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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 Clinches APC Presidential Ticket with 10.9m Votes

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By Yusuf Danjuma Yunusa

President Bola Tinubu has emerged as the All Progressives Congress presidential candidate for the 2027 general election after securing nearly 11 million votes in the party’s nationwide primary election.

The results, drawn from all 36 states and the Federal Capital Territory, showed President Tinubu in a commanding lead over fellow aspirant Stanley Osifo, cementing his dominance within the ruling party ahead of the next electoral cycle.

President Bola Tinubu secured 10.99 million votes to defeat his sole rival, who polled 16,504 votes, in the All Progressives Congress presidential primary election held across 8,809 wards nationwide.

The figures were announced during the ongoing national collation of results at the President Bola Ahmed Tinubu International Conference Centre in Abuja.

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Governors of 31 states, alongside other senior party figures serving as state coordinators and collation officers, presented the outcomes of the direct primaries to the Presidential Primary Election Committee chaired by former Senate President Pius Anyim.

In the South-West, Tinubu recorded commanding victories in key states considered strongholds of the party. He polled 814,988 votes in Lagos, 322,485 in Ogun, 181,996 in Ondo, 142,754 in Oyo, 100,888 in Osun, and 85,340 votes in Ekiti. Osifo managed only marginal figures in the zone, including 1,186 votes in Lagos and 929 votes in Oyo, while recording zero votes in several states.

The North-West also delivered overwhelming support for the President. Kaduna produced one of the highest figures with 618,914 votes for Tinubu, while Kano returned 500,852 votes. Katsina gave him 467,003 votes, Gombe recorded 450,517, Kebbi delivered 292,972, Sokoto returned 301,000, and Zamfara added 321,579 votes. Osifo’s performance remained weak across the region, with only scattered votes recorded in a few states.

In the North-Central region, Tinubu maintained a wide lead with 310,990 votes in Kwara, 285,436 in Nasarawa, 241,720 in Plateau, 197,370 in Kogi, 175,487 in Niger, and 374,787 votes in Benue. The Federal Capital Territory also delivered 36,103 votes to the President, while Osifo failed to secure any vote there.

The South-East and South-South zones equally produced impressive numbers for Tinubu.

He secured 582,960 votes in Imo, 383,382 in Enugu, 207,579 in Ebonyi, 161,005 in Abia, and 43,034 in Anambra. In the South-South, Tinubu polled 407,646 votes in Delta, 389,197 in Akwa Ibom, 280,082 in Rivers, and 227,192 in Bayelsa. Osifo recorded modest figures in a handful of states, including 1,007 votes in Abia and 384 votes in Anambra.

At the end of collation, Tinubu emerged with a total of 10,999,967 votes, while Osifo garnered 16,504 votes nationwide.

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Special Report: Ram Prices Drop But Sales Remain Slow Along Mararaba/Karu Axis

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By Yusuf Danjuma Yunusa

Over the weekend, ram dealers along the Mararaba/Karu axis of Abuja lamented low patronage as the Eid-el-Kabir festival approaches.

Alhaji Ibrahim Babangida Umar, one of the dealers who spoke with our correspondent, disclosed that the price range for rams this year has reduced compared to last year’s prices.

“The highest price for the rams here currently is 800,000 naira, which is lower than what we charged last year,” he said.

He also noted that at this same period last year, customers had already started trooping in to purchase three to four rams each.

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“This time last year, our customers had started coming in to patronise us. You would see just one person buying three to four rams to share with his friends and relatives,” Umar said.

However, he stated that they remain hopeful as Eid-el-Kabir draws nearer, citing the tradition of some people buying rams a day before the celebration.

“But we’re hopeful. Maybe from Monday till the Eid day, which is Wednesday, customers will have started coming in to patronise us. You know, some of these customers like buying rams late, and others live in rented apartments where they wouldn’t want to inconvenience their neighbours,” Alhaji Ibrahim explained.

