Connect with us

News

Dangote Cement grosses N413.2bn revenue in the first 3 months

Published

on

Aliko Dangote

 

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.

Advert

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

President Tinubu Sends New Nominations For NMDPRA and NUPRC Heads Following Their Resignations

Published

on

NMDPRA Boss, Engr. Farouk, Resigns Amidst Fraud Allegation

By Yusuf Danjuma Yunusa

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Engr. Ahmed Farouk, has tendered his resignation letter amidst corruption allegations levelled against him by the President of Dangote Group of Companies, Alhaji Aliko Dangote.

The development was announced on Wednesday evening by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

This newspaper had reported that the Dangote’s petition to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) specifically alleges that Ahmed spent over $7 million on his children’s education in Switzerland—funds Dangote claims cannot be justified by a public servant’s legitimate earnings. The petition calls for Ahmed’s arrest, investigation, and prosecution.

Advert

Following the petition, the ICPC vows to scrutinize the allegation with due diligence.

Meanwhile, pursuant to the resignation of Engr. Farouk, President Bola Ahmed Tinubu has sent new nomination for the NMDPRA position to the Senate for confirmation.

The new nominee is Engr. Saidu Aliyu Mohammed.

He was born in 1957 in Gombe, and graduated from Ahmadu Bello University in 1981 with a Bachelor’s in Chemical Engineering. He was announced today as an independent non-executive director at Seplat Energy.

His prior roles include Managing Director of Kaduna Refining and Petrochemical Company and Nigerian Gas Company, as well as Chair of the boards of West African Gas Pipeline Company, Nigeria LNG subsidiaries, and NNPC Retail.

Continue Reading

News

Governor Yusuf deliberated on Kano’s Glory at One Kano Agenda 2 day conference on economy and politics

Published

on

 

 

The Governor of Kano State, Alhaji Abba Kabir Yusuf, has reflected on the past glory and future prospects of Kano during the One Kano Agenda two-day conference on economy and politics held at Khalifa Isyaku Rabiu University.

Represented by the Secretary to the State Government, Alhaji Faruk Umar Ibrahim, Governor Yusuf emphasized the importance of unity, moral revival, and collective responsibility in restoring Kano’s historic position as a hub of commerce, culture, and education.

Delivering the governor’s message, Ibrahim said: “If we had known what Kano is, we would have kept quiet and listened well.” He recalled a friend’s warning from 40 years ago that a time might come when people would be “ejected from Kano,” stressing the need to follow the “Dambatta way” of resilience and reform.

Advert

Governor Yusuf expressed gratitude to the organizers of the conference, describing the movement as a noble effort deserving the support of all patriotic Kano citizens. He noted that Kano, Nigeria’s most populous state with 65 percent of its population being youth, was once regarded as a paradise and a gathering place for businessmen, scholars, and elites.

He lamented that the state now faces challenges such as enmity among people, lack of mutual support, moral decadence, and drug abuse. “The way out is for Kano people to unite. No one can shape the state except ourselves. We should not fold our arms and allow war to consume us,” he declared.

The governor assured that beginning next year, his administration will embark on fresh projects after fulfilling all campaign promises by December 2025.

On his part the Director General of One Kano Agenda, Abbas Abdullahi Yakasai, welcomed participants and underscored the urgency of economic and political reform. He described Kano as not just a state but the “heartbeat of the northern economy,” urging stakeholders to focus on reviving its economic strength.

Yakasai particularly called on the youth to rise to the occasion, stressing that their contributions are vital to shaping Kano’s future. “In all we do, we have to look at Kano first. We shouldn’t fold our arms and allow people to destroy the state,” he said.

He further highlighted Governor Yusuf’s concern for women, the elderly, and children, noting that the administration is committed to supporting vulnerable groups while confronting the enemies of Kano.

The conference brought together political leaders, academics, and community stakeholders, served as a platform to deliberate on Kano’s economic revival and political stability.

Continue Reading

News

NLC Proceeds with Planned Protest Over Insecurity Despite Meeting with the President

Published

on

 

By Yusuf Danjuma Yunusa

Workers and civil society groups took to the streets across Nigeria on Wednesday in a nationwide protest against rampant insecurity and a deepening economic crisis. The demonstrations, organised by the Nigeria Labour Congress (NLC), underscore growing public frustration with the state of the nation.

Despite a last-minute meeting between NLC President Joe Ajaero and President Bola Tinubu on Tuesday night, the union proceeded with the planned action, citing unresolved critical issues.

The protest follows a December 4 resolution by the NLC’s National Executive Council (NEC), which declared the nation’s security situation “alarming and unacceptable.” The union pointed to the November 17 abduction of 24 schoolgirls in Kebbi State—where two staff members were killed—as a stark example. The NEC strongly condemned the reported withdrawal of security personnel prior to that attack.

Advert

In Abuja, protesters gathered at the NLC Secretariat, joined by civil society allies including activist Omoyele Sowore. In Lagos, a large crowd assembled in Ikeja, carrying placards and chanting slogans demanding government action against kidnappings and violent crime. The sentiment was captured by one protester who told News Central TV, “Any kidnapper should be sentenced to death. They should kill them immediately.”

Beyond insecurity, the NLC highlighted a range of unaddressed grievances, including: unresolved agreements with the Federal Government, a crippling rise in the cost of living, and the direct impact of violence on workers’ safety, productivity, and livelihoods.

The union lamented the deaths of numerous members, including teachers, farmers, and artisans, amid what it termed government inaction.

Framing the protest as a constitutional right and civic duty, the NLC aims to mobilise public opinion and compel concrete reforms. In a December 10 notice to its state chapters, the union emphasised peaceful demonstrations and called on the police who were duly notified to protect citizens’ right to assemble.

“Solidarity is our shield,” the union stated, urging authorities to prioritise the safety and welfare of Nigerians above all else.

Continue Reading

Trending