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Dangote Sugar pays N18.22bn Dividends, to produce 170,000 Tonnes next season

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L-R: Company Secretary/Legal Adviser, Dangote Sugar Refinery Plc, Temitope Hassan; Chairman, Dangote Sugar Refinery Plc, Aliko Dangote; and Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singh Singhvi; at the Dangote Sugar Refinery Plc 17th Annual General Meeting held in Lagos on 14th April, 2023

 

 

Despite the economic headwinds that characterised 2022, Dangote Sugar Refinery Plc (DSR) will pay N18.22 billion as dividends to shareholders for the year ended December 31, 2022, while also targeting the production of over 170,000 tonnes of sugar next season. The dividend payout will translate to N1.50 kobo per share held by shareholders.

Chairman of the Company, Aliko Dangote said: “The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally.”

The company recorded an impressive turnover of N403 billion, a 46 per cent increase over N276 billion recorded during the same period in the year before, and posted a Profit before Tax (PBT) of N82 billion.

Dangote attributed the company’s remarkable performance to the pragmatic approach the management deployed by focusing on continued cost and process optimisation, improved efficiencies in every area of operations, and service delivery to our customers.

He pledged that the management would continue to implement strategic actions to sustain the performance with the support of all stakeholders with complete adherence to the tenets of the Federal Government’s Sugar Master Plan.

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Dangote said part of the success recorded by Dangote Sugar was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan with the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.

He said: “Concerted efforts were made during the year to rise above the various challenges that came about due to the COVID–19 lockdown which affected project timelines considerably and continued to generally impact economic activities due to its spill-over effect, which also led to the lack of forex to finance most of the project deliverables.

“We however continued to surge ahead supported by the various stakeholders in the industry and government parastatals, with the resolve to ensure that the goals of the Nigeria Sugar Development Master Plan are achieved.”

The Company Chairman noted that during the year under review, the first phase of the Sugar Master Plan implementation period came to an end and that the Federal Government approved the second phase over the next 10 years. “This extension came on the back of the review of the first phase by the National Sugar Development Council and other government parastatals with cognisance of the challenges and several circumstances that were unforeseen which riddled the first phase of the programme,” he added.

Dangote stated that the board and management were, however, focused on the achievement of the goals of the strategic initiative, and thus considerable progress was recorded in the project development, despite the numerous challenges faced.

Not minding the obstacles ahead, Dangote promised that the management would continue to create sustainable value for all stakeholders through an inclusive approach to growth and development, with continuous engagement with all parties, to enable the company make a positive impact, support poverty eradication and food security, infrastructure development, empowerment for members of the immediate communities, and the society at large.

In her remarks, the Coordinator of the Pragmatic Shareholders Association, Mrs. Adebisi Bakare expressed the satisfaction of shareholders with the performance of the company, noting that despite all the encumbrances in the sugar sub-sector of the economy, the company still performed far and above the previous year.

She urged the board and the management to continue in the direction they have taken to get the company to the current winning, assuring that the management has the support of the shareholders to post even better performance in the coming years

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Eid-el-Fitr: FG Declares Thursday, Friday Public Holidays

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By Yusuf Danjuma Yunusa

The Federal Government has officially declared Thursday, March 19, and Friday, March 20, 2026, as public holidays to celebrate Eid-el-Fitr, marking the end of the holy month of Ramadan.

The announcement was made on Tuesday by the Minister of Interior, Olubunmi Tunji-Ojo, in a statement issued on behalf of the Federal Government by the ministry’s Permanent Secretary, Magdalene Ajani.

In the statement, the Minister extended warm greetings and heartfelt congratulations to the Muslim Ummah for the successful completion of the Ramadan fasting period.

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Tunji-Ojo encouraged the Muslim faithful to uphold the profound spiritual values fostered during the holy month. He emphasized the importance of sustaining the virtues of love, generosity, peace, tolerance, and sacrifice in their daily lives.

He also called on all Nigerians to leverage the festive occasion to offer special prayers for the nation’s continued peace, unity, and prosperity.

