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Dangote Sugar pays N18.22bn Dividends, to produce 170,000 Tonnes next season

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L-R: Company Secretary/Legal Adviser, Dangote Sugar Refinery Plc, Temitope Hassan; Chairman, Dangote Sugar Refinery Plc, Aliko Dangote; and Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singh Singhvi; at the Dangote Sugar Refinery Plc 17th Annual General Meeting held in Lagos on 14th April, 2023

 

 

Despite the economic headwinds that characterised 2022, Dangote Sugar Refinery Plc (DSR) will pay N18.22 billion as dividends to shareholders for the year ended December 31, 2022, while also targeting the production of over 170,000 tonnes of sugar next season. The dividend payout will translate to N1.50 kobo per share held by shareholders.

Chairman of the Company, Aliko Dangote said: “The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally.”

The company recorded an impressive turnover of N403 billion, a 46 per cent increase over N276 billion recorded during the same period in the year before, and posted a Profit before Tax (PBT) of N82 billion.

Dangote attributed the company’s remarkable performance to the pragmatic approach the management deployed by focusing on continued cost and process optimisation, improved efficiencies in every area of operations, and service delivery to our customers.

He pledged that the management would continue to implement strategic actions to sustain the performance with the support of all stakeholders with complete adherence to the tenets of the Federal Government’s Sugar Master Plan.

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Dangote said part of the success recorded by Dangote Sugar was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan with the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.

He said: “Concerted efforts were made during the year to rise above the various challenges that came about due to the COVID–19 lockdown which affected project timelines considerably and continued to generally impact economic activities due to its spill-over effect, which also led to the lack of forex to finance most of the project deliverables.

“We however continued to surge ahead supported by the various stakeholders in the industry and government parastatals, with the resolve to ensure that the goals of the Nigeria Sugar Development Master Plan are achieved.”

The Company Chairman noted that during the year under review, the first phase of the Sugar Master Plan implementation period came to an end and that the Federal Government approved the second phase over the next 10 years. “This extension came on the back of the review of the first phase by the National Sugar Development Council and other government parastatals with cognisance of the challenges and several circumstances that were unforeseen which riddled the first phase of the programme,” he added.

Dangote stated that the board and management were, however, focused on the achievement of the goals of the strategic initiative, and thus considerable progress was recorded in the project development, despite the numerous challenges faced.

Not minding the obstacles ahead, Dangote promised that the management would continue to create sustainable value for all stakeholders through an inclusive approach to growth and development, with continuous engagement with all parties, to enable the company make a positive impact, support poverty eradication and food security, infrastructure development, empowerment for members of the immediate communities, and the society at large.

In her remarks, the Coordinator of the Pragmatic Shareholders Association, Mrs. Adebisi Bakare expressed the satisfaction of shareholders with the performance of the company, noting that despite all the encumbrances in the sugar sub-sector of the economy, the company still performed far and above the previous year.

She urged the board and the management to continue in the direction they have taken to get the company to the current winning, assuring that the management has the support of the shareholders to post even better performance in the coming years

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Special Report:Fuel Hike and the Weight of Distant Wars

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By Yusuf Danjuma Yunusa

The faint hum of generators, once the relentless backdrop of life in the heart of its place, a heavier quiet has settled—born of grim resignation as the ripple effects of a distant geopolitical storm crash onto the wallets of ordinary Nigerians.

Here in Mararaba, the complaint is not just about the new numbers on the fuel pump. It is about the arithmetic of survival that no longer adds up. The latest hike in the price of Premium Motor Spirit (PMS), which dealers attribute to the escalating crisis in the Middle East—a conflict many here note involves the United States, Israel, and Iran—has plunged residents into familiar but increasingly unbearable hardship.

To understand the human weight of this policy, I took to the streets and queues of Mararaba, annex to the Federal Capital Territory, to speak with those who feel they are paying the price for a war thousands of miles away.

At a crowded NNPC filling station in Nyanya, where the queue of vehicles stretched nearly a kilometer under the harsh sun, I met Nasir, a commercial bus driver. He leaned against his battered Korope bus, wiping sweat from his brow, watching the attendant update the price board.

“Look at this,” Nasir said, his voice a mix of anger and exhaustion. “Just last week, I was managing. Now they tell us because there is war between Israel and Iran, and because America supports Israel, the price must go up again. What does that have to do with us in Abuja?”

Nasir’s math is simple but devastating. “I used to buy fuel here for around N700. Now we are pushing N1,000 and above, and they say it might go to N1,500 if the crisis continues. My transport fare? If I double it, my passengers—civil servants, traders, students—cannot pay. If I don’t, I go home with nothing. The politicians in America and Israel are fighting a war with our stomachs.”

His lament echoes the reality of transport inflation, which has spiked dramatically since the removal of subsidies, now worsened by global tensions.

Across town on Abacha Road, at a modern but nearly empty restaurant, I found Yakubu, a small business owner who runs a catering service. For him, the fuel hike is a “tax” on everything he buys.

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“It is a chain. I cook with gas, but the price of gas goes up because the dollar is high and the market fears the war. I transport food to clients, but fuel for my van is now this much,” he said, snapping his fingers. “The government tells us it is ‘market forces’ and the war in the Middle East. I am not a fool. I know the Middle East is unstable because of the US and its allies. But why is Nigeria’s economy tied so tightly to their conflicts? Why are we still importing fuel when we have refineries? We are suffering for their wars and our leaders’ incompetence.”

