Business

Dangote pays 90% of net profits as dividend …Delights shareholders with N10.50 per share payout

Published

7 years ago

June 21, 2018

Shareholders of Dangote Cement on Wednesday at the company’s 9th Annual General Meeting (AGM), held in Lagos were full of praise for the Board, Management and staff of the company after approving the dividend payout of N10.50 per 50k share, representing 90 per cent of net profit and an increase of 23.5 per cent on the N8.5 per share paid last year.

The shareholders described Dangote Cement as a very reliable company that has consistently demonstrated its love for the shareholders. They unanimously urged the regulators to give a special award to Dangote Cement and its Management for keeping faith with the shareholders.

President of Progressives Shareholders Association of Nigeria, Boniface Okezie, said the shareholders were pleased with Aliko Dangote and his team. He said for the company to still pay a robust dividend despite the recession in the economy, which also affected their operations shows the doggedness and the fighting entrepreneurial spirit of the Management.

According to him: “We are very happy and pleased with this result. 2017 was very tough with the recession and fluctuation in the foreign exchange market which the Chairman also said affected their operations, but despite all these challenges, the company was still able to pay us a very good dividend, better than last year, and even gave us hope of better returns on our investments in the years to come. This is very commendable and it is only a company like Dangote Cement that can achieve this laudable feat.”

Dr. Umar Farouk, another shareholders’ association leader urged the regulators to adequately compensate the Management of the Dangote Cement with an award as it has consistently kept faith with its shareholders.

He expressed optimism on the pan African plants, especially now that the Plants are contributing significantly to the turnover of the company. “It is a statement of fact that we are lucky to be shareholders of this great company. If you see what our subsidiaries across Africa are contributing to the turnover, then you will understand what I am talking about. I am very happy and our members are upbeat for the future, knowing fully well that it will only get better.”

Chairman of Dangote Cement, Aliko Dangote, however, attributed the 31 percent increase in the company’s revenue of N805.6 billion to its pan African operations growth which also recorded a significant increase in revenue from N195 billion to N258.4 billion in 2017.

He said: “Pan African operations increased volumes by 8.4 percent, with Ethiopia, Senegal, Cameroon and South Africa all performing strongly and close to their operating capacity”

Noting that the company experienced some challenges in operating in sub-Saharan Africa, Dangote said the Management responded in a robust fashion and benefited from “…the diversity we have created across our business and because of our local knowledge and attitudes towards doing business in neighboring countries in Africa.”

Explaining the rationale behind the success recorded by the Dangote Cement’s revenue, the acting Group Chief executive, Joe Makoju said “… the increase was helped by our decision to increase our use of local coal in Nigeria and that also helped to improve our fuel security, maintain production uptime and it reduced our need for foreign currency. We source coal from our parent company, Dangote Industries and from another Nigerian supplier, and we are very happy with the way this has worked out for us because it has enabled us to phase out the use of expensive low pour fuel oil in our kilns and also to reduce our use of imported coal”

On the future growth plans for the Group, Makoju said “ …As it stands, I think we will focus on building new grinding plants along the coast of West Africa, and ensure we have clinker export facilities in Nigeria. We are looking at the possibility of two new lines in Nigeria, perhaps by the end of 2020 and it is likely these will be in Edo state and Obajana, with a combined capacity of 6Mta”

Business

AARE ADETOLA EMMANUELKING AT 50: REDAN PRESIDENT CELEBRATES HIS VISIONARY LEADERSHIP

Published

6 hours ago

April 3, 2025

Sahara Weekly

AARE ADETOLA EMMANUELKING AT 50: REDAN PRESIDENT CELEBRATES HIS VISIONARY LEADERSHIP

It is with great pleasure that I, Prince Akintoye Adeoye, President and Chairman of Council of the Real Estate Developers Association of Nigeria (REDAN), on behalf of the entire Association, extend my warmest birthday wishes to you.

