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FG charges Dangote Cement tax of N173.93bn for 2021; paid N97.24 billion tax in 2020  

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Aliko Dangote

 

Dangote Cement Plc has sustained its position as a leading contributor to Nigeria’s economy with a tax charge of N173.93 billion for the financial year ended 31st December 2021. According to the cement group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an increase of 78.7 per cent over N97.24 billion in 2020.

Analysis of the cement company’s financial result for the review year indicated that Group sales volume 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.

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Dangote Cement recorded a gross profit of N538.37 billion and after-tax profit of N364.44 billion while earnings per share (EPS) rose to N21.24 from N16.14.  The directors have proposed a dividend of ₦20.00 per share.

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Speaking on the results, Chief Executive Officer, Dangote Cement    Michel Puchercos said, “We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8 percent and Group EBITDA was up 43.2 percent, to ₦684.6 billion at a 49.5 percent margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4 billion up 32.0 percent.”

“Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Due to an increased focus on efficiency while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its shareholders,” he added.

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 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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None of Nigeria’s Presidents have Brigadier Generals as ADC, as the promotion of Tinubu’s ADC was shelved.

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None of Nigeria’s Presidents have Brigadier Generals as ADC, as the promotion of Tinubu’s ADC was shelved.”

The controversial plan to decorate Nurudeen Yusuf, aide-de-camp (ADC) to President Bola Tinubu, as a one-star general on Monday evening was shelved at the last minute after an intervention by two former chiefs of army staff.

Yusuf, who was only decorated as a colonel last January, was to be promoted to the rank of brigadier-general through “special presidential promotion”.

Under normal process, an officer has to be a colonel for at least four years after which he or she will attend the National Defence College (NDC) before they are considered for promotion.

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The approval to bypass the process was conveyed in a letter from the office of the national security adviser (NSA) to the Chief of army staff.

No brigadier has ever been ADC to the president of Nigeria, leading to further disquiet within the military establishment.

Ahead of the planned decoration on Monday, the minister of defence, Chris Musa — who is a retired general — and the chief of army staff, Waidi Shaibu, a lieutenant general, had cut short their visit to Lagos state and returned to the federal capital.

However, two highly respected former army chiefs eventually succeeded in persuading Tinubu to shelve the plan because of the dangers to the military establishment, TheCable learnt.

A presidential source told that the promotion is not going to happen “anytime soon”.

 

 

The cable

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Breaking:Former Chief Justice Of Nigeria Ibrahim Tanko Is Dead

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Former Chief Justice of Nigeria (CJN), Justice Ibrahim Tanko Muhammad (retd.), is dead.

A close source confirmed to SaharaReporters on Tuesday morning that the former head of Nigerian judiciary passed away at a hospital in Saudi Arabia.

“Ex-CJN Tanko Muhammad is dead. He passed away this morning at a Saudi Arabian Hospital,” the source said.

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Nigeria Tracker reports that Late President Muhammadu Buhari appointed late Justice Ibrahim Tanko into the exalted seat after the sacking of his predecessor Justice Samuel Walter Onnoghen over the issue of code of conduct in January 2019.

In Late 2022 Justice Ibrahim Tanko suddenly exited the seat due to what many said intense pressure from cabals in Late President Muhammad Buhari’s presidency and was succeeded by retired Justice olukayode .

Late Justice Ibrahim Tanko Muhammad hails from Bauchi state .

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The Aso Rock Gossip That Made Late President Buhari Lock His Wife Out

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By Yusuf Danjuma Yunusa

In a new biography, former First Lady Aisha Buhari has revealed that late President Muhammadu Buhari began locking his bedroom door, preventing her from gaining access, after hearing rumors within Aso Rock that she intended to kill him.

This personal account is featured in the 600-page book, ‘From Soldier to Statesman: The Legacy of Muhammadu Buhari’, where Aisha Buhari details her experience managing her husband’s health challenges during his presidency.

She stated that the former president, trusting the gossip circulating within the presidential villa, altered some of his personal habits as a result.

The biography, which was authored by Charles Omole, director-general of the Institute for Police and Security Policy Research, was launched at the presidential villa in Abuja.

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Many high-profile persons and political chieftains, including President Bola Tinubu, attended the launch.

In the book, Aisha said Buhari’s 2017 health crisis was not a mysterious ailment or the effect of poisoning, but began after a broken feeding routine and mismanaged nutritional habits.

The former first lady said she had long managed her husband’s meals and supplements at specific hours, adding that the regimen helped Buhari to maintain stability.

“According to Aisha Buhari, her husband’s 2017 health crisis did not originate as a mysterious ailment or a covert plot. It started, she says, with the loss of a routine; ‘my nutrition,’ she describes it, a pattern of meals and supplements she had long overseen in Kaduna before they moved into Aso Villa,” the book reads.

When they moved to the villa, she said she convened a meeting with close staff including Suhayb Rafindadi, the physician; Bashir Abubakar, the chief security officer; the housekeeper, and the DSS DG to explain the plan.

After some time, the plan was discontinued.

“When the Presidency’s machinery took over our private lives, I explained the plan: daily, at specific hours, cups and bowls with tailored vitamin powders and oil, a touch of protein here, a change to cereals there. Elderly bodies require gentle, consistent support,” Aisha was quoted as saying in the book.

“Then came the gossip and the fearmongering. They said I wanted to kill him.

“My husband believed them for a week or so,” she said, adding that the president began locking his room, changed small habits, and crucially, “meals were delayed or missed; the supplements were stopped”.

“For a year, he did not have lunch. They mismanaged his meals,” she added.

Aisha denied stories of plots to poison her husband, adding that Buhari’s health began deteriorating because of “loss of a routine, ‘my nutrition,’ was the genesis of the crisis”.

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