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Dangote Cement’s commitment to climate change yields dividend

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Dangote Cement’s commitment to environmental disclosures and sustainability is yielding the desired results with Carbon Disclosure Project (CDP) raising its rating from C to B- even as it proposes a dividend of N20 per share for the year ended December 31,2021.

The CDP is an international non-profit organization based in the United Kingdom which runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.

CDP explained that it raised the rating as a result of the Company’s commitment to climate change. The upgrade clearly illustrates the progress made by Dangote Cement regarding commitment to transparency and mitigating its carbon dioxide footprint. This is one of the highest ratings in Sub-Saharan Africa and the only Nigeria company rated by CDP.

Chief Executive Officer of Dangote Cement Plc, Michel Puchercos, in his response to the development said: “We are pleased to be recognised for the progress that we are making in our environmental disclosures and sustainability. The CDP rating upgrade clearly illustrates the steps that Dangote Cement is taking in its commitment to transparency on climate and environmental issues.

According to him, the cement company is focused on making a positive difference, which is “why sustainability is at the core of every part of our business. In addition, our Alternative Fuel Project is at an advanced stage which aims to leverage waste management solutions, reduce CO2 emissions, and source material locally. This year, we co-processed 89,000 tons of waste representing a 60% increase over 2020.”

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He added that Dangote Cement is focused on sound governance, saying, “we are leading the way with our commitment to sustainability and best practices.  We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders.  Transparency and consistency are at the core of every part our business culture”

In its financials for full year ended December 31, 2021, Group sales volume for Dangote Cement stood at 29.3Mt, with Nigeria accounting for 18.61Mt while operations in other countries did 10.86Mt.

Group revenue was N1,383.6 billion for the full year, made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion, in contrast to the group revenue of N1,034.20 billion in 2020 which constituted of N719.95 billion from Nigeria and N318.68 billion from other African operations. Dangote Cement recorded a gross profit of N538.37 billion and after-tax profit of N364.44 billion. The directors have proposed a dividend of ₦20.00 per share.

Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. Adopting XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in continuing efforts to modernize and enhance transparency of, and access to, companies’ disclosures.

Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement.

 

Dangote Cement has a long-term credit rating of AA+ by GCR and Aa2.ng by Moody’s due to its market leading position, significant operational scale and strong financial profile evidenced by the company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.

 

Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, beverages, and real estate, with new multi-billion-dollar projects underway in the oil and gas, petrochemical, fertiliser and agricultural sectors

 

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President Tinubu Salutes Nigerian Workers On May Day

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President Bola Ahmad Tinubu

 

President Bola Tinubu heartily congratulates Nigerian workers on the auspicious occasion of Workers’ Day held annually to celebrate the lifeblood of our country.

The President salutes Nigerian workers for their fidelity to the peace, progress, and development of the nation evident in their tireless efforts and patriotic zeal to keep the national engine running.

President Tinubu celebrates Nigerian workers across all spheres – from the clerical officer who ensures the proper documentation and distribution of correspondence; the security officer who remains ever dutiful through all seasons; the teacher who secures the future of our nation by imparting knowledge to the next generation; the doctor who works relentlessly to save precious lives, and to all Nigerian workers who keep the candle aflame.

The President affirms that his administration remains committed to improving the welfare of all workers, noting the various relief programmes, including the wage award and the imminent minimum wage review.

President Tinubu strongly believes that the custodians of the nation’s machinery deserve a fair wage and enhanced welfare and that a labourer is deserving of not just any reward but fair and commensurate wages.

In a statement t by Chief Ajuri Ngalele Special Adviser to the President on Media and Publicity said the President assures Nigerian workers of his dedication to not only improving their welfare but also enhancing their working conditions and providing the necessary tools for them to succeed.

 

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Backward Integration: Dangote Targets 700,000MT of Refined Sugar in Four years

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L-R: Company Secretary/Legal Adviser, Dangote Sugar Refinery Plc, Temitope Hassan; Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singhvi ; Executive Director, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; and Chairman, Dangote Sugar Refinery Plc, Aliko Dangote, at the Dangote Sugar Refinery Plc 18th Annual General Meeting, on Tuesday, April 30, 2024 in Lagos.

 

Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP).

Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) held yesterday in Lagos, just as the Nigerian Exchange released the company’s first-quarter result for 2024, indicating an increase of 20.1 per cent in its revenue to N122.7 billion.

Dangote, at the AGM, said in alignment with the Federal Government of Nigeria’s policy guidelines, DSR continues to focus on and enhance its Backward Integration Project (BIP) by deploying and reviewing project strategies to ensure efficient delivery.

He noted that the 700,000 metric tonnes would meet 50 per cent of the current market demand for refined sugar. According to him, the 10-year sugar development plan to produce 1.5 million MT of sugar per annum from locally grown sugarcane remains a germane roadmap to the attainment of the Company’s objectives.

Our focus is on achieving the revised targets set for DSR Numan Operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited, while we are hopeful that the Taraba State Government will resolve the community payment issues that have led to the stoppage of activities at the Dangote Taraba Sugar Limited, Lau/Tau project.”

He added that “…During the year under review, despite the challenges we were faced with, the company significantly scaled up investment in the Backward Integration Projects with the ongoing expansion of the DSR Numan factory refining capacity from 3,000TCD to 9,800TCD year-end.

The factory will be increased with an additional 5,200TCD to 15,000 TCD (tonnes of cane crushed per day) eventually to meet the need in view of the massive land development activities also going on at the site. The aim is to achieve 24,200 hectares in total by the year 2029.”

