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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.

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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Federal Government Approves N4 Trillion for Development Commissions

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The Federal Government has announced the approval of a groundbreaking N4 trillion budget for development commissions across the country. The funds aim to accelerate regional development and address critical infrastructure gaps in underserved areas.

This landmark decision was confirmed during a federal executive meeting chaired by President Bola Tinubu. According to officials, the allocation is targeted at bolstering the activities of existing development commissions, including those in the North East, Niger Delta, North Central, and other regions requiring special intervention.

Focus Areas of the Budget
The N4 trillion will reportedly focus on key development priorities such as:

Infrastructure rehabilitation, including roads, bridges, and power supply.

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Support for internally displaced persons (IDPs) and resettlement programs.

Job creation initiatives to tackle unemployment in affected regions.

Social programs aimed at healthcare, education, and capacity building.

Government’s Commitment
Speaking on the development, the Minister of Finance, Mr. Wale Edun, stated that the budget reflects the administration’s commitment to fostering inclusive growth and equitable resource distribution. “This is a bold step to address longstanding challenges in regions that have been neglected for years,” he remarked.

The announcement has sparked mixed reactions across the country. While some citizens and regional leaders have praised the move as a step toward addressing inequalities, others have called for transparent implementation to ensure the funds are utilized effectively.

This allocation marks one of the largest investments in regional development commissions in Nigeria’s history, signaling the government’s intent to bridge the gaps in infrastructure and social welfare.

Stay tuned for more updates as details of the implementation strategy emerge.

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Deputy Senate President Barau Jibrin Distributes 1000 Motorcycles to Kano Police

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Deputy Senate President Barau Jibrin has distributed 1,000 operational motorcycles to the Kano State Police Command, in a move aimed at enhancing the mobility and operational capacity of the police force. The distribution ceremony, held in Kano, was attended by various dignitaries and stakeholders.

In his speech, Jibrin expressed his gratitude to the Nigerian police for their efforts in maintaining peace in Kano. “I am thanking the Nigerian police Kano command for bringing peace to reign in Kano,” he said. He acknowledged the role of traditional rulers in supporting the police and emphasized the importance of their contributions to the state’s security.

Jibrin highlighted the significance of the motorcycles in improving the efficiency of the police force. “My intention is to give a motorcycle to every policeman,” he stated, underscoring his commitment to equipping the police with the necessary tools to perform their duties effectively.

Muktara Gashash, Chairman of the Eminent Persons Forum, commended Jibrin for his generous gesture. “This initiative will greatly enhance the operational capabilities of the Kano police,” Gashash remarked, praising the Deputy Senate President’s dedication to supporting law enforcement.

Kano State Commissioner of Police, Salman Dogo Garba, also spoke at the event, urging his fellow officers to utilize the motorcycles to enhance their service delivery. “As we embrace this new chapter of enhanced mobility and operational capacity, I urge my fellow police officers to embrace these motorcycles as tools of service excellence,” Garba said. He emphasized the importance of professionalism, integrity, and accountability in their duties.

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Garba further encouraged the police officers to use the motorcycles to strengthen their relationships with the communities they serve. “Let us leverage this significant investment to forge even stronger bonds with the communities we serve, fostering trust, cooperation, and mutual respect,” he added.

The distribution of the motorcycles is expected to significantly improve the response time and effectiveness of the Kano State Police Command, contributing to the overall safety and security of the state.

 

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President Tinubu Seeks Senate Confirmation for Lt. General Oluyede as Chief of Army Staff

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President Bola Tinubu on Friday wrote the Senate, seeking confirmation of Lieutenant General Olufemi Oluyede’s appointment as the substantive Chief of Army Staff.

“In his letter sent today, President Tinubu seeks Oluyede’s confirmation in accordance with the provision of Section 218(2) of the 1999 Constitution as amended and Section 18(1) of the Armed Forces Act,” Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, revealed in a statement.

The statement is titled ‘President Tinubu writes Senate, seeks confirmation of Lt. General Oluyede as Chief of Army Staff.’

Tinubu appointed Oluyede as the Acting Chief of Army Staff on October 30 following the illness of Lieutenant General Taoreed Lagbaja.

General Lagbaja, however, died on November 5.

Onanuga said, “President Tinubu is confident about the leadership qualities, professional integrity, and experience of Lt. General Oluyede to lead and inspire the army to ensure national security and stability.”

Before he was appointed Acting Chief of Army Staff, Oluyede, a member of the 39th Regular Course, like his predecessor, served as the 56th Commander of the elite Infantry Corps of the Nigerian Army, based in Jaji, Kaduna.

 

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