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BACKWARD Integration policy in Sugar sector to fetch Nigeria $700million annually-Dangote

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BACKWARD Integration policy in Sugar sector to fetch Nigeria $700million annually-Dangote

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…..Dangote Sugar records production increase in 2020

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Dangote urges full implementation of sugar master plan

 

Dangote Sugar Refinery Plc has urged government to faithfully follow through the Backward Integration Policy in the sugar industry as the nation stands to rake in foreign exchange up to $700millon yearly from Sugar production self-sufficiency.

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Chairman of Dangote Sugar Refinery Aliko Dangote, yesterday, at its 15th Annual General Meeting (AGM) held in Lagos said that allowing for distortions in the sugar masterplan framework will adversely affect the target of the nation attaining self-sufficiency as projected.

 

He described the backward integration policy as commendable which will not only reduce imports of raw sugar but save the nations enormous foreign exchange used for importation.

 

Dangote expressed delight that the BIP in the Sugar industry is going on well and added “if the National Sugar Master Plan is followed strictly and the players all follow the rules, the country will be better for it as Nigeria will save between $600million and $700 million annually as forex” 

He stated that the backward integration policy of Dangote Sugar Refinery is recording appreciable progress even as he declared the company’s irrevocable commitment to the policy.

 

Addressing the shareholders, Dangote opined that despite the disruptions in the economy occasioned by the Covid-19 pandemic, Dangote Sugar Refinery has announced an increase in production volume which rose by 13.7 percent to 743,858 tonnes in the financial year ended December 31, 2020, compared to 654,071 tonnes in 2019.

 

He stated that the Company posted a Group turnover of N214.3 billion a 33percent increase over the N161.1 billion in 2019, while in the same period the Sugar Group also posted a 6.9 percent increase in sales volume from 684,487 tonnes in 2019 to 731,701 tonnes in 2020.

 

Therefore, the Board of the company declared a dividend payment of N18.22billion to the shareholders, amounting to N1.50kobo per ordinary share of 50k each.

 

According to Dangote, the improvements were attributable to operations optimization strategy despite disruption caused by civil unrest in last quarter of the year. “Our growth continued to benefit from the sustained efforts to drive customer base expansion and several trade initiatives and investments.”

Gross profit increased by 40.4 percent to N53.75 billion, compared to   N38.29 billion in 2019 while Group profit after taxation for the year increased by 33.2 percent to N26.70 billion as against N22.36 billion in 2019, reflecting management’s unrelenting goal to deliver consistent shareholder value.

Dangote said the Company has revised its sugar production target to 550,000 metric tonnes achievable by 2024 in line with the revised plan on the BIP by the federal government.

 

In his remarks, the Group Managing Director/Chief Executive Officer, Mr. Ravindra Singhvi, speaking on the results said the sugar group continued the growth path with commitments to improve performance and generate value for all stakeholders.

He explained that this was reflected in the sales volume delivery of 731,701 tonnes, and production of 743,858 tonnes being 6.9% and 13.7% increase in volumes over the comparative year 2019.

 

He said the Company would ensure all hands are on deck to meet the targeted 550,000tonnes projected to be achieved by 2024. “Our Backward Integration goal is to become a global force in sugar production, by producing 1.5M MT/PA of refined sugar from locally grown sugar cane for the domestic and export markets.”

According to him, “our focus on the implementation of our key strategies in the face of the several challenges posed by the COVID Pandemic, the peculiarities of the Apapa traffic situation amongst others we achieved a topline growth in revenue of N214.30 billion, a 33.0% increase over 2019; a 53% YOY increase in PBT, and 33.2% increase in PAT.

 

“2020 was indeed very eventful for our company ranging from the weak macroeconomic fundamentals caused by the underlying impact of COVID-19 pandemic which saw to the steady rise in forex rate, high inflation and the significant rise in our cost of production, to the worsening traffic gridlock on the Apapa Wharf Road which led to delays and at times disruption of the distribution and deliveries to customers.”