He also emphasised that despite the adverse impact on the business environment by the continuous increase in the inflationary trend, lack of liquidity and FX to fund the company’s equipment import among others for the backward integration projects, concerted efforts are ongoing to secure the needed funds for the development of the Nasarawa Sugar Company Limited project at Tunga in Awe Local Government Area of the state.

This will enable the company to put in place the needed infrastructure for the eventual commencement of full-scale production and ensure that the Dangote Sugar Backward Integration ‘Sugar for Nigeria Project’ is achieved. In the end, over $700 million investment would be committed to the Backward Integration Programme,” he added.

Dangote said that the Dangote Sugar (Ghana) Limited, was established as a subsidiary of the Company during the year under review, in line with the plan to expand its presence in the sugar industry across Africa.

On outlook, he stated that “achievement of the goals of the Sugar Backward Integration Master Plan remains our focus. This will go a long way in delivering the anticipated benefits, especially in FX savings and cushioning its impact on our operations amongst other benefits to the company, all stakeholders, and the nation.”

Group Managing Director/CEO of Dangote Sugar, Ravindra Singhvi said, “Despite these challenges, we are resolute and focused on the delivery of our business targets in the medium to long term.”

He pointed out that “as we continue to navigate through the scarcity and high cost of foreign exchange, escalating costs of raw materials amongst others, our focus is to enhance the effectiveness of our supply chain processes, optimise cost, improve our operational efficiencies and delivery on our Sugar for Nigeria backward integration project.”

He said “the target is to produce a minimum of 1.5MT refined sugar annually from locally produced sugarcane at our integrated sugar production estates, which is expected to alleviate some pressure on costs and our demand for foreign currency.

Achievement of a sustainable business remains one of our key strategies and concerted efforts were made towards sustaining the achievements we have recorded in the past,” Singhvi added.

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Ganduje’s Suspension: Court Fixes May 27 For Hearing

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Kano State Governor ,Dr Abdullahi Umar Ganduje
Dr Abdullahi Umar Ganduje,APC National Chairman

 

A Kano High Court sitting at Audu Bako secretariat has fixed May 27, 2024, for the commencement of hearing of three applications in the case of the suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.

The Court presided over by Justice Usman Malam Na’abba after listening to counsels from both parties involved set the date for the hearing.

The applications are preliminary objection, joinder application and challenge of jurisdiction of the court to entertain and hear the matter.

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The applicants, Haladu Gwanjo and Laminu Sani Barguma through their counsel, Ibrahim Abdullahi Sa’ad filed a motion exparte with 13 paragraph affidavit dated April 16 sworn by the second.

The applicants are seeking for the Court to determine an order of interim injunction on Ganduje’s suspension.

The court had on 17th April granted an order directing parties to maintain status quo as at the 15th day of April, 2024, in relation to the suspension of the fourth respondent from the first respondent by the Ganduje Ward executive committee restraining the respondents whether by themselves, servants, agents, privies from taking any step contrary to the decision of the executive committee of Ganduje Ward which suspends the fourth respondent from the first respondent political party pending the hearing and determination of the motion on notice.

A Kano High Court sitting at Audu Bako secretariat has fixed May 27, 2024, for the commencement of hearing of three applications in the case of the suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.

The Court presided over by Justice Usman Malam Na’abba after listening to counsels from both parties involved set the date for the hearing.

The applications are preliminary objection, joinder application and challenge of jurisdiction of the court to entertain and hear the matter.
The applicants, Haladu Gwanjo and Laminu Sani Barguma through their counsel, Ibrahim Abdullahi Sa’ad filed a motion exparte with 13 paragraph affidavit dated April 16 sworn by the second applicant.

The applicants are seeking for the Court to determine an order of interim injunction on Ganduje’s suspension.

The court had on 17th April granted an order directing parties to maintain status quo as at the 15th day of April, 2024, in relation to the suspension of the fourth respondent from the first respondent by the Ganduje Ward executive committee restraining the respondents whether by themselves, servants, agents, privies from taking any step contrary to the decision of the executive committee of Ganduje Ward which suspends the fourth respondent from the first respondent political party pending the hearing and determination of the motion on notice.

At the resumed hearing on Tuesday, counsel to the applicant, Ibrahim Sa’ad, said they were served with the counter affidavit by the respondent this morning in court.
He asked for another date to enable them respond to the application.

Counsel to the first, second and third respondents did not object to the request made by the counsel to the applicant for a new date to be given.

“We have filed and served all parties our motion dated April 24 challenging the juriaoof this Court to entertain this matter.”

Counsel to the fourth respondent, Lydia Oyewo, did not also object the new date but told the court that her client was not served with the court processes.

“We have not been served with the processes of the Court. The plaintiff is in contempt of the court because they have failed with the order of the Court directing him to serve all the defendants in the matter.”

“Particularly, we are appearing out of respect to the court. Our client has not been served so we could not file any processes before the Court.

However we have been unable to compile and transmit record. In essence, the court of appeal is not yet seized with the jurisdiction for the matter and then for this court to determine and continue with the matter pending when we did the needful.

“This is an intra party matter and the court has held severally to even to the apex court that the court does not have jurisdiction to hear and determine intra party matters that has to do with leadership, membership and discipline of members.”

On their part, parties seeking to be joined led by Barrister S. U Jibril informed the Court of their position in joining the matter.

After listening to both counsels, Justice Usman Malam Na’abba fixed 27 May to enable both parties to serve their processes and for hearing of the three applications.

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