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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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Breaking:Gov. Yusuf Orders Arrest of Deposed Emir of Kano Aminu Ado Bayero

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The Governor of Kano State, Alhaji Abba Kabir Yusuf, has ordered the immediate arrest of the former Emir of Kano, Aminu Ado Bayero, for creating tension in the state.

The former Emir was smuggled into Kano city last night in an attempt to forcefully return to the palace two days after being deposed by the Governor.

In a statement issued by Mr. Sanusi Bature Dawakin Tofa, the spokesperson to the Governor, it was confirmed that the new Emir, Sanusi Lamido Sanusi, arrived at the palace in the company of the Governor, the Deputy Governor, the Speaker of the State Assembly, and other top government functionaries at about 1:00 a.m. on Saturday, 25th May 2024.

As the Chief Security Officer of the state, His Excellency, the Executive Governor of Kano State, Alhaji Abba Kabir Yusuf, has directed the Commissioner of Police to arrest the deposed Emir with immediate effect for disturbing public peace and attempting to destroy the relative peace the state enjoys.

Sanusi Bature Dawakin Tofa
**Director General, Media and Publicity, Government House, Kano**

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NNPC Ltd Condoles with Tijjani Babangida over Loss of Brother, Son

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Yesterday, the NNPC Ltd paid a condolence visit to Nigeria’s Ex-International, Tijjani Babangida, over the tragic loss of his son, Fadil, and brother, Ibrahim Babangida, as a result of the ghastly road accident which occurred on Saturday, May 11th, 2024, along the Zaria-Kaduna Road. It would be recalled that in the unfortunate incident, Babangida and his wife also sustained serious injuries and are currently receiving medical attention.

During the visit, GCEO NNPC Ltd, Mr. Mele Kyari, represented by the Company’s Chief Corporate Communication’s Officer, Mr. Olufemi Soneye, expressed the Company’s heartfelt commiserations to the Babangida family, praying for God’s mercy upon the souls of the departed and for a speedy recovery of the ex-footballer and his wife.

Earlier in February 2024, Tijjani Babangida was among a selected team of Nigeria’s Ex-Internationals, led by the legendary Austin Jay Jay Okocha, who participated in a novelty football match during the grand finale of the 13th NNPC Sports Fiesta held at the Moshood Abiola National Stadium in Abuja.

In his response, an elated Babangida expressed his delight to the NNPC Ltd for identifying with him in his trying period, stressing that although lives once lost can never be brought back, the Company’s kind gesture will further strengthen his resolve to overcome the predicament.

 

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ECOWAS Parliament Elects First Female Speaker

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The 6th ECOWAS Parliament has elected Ibrahim Maimunatu, a female from Togo, as the Speaker of the Parliament. She is the first female Speaker to be elected in the parliament’s history.

 

During her investiture speech, the newly elected Speaker expressed gratitude to the Parliamentarians for entrusting the fate of the parliament for the next four years to her.

“I’m grateful for the honour conferred on me. I commended the Chairman of the ECOWAS and Nigeria’s President, Bola Ahmed for entrusting the 6th Legislature to my country.”

This is the first time the leadership entrusted to a woman, this, has proven the vision of ECOWAS youth and women should be protected. This has further demonstrated the aim and passion of Togo President Faure Essozimna Gnassingbé who always support youths and women, particularly with the introduction of the legislation to support youths and women in Togo”

The new Speaker of the ECOWAS Parliament, Maimunatu assured that she will leave no stone unturned to meet the expectations of the member states.

She further commended the Deputy Speaker of the Parliament, Barau Jibrin, who has demonstrated his skills, commitment, determination, and leadership style in bringing the Parliament to its current stage.

She lamented that the reinsurgence of Terrorism and coup d’ etat in Niger Republic Burkina Faso and Mali and Climate Change were some of the issues bedevelling the sub region.

She lamented that the resurgence of terrorism and coups d’état in Niger Republic, Burkina Faso, and Mali, as well as climate change, were some of the issues plaguing the sub-region.

She stressed that the Parliament would collaborate with member states to address the challenges facing the West African region.

She maintained that the Parliament will work together towards realisation of its 5 pillars envisaged in vision 2050, including a secure, stable and peaceful region; a region endowed with strong institutions, and that complies with the rule of law and fundamental freedoms; a fully integrated and prosperous region; a region mobilized for transformation, inclusive and sustainable development.

After she delivered her inaugural speech, Ibrahima Maimunatu declared the 2nd Extraordinary Session held in Kano closed.

Earlier, Deputy Speaker of the ECOWAS Parliament, Barau Jibrin noted that Extraordinary Session held in ancient city of Kano was to bring the Parliament to the people of Kano State.

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