News
Dangote Cement grosses N413.2bn revenue in the first 3 months
In the first three months of the 2022 financial year, Dangote Cement has recorded a 24.2 percent increase in its revenue and an 18 percent increase in its profit after tax for the same period.
Unaudited results for three months ended 31st March 2022, showed revenue of N413.2 billion and a profit after tax of₦105.9 billion.
Analysis of the cement giant’s three months results indicated that Dangote Cement sold a total volume of 7.2Mt of cement across the group with Nigerian operations accounting for 4.8Mt while the rest of Africa did the balance of 2.4Mt.
Chief Executive Officer, Dangote Cement, Michel Puchercos, in his comments, said that the company started the first quarter on a positive note despite the new uncertainties brought by a very volatile global environment. He stated that increases recorded in revenue and profitability drove strong cash generation across the Group. Profit after Tax rose to ₦105.9 billion, up 18 percent compared to last year while Group EBITDA rose to ₦211.0 billion, by 18.6 percent with an EBITDA margin of 51.1 percent.
Puchercos said, “On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Demand remained strong across all markets, and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite these temporary challenges.
Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback programme. Following the completion of both tranches, Dangote Cement has now bought back 0.98% of its shares outstanding. This share buy-back programme reflects the Company’s commitment in finding opportunities beyond dividend to return cash to shareholders.”
Puchercos added, “the volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.
Our continuous focus on efficiency, meeting strong market demand and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”
Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria. The Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta while Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta.
Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.
News
Mutiu Adepoju Urges NFF to Retain Augustine Eguavoen as Super Eagles Coach
Former international, Mutiu Adepoju, has urged the Nigeria Football Federation (NFF) to keep Augustine Eguavoen in charge of the Super Eagles.
Eguavoen took charge of the Super Eagles in interim capacity in September.
The 59-year-old guided the team to qualify for AFCON 2025 with three wins, two draws and one defeat.
The NFF are reportedly still planning to hire a foreign coach for the three-time African champions.
Adepoju however said his former teammate should stay in charge of the team.
“I would rate him very well. Number one, we’ve qualified for the AFCON, which is one of the objectives,” he told Brila FM.
“I would say he has done well and is still doing well.
“They should keep encouraging him. I believe he’s getting things done, I will rate him high, let just keep supporting him.”
News
Kano State Hosts 8th Annual Audit Forum to Enhance Transparency and Accountability
The 8th Annual Audit Forum, organized by the Office of the Auditor General of Kano State, was held recently, focusing on strengthening transparency and accountability in public financial management. .
Isma’ila Musa, the Auditor General of Kano State, welcomed the participants and highlighted the constitutional and legal mandates that guide the auditing process. “Sections 125(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and 36(i) of the Kano State Audit Law, 2021 (as amended) mandate the Office of the Auditor General to audit the accounts and financial statements of the State Government and all Offices and Courts,” he stated.
Musa expressed immense gratitude to His Excellency, Engineer Abba Kabir Yusuf, the Governor of Kano State, for his support in making the event possible. “It is very important to note that a strengthened fiscal transparency will help build trust in governance,” he emphasized. He added that the Audit Forum is a reform intended to reduce opportunities for corruption and abuse of public resources, thereby increasing the efficiency of public expenditures.
The Auditor General also acknowledged the contributions of various officials, including the Hon. Commissioner Ministry of Planning and Budget, the Accountant General, the Executive Chairman of Kano Internal Revenue Services, and former Auditors General, among others. “My sincere appreciation to all the invitees here present for honoring our invitation. I wish us a successful 8th Kano State Annual Audit Forum,” Musa concluded.
In his remarks, the Chairman of the House Committee on Public Accounts, Honorable Tukur Fagge, praised the exercise for its potential to enhance resource management and ensure the success of the tasks at hand. “This exercise will enhance resources management and will realize the success of the task,” Fagge stated.
Sarkin Shanon Kano, Shehu Muhammad Dankadai, who served as the royal father of the day, also graced the event, adding to the significance of the occasion.
The forum underscored the commitment of the Kano State Government to upholding transparency and accountability, reflecting the administration’s dedication to effective and efficient service delivery.
News
Breaking: Former Secretary of Federal Electoral Commission, FEDECO, Ahmadu Kurfi Passes On at 93
A former secretary of the Federal Electoral Commission, Alhaji Ahmadu Kurfi, has passed away.
A family source, Jafar Yakubu, informed NIGERIAN TRACKER about the death of the pioneer secretary of the Federal Electoral Commission, who supervised the 1979 general election.
Jafar Yakubu said Alhaji Ahmadu Kurfi died at the age of 93 and his Janaza funeral prayers will take place by 2:30 PM at Kurfi in KATSINA state .
Dr. Amadu Kurfi, OFR, was born in 1931. He was a former chairman of the then Marketing Board, former Federal Permanent Secretary of the Federal Ministry of Defence, and the first person to acquire a BSc degree in the whole of Katsina State, at University College London in 1957.
Mutiu Adepoju Urges NFF to Retain Augustine Eguavoen as Super Eagles Coach
Kano State Hosts 8th Annual Audit Forum to Enhance Transparency and Accountability
Kano APC Youth Coalition, Nasir Ja’o’ji and Party Survival
Breaking: Former Secretary of Federal Electoral Commission, FEDECO, Ahmadu Kurfi Passes On at 93
President Tinubu Sacks UNIZIK Vice-Chancellor, Registrar
Exclusive: How Kano Govt. Withdraws Accreditation of 14 Journalists Covering Government House
Northern Power Outage: Kano Manufacturers Lose Over 100 Billion Naira, May Lay Off Workers
Government Declares Public Holiday
Civil Society Situation Room Applauds KANSIEC for Peaceful Conduct of Elections
Kano Assembly Describes Power Outage to North as Economic Sabotage
Mutiu Adepoju Urges NFF to Retain Augustine Eguavoen as Super Eagles Coach
Kano State Hosts 8th Annual Audit Forum to Enhance Transparency and Accountability
Kano APC Youth Coalition, Nasir Ja’o’ji and Party Survival
Breaking: Former Secretary of Federal Electoral Commission, FEDECO, Ahmadu Kurfi Passes On at 93
President Tinubu Sacks UNIZIK Vice-Chancellor, Registrar
Exclusive: How Kano Govt. Withdraws Accreditation of 14 Journalists Covering Government House
Northern Power Outage: Kano Manufacturers Lose Over 100 Billion Naira, May Lay Off Workers
Government Declares Public Holiday
Civil Society Situation Room Applauds KANSIEC for Peaceful Conduct of Elections
Kano Assembly Describes Power Outage to North as Economic Sabotage
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