 

He noted that one of the key highlights of during the year was the successful completion of the Scheme of Arrangement – merger of Dangote Sugar Refinery Plc (DSR) and Savannah Sugar Company Limited (SSCL) with effect from September 1, 2020, to operate under one unified entity.

He added, “We are confident the merger will enable us to achieve operational, administrative and governance efficiencies resulting in increased shareholder value. We will continue to pursue our Backward Integration Projects, and other key initiatives to grow our sales volumes, market share, optimize cost and operational efficiencies.   

 

Also speaking, Dr. Farouk Umar, President, Association for the Advancement of the Rights of Nigerian Shareholders commended the management of Dangote Sugar for the impressive performance of the company despite the hiccups in the year 2020.

He said the shareholders expect  more robust results next year since the economy is already picking up and for them to have performed excellently under pandemic, then next year will be greater for us all. The leadership of the company has been very wonderful.”

 

Commenting in the same vein, Coordinator, Independent Shareholders Association, Sir Sunny Nwosu said the management of Dangote Sugar led by  Dangote has never let the shareholders down for once “their management style is second to none and that is why the company has been growing steadily.

He said the way and manner the Company has been executing its BIP projects was also commendable as this will afford the Company opportunity to meet target within it projected timelines.                                         

 

Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity at the same location. Our refinery located at Apapa Wharf Ports Complex, refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses.

 

To achieve this, Dangote Sugar Refinery Plc acquired Savannah Sugar Company Limited, located in Numan, Adamawa State in December 2012, and embarked on the ongoing rehabilitation of its facilities and expansion of its 32,000 hectares’ sugarcane estate. In September 2020, the scheme of merger between DSR and Savannah Sugar estate was completed which gave birth to a bigger and stronger business with considerable opportunity for growth and delivery of superior benefits to all stakeholders. The expansion and rehabilitation of the sugar estate is still ongoing as well as the development of the greenfield site acquired at Tunga, Nasarawa State for the achievement of DSR’s sugar for Nigeria development master plan.

 

The Nasarawa Sugar Company Limited, is the registered subsidiary of Dangote Sugar Refinery Plc. The 78,136 hectares Sugar Project Site is located at Tunga, Awe Local Government Area, of Nasarawa State. Massive developments in agriculture, irrigation infrastructure amongst others is ongoing at the site. Unfortunately, Lau/Tau project is still on hold following the lingering compensation issue between the communities and Taraba state government.

 

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Festus Keyamo and His Brand Of Administrative Activism* By Philip Agbese

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Festus Keyamo and His Brand Of Administrative Activism* By Philip Agbese

*Festus Keyamo and His Brand Of Administrative Activism*

By Philip Agbese

 

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Festus Keyamo, the enigmatic figure at the helm of Nigeria’s aviation sector, has been a subject of both admiration and controversy. His unconventional approach to governance has polarised opinions, with some hailing him as a visionary leader and others questioning his methods. As the Aviation Minister, Keyamo has been unapologetically vocal about his commitment to reforming the industry, but his fervour for change has often been met with scepticism and resistance.

 

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Festus Keyamo and His Brand Of Administrative Activism*
By Philip Agbese

Of truth, one can not discuss Festus Keyamo without acknowledging his unyielding dedication to Nigeria. His admirable cockiness and unwavering patriotism and willingness to stand up for what he believes in are undeniable. Keyamo’s refusal to conform to the traditional norms of governance has earned him both admirers and detractors. Some argue that his zealousness is a breath of fresh air in a landscape rife with bureaucratic red tape, while others caution that his approach may be too radical for the delicate political ecosystem of Nigeria.

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Being a proponent of grassroots empowerment, he believes that the voices of ordinary citizens must be heard in the corridors of power. To this end, he has worked tirelessly to mobilise communities, educate citizens on their rights, and empower them to demand better governance. Keyamo’s grassroots activism has inspired many Nigerians to take a more active role in shaping the country’s political future.

