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Dangote Cement Shareholders up dividend by 25% to N20 per share

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Dangote Sugar Refinery Restates Commitment to FG’s Backward Integration policy

Dangote Cement Shareholders up dividend by 25% to N20 per share

By Olorunfemi Adejuyigbe

 

Dangote Cement Shareholders up dividend by 25% to N20 per share

 

Shareholders of Dangote Cement Plc yesterday commended the Management of the company for an impressive performance despite the economic challenges in the year under review.

Unanimously, the shareholders approved N20 per share for the year ended December 31, 2021 as against the N16 paid in the preceding year. This represents a 25 per cent increase in dividend compared to the 2020 dividend of N16.00 per share, reinforcing the Company’s commitment to maximising shareholder value.

 

 

 

 

 

 

 

 

The shareholders gave their approval at the 13th Annual General Meeting (AGM) held in Lagos. They commended the management for the impressive performance recorded in the year under review. They also applauded the company for its efforts in reducing unclaimed dividend of the company.

 

Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion. Also, the Company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 per cent owing to strong cost control measures.

 

 

 

 

 

 

 

Chairman of the company, Aliko Dangote, said that “Over the last decade, Dangote Cement has recorded exponential growth across all areas.”

According to him, Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.

 

 

 

 

 

 

 

 

“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability and grit. These values are what we need to face unpredictable times in the future.

 

“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa, while creating sustainable value for our stakeholders.”

 

 

 

 

 

 

 

Dangote said in January 2022, the Company completed the second tranche of its buy-back programme as Dangote Cement has now repurchased 0.98 per cent of its outstanding shares, saying this share buy-back programme reflects the Company’s unwavering commitment to creating value and identifying opportunities to return cash to shareholders.

 

He also noted that “We began operations in our new 3Mta Okpella plant in Edo state in 2021, where we are successfully ramping up production and have contributed to creating a new industrial hub.

 

 

 

 

 

 

 

“We are actively deploying our alternative fuel strategy across all countries of operations, to optimise energy efficiency, reduce reliance on fossil fuels and ultimately reduce CO2 emission. Whilst we focused our efforts on meeting the robust demand of our local market in Nigeria, at the expense of our export markets, we still made significant progress in our cement and clinker exports.

 

“In 2021, we exported seven ships of clinker out of Nigeria and exported cement from five of our operations. Our vision is for West and Central Africa to be cement and clinker self-sufficient, while making the regional and continental free trade agreements a reality.”

 

 

 

 

 

 

 

 

He added that along with the Company’s focus on strategy, it made progress on the effectiveness and diversity of its Board with the appointment of Ms. Halima Aliko-Dangote to the Board as a Non-Executive Director effective 26th February 2022, bringing female Board representation to 27 per cent, from 20 per cent in 2020 in addition to the six different nationalities and five independent non-executive directors on our Board.

 

He emphasised “We continue our sustainability and governance efforts with our 7 Sustainability Pillars – ‘The Dangote Way’. The 7 Pillars: cultural, economic, institutional, financial, environmental, operational and social, provide the appropriate framework in which we have embedded our corporate values and strategic objectives.”

 

 

 

 

 

 

 

 

He said “Our strategy in 2021 focused on energy transition, which is a crucial enabler of sustainable development and climate resilience on the continent. We have increased our focus on alternative fuels in our energy mix. We are actively investing in installing mechanical multi-fuel systems that can process diverse types of wastes.”

 

Outlook for Dangote Cement in 2022, Group Managing Director/Chief Executive Officer of Dangote Cement, Michel Puchercos said “Our goal to be the partner of choice for those transforming Africa, while creating sustainable value for our stakeholders remains firm and clear.

 

 

 

 

 

 

 

 

“Despite operating in a challenging and fast-moving environment, Dangote Cement consistently delivers superior profitability to the shareholders. The robust demand experienced across the continent despite the COVID-19 related challenges, confirm the powerful potential of these markets.”

Business

Abounding investment opportunities in the e-commerce value chain

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Abounding investment opportunities in the e-commerce value chain

Abounding investment opportunities in the e-commerce value chain

By Olorunfemi Adejuyigbe

 

Abounding investment opportunities in the e-commerce value chain

 

 

B2B platforms like Alerzo are changing the Nigerian retail market narrative by presenting the attractive investment opportunities therein to the world.

The federal government recently revealed the improving impact of e-commerce on the country’s economy, saying the current e-commerce spending in Nigeria has grown to $13billion per annum and expected to reach $75billion in revenue per annum by 2025.

