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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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Defence Headquarters Declares 8 Wanted Over Killing Of Soldiers

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The Nigerian Defence Headquarters has issued a declaration naming 8 individuals wanted in connection with the heinous killing of Late Lt. Col. AH Ali and 16 other troops in Okuama, Delta State, on March 14, 2024.

The announcement was made via the verified Defence Headquarters’ X handle on Thursday.

The wanted persons are identified as:

1. Akevwru Daniel Omotegbono (Amagbem)

2. Prof. Ekpokpo Arthur

3. Andaowei Denis Bakriri

4. Igoli Ebi

5. Akata Malawa David Sinclair Okili

6. Clement Ikolo Oghenerukvwe

7. Reuben Baru

It could be recalls  that the 17 fallen heroes were laid to rest at the National Military Cemetery, with President Bola Ahmed Tinubu honoring their memory.

 

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President Tinubu Attends Burial of Slain Soldiers, Offers Scholarships to Families

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President Bola Ahmad Tinubu paying his respect to Slain Soldiers

 

President Bola Tinubu says the federal government will provide scholarships up to the university level for all the children, including the unborn, of the Nigerian Army personnel killed in action at Okuama community in Delta State.

The President, who announced this at the funeral of the personnel at the National Military Cemetery, Abuja, on Wednesday, directed the military authorities to ensure that the benefits of the departed are paid to their families within 90 days.

The President also declared that the federal government would provide a house in any part of the nation to each of the families of the four officers and thirteen soldiers.

At the solemn event attended by some state governors, the military hierarchy, and families of the deceased, the President bestowed posthumous National Honours on the 17 fallen heroes.

Lt Col Ali, Major D.E Obi, Major S.D. Ashafa, and Captain U. Zakari were given the honour of Member of the Order of Niger (MON).

Staff Sergeant Yahaya Saidu, Corporal Danbaba Yahaya, Corporal Kabir Bashir, Lance Corporals Abdullahi Ibrahim, Bulus Haruna, Sole Opeyemi, Bello Anas, Private Alhaji Isah, Clement Francis, Abubakar Ali, Adamu Ibrahim, Hamman Peter, and Ibrahim Adamu were awarded Federal Republic Medals.

“On the 14th day of March, Lt. Colonel A. H. Ali, the Commanding Officer of 181 Amphibious Battalion, led three other officers and 13 soldiers to the Okuama Community to mediate in the lingering dispute with Okoloba Community.

“They went as peacemakers and peacekeepers respectfully seeking to bring an end to the hostilities between the two communities.

“They did not go with tanks, machine guns, and other weapons. They were on a mission of peace.

“Before the dastardly attack, Lt. Colonel Ali, as the Chief of Army Staff narrated to me, achieved great operational exploits; fighting terrorists and insurgents in the North East and North West before his deployment to the Niger Delta.

“Ali kept faith with his military calling until the end.

“On behalf of a grateful nation, we honour the sacrifice of Ali and the other gallant patriots who died that day. They will forever be remembered as heroes who answered the call of duty and paid the ultimate price,” the President said.

Reaffirming government’s commitment to justice, President Tinubu vowed to bring the perpetrators of this heinous crime to account.

While commending the military for not embarking on a reprisal attack on the community, the President declared: “I want to make it clear, once more, that those who committed this heinous crime will not go unpunished. We will find them, and our departed heroes will get justice.

“The elders and chiefs of Okuama also must help the military in fishing out the gunmen who committed the barbaric crime against our men.

“I wish to commend our Armed Forces for their restraint in choosing not to carry out any reprisal attacks on Okuama or its neighbouring communities. We must all ensure that the innocent people of Okuama are not made to bear the punishment of the guilty and wicked among them,” the President stated.

President Tinubu, while commiserating with the families of the fallen heroes and the entire Armed Forces, prayed God Almighty to comfort the bereaved.

“It is worth restating the debt of gratitude we owe these valiant soldiers and their families.

“As Commander-In-Chief, I do not take the contributions of members of our Armed Forces for granted. I recognize your valour and bravery. I honour your unflinching commitment to making our country safe from criminals, bandits, kidnappers, and insurrectionists.

“While we continue to grieve for the courageous men we lost that day, let us also, on this solemn occasion, be reminded of the unfinished business of working for peace and harmony in our communities. We must begin to rebuild our communities and make them into places where love, tolerance, and harmony will reign.

‘‘Leaders at all levels, especially community leaders and traditional rulers, must work to strengthen the bonds that unite us. We must end the cycle of violence and bloodletting,” the President said.

President Tinubu urged the Armed Forces not to be discouraged by the death of their fellow compatriots but to honour their memory by rededicating themselves to the service and defence of the nation.

“As the Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, I have a message for you: Do not let the death of your compatriots discourage you.

