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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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President Tinubu Extends Customs Boss Tenure By Six Months

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By Yusuf Danjuma Yunusa

President Bola Tinubu has approved a final six-month tenure extension for the Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, allowing him to remain in office until February 2027.

The Presidency announced the extension in a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the statement, Adeniyi’s previous tenure extension was due to expire on August 1, 2026, but President Tinubu approved an additional six months to enable him consolidate key reforms within the Customs Service and ensure a smooth leadership transition.

The Presidency said the extension would allow the Customs boss to complete the implementation of the National Single Window initiative, a major trade facilitation programme designed to streamline import and export processes, reduce bureaucratic bottlenecks and enhance revenue generation.

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“The six-month extension, which will expire in February 2027, is to enable him to consolidate the implementation of the National Single Window and ensure an orderly succession in the service,” the statement said.

During the transition period, Adeniyi is expected to work closely with the Nigeria Customs Service Board to oversee the promotion of qualified officers to the rank of Comptroller of Customs and facilitate the mandatory retirement of officers who have attained the age of 60 years or completed 35 years in service.

The move is also aimed at ensuring stability within the service while maintaining operational efficiency and continuity in ongoing reforms.

Adeniyi, a seasoned customs officer and public relations expert, joined the Nigeria Customs Service after graduating from Obafemi Awolowo University in the late 1980s.

Over the years, he rose steadily through the ranks of the service. He was promoted to Deputy Comptroller in 2012, Comptroller in 2017, and Assistant Comptroller-General in 2020.

In January 2023, he was appointed Acting Deputy Comptroller-General before President Tinubu named him Comptroller-General of Customs in June 2023.

Since assuming office, Adeniyi has spearheaded a number of reforms aimed at modernising customs operations, enhancing revenue collection, strengthening border management and improving trade facilitation across the country.

The latest extension underscores the administration’s confidence in his leadership and its commitment to sustaining ongoing reforms within the Nigeria Customs Service.

The extension is expected to provide the Customs Service with sufficient time to complete critical institutional processes and prepare for a seamless transition to a new leadership at the expiration of Adeniyi’s tenure in February 2027.

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Oshiomhole Calls for Change of NSCDC’s Name

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By Yusuf Danjuma Yunusa

Senator Adams Oshiomhole (APC-Edo), representing Edo North Senatorial District, has called for the review of the name of the Nigeria Security and Civil Defence Corps (NSCDC).

Mr Oshiomhole made the call on Friday in Abuja, at the unveiling of the NSCDC FCT Commandant Olusola Odumosu’s book, titled “Nigeria’s Security Dilemma: Rivalries and Implications”.

He said that the call for the change of name of the paramilitary agency was imperative in view of the word “Civil” in it, adding that it implied that personnel of the corps were not meant to bear arms.

He said that the NSCDC, saddled with the responsibility to be civil while protecting the nation’s critical national assets and infrastructure, interfaced with hardened criminals in line of duty.

The lawmaker, therefore, questioned how the operatives were expected to be civil when combating vandals, illegal miners and criminals who bear weapons.

“To be civil means you should not bear firearms, so if you do not bear arms to deal with people involved in illegal oil bunkering or destruction of public properties which you have been asked to protect, will you then preach while they carry guns?

“If you want to be civil, how do you deal with hardened criminals? If these criminals carry sophisticated weapons, you fighting them should not carry a less sophisticated weapon.

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“When I see service chiefs holding meetings and I don’t see the commandant general (CG) of civil defence, I am like, There is something missing,” he said.

He noted that no single security agency could deal with insecurity both at the sub-national and national levels alone.

Mr Oshiomhole said that in tackling insecurity, it was imperative for Nigerians, including politicians and security agencies, to put aside their differences and understand Nigeria is only one.

According to him, President Bola Tinubu will continue to apply all measures necessary to ensure Nigeria is safe and insecurity reduced to the barest minimum.

The senator commended the author for speaking out through his book on how to tackle insecurity through effective synergy and communication sharing among security agencies.