 

 

 

 

Expressing passion about the growing investment opportunities in the e-commerce value chain, which are capable of contributing significantly to the country’s Gross Domestic Product (GDP), the federal government also said e-commerce grew in Nigeria from 14% in 2019 to 17% in 2020.

Alerzo’s technology-based market penetration helps in reaching people beyond the urban settlements to rural areas and giving them access to extensive catalogue of products, in addition to free delivery. The leading e-commerce platform also facilitates development and financial inclusion through digital payment platforms.

 

 

 

 

 

 

 

 

 

For instance, Alerzo, through AlerzoPay, is contributing to the development of dematerialized payment solutions which are key to the success of e-commerce and an important asset for Nigeria when it comes to development prospects.

By their business models, B2B e-commerce platforms are a chain of activities that open up economic opportunities such as job creation, financial inclusion and technology advancement, as Alerzo’s Chief Executive Officer, Adewale Opaleye, made known that Alerzo directly employs more than 3,000 people in its operational chain.

 

 

 

 

 

 

 

 

 

B2B e-commerce platforms also allow local retailers to improve their businesses and become profitable and thus enable them to hire more staff to support their production and/or distribution activities.

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VAT Row: Court of Appeal Rules In Favor of FIRS

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VAT Row: Court of Appeal Rules In Favor of FIRS

VAT Row: Court of Appeal Rules In Favor of FIRS

By Olorunfemi Adejuyigbe

 

VAT Row: Court of Appeal Rules In Favor of FIRS

 

The Court of Appeal, sitting in Lagos on Friday has upheld the appeal filed by the Federal Inland Revenue Service (FIRS), against the Lagos Hotel Owners Association of Nigeria.

The Court of Appeal set aside the Federal High Court judgment in favor of the Association.

 

 

 

 

 

In 2019, the Association had gotten a judgment from the Federal High Court sitting in Lagos, whereby the court had invalidated the powers of the FIRS to collect VAT from the members of the Association.

The FIRS thereafter appealed the judgment at the Court of Appeal.

 

 

 

 

 

 

 

The Court of Appeal also struck out the Counter claim of the Lagos State Government against FIRS. Yesterday’s judgment has therefore affirmed the authority of FIRS to collect VAT from all taxpayers.

Details later …

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FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

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FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

By Olorunfemi Adejuyigbe

FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

 

 

 

 

The FirstGem fund (FirstGem loan) is a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

The loan scheme covers female-owned or partnered SMEs in various sectors of the economy Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio.

 

 

 

 

 

In furtherance of its role in promoting female entrepreneurship across the country, Nigeria’s premier banking institution and leading financial inclusion services provider, First Bank of Nigeria Limited, has announced the launch of the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

 

The FirstGem loan scheme is designed for female-owned or partnered SMEs in the following sectors Food/Beverage processing & Packaging, Beauty and cosmetics, Confectionaries, Catering & Restaurants, Transportation (Logistics) and Agric/Agro-Allied (retail value chain). With an interest rate of 9% per annum, FirstGem loan is a collateral-free loan that is available to the bank’s existing and prospective female customers. Based on eligibility, customers can access loans from N500,000.00 to N3,000,000.00.

 

 

 

 

 

 

 

To access the loan, Female owned or partnered SMEs can visit the Bank’s website – https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstgem-funds/ – to download and fill out the Retail Loan Application Form. The completely filled form should be submitted to the nearest FirstBank branch with accompanying documents.

 

Speaking on the loan Folake Ani-Mumuney, Group Head, First Bank of Nigeria Limited said, “we are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country. Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business. We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy.”

 

 

 

 

 

 

 

 

Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio. FirstGem is designed specifically to meet the needs of the female gender, aged 18 years and above.

 

FirstGem is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women through an array of benefits such as free business advisory services, access to finance, specialized training on business development initiatives (virtual and physicalevents), regular insights on business / investment opportunities. and mouth-watering discounts at partner merchant outlets (spas, salons, grocery stores) offering lifestyle products and services.

 

 

 

 

 

 

 

 

 

 

Recently, FirstBank announced its partnership with CDC Group, the UK Government’s development finance organisation to economically empower women-owned and led businesses as well as local small and medium-sized enterprises (SMEs) in Nigeria. The facility, which is in the sum of US$100 million will have a minimum of 30% allocated in the form of credit lines to women entrepreneurs.

 

 

 

 

 

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 128 years.

With over 750 business locations and over 150,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers. The Bank has an international presence through its subsidiaries, FBNBank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

 

 

 

 

 

 

 

 

 

 

The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 10million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

 

 

 

 

 

 

 

Folake Ani-Mumuney

Group Head, Marketing & Corporate Communications

First Bank of Nigeria Limited

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