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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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Beyond Connectivity: How a Community Network Is Changing Life in Dakwa

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By Ali Sabo

Dakwa is the kind of community that can easily be overlooked in Nigeria’s digital story.

Located along the Zuba–Dei-Dei–Zuma corridor of the Federal Capital Territory, the agrarian community is only about 29 kilometres from Abuja, yet proximity to the nation’s capital has not always translated into access to reliable and affordable internet. For many residents, particularly young people, accessing the opportunities of the digital world meant looking beyond their immediate environment.

That is beginning to change.

Through the efforts of the Centre for Information Technology and Development (CITAD), the Association for Progressive Communications (APC), Hello World and 48 Percent, a community network and internet hub was established in Dakwa, bringing affordable connectivity closer to residents and creating a space where people can use the internet for learning, communication and accessing opportunities.

But the real story of the Dakwa Community Network is not the infrastructure. It is what the people of Dakwa are beginning to do with it.

During a recent visit to the community, the District Head of Dakwa, Alhaji Shuaibu Samu, described the intervention as a “life-changing opportunity” for residents.

His description is rooted in what the community experienced before the hub came into existence.

“Before the establishment of this facility, access to reliable and affordable internet was a major challenge for our people.”

For a community increasingly connected to a world where education, employment, communication and access to information are moving online, that challenge carries consequences. Being offline or poorly connected does not simply mean having no internet. It can mean missing opportunities that others take for granted.

Today, Samu says the situation is changing.

“Now, our youths can access information, learn new skills and explore opportunities online without having to travel far from the community.”

That statement captures perhaps the most important change taking place in Dakwa: the world of opportunities is becoming physically closer to the people who live there.

A window beyond Dakwa

For Ismail Shuaibu, a Community Champion at the hub, the facility has already become part of the community’s daily life.

He explained that young people now use the hub to study, search for jobs, access online opportunities and communicate with others.

“Many young people now come here to study, search for jobs, access online opportunities and communicate with others.”

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These may sound like simple activities. But in a community where reliable and affordable internet was previously a major challenge, they represent something much bigger.

A young person who comes to the hub to search for a job is no longer limited to opportunities advertised within the community. A student who comes to study can access information and learning resources that may not be available locally. Someone looking for information can reach beyond the boundaries of Dakwa and engage with a much wider world.

In that sense, the community network is not merely connecting devices. It is expanding people’s horizons.

From a project to a community asset

Perhaps equally important is the way residents are beginning to see the facility.

Ismail explained that the hub operates through a community-driven model, with users paying a small fee that contributes to maintaining the equipment and keeping the service running.

“The idea is for the community to see this as its own facility. The small amount paid by users helps us maintain the equipment and provide the service continuously.”

This is significant.

Many development interventions struggle after external support ends because the communities that benefit from them were not sufficiently involved in their ownership or management. Dakwa is attempting a different path: making the community part of the solution.

The District Head has also called on residents to take ownership of the facility and support efforts to keep it operational.

That sense of ownership could ultimately determine whether the digital opportunity created in Dakwa becomes a temporary intervention or a lasting community institution.

The real measure of digital inclusion

Dakwa’s experience offers a broader lesson about digital inclusion in Nigeria.

For years, discussions about the digital divide have often focused on infrastructure, broadband coverage and the number of people connected to the internet. These are important measures, but they do not tell the whole story.

The more important question is: What changes when people get connected?

In Dakwa, the early answers are emerging from the residents themselves: young people are studying, searching for jobs, accessing opportunities, communicating and becoming more familiar with digital tools and online services.

The organisations that helped bring the community network into existence deserve recognition for creating that opportunity. But the most important voices in determining its impact are those of the people who now use it.

And their testimonies suggest that something deeper than internet access is taking place.

Dakwa is beginning to discover that distance does not necessarily have to determine opportunity.

A young person can live in a community outside the centre of Abuja and still search for employment online. A student can access learning resources without travelling to the city. A resident can communicate, find information and explore opportunities that were previously difficult to reach.

That is what meaningful connectivity should ultimately achieve.

The success of Dakwa’s community network will not be measured simply by how many people connect to it. It will be measured by how many possibilities people discover because they can.

And perhaps that is the most important transformation happening in Dakwa: the internet is not only bringing the wider world into the community. It is giving the people of Dakwa a stronger opportunity to reach out and participate in that world.

Ali Sabo is the Campaign and Communication Officer of the Centre for Information Technology and Development and can be reached at asabo@citad.org

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Kenyan Presidential Aspirant Warns Dangote: ‘Don’t Rush Lamu Refinery, I’ll Send You Back to Nigeria’

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By Yusuf Danjuma Yunusa

A man identified in a viral video as Kenyan presidential aspirant Patrick Osoi has sparked a heated online debate after warning Nigerian billionaire Aliko Dangote not to rush into establishing an oil refinery in Lamu, saying he would send the businessman back to Nigeria if elected president.

In the clip, said to have been recorded at a Lions Movement event, Osoi says: “I want to tell Aliko Dangote, please don’t rush to start the refinery because, when I’m sworn in as President of Kenya next year, you will be heading back to Nigeria.”

The remarks appear to reference a proposed $16 billion refinery project in Lamu, a coastal county that Kenya has promoted as a future hub for oil and gas infrastructure. Osoi argued that Kenyan investors have the capacity to build and run such a facility without foreign ownership.

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“We don’t need to beg foreigners to develop our resources,” he said, according to a partial transcript of the video. “Kenyans can do it.”

The video has been shared widely on Facebook, X and WhatsApp, drawing mixed reactions. Supporters praised Osoi for what they called a bold defense of economic sovereignty. Critics warned that the comments could scare off foreign investors and strain Kenya’s diplomatic and trade ties with Nigeria.

Dangote, Africa’s richest man and chairman of Dangote Group, has not publicly responded to the clip. His conglomerate operates one of the world’s largest single-train refineries in Nigeria and has investments in cement, sugar, fertilizer and petroleum across Africa.

The Kenyan government has not commented on the video. It was not immediately clear whether the Lamu refinery project involving Dangote is still active or whether Osoi’s remarks reflect any official policy.

Political analysts say the controversy underscores growing public debate in Kenya over foreign investment, local content and control of natural resources ahead of the next general election, expected in 2027.

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NDC’s Kano Governorship Candidate Gwarzo Missing From INEC Final List

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By Yusuf Danjuma Yunusa

The National Democratic Congress (NDC) governorship candidate in Kano State, Aminu Abdussalam Gwarzo, is absent from the final list of governorship candidates released by the Independent National Electoral Commission (INEC).

The three-page list, signed by INEC Secretary Rose Oriaran-Anthony, contains 17 governorship candidates and their running mates for the Kano election, but neither Gwarzo nor any other NDC candidate appears on it.

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Those listed include Governor Abba Kabir Yusuf of the All Progressives Congress (APC), Abacha Muhammed Sani of the Peoples Democratic Party (PDP), and candidates from the African Democratic Congress (ADC), Labour Party (LP), Social Democratic Party (SDP), Action Alliance (AA), African Action Congress (AAC), Action Democratic Party (ADP), All Progressives Grand Alliance (APGA), Allied Peoples Movement (APM), and New Democratic Party (NDP), among others.

The document provides the names, political parties, ages, genders, and educational qualifications of the candidates and their deputy governorship candidates.

INEC did not state why the NDC candidate was omitted, and the published list does not indicate whether the omission is connected to the party’s nomination process, documentation, or another issue.

The development raises questions about the NDC’s participation in the Kano governorship election, although the list alone does not establish the reason for Gwarzo’s absence.

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