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Dangote Cement Shareholders Unanimously approve a 10% share Buy-back Programme

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Non-Executive Director, Dangote Cement Plc, Halima Aliko-Dangote; Chairman, Dangote Cement Plc, Aliko Dangote;  Group Managing Director, Dangote Cement Plc, Michel Puchercos; and Non-Executive Director, Dangote Cement Plc, Olakunle Alake at the Extraordinary General Meeting of Dangote Cement Plc, held in Lagos on December 13, 2022.

 

 

 

Shareholders of Dangote Cement, unanimously on Tuesday authorised the Management of the company to undertake a share buyback of up to 10 percent of its issued shares, effective from the date of the resolution.

The company had earlier indicated an interest in undergoing a share buyback programme, in respect of up to 10 percent of its issued shares, for the purpose of improving the company’s return on equity and its shareholders’ value, so as to facilitate the future long-term growth of the company.

The approval through voting, which was given at the company’s Extraordinary General Meeting, held in Lagos recorded a 100 percent approval from the shareholders, with many of them describing the exercise as very laudable and a win-win situation for them.

 

Among other resolutions, the shareholders authorised that the “Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.”

Female Candidates Join Forces To Win 2023 Elections In Kwara

The Board was also authorised to ensure that the amendment of the Articles of Association of the company reflects the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.

 

It would be recalled that the Shareholders, at the company’s recent 13th Annual General Meeting (AGM), also commended the Management of the company for an impressive performance despite the economic challenges in the year under review.

 

Unanimously, they approved N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year. That represented a 25 per cent increase in dividend compared to the 2020 dividend of N16.00 per share, reinforcing the Company’s commitment to maximising shareholder value. They also applauded the company for its drive in reducing unclaimed dividends of the company.

 

Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion. Also, the Company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 percent owing to strong cost control measures.

 

Chairman of the company, Aliko Dangote, said that “Over the last decade, Dangote Cement has recorded exponential growth across all areas.” According to him, “Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.”

 

“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability, and grit. These values are what we need to face in unpredictable times in the future.

 

“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa while creating sustainable value for our stakeholders,” Dangote added.

 

 

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President Tinubu Renames Varsity After Yusuf Maitama Sule

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President Bola Tinubu has renamed the Federal University of Education in Kano the Yusuf Maitama Sule Federal University of Education.

Alhaji Sule, 1929–2017, contributed significantly to Nigeria’s socio-political development throughout his illustrious career.

He served as Nigeria’s Permanent Representative to the United Nations in New York, where he was Chairman of the UN Special Committee Against Apartheid.

He also served as Chief Whip of the Federal House of Representatives (1954–1959), Leader of Nigeria’s Delegation to the Conference of Independent States (1960), First Federal Commissioner of Public Complaints (1976), and Minister of Mines and Power.

President Tinubu believes that immortalising Ambassador Sule’s legacy will inspire younger generations to uphold integrity, patriotism, character, and nationalism.

The Federal University of Education, Kano, is one of seven specialised universities of education under the Federal Government.

In a statement by Special Adviser to the President on Information and strategy Bayo Onanuga said as a federal university of education, it will continue to play a pivotal role in training teachers, further strengthening Nigeria’s education sector.

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El-Rufai Dumps APC, Joins SDP

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Former Kaduna State Governor, Nasir Ahmad El-Rufai, has officially resigned from the All Progressives Congress (APC), citing the party’s deviation from its founding principles. In a statement released on Monday, March 10, 2025, El-Rufai announced his defection to the Social Democratic Party (SDP), vowing to rally opposition forces against the APC ahead of the 2027 elections.

El-Rufai, a founding member of the APC, recalled his role in the party’s formation, expressing disappointment over its current state. He lamented that those now in control of the APC have shown no interest in addressing what he described as an “unhealthy situation” within the party.

“It had been my hope since 2013 that my personal values and that of the APC would continue to align until I retire from politics. However, developments in the last two years have shown that this is no longer the case,” he said.

He further stated that despite raising concerns privately and publicly about the party’s direction, nothing had been done to change its course.

Departure from APC and Shift to SDP

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El-Rufai announced that he had formally resigned from the APC by submitting his letter to his ward in Kaduna, effective immediately. He emphasized that before taking this step, he consulted with mentors, colleagues, and loyalists nationwide.

“As a loyal party man, I worked to help secure the APC’s election victories in 2015, 2019, and 2023. However, the party has since strayed and left me stuck in the vision of its well-meaning founding fathers and mothers. The APC has castrated its organs and treated its membership with contempt. I find this no longer acceptable.”

Declaring his new political home, El-Rufai revealed that he had joined the Social Democratic Party (SDP), which he intends to use as a platform for future political engagements.

Plans to Challenge APC in 2027

Beyond his defection, El-Rufai pledged to mobilize opposition forces under a unified front to challenge the APC in upcoming elections.

As a member of the SDP, I will focus on engaging with and persuading other opposition leaders and parties to join us and congregate under a unified democratic platform to challenge the APC in all elections and bye-elections between now and 2027,” he said.

El-Rufai called on his supporters and Nigerians concerned about the country’s future to join the SDP in the quest to restore Nigeria’s democracy and governance.

His defection marks a significant shift in the political landscape, given his influence and past role in shaping the APC. Analysts believe his move to the SDP could signal the start of a broader realignment among political figures ahead of the 2027 general elections.

Reactions and Implications

While the APC is yet to officially respond to El-Rufai’s exit, political observers note that his departure could embolden other discontented members to follow suit. The SDP, once a dormant party, may now emerge as a formidable opposition force, especially if El-Rufai succeeds in attracting key political figures to its ranks.

As Nigeria moves towards another election cycle, all eyes will be on how this new political development reshapes the contest for power.

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Abacha’s Family Cautions IBB for Changing June 12th Narrative

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Family of late Head of State, Gen. Sani Abacha (rtd) has cautioned former Military President Gen. Ibrahim Babangida against tarnishing the image of the former military leader.

A statement on Sunday by Mohammed Abacha, the Abacha family noted that Gen. Babangida had in his recent book titled, “A Journey in Service” alleged that the annulment of the June 12, 1993, presidential election “was the responsibility of the late General Sani Abacha.”

Abacha’s family said the claim sparked widespread controversy and necessitate a clear response in the interest of historical accuracy and justice.

The statement which described the allegation as false, said, “Any attempt to shift this blame onto General Sani Abacha, who was a very senior military officer within the regime, is a deliberate distortion of historical facts. For years, various actors have attempted to rewrite the history of that critical period in Nigeria’s democratic evolution.”

The family in the statement argued that Gen. Abacha was neither the Head of State nor the Commander-in-Chief at the time the June 12 election was annulled, saying, “The decision to annul the election was made under the administration of General Ibrahim Babangida, who, as the then Head of State, held absolute executive powers and was solely responsible for the actions of his government.”

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Abacha’s family also urged Nigerians to be “wary of revisionist narratives that seek to manipulate public perception for personal or political reasons”, stressing that “The memory of our late father and leader, General Sani Abacha, must not be tarnished by baseless accusations meant to absolve those who were truly responsible.”

On how Gen. Abacha saved Gen. Babangida, Abacha’s family said, “We also find it necessary to state that at the time General Babangida’s life was under threat, it was General Abacha who came to his rescue, ensuring his safety.”

“We regret that ‘A Journey in Service’ missed the opportunity and failed to make history as a truthful and objective account of past events. As one public commentator aptly put it, honesty, sincerity, and integrity are virtues not commonly associated with the author.”

Daily Trust

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