“It is commendable that you put out your thoughts while in the system and not outside the system, as it is much more dangerous to speak truth to power,” he said.

Also speaking was a security expert, Tyor Terhemba, the reviewer of the book, who said that Nigeria’s security challenges called for collective efforts towards combating banditry, terrorism, and kidnapping, among other criminalities.

“This is a time to have all hands on deck to collectively fight the enemies of the state; hence, it is not a time of rivalry but to be united,” he said.

Mr Terhemba said that the book re-echoed the need for unity, synergy between security agencies, regional and international partnerships, areas of potential conflict, and the role of intelligence sharing.

According to him, it also talks about political interference, ambiguous laws, accountability, security sector reforms, communication systems, and other topics.

Meanwhile, the author, Mr Odumosu, said that the book looked at security from a holistic perspective, as there was a need for a united front.

“No one has a monopoly of wisdom or strategy, so there is a need to tackle insecurity from a common front.

“Obviously there have been issues of unhealthy inter-security agency rivalries, which have been a pain to coordinate national responses to our security challenges.

“I looked at it from the perspective where all security agencies can understand that we must have the same goal whether our mandates are interwoven or not.

“We have a collective responsibility to ensure peace and order in Nigeria,” Mr Odumosu said.

The commandant reiterated that when security agencies continue to fight each other or see one another as competitors rather than a united front, a lot of work will still need to be done.

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7,450 Tertiary Institution Workers Get N13bn Loans

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By Yusuf Danjuma Yunusa

The federal government has disbursed about N13 billion worth of interest-free loans to 7,450 academic and non-academic workers across 153 public tertiary institutions nationwide.

In a statement issued on Friday, Boriowo Folashade, director of press and publications at the federal ministry of education, said the disbursement forms part of the 2025/2026 cycle of the Tertiary Institutions Staff Support Fund (TISSF).

According to the ministry, the intervention reflects President Bola Tinubu’s commitment to improving the welfare, financial wellbeing and productivity of education workers under the renewed hope agenda.

Established by the ministry of education and administered by the Bank of Industry (BOI), the TISSF provides interest-free loans of up to N10 million to eligible staff of public universities, polytechnics and colleges of education.

The loan is designed to help beneficiaries address personal and professional needs while enhancing their overall wellbeing.

The statement said Tinubu reaffirmed his administration’s commitment to investing in personnel driving teaching, learning, research and innovation across tertiary institutions.

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The ministry added that the programme is helping to ease financial pressures on education workers, improve livelihoods and strengthen the workforce responsible for shaping Nigeria’s future.

Tunji Alausa, minister of education, described the scheme as a critical component of the ministry’s broader education reform agenda and urged eligible staff to take advantage of the next application window.

According to the minister, “no education system can outperform the people who sustain it”.

He said investments in infrastructure, technology, skills development, research and institutional reforms must be complemented by practical measures that improve staff welfare and quality of life.

Alausa added that the successful completion of the 2025/2026 phase demonstrates both the strong demand for and positive impact of the intervention.

He said the programme complements ongoing efforts to strengthen teaching and learning, support research and innovation, improve institutional governance, and build a more resilient and globally competitive education system.

“Since disbursements commenced on 28 October 2025, the programme has processed over 42,000 applications through its digital platform, providing support to beneficiaries across all six geopolitical zones of the country,” the statement reads.

“Universities accounted for 52 per cent of disbursements, while colleges of education and polytechnics represented 25 per cent and 23 per cent, respectively.”

The ministry said the programme has promoted equitable access nationwide while identifying opportunities to increase participation among female staff and improve uptake in some regions.

Female beneficiaries accounted for 19 percent of recipients during the 2025/2026 cycle, according to the statement.

The statement added that targeted sensitisation and outreach efforts would form a key component of the next phase of implementation.

The ministry said it is enhancing the application process and deepening engagement with participating institutions to ensure a faster, more efficient and user-friendly experience for applicants.

The statement said applications for the 2026/2027 phase of the TISSF will officially open at the end of June 2026, with eligible staff advised to engage their institutions’ bursary departments and monitor official ministry communication channels for further details.

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