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Dangote promises higher returns, value to shareholders, stakeholders

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Ag. Company Secretary, Dangote Cement Plc, Edward Imoedemhe; Chairman, Dangote Cement Plc, Aliko Dangote; Group Managing Director/CEO, Dangote Cement Plc, Arvind Pathak; and Non-Executive Director, Dangote Cement Plc, Olakunle Alake at the 14th Annual General Meeting of Dangote Cement Plc held in Lagos on 13th April 2023

Chairman of Dangote Cement Plc, Aliko Dangote has guaranteed shareholders and other stakeholders of the company’s management’s resolve to keep the company profitable by leveraging on strategic innovations for the continuous growth of their investments.

Speaking at the 14th Annual General Meeting (AGM), of the company in Lagos, Dangote said the prospects for the cement company remain bright as the management will continue to innovate on quality products delivery to millions of its customers across Africa while touching the lives of its host communities.

He stated: “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our other stakeholders… Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality. We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient. In addition, we aim to deliver higher returns and value to our shareholders.”

The Chairman pointed out that despite the challenging macroeconomic environment in 2022, the company still made great strides, performed admirably, and remains Africa’s largest and leading cement producer.

Dangote explained that in the face of unexpected challenges in 2022, the company implemented robust cost reduction strategies to manage the inflationary environment, and thus enhanced its competitiveness while maintaining high levels of product quality and customer service delivery.

According to him: “In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas. We also increased the use of Compressed Natural Gas (CNG) for our trucks due to the rising diesel cost environment.

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These efforts have helped us reduce our cost base and enhanced our flexibility, enabling the Company to respond more effectively to changes in the market. As a result, we recorded revenue and EBITDA growth of 17.0 per cent and 3.5 per cent from the prior year respectively, albeit under unprecedented inflationary pressure. We also achieved a profit after tax of ₦382.3 billion, up 4.9 per cent compared to 2021.”

Analysing the 2022 year-end result, Dangote explained that the company achieved its highest revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) in history at ₦1,618.3 billion and ₦708.2 billion, respectively. The exceptional EBITDA, according to him, was supported by its numerous cost containment measures, substituting higher-cost fuel for cheaper alternative fuel products.

The Company Chairman explained that: “Over the last twelve years, volumes have grown by a double-digit compound annual growth rate of 11.2 per cent. Similarly, EBITDA has grown at a compound annual growth rate of 16.3 per cent, over the same period, implying a five-fold increase and revealing a true growth story.

“Accordingly, we closed the year with a profit after tax of ₦382.3 billion and an Earning per Share (EPS) of ₦22.27. Despite these accomplishments, we are not resting on our laurels. We recognise that the business environment remains volatile, so we will continue to evolve with the changing times while embracing technological advancement,” he added.

Speaking on the Company’s Annual Reports, Mrs. Bisi Bakare, Chairman of the Pragmatic Shareholders Association, commended the management of Dangote Cement for its doggedness during the year under review for still being able to exceed the shareholders’ expectation in view of the inclement economic weather under which companies operated in the country.

She explained that the shareholders were happy for the returns, pointing out that it only means that the company was living up to its billing as the largest in Sub-Saharan Africa, adding that if not for the resilience of the management, the company would not be able to post such an impressive performance in 2022.

Mrs. Bakare alluded to the successful listing of the N300 billion series bond by the Company, saying the company succeeded largely due to the confidence reposed in the company and its management by the investing public. “It is not all companies that could record such a feat given the huge amount involved and the biting economic situation”, she stated.

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President Tinubu Appoints ex-Ekiti Gov. Fayose as Chairman Rural Electrification Agency

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By Yusuf Danjuma Yunusa

President Bola Tinubu has approved the appointment of 26 persons into the boards and management of 10 federal government agencies and commissions, with former Governor of Ekiti State, Ayo Fayose, named Chairman of the Rural Electrification Agency, REA.

The appointments, announced on Monday in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, take immediate effect.

According to the statement, Fayose will chair the board of the REA, while Ahmadu Abubakar and Engineer Ilyasu Ibrahim Makinta were appointed as members and non-executive directors.

The board also includes the agency’s incumbent Managing Director and Chief Executive Officer, Abba Abubakar Aliyu, alongside the three executive directors previously appointed.

President Tinubu also appointed Major General Junaid Bindawa as Chairman of the National Salaries, Incomes and Wages Commission and approved the appointment of eight other officials into the commission.

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Former member of the House of Representatives from Lagos State, Olajumoke Okoya-Thomas, was named Secretary of the commission, while Dr Ogbole Ene Lilian, Oladele Olatubosun and Yakubu Umar Barde were appointed as commissioners representing Benue, Oyo and Kaduna states, respectively.

Other members of the commission are Dr Mai Adamu Yau (Borno), Ginika Florence Tor (Enugu), Engineer Lawrence Okoh (Edo) and Bello Morenike Iyabode (Kogi).

In another appointment, Tosin Johnson Adeyanju, who previously served as Executive Secretary of the National Lottery Trust Fund, NLTF, was redeployed as Secretary of the Revenue Mobilisation and Fiscal Commission.

