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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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PCACC Arrests Man Over Alleged ₦4.5m Sale, Illegal Leasing of Kano Government Horse Stable

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The Kano State Public Complaints and Anti-Corruption Commission (PCACC) has arrested one Tasiu Adamu Maje over the alleged illegal sale and leasing of a government-owned Horse Stable at the Race Course, popularly known as Filin Sukuwa, in Kano.

The Commission disclosed this in a statement signed by its Acting Chairman, Hafsat Ada’u Kutama, Esq., where it said the arrest followed complaints lodged by Muhammad Amir Yunusa and Usman Bala Yakasai, popularly known as Sharif, over alleged unauthorised dealings involving the government property.

According to the PCACC, the complainants alleged that Maje transferred and offered the Horse Stable to private individuals despite having no lawful authority to sell, lease or otherwise dispose of the government-owned property.

The Commission said its investigation established that the Kano State Sports Commission, which is the statutory body responsible for the allocation and management of Horse Stables in the state, had no knowledge of or involvement in the purported transactions.

The PCACC said it invited and interviewed individuals connected with the transactions as part of its investigation into the allegations.

According to the Commission, the investigation revealed that the Kano State Sports Commission did not authorise any transaction involving the Horse Stable and that the property had never been officially allocated to any individual either through sale or lease.

The anti-corruption commission further said the document allegedly relied upon by the suspect to facilitate the transaction was not an approved or recognised document of the Kano State Sports Commission.

The Commission added that the same unapproved document was allegedly used in transactions involving two different individuals, raising further concerns about the legitimacy of the dealings.

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According to the PCACC, the sale, lease or transfer of government-owned Horse Stables to private individuals without the requisite approval is contrary to established government policy and applicable administrative procedures.

The Commission alleged that Maje agreed to sell the Horse Stable to Muhammad Amir Yunusa for ₦4.5 million while simultaneously collecting rent from Usman Bala Yakasai.

The PCACC said ₦180,000 was demanded as rent from Yakasai, out of which ₦150,000 was reportedly paid in connection with the purported transaction.

Following its investigation, the Commission declared the purported transactions involving the Horse Stable unauthorised and invalid.

The Commission maintained that the property remains the property of the Kano State Government and is under the control and management of the Kano State Sports Commission.

According to the PCACC, no individual has the authority to sell, lease, transfer or otherwise dispose of government property without the appropriate legal and administrative approval.

The Commission said it had commenced steps to recover the Horse Stable and return it to the Kano State Sports Commission.

The PCACC further disclosed that the suspect is expected to be arraigned before a court of competent jurisdiction, where the allegations against him will be subjected to due process.

The Commission said it would also pursue all appropriate administrative and legal measures in accordance with the law in connection with the case.

The Acting Chairman warned individuals who may attempt to convert government property into private assets or sources of personal profit that such conduct would not be tolerated.

According to Kutama, government property is not meant for private sale, unauthorised leasing or personal financial gain.

The Commission said it would continue to investigate allegations involving the unlawful disposal, transfer or commercialisation of public assets and would take appropriate action against anyone found to have violated the law, regardless of status.

The PCACC also advised members of the public to exercise caution before entering into transactions involving government property.

The Commission urged prospective buyers, tenants and investors to verify the ownership, allocation and legal status of any government property directly with the relevant government authority before making payments or entering into agreements.

The anti-corruption commission reaffirmed its commitment to safeguarding government property, preventing abuse of public assets and promoting accountability, transparency and responsible management of public resources.

The PCACC also called on members of the public to report suspected corruption, abuse of office, illegal disposal of government property and other forms of misconduct through its official reporting channels.

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Rep. Abubakar Bichi Employs 100 New Islamic School Teachers in Bichi

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The Federal lawmaker representing the Bichi Federal Constituency, Hon. Abubakar Kabir Abubakar Bichi, has inaugurated 100 new Islamic school teachers as part of efforts to strengthen Islamic education in the Bichi Local Government Area of Kano State.

The inauguration ceremony was held on Sunday, 27 September 2026, and marked the fourth batch of School Teachers employed under the lawmaker’s initiative bringing the total of number of teachers engaged through the programme to 600.

Before their employment, the 100 teachers underwent a special examination conducted at the directive of the lawmaker. Those who obtained the highest scores across the 11 wards of Bichi Local Government Area were selected for the teaching positions.

The lawmaker had previously supported the teachers by paying their monthly allowances as volunteers before formally employing them as full-time teachers in Islamic schools across the local government area.

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Prominent Islamic scholars and dignitaries attended the inauguration ceremony, including Sheikh Habibu Dan Almajiri, Chairman of the Kano State Zakkah Commission; Dr. Nazifi Ishak, former Kano State Commissioner for Religious Affairs; Dr. Zahrau Muhammad Umar, former Commissioner for Women Affairs; and Sheikh Sanusi Sharif Bichi.

Also in attendance were the Chairman of Bichi Local Government Area, Alhaji Hamza Sule Maifata; the Director-General of the APC Campaign Council in Bichi, Alhaji Sani Mukaddas, and the Kano State APC Secretary, Prof. Yusuf Muhammad Sabo.

The Islamic scholars and other dignitaries commended Hon. Abubakar Kabir Abubakar Bichi for his efforts towards improving both Islamic and modern education in the Bichi Local Government Area.

Hon. Abubakar Kabir Abubakar has also previously engaged several youths in various sectors, including healthcare, environmental services, education and other community development activities, as part of his efforts to create opportunities for young people across Bichi Federal Constituency and Kano State.

The lawmaker, who serves as the Chairman of the House Committee on Appropriation, has consistently expressed his commitment to youth development and community empowerment through various initiatives across the constituency.

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FG Seeks Fresh $1.5bn World Bank Loans As Nigeria’s Debt Hits N166.79tn

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By Yusuf Danjuma Yunusa

The Federal Government is in discussions with the World Bank for three new loans worth a combined $1.5 billion, even as Nigeria’s total public debt climbed to a record N166.79 trillion by June 2026.

The proposed facilities consist of three $500 million loans targeting climate resilience, social protection and early childhood development.

The first is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, which would increase its total financing to $1.2 billion. The funds are expected to support land restoration, flood and erosion control, irrigation, water management and other climate-resilience measures across northern Nigeria.

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Another $500 million facility is proposed for the Household Prosperity and Empowerment-Social Protection (HOPE-SP) project. It is designed to support poor and vulnerable households through cash transfers, an improved social registry and stronger social protection systems.

The third $500 million loan would finance the Nigeria Early Childhood Development programme, covering all 36 states and the Federal Capital Territory. The programme aims to improve access to healthcare, nutrition, early learning, childcare, water and sanitation for children aged zero to five.

Meanwhile, figures from the Debt Management Office show that Nigeria’s public debt increased by N14.39 trillion , from N152.40 trillion in June 2025 to N166.79 trillion in June 2026. Domestic debt stood at N91.59 trillion, while external debt was N75.20 trillion.

Nigeria’s debt to the World Bank Group also rose to $20.73 billion by June 2026, accounting for about 38 per cent of the country’s $54.52 billion external debt.

Economist Adewale Abimbola said concessional loans could support development if properly structured and effectively utilised, stressing that the key issue was how the borrowed funds were deployed.

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