As you celebrate your birthday today, we recognize your outstanding contributions to the real estate industry. Your visionary leadership in making homeownership accessible and building Adron Homes & Properties into a leading brand sets a high standard for excellence. Your passion and dedication continue to inspire many of us in the real estate sector.

Today is not just a birthday; it is a celebration of your remarkable achievements, wisdom, and the abundant grace of God. From a visionary start to shaping the future of affordable housing in Nigeria, your leadership in the real estate sector has been ground-breaking.

REDAN is proud to recognize your invaluable contributions to the real estate sector and our association. As you step into this new age, may you be blessed with continued success and even greater accomplishments in all your endeavors.

Turning 50 is a momentous occasion, offering a time for reflection on the many successes and cherished memories that have shaped your journey. At REDAN, we wish you continued good health, wisdom, and divine grace as you keep contributing to the advancement of the real estate sector and our beloved nation.

May this year and the ones ahead be filled with even greater achievements, joy, and fulfillment.

Once again, happy 50th birthday, Aare Adetola Emmanuel King.

Thank you.

Yours faithfully,

FOR: REAL ESTATE DEVELOPERS’ ASSOCIATION OF NIGERIA

Prince Akintoye Adeoye
President & Chairman of Council

Business

GGAN Lauds President Tinubu, Kyari’s Reforms on Food Security

Published

1 day ago

April 2, 2025

Sahara Weekly

***Says Decrease in Prices of Food Commodities Good Sign for a Better Nigeria

The Good Governance Advocates of Nigeria (GGAN) has commended President Bola Tinubu and Minister of Agriculture and Food Security, Abubakar Kyari, for their efforts in transforming Nigeria’s agricultural sector.

In a statement signed by its national president, Comrade Gideon Unazi, the group hailed the administration’s commitment to driving economic growth and positioning Nigeria as a key player in regional and global food markets.

According to Unazi, the country’s gradual shift from subsistence farming to a robust agribusiness ecosystem is a significant step towards empowering farmers and fostering private sector-led growth.

He noted that the declaration of a state of emergency on agriculture, temporary suspension of tariffs on imported grains and essential food items and other reforms have yielded positive results.

Unazi added: “The collaboration with international development institutions such as the African Development Bank, the World Bank, and the Japanese International Cooperation Agency (JICA) has also been instrumental in driving growth in the agricultural sector.

“The lifting of the ban on importation of food across land borders, the firming up of the Naira, and the reported pausing of bulk purchase of grains that UN and US agencies distribute to IDP camps have all contributed to the recent decline in food prices.

“The election of Kyari as the Vice Chairman of the Governing Council of the International Fund for Agricultural Development (IFAD) is a testament to Nigeria’s leadership in global agricultural transformation.

“This recognition is a clear indication that the country is on the right path towards achieving food security and sustainable agricultural development.

“The Ministry’s efforts to distribute over 2.1 million bags of fertilizers to farmers and provide food aid to flood-affected communities have been particularly noteworthy. These initiatives have not only improved agricultural productivity but also provided relief to vulnerable populations.”

Unazi said the recent decline in food prices is a significant achievement and proof of the Federal Government’s efforts, with prices of some grains crashing by as much as 40% in the past month.

The statement stated: “The recent decline in food prices is a significant achievement, with prices of some grains crashing by as much as 40% in the past few weeks.

“The prices of beans, yam, rice, tomatoes, and garri have all declined, ranging from 10% to 70%. This trend is expected to continue, bringing relief to millions of Nigerians who have been struggling with high food prices.

“According to reports, the prices of major raw food items have declined significantly. Aljazeera reported that the prices of some grains crashed by as much as 40% in the past few weeks.

“BusinessDay highlighted a noticeable fall in the prices of beans, yam, rice, tomatoes, and garri, ranging from a decline of 23% for imported rice to 70% for tomatoes.