Eid-el-Kabir is an occasion in Islam marked by rituals that include performing Hajj (pilgrimage), fasting on the ninth day of the Islamic month of Dhul-Hijja, and slaughtering rams on the tenth day for those at home who did not travel for the pilgrimage.

Amid the daunting economic situation Nigerians are currently facing, Muslims are beginning to doubt the serenity with which this year’s Eid will be celebrated.

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Kano Hajj Medical Team Commended for Commitment to Pilgrims’ Healthcare in Saudi Arabia

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By: Lamara Garba

The medical team deployed by the Kano State Pilgrims Welfare Board for this year’s Hajj exercise in the Kingdom of Saudi Arabia has continued to receive commendation for its commitment and dedication to the healthcare needs of pilgrims.

The team, headed by Dr. Ibrahim Musa, has established clinics in all the seven major houses accommodating pilgrims from Kano State in Makkah to ensure easy access to medical care throughout the Hajj period.

The Kano medical team operates in collaboration with the National Hajj Commission of Nigeria (NAHCON) medical mission, working in synergy with the national healthcare structure put in place for Nigerian pilgrims in Saudi Arabia.

Speaking to reporters in Makkah, Dr. Ibrahim Musa explained that the Kano team remains fully integrated into the broader NAHCON medical framework, which coordinates healthcare services for Nigerian pilgrims and facilitates collaboration with Saudi health authorities.

According to him, the arrangement has enabled the team to provide prompt and efficient healthcare services while ensuring that patients requiring further medical attention are properly referred through the established Saudi healthcare referral system.

He disclosed that most of the cases being attended to involve minor ailments such as joint pains, malaria, catarrh, fatigue, and routine complications among diabetic and hypertensive patients, many of whom require medication adjustments due to the weather and physical demands of the Hajj exercise.

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“We attend to patients promptly, provide necessary treatment, and where additional attention is required, referrals are made seamlessly through the appropriate channels in collaboration with NAHCON and Saudi medical facilities,” he stated.

Dr. Ibrahim Musa further revealed that the Kano State Government procured adequate drugs and medical consumables to cater for the health needs of pilgrims throughout their stay in the holy land.

He noted that beyond the fixed clinics established in the major accommodation centres, the medical team also operates a decentralised and mobile healthcare service to cater for pilgrims residing in a few outlier accommodations located away from the main clusters.

According to him, the mobile arrangement has significantly improved accessibility and ensured that no pilgrim is left unattended regardless of location.

Dr. Ibrahim Musa also expressed profound appreciation to the Governor of Kano State, Alhaji Abba Kabir Yusuf, for providing the necessary support and enabling environment for the medical team to function effectively during the Hajj exercise.

He stated that the successes recorded so far were largely due to the Governor’s commitment to the welfare of pilgrims, particularly in the areas of healthcare support, provision of drugs, logistics, and personnel deployment.

Also speaking, one of the medical doctors attached to the team, Dr. Ashiru Muhammad Sumaila, expressed satisfaction with the level of preparation made for the medical mission.

He explained that adequate drugs, medical equipment, and personnel were made available to support effective healthcare delivery during the Hajj exercise.

Dr. Ashiru Muhammad Sumaila particularly commended the team leader, Dr. Ibrahim Musa, for providing effective coordination and leadership, which he said has enhanced smooth medical operations across all the accommodation centres.

He added that the strong teamwork among the healthcare personnel, combined with support from NAHCON and Saudi health authorities, has contributed immensely to the smooth handling of medical cases involving the pilgrims.

The medical team also advised pilgrims to continue observing health guidelines by staying hydrated, taking prescribed medications regularly, avoiding unnecessary exposure to extreme heat, and maintaining proper hygiene during the Hajj rites.

Some of the pilgrims who spoke with our correspondent praised the medical team for their accessibility, professionalism, and prompt response to health concerns, describing their presence as reassuring and comforting throughout the spiritual journey.

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