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Dangote Cement, Major Contributor to Senegal’s Economic Devt, says Envoy 

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Dangote Cement Trucks Wrongfully Intercepted In Adamawa

Dangote Cement, Major Contributor to Senegal’s Economic Devt, says Envoy 

 

Dangote Cement Plc’s huge investment has been described as one of the major contributors to the development of the Senegalese economy. Besides, the Cement plant located in Pout, 60 kilometres away from Dakar, has greatly assisted in strengthening the business relationship between Senegal and Nigeria.

Dangote Cement Senegal currently holds a capacity of 1.5 million tonnes per year, producing higher quality cement to meet the country’s demand as well exporting to neighbouring countries around Senegal.

Charge D’Affaires, Embassy of Nigeria, Senegal, Mr.  A.K Zanna, who spoke on the contributions of Dangote Cement’s investment in Senegal at his office in Dakar recently, called on Dangote and other interested investors to explore the investment opportunities available in the Senegalese Salt Mining and Real Estate industry.

According to him, Dangote’s Cement investment in Senegal is contributing significantly to the country’s Gross Domestic Product (GDP), through its export revenue from neighbouring countries and social investments in the country. “I think the company has done a lot in strengthening the existing relationship between Nigeria and Senegal,” he added.

Zanna stated, “As one of the biggest foreign investors in the Senegalese economy, Dangote Cement is contributing significantly to the country’s economic development. We are proud to associate with the company as a Nigerian brand. The company has done a lot in Senegal since its establishment in 2015. It has created huge employment for the Senegalese; it has created both direct and indirect employment opportunities for many people in Senegal.

He said Dangote Cement is contributing significantly to the relationship between Nigeria and Senegal. “Unfortunately, most of the trade relations between Nigeria and Senegal are in the informal sector. However, with the ways things are going, there is going to be improvement in economic activities between both countries. Already, we have two Nigerian banks operating in Senegal. And Many Nigerian companies have signified interests in investing in the Senegalese economy. This will further improve the business relationship between the two countries,” he said.

The Envoy also commended the company for contributing to the well- being of its host and surrounding communities in Pout, Senegal. “Dangote is involved in corporate social responsibilities programmes. The company has done a lot for the communities where it is located. The company’s community development in Senegal is assisting the government’s responsibilities to its citizens.

“I know that the company has built maternity clinics, health centres, schools, awarded scholarships to students, and created avenue for poverty eradication in the country. The company is also fully involved in women empowerment. Dangote Cement’s Corporate Social Responsibility (CSR) programmes are having direct positive impact on the host communities. So, by extension, the company is shouldering some of the responsibilities of the Senegalese government.”

He also urged investors from Nigeria to invest in Senegalese Real Estate industry. “Senegal is becoming a vibrant economy and the country building a new city at Diaminadio. There is opportunity for investment in real estate in the Senegalese economy. Apart from that, maybe by 2023, Senegal  will start production of crude oil and many opportunities will be available for Nigerians with technical expertise in the oil sector.

Country Manager, Dangote Cement, Senegal, Luk Haelterman attributed the success of the company in Senegal in the past five years to the company’s investment in quality production and introduction of what is commonly referred to as the ‘Senegallisation’ Policy.

According to him, the company’s introduction of 42.5-degree brand of cement to the major market in Senegal upon entry has enabled the company gain the desired market share in the country.

He stated, “The success of Dangote Cement is coming from quality planning based merely on the improvement on the quality of cement to 42.5R that was not available everywhere and certainly not to everybody at affordable price in Senegal. Introducing this into the market was a guarantee for us to gain the market share that we needed.

“Secondly, without any doubt, is the creation of a very good team spirit and passionate involvement in aiming at continuous improvement towards excellence. When we entered the market, it was characterised by 32.5-grade cement. We supplied 42.5-grade cement at affordable price. Putting up quality gave us a chance to enter the market.”

Luk also disclosed that Dangote Cement Senegal has developed a culture of supporting local employees and prioritising local hiring, which allows local country employees have the necessary knowledge, experience, and support to take up key roles within the company.

He said the policy aims to gradually reduce the number of expatriates employed by the business by enhancing the skills and capacity of Senegalese employees to take up leadership positions.

“We have ensured that our image has been aligned with two key principles from day one: maintaining high quality, and taking a local approach in everything that we do,” he said.

Business

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

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PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

President Bola Ahmed Tinubu congratulates Dr Adesola Adeduntan, the retired Group Chief Executive Officer of First Bank Nigeria Limited, for his exceptional service at Nigeria’s oldest bank.

In celebration of Adeduntan’s remarkable tenure, the 130-year-old First Bank will host a special send-off ceremony this weekend, expressing gratitude for his contributions over the past nine years.

President Tinubu commends him for steering the bank through transformative growth, which includes expanding customer accounts from 10 million to over 42 million and elevating Profit Before Tax from N10 billion in 2015 to an impressive N300 billion in 2023.

These milestones, the President said, reflected Adeduntan’s visionary leadership and commitment to excellence.

The President expresses his appreciation for Adeduntan’s willingness to serve the nation in various pivotal roles, including his contributions to the Nigerian Economic Summit Group and other prominent institutions. His extensive expertise in the financial sector has significantly bolstered Nigeria’s economic landscape.

President Tinubu also lauds the bank’s solid internal management ethos, which is responsible for the seamless transition from Adeduntan to the current CEO, Olusegun Alebiosu.

President Tinubu wishes Dr. Adeduntan continued success in all his future endeavors.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

November 1, 2024

 

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ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024  

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Zenith Bank Enhances E-Channel Services for Customers

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

 

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

 

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

 

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

 

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

 

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

 

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

 

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

 

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

 

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

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IPMAN: Setting the Record Straight

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Fueling Uncertainty: Investigating Nigeria's Subsidy Removal And Dangote Refinery Debacle* By Sylvester Audu

IPMAN: Setting the Record Straight

 

The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to purchase refined petroleum products.

IPMAN: Setting the Record Straight

Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.

The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us. In the same vein, NNPCL has neither approved, nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.

We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea. We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members.

Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu. Conducting business through public speculation is counterproductive and unpatriotic.

In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda.

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