While wishing all Muslims a joyous and blessed Eid-el-Fitr, the Minister urged citizens to celebrate responsibly. He specifically encouraged acts of kindness and generosity towards the less privileged in society, embodying the spirit of the season.

The Minister reaffirmed the Federal Government’s steadfast commitment to fostering national unity and promoting peaceful coexistence among the diverse communities in Nigeria.

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Tinubu Orders Relocation of Service Chiefs to Maiduguri Following Deadly Borno Attacks

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By Yusuf Danjuma Yunusa

In a decisive response to Monday’s multiple bombings in Borno State, President Bola Tinubu has ordered the nation’s Service Chiefs to immediately relocate to Maiduguri to take direct control of security operations in the region.

The directive comes after coordinated attacks, suspected to have been carried out by Boko Haram terrorists around 7:25 pm, which resulted in the deaths of over 20 people and left more than 100 others injured.

President Tinubu issued the order while reacting to the tragic incidents shortly before his departure for a historic state visit to the United Kingdom. In a statement, he vowed that the Federal Government would not be cowed by terror.

“The recent news from Maiduguri, Borno State, is profoundly upsetting. I mourn those who lost their lives, sympathise with the injured, and stand in solidarity with the people of Borno during this challenging time,” the President said.

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Describing the attacks as the “final desperate and frantic attempts” of criminals facing relentless pressure from the military, Tinubu reassured Nigerians of his administration’s commitment to security.

“I want to make it categorically clear that these acts of terror are being carried out by elements trying to instil fear, as they are under constant pressure from our brave armed forces operating in various theatres. We will continue to intensify our efforts against all criminal elements, wherever they may be,” he stated.

The President commended the troops for repelling the assaults on military positions, praising their “courage and fighting spirit.” He reiterated that the terrorists would be defeated, noting that recent approvals for additional equipment and operational support following a security meeting last weekend were already being implemented.

“Our gallant military and civilian task forces will curtail and put them down,” Tinubu affirmed. “Just last weekend, during a security meeting with leaders of security and intelligence agencies, I approved additional equipment and operational support to enhance their capabilities. This effort is already in progress.”

Beyond the military directive, the President instructed emergency management agencies to ensure that the injured receive proper medical care. He concluded with a firm warning to the perpetrators.

“There is no place in Nigeria where terrorists will find safety. We will locate them, confront them, and completely defeat them. Nigeria will not succumb to fear.”

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Soludo Sworn in for Second Term as Anambra Governor

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By Yusuf Danjuma Yunusa

Governor Chukwuma Soludo of Anambra State and his deputy, Dr. Onyekachukwu Ibezim, were officially sworn in for a second term in office on Tuesday. The inauguration ceremony took place at the newly renovated Alex Ekwueme Square in Awka, the state capital.

The oath of office and the oath of allegiance were administered by the Chief Judge of Anambra State, Justice Onochie Anyachebelu, at approximately 11:05 a.m. The governor and his deputy were accompanied by their wives and other family members during the ceremony.

The event was attended by a host of high-profile dignitaries. Vice President Kashim Shettima, former Presidents Olusegun Obasanjo and Goodluck Jonathan, were present to witness the inauguration. Other notable personalities expected at the event included elder statesmen such as former Commonwealth Secretary-General Emeka Anyaoku.

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The newly refurbished Alex Ekwueme Square served as the venue for the ceremony, drawing a large crowd that included traditional rulers from all 179 communities in Anambra State, as well as monarchs from other parts of Nigeria.

Governor Soludo, who secured his re-election on November 8, 2025, under the platform of the All Progressives Grand Alliance (APGA), saw a strong turnout from party supporters. APGA members from all 326 political wards across the state mobilized to attend the event.

In light of the gathering, security was heavily reinforced across the state. Personnel from the Nigeria Police Force, the Nigeria Security and Civil Defence Corps (NSCDC), the Federal Road Safety Corps (FRSC), and other security agencies were deployed to strategic locations to ensure order.

The governor and his deputy marked the conclusion of their first term on Sunday with an interdenominational thanksgiving service held at the International Convention Centre.

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