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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.

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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APC Aspirant Gifts 15 Million Naira To Former Councillors In Fagge

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Hon. Sagir Abba, an aspirant for the Fagge Federal Constituency under the All Progressives Congress (APC) in the upcoming elections, has distributed ₦15 million to former councillors, party elders, youths, and women in Fagge Local Government Area as part of his Ramadan outreach.

During the distribution in Fagge, 1,000 youths received ₦10,000 each, while 50 women from each of the ten political wards—totaling 500 beneficiaries—were given ₦10,000 and a wrapper. Former councillors who served between 2014 and 2021, along with party elders, received ₦30,000 each.

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“This gesture is a token of my commitment to bringing the dividends of democracy to the people of Fagge. Ramadan is a time for compassion and sharing, and I am happy to support our youths, women, and elders in this blessed month,” Hon. Sagir Abba said.

Alhaji Musa Danjuma, one of the party elders, said, “Hon. Sagir has once again demonstrated his commitment to the welfare of our people. This assistance will go a long way, especially during Ramadan.”

Aisha Sani, one of the women who received cash and a wrapper, said, “This support means a lot to us. It will help us take care of our families during this holy month.”

The event was attended by community leaders, APC stakeholders, and beneficiaries.

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Rivers Emergency Portrays Nigeria in a Negative Light-Jonathan

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Former President Dr. Goodluck Jonathan has broken his silence over the political crisis in Rivers State, expressing deep concern over the suspension of Governor Siminalayi Fubara and other elected officials, stating that such actions tarnish Nigeria’s global reputation.

Jonathan made these remarks while speaking as the chairman at the Haske Satumari Foundation Colloquium in Abuja on Saturday.

Jonathan criticized the removal of elected officials, emphasizing that these actions by key figures in the executive and legislative branches present Nigeria in a negative light.

He noted that while former presidents typically refrain from commenting on national issues to avoid inflaming political tensions, he felt compelled to speak out due to mounting calls from Nigerians urging him to address the situation.

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The former president underscored the importance of maintaining the integrity of governance institutions, warning that undue influence over the judiciary erodes public confidence in the legal system.

He also highlighted how Nigeria’s international image and investment climate are directly impacted by the conduct of its governmental arms.

Meanwhile, on the same day, the New Nigeria Peoples Party (NNPP) voiced support for President Bola Tinubu’s declaration of a state of emergency in Rivers State. NNPP National Chairman, Dr. Agbo Major, defended Tinubu’s decision, arguing that no responsible government would allow a worsening crisis to go unchecked.

Major stated that President Tinubu, as Nigeria’s Chief Security Officer, had access to intelligence that might not be publicly available. He suggested that without intervention, the situation in Rivers could have escalated further, posing significant security threats.

He also criticized some political leaders who, instead of promoting peace, allowed the crisis to deteriorate before stepping in with belated interventions and criticisms

 

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KEDCO Sympathizes with Dakata Small-Scale Industries Over Recent Fire Outbreak

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Kano Electricity Distribution Plc. (KEDCO) extends its deepest commiserations and sympathies to the leadership, workers, and business owners affected by the recent devastating fire outbreak at the Dakata Small Scale Industries, in Kano.

This was conveyed by the Managing Director and Chief Executive Officer, Abubakar Yusuf during a commiseration visit by the KEDCO Management

During the visit, the KEDCO delegation was guided around the market by the leadership of the industries to assess the extent of the damage.

KEDCO understands the significant challenges such an unfortunate incident can cause, particularly for small-scale businesses crucial to the local economy. The company acknowledges the hard work, dedication, and resilience of the entrepreneurs and workers within the Dakata small-scale community, who contribute significantly to job creation and economic growth in the region.

In response to this incident, KEDCO is committed to providing any necessary energy-related support to help those affected by the fire, facilitating their swift recovery, and smooth resumption of operations.

“On behalf of the Board and Management, we deeply sympathize and stand in solidarity with the people of Dakata and the affected industries. One of KEDCO’s missions is supporting the socio-economic growth and development of our entire franchise areas and, in times of crisis, we remain dedicated to doing everything in our power to assist in business recovery and sustainability,” the MD stated.

“Our thoughts and prayers are with all the affected business owners. I can only imagine the challenges they are currently facing, however, they are not alone as we will continue to pray for Allah’s succor upon them,” he added.

Yusuf also urged all stakeholders to collaborate in ensuring that such incidents are prevented in the future, by adopting appropriate safety measures across all industrial areas.

In a statement signed by Sani Bala Sani Head corporate communications said  the Chairman of Micro, Small, and Medium Enterprises in Dakata, Alhaji Zulkifilu Alasan, expressed deep gratitude for the visit, stating, “This visit is a testament to the new KEDCO’s commitment to excellence and customer intimacy. Since KEDCO’s inception, this is the first time its MD/CEO and his team embarked on such a solidarity visit to the Dakata small-scale industries.”

 

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