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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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My Successors Have Jettisoned My Progressive Ideas-Says Jonathan

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Former President Goodluck Jonathan

 

Former President of Nigeria, Goodluck Jonathan, on Friday, said some of the progressive ideas he instituted during his tenure were jettisoned after his exit from office.

Jonathan who was the President from 2010 to 2015, stated this while speaking as Chairman on the occasion of the 25th anniversary celebration of Igbinedion University, Okada in Edo State.

The former president who said he ensured that women were admitted into the Nigeria Defence Academy, recalled that he faced serious challenges but had his way as the president of the country.

He said it is worth noting that women have become an integral part of the military set with some of them going ahead to become some of the best jet fighters.

He said, “I recall the challenges faced by women in the military. But as President, I directed that the Nigeria Defence Academy commence admission of women into the institution.

“However some of the ideas, which could have helped in the technological development of the country were jettisoned. “

The former President who noted challenges faced by women in various career fields, advocated that limitations against women’s progression in their chosen fields of endeavour should be eliminated.

He also called for the recalibration of the nation’s school curriculum to prioritize skills acquisition, and technology and de-emphasise certificates.

The ex-president explained that emphasis on skills acquisition and technology in all fields of the country’s educational system was the way to go to hasten the development of the country.

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Rivers Crisis:Former Senate President Urges Tinubu To Call Wike To Order

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Senator Adolpos Wabara ,Former Senate President

Former Senate President and Chairman Board of Trustees, BOT, of the main opposition Peoples Democratic Party, PDP, Senator Adolphus Wabara, has told President Bola Ahmed Tinubu, to caution his appointee and Minister of the Federal Capital Territory, Mr Nyesom Wike to avoid plunging Rivers State into a “needless political crisis”.

This is coming on the heels of the move by pro- Wike lawmakers, to impeach Gov. Siminalayi Fubara.

This is coming on the heels of the move by pro- Wike lawmakers, to impeach Gov. Siminalayi Fubara.

Wabara also condemned the call by APC Chairman in Rivers, Tony Okocha, for the House of Assembly to immediately commence impeachment proceedings against the Fubara.

The former Senate President who accused Wike of stoking the face-off between Gov. Fubara and the lawmakers, warned that Nigeria might not survive any instability in Rivers State considering the state’s economic importance to the country

Senator Wabara appealed to President Tinubu to prevail on Wike to give peace a chance and allow his successor to discharge his constitutional roles without undue influence.

“I want to appeal to Mr President to call his appointee, Nyesom Wike to order so that his actions in Rivers do not confirm the suspicion that APC has an agenda to turn Nigeria into one party state. Wike should allow peace to reign in Rivers State.

” Mr President should appreciate the importance of Rivers as a major revenue base of the country, and should the trouble they are stoking erupt, Nigeria will definitely not escape the aftermath.”

The PDP BoT Chairman, further advised members of the Rivers House of Assembly not to yield themselves as agents of distabilization of the state “because history will not be kind to them.”

He reminded the gladiators to carefully weigh the grave implications of any attempt to forcefully remove a democratically-elected Governor or President from office.

The former Senate President who warned that the PDP would not tolerate any further intimidation or persecution of the Governor, urged “all those involved in the political brouhaha in Rivers to give peace a chance”.

On the mass exodus of PDP members in Abia State, Senator Wabara who said such scenario was not unexpected, however, urged the party faithful not to panic.

He said that the elders of the party had initiated moves to half further exit of members, describing the development as the after effect of the impunity of the last PDP-led administration in the state, and its utter disregard to internal democracy and party supremacy.

Wabara further noted that some chieftains who are leaving the party are doing so for self protection while some join the bandwagon without any deep thought of their action.

He urged PDP members in the state to remain resolute and support the on-going efforts to rebuild and reposition the party for a winning spree in 2027.

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Gombe Schools Are Safe- Prof. Maigari Assures

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Professor Aishatu Maigari Gombe state commissioner for education

 

In response to concerns about the safety of schools in Gombe State,the Commissioner of Education Professor Aishatu Maigari,has assured that schools in the state are safe.

Responding to questions from newsmen regarding school security, the Commissioner refuted rumors suggesting that schools were closed due to insecurity.

She clarified that the government decided to close schools earlier than scheduled due to various factors, including the Ramadan fast, Sallah, Easter breaks, and excessive heat.

Professor Maigari elaborated that the decision was made considering that out of the remaining two weeks, approximately ten days would be devoted to public holidays. Therefore, only four days were deducted from the academic calendar.

The Commissioner gave the public the assurance that the school calendar remained on track, because the government was implementing measures to enhance school security.

Professor Maigari therefore called on the community, stakeholders, parents, and guardians to collaborate with the government in ensuring the safety of schools.

Amidst these reassurances, Professor Maigari’s statements aim to alleviate concerns and reinforce confidence in the safety and continuity of education in Gombe State.

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