“The GGAN wishes to commend President Tinubu and Kyari for their leadership and vision in driving growth in the agricultural sector. We urge the administration to continue its efforts to drive economic growth and reduce poverty.

“We also call on all stakeholders to support the government’s initiatives aimed at achieving food security and sustainable agricultural development. With the current trend of declining food prices, we are optimistic that Nigeria is on the path to becoming a food-secure nation.”

Business

Between Primate Ayodele and Sacked NNPC Boss, Mele Kyari, Who Laughs Last?

Published

2 days ago

April 2, 2025

Sahara Weekly

Between Primate Ayodele and Sacked NNPC Boss, Mele Kyari, Who Laughs Last?

By Shina Dayo

“Primate Ayodele may have taken sides in the ongoing misunderstanding in the nation’s hydrocarbon community. Using his platform to rally support for the oil cabal, he sends message to the President, who was not visible in his vission in 2023. Fortunately President Tinubu knows Primate Ayodele better than Kyari”, these were the words of Olabode, one of the defenders of the sacked NNPC Boss, Mele Kyari when Primate Ayodele told President Tinubu to sack him for incompetence.

Primate Ayodele had in August 2024 called on President Tinubu to replace the NNPCL Boss, Mele Kyari, due to the issues in the oil sector. The prophet had said that if President Tinubu doesn’t replace him, Nigeria’s oil sector will continue to be disorganized, and a continued crisis in the oil sector would lead to protests against the government.

These were his words:

“One of the major important things Tinubu should do if he wants to see the prayers of Nigerians. He should sack the GMD of the NNPC. If it is possible, he should be sacked before the end of this month; otherwise,another big protest is coming. This protest can sack Tinubu and can make Tinubu’s government ungovernable. If he doesn’t do this urgently, Tinubu would put himself into the hot pot. Sack the NNPC. There is a lot of rot in the NNPC. Protest not yet over. I’m seeing another protest that would seize the economy for 120 hours.”

This statement, which was contained in a video that went viral obviously didn’t sit well with the camp of the sacked NNPCL group CEO and in retaliation, they began to sponsor several publications against Primate Ayodele.

Among some of their publications were cooked up lies against the personality of the prophet, calling him different unprintable names, referring to him as one whose clients are oil bunkerers, twisting his past prophecies just to say they didn’t come to pass, and all sort of things.

Even when some followers of the prophet debunked some of their lies against the man of God, individuals in the camp of Mele Kyari went all out, paying several blogs to peddle false stories against Primate Ayodele. They even warned him to desist from mentioning Mele Kyari in his prophecies, but Primate Ayodele didn’t flinch.

Instead of listening to their rants, Primate Ayodele continued to warn President Tinubu to sack Mele Kyari, not because of personal issues but in the interest of Nigeria and what God has told him about the administration of the NNPCL boss. Due to his continued clamour for Kyari’s sack, his ‘boys’ thought the prophet had any relationship with oil cabals in the country, they tried to investigate him but found absolutely nothing. The prophet was only doing his job as God’s mouthpiece in the country.

One would have thought that as he advised President Tinubu to sack Mele Kyari, they would have at least sought spiritual guidance on how they can make things right for the good of Nigeria’s oil sector in order to avoid the embarrassment of being removed from office but rather, they started boasting of how the President will not listen to Primate Ayodele, listing the achievements of Mele Kyari including those that didn’t even benefit Nigeria, they were saying all sort of things to discredit Primate Ayodele.

However, months after, Mele Kyari has now been sacked by President Tinubu, alongside all members of the NNPCL Boss with replacements announced immediately.

I have just one question for the Mele Kyari’s camp, where has all the boastings now gotten them to? Primate Ayodele remains a major prophetic voice in Nigeria but what has Mele Kyari become? A sacked NNPCL Boss who may even face more persecutions. If there’s one thing these folks need to take away from this issue is the fact that pride goes before destruction.

“He who laughs last laughs longest”