Nigerian airlines had risen sharply due to the festive season, a development he said would force many Nigerians to forgo travel because of insecurity on the roads.

The senator, who represents Oyo North Senatorial District, said he had previously engaged airline operators on the issue, but the high fares persisted. He therefore urged the Senate to empower its aviation committee to intervene.

One-way airfares on some domestic routes have risen by as much as 150 per cent, with tickets costing at least N300,000. Before the festive period, domestic flight tickets averaged around N120,000, but prices have reportedly surged to as high as N400,000.

Given the worsening insecurity on major highways, many Nigerians prefer to travel by air, but the soaring cost of tickets is a major hindrance.

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Contributing to the debate, Adamu Aliero (APC, Kebbi Central), described the fare hike as unacceptable in a country where the minimum wage is N70,000. He noted that a civil servant would have to save for up to six months to afford a one-way flight.

“The synopsis of the motion was given that the minimum wage for Nigeria is 70,000 Naira. It means a civil servant will have to save five months’ salary or even six months’ salary before they could afford a one-way ticket to Lagos,” he said.

Mr Aliero, a former minister of the Federal Capital Territory (FCT), questioned the rationale behind the sudden increase in air fares and insisted that the Senate must summon all stakeholders to explain the hike.

“Mr President, this is unaffordable, and there has not been a corresponding increase in aviation fares. There has not been a corresponding increase in the airport charges from either FAN, NCAA or Nigerian Civil Aviation Authority. So we need to summon all the stakeholders and question them on why this hike is announced.

“And not only that, Mr. President, we need to halt this increase in order to save Nigerians from exploitation. Mr. President, it is normal for airlines at the end of the year to increase fares, but not as it is announced today. An increase of 10 to 15 per cent is understandable, but not an increase of over 200 per cent. So if we do that, honestly speaking, Mr. President, we are allowing exploitation of Nigerians,” he added.

Peter Nwebonyi (APC, Ebonyi North) also condemned the sharp increase, saying he attempted to book a flight from Abuja to Enugu and was shocked to discover that Air Peace Airline was charging N500,000 and Ibom Air, N460,000.

“Just this morning, I called my personal assistant to get a ticket for me for the 13th of December from Abuja to Enugu, and shockingly, Mr. President, the cost for a one-way ticket from Abuja to Enugu is N500,000 for Air Peace and N460,000 for Ibom Air. Mr. President, this is unheard of. This is over a 400 per cent increment at a go. We never had it this way,” he said.

Adeola Olamilekan (APC, Ogun West) called for a comprehensive engagement with all aviation stakeholders to find a lasting solution to the problem.

In his remarks, the Senate President, Godswill Akpabio, accused airlines of exploiting Nigerians.

“It is very clear that Nigerians are being exploited and people are taking advantage of Nigerians,” he said.

Mr Akpabio subsequently put the motion to a voice vote, and it received overwhelming support.

After taking the vote, the senate president said the planned meeting with the aviation minister and relevant agencies was necessary to address the abysmal fare increase and to prevent disruptions to travel during the Christmas period.

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