Festus Keyamo’s brand of administrative activism is not for the faint of heart. His willingness to challenge the status quo and push the boundaries of conventional governance is both commendable and disconcerting. While some laud his boldness, others fear that it may lead to unintended repercussions. Keyamo’s unapologetic stance has drawn comparisons to other historical figures who were willing to sacrifice everything for their ideals.

However, it is essential to consider the lessons from history. Keyamo’s determination to die for Nigeria, while admirable, should be tempered with caution. The case of Muammar Gaddafi serves as a cautionary tale. Gaddafi’s desire to die for Africa ultimately led to his downfall, as he was betrayed by his people.

Keyamo must be mindful of the potential consequences of such extreme rhetoric and ensure that his actions align with the best interests of the Nigerian people. It is crucial to tread carefully when treading such uncharted territory, especially in a country as complex and volatile as Nigeria.

Keyamo’s purported readiness to “die for Nigeria” is a testament to his unwavering commitment, but it also raises concerns about the potential consequences of such uncompromising dedication. History is replete with examples of individuals who staked everything on their convictions, only to face betrayal and disillusionment. It is a cautionary tale that should not be dismissed lightly.

Due to his fearlessness in the face of adversity, another facet of Keyamo’s administrative activism is his commitment to the rule of law, and this has earned him more political enemies than friends. He firmly believes that all individuals, regardless of their status or wealth, should be subject to the same legal standards. Throughout his career, he has faced numerous challenges and threats due to his outspokenness and activism.

Keyamo has been a vocal advocate for judicial reform in Nigeria, pushing for greater independence and efficiency in the country’s legal system. Despite these obstacles, Keyamo has remained steadfast in his commitment to social justice and human rights. His courage and determination have inspired many others to join him in the fight for a more just and equitable society. His efforts have helped to strengthen the rule of law and ensure that justice is served fairly and impartially.

The call for Keyamo to ”wake up” and recognise the realities of Nigeria is a poignant one. The complexities of the Nigerian political landscape can not be underestimated, and Keyamo needs to navigate these intricacies with prudence. While his passion for Nigeria is unquestionable, this fervour must be tempered with a deep understanding of the nuanced challenges facing the nation. An understanding of the fact that sources of progressive change and growth like his are mostly suffocated to die prematurely, or attacked ferociously till they fade into oblivion should be something he must have to consider seriously in his journey.

Setting aside the fervour surrounding Festus Keyamo’s zealousness, it is crucial to examine his impact as the Aviation Minister. His reforms in the sector have been both ambitious and divisive. Keyamo’s efforts to modernise and revitalise Nigeria’s aviation industry have been met with a mixed reception. While many applaud his bold initiatives, others express apprehension about the potential pitfalls of such rapid change. It’s not farfetched that the latter are people who have a penchant for the continuity of rascality and corruption, which have bedevilled the aviation sector for a long time.

Moving beyond Keyamo’s convictions, it is crucial to note that, during his tenure, Keyamo implemented several reforms aimed at improving the aviation sector in Nigeria. These reforms have had a significant impact on various aspects of the industry, including safety standards, infrastructure development, and operational efficiency.

One of Keyamo’s notable achievements was the introduction of stricter safety regulations. Under his leadership, the Aviation Ministry implemented measures to enhance safety protocols, ensuring that Nigerian airports and airlines adhere to international standards. This has not only improved the safety of air travel within the country but has also bolstered Nigeria’s reputation in the global aviation community.

Furthermore, Keyamo prioritised infrastructure development in the aviation sector. He spearheaded projects aimed at expanding and modernizing airports across the country, improving connectivity and facilitating economic growth. These infrastructure investments have not only enhanced the travel experience for passengers but have also attracted foreign investment and boosted tourism.