At Mararaba market, the complaints are less about geopolitics and more about the immediate struggle to fill a pot. Anwar, a tailor, sat idle at his sewing machine. The shop beside him, a provisions store, was dark.

“My neighbor cannot afford to run his generator today,” Anwar said, gesturing to the dark shop. “He sells cold drinks and water. If he has no light, he has no business. If he uses a generator, his profit is gone because diesel is over N1,000 in some places. This is the reality. America, Israel, and Iran are fighting, and my neighbor loses his livelihood.”

The sentiment is backed by data. According to a recent NOIPolls report, 85% of Nigerians disapprove of the fuel subsidy removal, and 93% believe the country is heading in the wrong direction. For people like Anwar, the official explanations ring hollow.

“They say it is deregulation, that it is global politics,” he continued, shaking his head. “I say it is abandonment. We are being buried alive by policies made in Washington and Tel Aviv, carried out by Abuja.”

The geopolitical angle is a particularly bitter pill to swallow. In a country already grappling with high living costs, the idea that a conflict far removed from Africa’s Sahel could dictate the price of commuting to work or powering a small clinic breeds deep resentment.

Ibrahim, a retiree and civil servant, sat on his veranda in Angwa Katsinawa listening to the rare silence where generators once roared.

“Since 2023, when President Tinubu said ‘subsidy is gone,’ we have been on a rollercoaster to poverty. Now this war gives them the perfect excuse to finish us off. The government says the NNPC made this decision based on ‘market realities.’ What reality? The reality that America supports Israel, and Iran threatens retaliation? Why must my pension suffer for that?”

His frustration touches on a key point raised by experts: the escalating conflict threatens to push the subsidy burden—or the cost passed to consumers—past a staggering N644 billion monthly if oil prices spike.

As the sun set over Mararaba, taxis and buses were fewer on the roads. Many drivers, like Sadiq, a university graduate who drives for a ride-hailing app, simply parked for the day.

“I cannot make money if I spend all day in a fuel queue or if 70% of what I earn goes into the tank,” Sadiq said, scrolling through his phone, which showed a fraction of his usual earnings. “They talk about the crisis in the Middle East. But we have a crisis here. It is a crisis of hunger. Until the US, Israel, and Iran stop fighting, we suffer. Until our government decides to fix our refineries, we suffer. We are just pawns.”

As I left him, Sadiq called out, “Tell them we are tired. We are tired of paying for wars we did not start.”

It is a sentiment that hangs heavy in Nigeria’s air—a feeling of being trapped between the anvil of global politics and the hammer of local economic policy.

 

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CNG Expansion: Tinubu Orders 100,000 Kits to Ease Fuel Pain

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By Yusuf Danjuma Yunusa

President Bola Tinubu has ordered the urgent deployment of 100,000 Compressed Natural Gas (CNG) conversion kits within the next two to three weeks, aiming to mitigate the burden of soaring petrol and diesel prices on the Nigerian public.

Ismaeel Ahmed, the Executive Chairman of the Presidential Initiative on Compressed Natural Gas (Pi-CNG), disclosed this to State House correspondents on Tuesday following a briefing with the President in Abuja.

According to Ahmed, the directive was prompted by escalating global petroleum prices linked to the ongoing conflict in the Middle East, which has led to a sharp increase in domestic transportation costs.

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“The President is keenly monitoring global developments, particularly the situation in the Middle East and its direct impact on the rising cost of petrol and diesel here at home,” Ahmed stated. “He summoned this meeting to assess our progress at Pi-CNG and determine how we can rapidly scale up the availability of gas across the country to ensure Nigerians benefit from lower transportation costs.”

Ahmed revealed that Tinubu issued a firm mandate to accelerate the distribution of conversion kits, facilitating a widespread shift from traditional fuels to natural gas.

“Mr. President has given a clear directive for the immediate deployment of approximately 100,000 kits,” Ahmed said. “We are collaborating with a broad coalition of stakeholders to incentivize this process and push these kits into the market without delay. The goal is to convert a significant number of vehicles and tricycles, enabling more citizens to access and utilize gas.”

The Pi-CNG boss confirmed that the rollout is scheduled to begin within the next two to three weeks. He added that conversion centres across the country are expected to become highly active as the programme gains momentum.

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Just In:Governor Yusuf  Sacks Head of Service 

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Governor of Kano State, Alhaji Abba Kabir Yusuf, has relieved the State Head of Service, Alhaji Abdullahi Musa, of his appointment with immediate effect.

This was contained in a statement issued by the governor’s spokesperson, Sunusi Bature Dawakin Tofa, on Tuesday evening.

The decision is part of the ongoing efforts by the present administration to reposition the state civil service for greater efficiency, discipline, and improved service delivery across all government institutions.

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Governor Yusuf expressed appreciation to the outgoing Head of Service for his contributions and dedication to the service of Kano State during his tenure.

“We wish him the best in his future endeavours and pray for his continued success in all aspects of life.”

The Governor also directed that Hajiya Bilkisu Shehu Maimota, the Permanent Secretary, Admin and General Services at the Cabinet Office, to serve in acting capacity pending the appointment of a substantive Head of Service.

By this announcement, the outgoing Head of Service is directed to handover the affairs of the office to the Ag. Head of Service latest tomorrow, Wednesday 11th March, 2026

 

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