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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.

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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End of an era: Reader’s Digest UK closes after 86 years

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Reader’s Digest UK has ceased operations after 86 years of publication. The monthly magazine, known for its health tips, financial advice, and recipes, closed due to the “unforgiving magazine publishing landscape” and the company’s inability to withstand the financial pressures.Once a market leader with a circulation of over 1 million copies per month in the UK in 2000, the publication’s readership had declined sharply in subsequent years, dropping to under 200,000 copies recently.The closure marks the end of an era for the iconic magazine, which was founded in the US in 1922 and first published in the UK in 1938.The editor-in-chief cited the “relentless change” in the media industry and the need for companies to “continuously seek out and implement innovations” to survive.The closure of Reader’s Digest UK serves as a cautionary tale about the importance of adaptability in the face of a rapidly evolving landscape.

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Air Chief Commends Kano Government’s Support for Security Operations

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The Chief of Air Staff, Air Vice Marshal, Hasan Bala Abubakar has applauded the support of Kano state government under the stewardship of Governor Abba Kabir Yusuf towards strengthening it’s operational mandate in the state.

In a statement issued by the Governor’s spokesperson Sunusi Bature, said Air Marshal Abubakar made the commendation on Thursday when he paid a courtesy visit to Governor Abba Kabir Yusuf at Government house in Kano.

The Chief of Air Staff disclosed the joint force of his troops with sister security agencies in combating internal security in Kano yielded tremendous successes and maintained peace and stability in the state.

Air Mashal Abubakar noted the impact of Nigerian Airforce personnel in several operations that led to arrest of bandits and kidnappers on wanted list of DSS in Kano. He reassured the state government of NAF readiness to sustain internal stability.

The Kano born Chief however raised concern over encroachment of NAF land and re-allocation of its property. Abubakar pleaded for restoration of the land dedicated for its future expansion.

He also craved the Governor’s support in connecting the Kano state water facility to the NAF Base in the state for access to water supply.

Responding, Governor, Alhaji Abba Kabir Yusuf pledged readiness to strength partnership with Nigerian Air Force in the discharge of its operational mandate of ensuring internal peace and stability in the state.

The Governor Yusuf disclosed the critical role of the Nigerian Airforce in securing the nation’s air security component and providing cover to the ground troops against the internal and external enemies.

The Governor stressed the contribution of Air Force and sister military agencies in sustaining stability in Kano, reassured his administration’s commitment to build on the institutional relationship.

He however sought the consideration for Kano indigene in the recruitment exercise of the Nigerian Air Force, indicating the large percentage of youth population in the state.

The Governor equally requested for the establishment of Air Force Girls Comprehensive Secondary in Kano to complement the existing Boys Comprehensive Secondary School which is located in Kwa, in Dawakin Tofa, a long Kano-Katsina express way.

According to him, ” The government of Kano is proud of you and we are proud of your appointment which was based on professionalism and track record. Kano is also proud of your efforts to tackle the security challenges especially the menace of kidnapers, bandits and other criminals.

” Since we took over the mantle of leadership, the administration has enjoyed tremendous relationship and support from Air Force and sister security agencies and that was responsible for the peace and stability in Kano.

” We assured you, our administration will sustain support to the airforce in Kano especially in the area of operation and welfare of your personel for optimum performance of your statutory mandate. We also want to request for special consideration of placement into the air force consider our population which is estimated at 25 million.

” It is also noteworthy to request the reture of Girls Comprehensive secondary school to Kano. We are aware the girls were relocated due to the security challenge. We are also in need of more personnel to strengthen human capacity of the troops in Kano” Gov. Yusuf noted.

 

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50 Civil Society Groups Criticize Withdrawal of Police at Kano Anti-Corruption Agency

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Civil society groups have raised concerns over the withdrawal of police personnel from the Kano State Public Complaints and Anti-Corruption Commission, criticizing the move during a press conference held in Abuja.

The groups said the withdrawal of approximately 40 police officers, responsible for security and investigative tasks, has not only hindered the commission’s work but also raised questions about the impartiality and independence of law enforcement agencies.

According to them the action is perceived as an attempt to impede ongoing corruption investigations involving Abdullahi Umar Ganduje, the National Chairman of the ruling All-Progressives Congress (APC) and former governor of Kano State.

The civil society groups have also issued recommendations to address corruption effectively in Nigeria.

They emphasize the need for autonomy and integrity within the judiciary, urging the National Judicial Council to monitor its members diligently.

They also call for transparency and accountability in governance, urging political parties to denounce and suspend members facing corruption allegations.

They also call for adequate resource allocation to anti-corruption agencies and also highlighted the essential to uphold their independence and efficiency.

Furthermore The groups called on religious leaders, community leaders, and opinion influencers to promote ethical behavior and combat corruption within their spheres of influence.

The reinstatement of police personnel withdrawn from the Kano State Anti-Corruption Commission are urged to facilitate the commission’s duties effectively.

The Civil society organizations also reaffirm their commitment to the fight against corruption and call for collective action to build a corruption-free Nigeria.

The withdrawal of police personnel from the Kano State Anti-Corruption Commission was allegedly ordered by the Inspector General of Police on April 25th. The move has sparked widespread criticism and calls for accountability in law enforcement actions related to anti-corruption efforts.

The groups are as follows

1. Civil Society Legislative Advocacy Centre (CISLAC)
2. Human and Environmental Development Agenda (HEDA Resource Centre)
3. Resource Centre for Human Rights and Civic Education (CHRICED)
4. Centre for Information Technology and Development (CITAD)
5. African Centre for Media & Information Literacy (AFRICMIL)
6. Borno Coalition for Democracy and Progress (BOCODEP)

7. BudgIT Foundation
8. Corporate Accountability and Public Participation Africa (CAPPA)
9. State of the Union (SOTU)
10. Tax Justice and Governance Platform
11.Transition Monitoring Group (TMG)
12.Women in Media Communication Initiative (WIM)
13.Zero Corruption Coalition (ZCC)
14.Alliance for Credible Elections (ACE)
15.Centre Democracy and Development (CDD)
16. Accountability Lab, Nigeria
17. Centre for Journalism Innovation and Development (CJID}
18.Say NO Campaign – Nigeria
19.Femi Falana Chamber
20.Health of Mother Earth Foundation (HOMEF)
21.Socio-Economic Rights and Accountability Project (SERAP)
22. Good Governance Team
23.21st Century Community Empowerment for Youth Initiative
24. OCCEN-Kano
25. Mothers and Marginalised Advocacy Centre ( MAMA Centre)
26.Social Action
27.Centre for Transparency Watch
28.West Africa Civil Society Forum WASCSOF
29.Global Rights
30 African Centre for Leadership, Strategy & Development (Centre LSD)
31.Partners West Africa
32.Order Paper
33.Say No Campaign
34 Environmental Rights Action/Friends of the Earth, Nigeria. ERA
35.Center for Fiscal Transparency and Public Integrity
36.Amnesty International Nigeria
37. RULAAC – Rule of Law and Accountability Advocacy Centre
38. Connected Development (CODE)
39. Centre for Democratic Research and Training (CRDDERT)
40. Praxis
41.CLEEN Foundation
42.Spaces for Change
43.Abuja School of Social and Political Thought
44.Yiaga Africa
45.Policy Alert
46.Socio Economic Research and Development Centre
47.Procurement Observation and Advocacy Initiative
48.Media Rights Agenda
49.MEDIA INITIATIVE FOR TRANSPARENCY IN EXTRACTIVE INDUSTRIES (MITEI)
50.Centre for Social Justice

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