Keyamo’s reforms also focused on improving operational efficiency within the aviation sector. He introduced measures to streamline processes, reduce bureaucracy, and enhance transparency. These efforts have resulted in smoother operations, reduced delays, and improved customer service, benefiting both passengers and industry stakeholders.

It is important to acknowledge that Festus Keyamo’s vision for Nigeria’s aviation sector is driven by a genuine desire to propel the nation towards progress. His determination to address longstanding issues and overhaul outdated practices is a testament to his commitment to effect positive change. However, the path to reform is fraught with challenges, and Keyamo must navigate these obstacles with caution and foresight.

While his unwavering commitment to Nigeria is commendable, he must be cautious of the lessons from history and ensure that his actions align with the best interests of the Nigerian people. As the Aviation Minister, Keyamo has implemented significant reforms that have positively impacted the aviation sector. His focus on safety, infrastructure development, and operational efficiency has yielded tangible results, improving the travel experience and bolstering Nigeria’s reputation in the global aviation community.

Time will be kind to tell us how Festus Keyamo’s legacy will be one of the unyielding triumphs in the annals of Nigeria’s history. Generations will look back in time to remember that man who worked great wonders in the aviation sector, leaving so much for us to gain from his stewardship in the aviation sector.

As the nation continues to navigate its challenges, leaders like Keyamo must strike a delicate balance between passion and pragmatism, ensuring that their efforts lead to sustainable and inclusive development for all Nigerians.

Agbese MHR is the Deputy Spokesperson, 10th House of Representatives writing from Abuja.

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ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

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ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

 

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Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an Agreement with the African Continental Free Trade Area (AfCFTA) Secretariat for the development and deployment of the SMARTAfCFTA Portal to facilitate trade within the African continent. 

 

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The agreement which was signed by the Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu and the Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island, Lagos on Friday, May 3, 2024 comes as a follow-up to the Memorandum of Understanding (MoU) which was previously signed by both parties during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export which was held on Wednesday, August 8, 2023.

 

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During the agreement signing, Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, expressed his enthusiasm for the collaboration with the AfCFTA Secretariat, highlighting its significance given the current understanding of trade flows in Africa. Dr. Onyeagwu noted, “In Africa, intra-African trade constitutes only about 20% of total trade, with the rest going overseas, despite Africans making up 18% of the world population but contributing less than 5% to global GDP. By trading within Africa, we anticipate building prosperity across the continent.”

 

ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

 

He further stated, “This initiative is not driven by profit but by the need to support the African Continental Free Trade Area. It aims to create a unified African market, enhancing economic integration and standardising customs and practices. As we advance this agenda, we expect tosee significant growth and improvement in intra-Africa trade.”

 

Also speaking during the agreement signing, His Excellency, Wamkele Mene, Secretary-General of the AfCFTA Secretariat, shared his delight over the partnership with Zenpay Limited in developing SMARTAfCFTA. He appreciated Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, for his commitment to the project. According to him, “Four years ago, we discussed and envisioned SMARTAfCFTA as a digital platform to empower SMEs and young entrepreneurs in Africa, facilitating their inclusion in trade and boosting intra-African trade. This platform will serve as a repository for crucial trade data, offering insights on rules of origin and market intelligence, thus playing a pivotal role in implementing the AfCFTA agreement. Today is a testament that working together with our African partners in this case, Zenith bank, shows that their commitment goes beyond their progit margins to their stakeholders, but are motivated by our shared duty towards the Continent.”

 

Speaking about the Pan-African Payment and Settlement System (PAPSS) alongside the SMARTAfCFTA portal,  H.E. Mene described PAPSS as “Africa’s payment highway.” He clarified that, unlike PAPSS, SMARTAfCFTA is not a payment platform itself but will be interoperable with PAPSS, allowing functionalities that facilitate easy payments. He emphasised that these platforms complement each other; they are not in competition. “We promote and encourage only one payment platform—PAPSS. Our goal is to integrate the digital ecosystem we are developing into PAPSS. We are committed to fostering innovation within this framework, ensuring it supports a seamless continental payment system without creating competition among platforms.”