‘‘There is no higher honour than the vocation you have chosen to pursue. We cherish you. We cherish your labour of love. We salute your daily sacrifice in protecting your fellow citizens from danger. We acknowledge your sacrifices to defend our nation,” the Commander-in-Chief affirmed.

 

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Breaking:President Tinubu Constitutes Presidential Economic Coordination Council

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In a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation, President Bola Ahmed Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET).

The Presidential Economic Coordination Council (PECC) comprises distinguished leaders and key government officials, including:

(1) President of the Federal Republic of Nigeria – Chairman of the PECC

(2) Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman

(3) President of the Nigerian Senate

(4) Chairman, Nigeria Governors’ Forum

(5) Coordinating Minister for the Economy and Minister of Finance

(6) Governor of the Central Bank of Nigeria

(7) Minister of Agriculture and Food Security

(8) Minister of Aviation and Aerospace Development

(9) Minister of Budget and Economic Planning

(10) Minister of Communications, Innovation and Digital Economy

(11) Minister of Industry, Trade and Investment

(12) Minister of Labour and Employment

(13) Minister of Marine and Blue Economy

(14) Minister of Power

(15) Minister of State, Petroleum Resources

(16) Minister of State, Gas

(17) Minister of Transportation

(18) Minister of Works

The PECC will also comprise key members of the organized private sector, with the following members joining for a period not exceeding one (1) year, subject to the President’s directive:

(1) Alhaji Aliko Dangote

(2) Mr. Tony Elumelu

(3) Alhaji Abdulsamad Rabiu

(4) Ms. Amina Maina

(5) Mr. Begun Ajayi-Kadir

(6) Mrs. Funke Okpeke

(7) Dr. Doyin Salami

(8) Mr. Patrick Okigbo

(9) Mr. Kola Adesina

(10) Mr. Segun Agbaje

(11) Mr. Chidi Ajaere

(12) Mr. Abdulkadir Aliu

(13) Mr. Rasheed Sarumi

Furthermore, in his determination to address immediate economic challenges and ensure the streamlined execution of economic strategies, President Bola Tinubu has established the Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan. The taskforce comprises key government officials and industry leaders in furtherance of the President’s collaborative approach toward achieving economic resilience and growth. The EET is now mandated to submit a comprehensive plan of economic interventions for 2024 to the PECC, covering the next six (6) months, for immediate implementation within two weeks of its inauguration. The EET will meet twice weekly and is composed of the following members:

(1) Coordinating Minister for the Economy and Minister of Finance (Chairman of the EET)

(2) Minister of Budget and Economic Planning

(3) Minister of Power

(4) Minister of Agriculture and Food Security

(5) Coordinating Minister of Health and Social Welfare

(6) Minister of Industry, Trade and Investment

(7) Governor of the Central Bank of Nigeria

(8) National Security Adviser

(9) Chairman, Nigeria Governors’ Forum

(10) Governor of Anambra State

(11) Governor of Ogun State

(12) Governor of Niger State

(13) Executive Chairman, Federal Inland Revenue Service

(14) Director-General, Budget Office of the Federation

(15) GCEO, NNPC Limited

(16) Director-General, Nigeria Economic Summit Group

(17) Special Adviser to the President on Energy

(18) Dr. Bismarck Rewane, Economist

(19) Dr. Suleyman Ndanusa, Economist

The Economic Management Team, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance, serves as the working group under the Presidential Economic Coordination Council (PECC), playing a crucial role in the economic governance structure established by the President. The EMT traditionally meets monthly or as required, but will now suspend its meetings for the duration of the EET’s mandate (six months). The EMT is composed of the following officials:

(1) Coordinating Minister for the Economy and Minister of Finance (EMT Chairman)

(2) Governor of the Central Bank of Nigeria

(3) Minister of Budget and Economic Planning

(4) Minister of Industry, Trade and Investment

(5) Minister of Communications, Innovation and Digital Economy

(6) Minister of Works

(7) Minister of Labour and Employment

(8) Minister of Agriculture and Food Security

(9) Minister of State, Petroleum Resources

(10) Minister of State, Gas

(11) Minister of Power

(12) Minister of Transportation

(13) Minister of Aviation and Aerospace Development

(14) Minister of Marine and Blue Economy

The Chairman of the EMT may, as needed, call on any Federal Minister or Head of Agency to brief the EMT on key programmes and developments affecting the economy.

The President’s formation of the PECC, under his Chairmanship, alongside the creation of the EET, led by the Chairman of the EMT, and the EMT itself, is the manifestation of a unified strategy aimed at enhancing Nigeria’s economic management architecture for verifiably improved performance. The formation of these teams will complement existing economic governance structures, including the National Economic Council (NEC), which is chaired by the Vice-President.

Over the next six months, the EET will focus on the rapid implementation, monitoring, and evaluation of critical initiatives, strengthening the Tinubu-led administration’s collective approach to advancing Nigeria’s economic objectives.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

March 27, 2024

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