The President also appointed Dr Abuh Mohammed as Director-General of the National Population Commission, NPC, Dr Akinola Odeyemi as Managing Director of the Nigerian Bulk Electricity Trading, NBET, and Dr Anthony Inalegwu Godwin as Chairman and Chief Executive Officer of the Nigeria Atomic Energy Commission.

Engineer Julius Oloro was named Chief Executive Officer of the National Centre for Agricultural Mechanisation, NCAM, based in Ilorin, Kwara State. He succeeds Dr A.R. Kamal, who died in January.

Tinubu further approved the constitution of the board of the Fiscal Responsibility Commission, with Dr Abdullahi Maikano Saidu appointed as Chairman.

Other members of the board are Mohammed Asmau, Mohammed Aliyu Makama, Dr Suleiman Gidado, Louis O. Ndukwe, Amaechi Ugwele and Olaniyi Idowu Onikola.

The President also appointed Shuni Muhammad Dahiru as Executive Secretary of the National Commission for Mass Literacy, Adult and Non-Formal Education. Dahiru replaces Professor Shu’aibu Shehu Aliyu, who was reassigned to the Petroleum Trust Development Fund, PTDF, in April.

In the Federal Housing Authority, FHA, Tinubu appointed Gisaor Vincent Iorja as Executive Director, Finance, to replace Mathias Byuan, who resigned from the position to contest the Benue State governorship election.

Iorja, an economist, legal scholar and academic, is currently the Secretary of the Benue State Independent Electoral Commission, BSIEC.

The Presidency said all the appointments take immediate effect.

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FCT Police Detain 4 Officers for Extorting N53,000 from ICPC Chairman

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By Yusuf Danjuma Yunusa

The Federal Capital Territory, FCT, Police Command has detained four police officers for allegedly extorting N53,000 from the Chairman of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, Dr Musa Aliyu, SAN, during an illegal stop-and-search operation in Abuja.

The FCT Commissioner of Police, Ahmed Sanusi, disclosed this on Monday while briefing journalists in Abuja, describing the officers as “thieves” who had no business wearing the police uniform.

According to Sanusi, the officers abandoned their designated duty posts, converged around the Banex area of Wuse, where they mounted an unauthorised checkpoint, and extorted the ICPC chairman without knowing his identity.

He said the officers compelled the ICPC chairman to withdraw N53,000 through a Point of Sale, POS, operator, made him pay the transaction charges, and later shared the money among themselves.

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“I must say here too that we have about four policemen in custody as we speak who successfully extorted somebody of high importance, unknown to them that this person is a highly placed person in society. In clear terms, they extorted the Chairman of the ICPC.

“They extorted him of N53,000. They took him to a POS, he withdrew the money, paid the charges and they shared the money among themselves,” he said.

The police commissioner said investigations revealed that the officers had formed a criminal gang after leaving their various divisions to carry out the illegal operation.

“They are a gang of criminals who left various divisions, clustered together, moved to Wuse Banex and created a checkpoint where they perpetrated this act before fleeing,” he said.

Sanusi said the command subsequently declared the officers wanted and arrested their gang leader, whose confession led to the arrest of the remaining members of the syndicate.

“We got all of them. We are going to make sure they are severely punished. Those that are going to be dismissed will definitely be dismissed,” he added.

The commissioner also reiterated that the Inspector-General of Police had prohibited the indiscriminate search of citizens’ mobile phones by officers on patrol.

He advised residents not to comply with unlawful demands by police officers to search their phones on the roadside and urged them to report such incidents immediately through the police emergency lines.

“You cannot stop anybody on the road and ask the person to bring out his phone for search. If any policeman stops you and asks to search your phone, don’t agree. Call the police emergency lines and we will ask them why,” Sanusi said.

He further urged members of the public to promptly report cases of extortion and other forms of police misconduct, assuring them that officers found culpable would be tracked down and sanctioned.

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Andy Burnham Becomes UK’s New Prime Minister

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By Yusuf Danjuma Yunusa

 

Andy Burnham has become the United Kingdom’s prime minister and was invited by King Charles III to form a government, after Keir Starmer’s resignation.

Burnham enters office promising a “10-year plan for the country” to address some of the fundamental issues holding the UK back.

He added: “I’m not saying that means I’m setting out to say I’m going to be here for 10 years. It’s more that we’re not in the right place structurally.”

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In his first Downing Street speech he promised to give people “breathing room” against the rising cost of living.

He intends to urge the country to be honest about the challenges it faces and will call for “reflection and resolution.”

He enumerated that he is “acutely conscious” that the UK has had seven prime ministers in a little over 10 years, stressing the need for more stable and responsible politics and pledging to restore faith in government.

In his final appearance at the prime minister’s office in Downing Street, Starmer said his “work is done” and that he was leaving the country “stronger and fairer” than when he took office just two years ago.

“I go with good grace, I go with a smile, and I go proud of everything that we have achieved,” he added.

After a brief audience with the king, the palace announced Starmer had tendered his resignation which Charles was “graciously pleased to accept.”

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