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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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Obi Accepts NDC Ticket, Pledges to Raise Nigeria’s Power Generation to 10,000MW in Four Years

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By Yusuf Danjuma Yunusa

Presidential candidate of the Nigerian Democratic Coalition, Peter Obi on Saturday formally accepted his nomination and unveiled an ambitious reform agenda aimed at confronting Nigeria’s worsening insecurity, economic stagnation and infrastructure deficit, including a pledge to raise electricity generation to 10,000 megawatts within four years.

Obi made the pledge in his acceptance speech delivered in Abuja after emerging as the party’s flag bearer, where he expressed gratitude to party leaders and delegates for what he described as their confidence in his leadership capacity.

“It is with deep humility that I accept the role of presidential candidate for our party. I express my profound gratitude to the leaders of our party, His Excellency Seriake Dickson, the National Chairman, National Secretary and the National Working Committee members of our relentless supporters, and the Nigerian populace who have steadfastly kept the spirit of hope alive,” he said.

He said Nigeria was currently at a difficult crossroads marked by insecurity, economic hardship and declining public confidence in governance.

According to him, the situation had created widespread disillusionment across communities and businesses, though he insisted that the country still had the capacity for recovery if leadership choices improved.

“Businesses are struggling, communities are suffering, and an alarming number of citizens have lost faith in the very concept of governance.

“Yet, I stand before you filled with optimism and strong faith in the resilience of our people, for I firmly believe that a New Nigeria is possible,” he said.

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Obi stressed that Nigeria’s diversity should be seen as a strength rather than a fault line, warning against deepening ethnic, religious and regional divisions.

Turning to insecurity, the NDC presidential candidate said Nigeria’s security challenges had deteriorated significantly in recent years, citing global rankings that placed the country among the worst affected by terrorism.

He said, “In terms of security, the situation in Nigeria has considerably worsened. The global terrorism impact assessments ranked Nigeria as the 8th most affected nation in 2022, 6th in 2024, and 4th in 2026.”

However, he contrasted the current situation with Nigeria’s historical role in international peacekeeping missions, where its military once enjoyed global respect.

The former governor referenced Nigeria’s contributions to global missions across several countries and praised the legacy of Nigerian military leadership in international operations.

Obi vowed that his administration would prioritise security reforms.

“We must address insecurity with resolve and urgency, for no nation can thrive while its citizens live in trepidation. The primary responsibility of government is to ensure the safeguarding of lives and property,” he said.

He promised an intelligence-driven and technology-supported security framework aimed at tackling both immediate threats and underlying causes such as poverty and unemployment.

On health, Obi decried Nigeria’s poor indicators, particularly infant mortality and low health insurance penetration, promising major reforms.

“Nigeria suffers from one of the highest infant mortality rates in the world. Furthermore, health insurance coverage in Nigeria hovers around a mere 10 per cent, in stark contrast to countries like Indonesia, which boast over 90 per cent coverage.

“This situation is regrettable. I pledge that within four years, our health insurance coverage will more than double to over 20 per cent,” he said.

On energy, Obi described Nigeria’s electricity crisis as a major constraint to development, noting the gap between Nigeria and other comparable economies.

“Nigeria today is the nation with the highest number of citizens lacking access to electricity globally. We currently generate and distribute a mere 4,000 megawatts (MW) of electricity for a population exceeding 200 million,” he said.

He compared Nigeria’s output with that of other countries to underline the scale of the challenge.

Obi then made a major campaign promise.

“Over the next four years, I commit to ensuring a minimum of 10,000 MW power increase generation and distribution,” he said.

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Kano Civil Servants Hail Governor Yusuf Over N20,000 Sallah Support Package

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The Joint Public Service Negotiation Council (JNC) in Kano State has commended Governor Abba Kabir Yusuf for approving the payment of a N20,000 Sallah Support Package to state civil servants on Grade Levels 01–14 ahead of the Eid-el-Kabir celebrations.

In a statement issued on Thursday, the Chairman of the JNC Kano State Council, Comrade Hashim A. Saleh, expressed appreciation to the state government for the gesture, describing it as a timely intervention aimed at easing the financial burden on workers during the festive period.

The council extended its felicitations to Governor Yusuf, the Secretary to the State Government, the Head of Civil Service, and the entire workforce in Kano State on the occasion of the Eid-el-Adha celebration.

According to the statement, the approval of the support package demonstrates the administration’s commitment to the welfare of civil servants and its recognition of their contributions to the development of the state.

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“The Joint Public Service Negotiation Council wishes to express its deepest appreciation to His Excellency, the Executive Governor of Kano State, for graciously approving the payment of N20,000 as a Sallah Support Package to state civil servants on Grade Levels 01–14,” the statement said.

The council also offered prayers for the continued success of the administration, seeking divine guidance and support for the Kano State Government and the nation as a whole.

The JNC reaffirmed its commitment to maintaining a cordial working relationship with the government through sustained engagement on issues affecting workers and the public service.

It further called on civil servants across the state to reciprocate the government’s goodwill by remaining dedicated, productive, and committed to the delivery of efficient public services.

The statement noted that a vibrant and effective civil service remains critical to achieving the development objectives of the state government and improving service delivery to citizens.

The message was signed by the Public Relations Officer of the JNC Kano State Council, Comrade Haladu Musa.This version is written in a newspaper style suitable for publication in print, online news platforms, or official government media channels.

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Kwara Governor Urges Tinubu to Raise Minimum Wage to N100,000

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By Yusuf Danjuma Yunusa

Governor AbdulRahman AbdulRazaq of Kwara State has called on President Bola Tinubu to consider increasing the national minimum wage from N70,000 to N100,000.

AbdulRazaq, who also serves as the chairman of the Nigeria Governors’ Forum (NGF), made the appeal while commending the President’s decision to remove the petrol subsidy—a move he described as courageous and politically difficult.

“Only one percent of politicians can make that tough call,” the governor said.

Speaking on the initial response to the subsidy removal, AbdulRazaq revealed that state governments had anticipated widespread protests. He said governors mobilised security agencies in preparation for possible public backlash.

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“We were expecting serious riots, because there were #EndBadGovernance protests even before then, and for lesser issues,” he explained. “We spent money and mobilised security agencies to secure the states. But on that day, nothing happened. No riot, no protest anywhere. I think the nation was shocked by the audacity of Mr. President to implement that serious policy.”

According to the governor, the removal has since yielded significant benefits. He noted that states are no longer borrowing money or issuing bonds to cover salaries and project costs.

“Today, in my own state, after paying salaries from our FAAC allocation, we are left with N100 or N200 million,” AbdulRazaq said.

He added that most states are already paying a minimum wage of N100,000—exceeding the current national statutory minimum of N70,000.

“I urge Your Excellency, let’s have a discussion on moving the minimum wage to a minimum of N100,000,” he said. “We know we will get support from you as we go ahead to implement that.”

President Tinubu had approved the increase of the minimum wage from N30,000 to N70,000 in June 2024 after signing the national minimum wage legislation into law. The law mandates a review of the wage every three years. The previous N30,000 minimum wage was signed by former President Muhammadu Buhari in 2019.

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