 

SMARTAfCFTA is a digital platform designed to facilitate international trade by providing the necessary information and tools to the African private and public sectors. The Portal aims to streamline and unlock vast opportunities for trade across the African continent, and has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, Rules of Origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa.

 

About ZENPAY Ltd 

Zenpay Ltd is a private limited liability company duly incorporated under the laws of the Federal Republic of Nigeria as a wholly owned subsidiary of Zenith Bank Plc. The company. It is a one-stop revolutionary financial technology (Fintech) company responsible for digital innovation and payments.

 

About the African Continental Free Trade Area (AfCFTA) 

The African Continental Free Trade Area (AfCFTA) is one of the flagship projects of Agenda 2063: The Africa We Want and entered into force on 30 May 2019. It is a high ambition trade agreement, which aims to bring together all 55 Member States of the African Union, covering a market of more than 1.3 billion people, with a comprehensive scope that includes critical areas of Africa’s economy, such as digital trade and investment protection, amongst other areas. By eliminating barriers to trade in Africa, the objective of the AfCFTA is to significantly boost intra-Africa trade, particularly trade in value-added production and trade across all services sectors of Africa’s economy, at a potential of 52.3 percent. 

 

For further information, please contact:

 

Ms. Grace Khoza, Principal Communications Advisor | African Continental Free Trade Area (AfCFTA) Secretariat | E-mail: Grace.Khoza@au-afcfta.org | Accra, Ghana  

 

Ms. Elydora Matubanzila, Communications Officer | African Continental Free Trade Area (AfCFTA) Secretariat| E-mail: Elydora.Matubanzila@au-afcfta.org | Accra, Ghana 

 

Communication | Marketing | Advocacy Division, African Continental Free Trade Area | 

E-mail: afcftacommunications@au-afcfta.org 

 

To find out more, please visit our website: https://au-afcfta.org 

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ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

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ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

 

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Mubi, May 3rd, 2024

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Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa) commences the construction of a 500-capacity lecture theatre and wash facilities for the Adamawa State University, Mubi. This project is coming after the nomination of the institution as a recipient of the ASR Africa Tertiary Education Grant Scheme (TEGS), by the Board of Directors of the Abdul Samad Rabiu Africa Initiative.

 

 

 

 

 

ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

 

 

 

 

 

Speaking at the event, the Acting Vice Chancellor of the University, Dr. Stephen A. Lagu, expressed his appreciation to the Chairman of BUA group and ASR Africa, Abdul Samad Rabiu, for the rare philanthropy gesture towards the university. He stated that the intervention of the Chairman would reduce the physical infrastructure deficit at their new campus and promote sanitation and hygiene in the university. He added that the choice of the 500-seat lecture theatre with the four boreholes at different locations within the campus was identified and agreed to by the relevant organs of the institution with the ASR Africa team.

 

 

 

 

 

 

 

 

 

 

Dr Ubon Udoh (MD / CEO, ASR Africa), in his remarks, congratulated the institution for qualifying for the nomination by the Board of Directors of ASR Africa. He stated that the rigorous selection process which includes stringent criteria such as the quality of service delivered by the university and the pedigree of graduands from the institution at the national and international levels, proves that the university is keeping up with its vision as a leading institution of learning in the region. He encouraged the management and students to ensure proper use and maintenance of the facilities as a show of appreciation for the grant given to them.

 

 

 

 

 

ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

 

 

 

 

The Tertiary Education Grant Scheme of the Abdul Samad Rabiu Africa Initiative is part of the efforts of the Chairman of BUA Group and ASR Africa, Abdul Samad Rabiu to give back to the African continent and make a lasting impact in education as a means of uplifting and restoring the dignity and lives of Africans.

 

 

 

 

 

 

 

 

 

About ASR Africa

ASR Africa is the brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

 

 

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