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Dangote Cement pledges higher returns, value to shareholders, stakeholders

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Chairman of Dangote Cement Plc, Aliko Dangote has guaranteed shareholders and other stakeholders of the company’s management’s resolve to keep the company profitable by leveraging on strategic innovations for the continuous growth of their investments.

Speaking at the 14th Annual General Meeting (AGM), of the company in Lagos, Dangote said the prospects for the cement company remain bright as the management will continue to innovate on quality products delivery to millions of its customers across Africa while touching the lives of its host communities.

He stated: “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our other stakeholders… Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality. We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient. In addition, we aim to deliver higher returns and value to our shareholders.”

The Chairman pointed out that despite the challenging macroeconomic environment in 2022, the company still made great strides, performed admirably, and remains Africa’s largest and leading cement producer.

Dangote explained that in the face of the unexpected challenges in 2022, the company implemented robust cost reduction strategies to manage the inflationary environment, and thus enhanced its competitiveness while maintaining high levels of product quality and customer service delivery.

According to him: “In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas. We also increased the use of Compressed Natural Gas (CNG) for our trucks due to the rising diesel cost environment.

These efforts have helped us reduce our cost base and enhanced our flexibility, enabling the Company to respond more effectively to changes in the market. As a result, we recorded revenue and EBITDA growth of 17.0 per cent and 3.5 per cent from the prior year respectively, albeit under unprecedented inflationary pressure. We also achieved a profit after tax of ₦382.3 billion, up 4.9 per cent compared to 2021.”

Analysing the 2022 year-end result, Dangote explained that the company achieved its highest revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) in history at ₦1,618.3 billion and ₦708.2 billion, respectively. The exceptional EBITDA, according to him, was supported by its numerous cost containment measures, substituting higher-cost fuel for cheaper alternative fuel products.

The Company Chairman explained that: “Over the last twelve years, volumes have grown by a double-digit compound annual growth rate of 11.2 per cent. Similarly, EBITDA has grown at a compound annual growth rate of 16.3 per cent, over the same period, implying a five-fold increase and revealing a true growth story.

“Accordingly, we closed the year with a profit after tax of ₦382.3 billion and an Earning per Share (EPS) of ₦22.27. Despite these accomplishments, we are not resting on our laurels. We recognise that the business environment remains volatile, so we will continue to evolve with the changing times while embracing technological advancement,” he added.

Speaking on the Company’s Annual Reports, Mrs. Bisi Bakare, Chairman of the Pragmatic Shareholders Association, commended the management of Dangote Cement for its doggedness during the year under review for still being able to exceed the shareholders’ expectation in view of the inclement economic weather under which companies operated in the country.

She explained that the shareholders were happy for the returns, pointing out that it only means that the company was living up to its billing as the largest in Sub-Saharan Africa, adding that if not for the resilience of the management, the company would not be able to post such an impressive performance in 2022.

Mrs. Bakare alluded to the successful listing of the N300 billion series bond by the Company, saying the company succeeded largely due to the confidence reposed in the company and its management by the investing public. “It is not all companies that could record such a feat given the huge amount involved and the biting economic situation”, she stated.

 

 

 

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Imo massacre: Armoured vehicles procured for police used to rig elections – LP

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Labour Party, palpably in anguish at the slaughter of eight soldiers in Imo State on Tuesday by some rampaging gunmen, has raised questions over the whereabouts of the nine Armoured Personnel Carriers (APCs) Athan Achonu, it claimed its governorship candidate for the November 11 election, repaired and donated to the authorities in the state.

The party, all but called out the leadership of the Imo State Police Command, to whom they claimed the equipment were handed over, alleging that the last time they APCs were seen was during the last general elections, where they were used by members of the All Progressives Congress (APC), the party in power in the state to snatch ballot boxes for candidates in the national and state assemblies.

The claim, was made when Nick Opara-Ndudu  and Nnaemeka Onyeka Obiareri , chieftains of the party appeared as guests on The Morning Show, a breakfast programme on Arise Television to sell the candidacy of Achonu, whom they said would never have allowed the type of insecurity in the state to endure under his watch.

Both men, who said that Achonu, whose highest political office so far, was his short stint in the Senate, where he served via the 2015 election before he was removed through the courts, remained the only solution not to the insecurity, in the state and even the South East,  but the one to rescue the people from years of underdevelopment from poor leadership.

Obiareri, spokesman of the LP in the state, argued that if the APCs had been in place, Tuesday’s incident in which the military men were killed alongside some policemen and officials of the Nigerian Security and Civil Defence Corps (NSCDC), would probably not have happened, said a check on the social media would reveal how they were used by party men of the APC for rigging the 2023 general elections.

He said: “The military men that were killed if they had armoured vehicles patrolling, they wouldn’t have been shot by those criminals. Athan Achonu, go and confirm from Innoson, paid hundreds of millions of naira to Innoson, Innoson is still alive, you people can still go and interview him, to repair nine armoured vehicles for the police. Five were supposed to be in Okigwe zone. Till today, we don’t know where those nine armoured cars are.

“If you go to Youtube, you’ll see Youtube record of members of the House of Assembly in Imo State using those APCs to carry ballot boxes. It’s there on Youtube, you can search it out. What Athan Achonu will do is very simple. Every local government area will have one humvy vehicle for the police. Police stations had been totally burnt in Imo State and Athan repaired most of those police stations.

“Then, there will be community vigilante. We’ll train those 50 youths per community – train them, equip them and arm them. They should guard their communities. When you have over 50,000 hectres of land, reclaimed from the bandits, and you have youths who are not only just farming, but who are trained to protect their communities, they’ll do the job.

“Then, we have to set up a security trust fund. Ndi-Imo are not scared. As at today, there are some communities in Imo State, where bandits – unknown gunmen, are ransacking and collecting levies from the communities. Basically, Athan Achonu will provide training, recruitment for people donated by the communities. Communities know those who are the terrible ones in their midst. And I tell you, in six months, they will flush them out.”

Opara-Ndudu, who dismissed the claim by the state governor, Hope Uzodimma that the carnage and other killings in the state were politically-motivated, blamed the governor for misplacing his priorities and failing to provide jobs for the teeming youth population in the state, questioning why nobody had been arrested and prosecuted fully in the courts if the insecurity in the state was all about politics.

Hear him: “The security problem has to do with objective conditions in the state. The young people are frustrated. The government is not making any investments in the areas that are required. We’re busy pursuing projects that are designs in deception. Look at the roads that are being done in Imo State, you know for you to deal with the problem of poverty and other economic challenges, you have to deal with the problem of infrastructure.

“In Imo State, the government has dedicated all of its time and half of its time to reconstructing federal roads without any attention – little or no attention paid to the rural areas. If you go to length and breadth of Imo State – Ngor Okpala, Ezinifte Mbaise, even in the governor’s local government – everywhere in Imo State, you find that the rural areas are looking desolate and abandoned.”

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Police find body of missing female student dumped in the bush, vow to get killers

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Operatives of the Federal Capital Territory (FCT), command, have vowed to fish out the killers of a university student, Blessing Karami, whose body was said to have been picked up from the bush days after she was declared missing on September 11.

The FCT police, which released the painful news on Thursday, said in a statement by its spokesman, Josephine Adeh that the remains were found in the woods in the Karimu area of the city.

The police spokesman acknowledged that her disappearance was reported to the police authorities last,  Thursday, September 14 added that 26-year-old Blessing, a student of the National Open University of Nigeria (NOUN), was declared missing after leaving her place of work in Garki, Abuja.

She said in the statement: “The body of Blessing Karami Moses, a 26-year-old woman who had been missing since September 11, 2023, was tragically discovered in a wooded area in Karimo. Her disappearance was reported to the authorities on September 14, 2023,” the statement read.

She said Commissioner of Police, FCT, Haruna Garba, had directed that command should conduct a thorough and impartial investigation into the circumstances surrounding the incident, adding: “While we are working closely with the Abuja Environmental Protection Board (AEPB) to facilitate the respectful retrieval of the decomposed remains acknowledging the sensitive nature of this task, we will continue to provide updates to the public as our investigation progresses.”

Adeh, a Superintendent of Police (SP), also commiserated with Blessing’s family and loved ones over the incident.

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Ogun cult massacre: DSS raid home, pick up PDP lawmaker, five others

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Damilare Bello Mohammed, a serving member of the Ogun State House of Assembly (OGHA), is currently telling operatives of the Department of State Services (DSS) his side of the story, after he was picked up over his alleged involvement in the rival secret cult clashes that occurred in Sagamu town.

Mohammed, recently elected on the platform of the People’s Democratic Party (PDP) to represent Sagamu State Constituency 1, was picked up on Wednesday by the agency over the incident in which at least eight persons were killed last weekend during the violent clash in the town, alongside five other suspected cultists allegedly involved in the cult violence.

The five other suspects; Debbo Animashaun, Bamidele Saheed, Ismaila Onitire, Adewale Otesanya and Tobi Owoade, were arrested by the DSS operatives during a sting operation after a tip-off at the early hours of Thursday within the residence of the lawmaker.

Lekan Adeniran, spokesman to Dapo Abiodun, the Ogun State governor, announced the development in a statement on Wednesday, saying the secret police tracked the six suspected cultists to the official residence of the lawmaker.

Accusing the lawmaker of providing shelter to the cultists, Adeniran, said in the statement, that the suspects were presently undergoing interrogation in DSS custody after many dangerous weapons, including guns, were recovered from them.

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