Tag: Dangote

  • Fire at Dangote refinery, sabotage against Tinubu’s Renewed Hope Agenda – DOJ

    Fire at Dangote refinery, sabotage against Tinubu’s Renewed Hope Agenda – DOJ

    A support group of President Bola Ahmed Tinubu, the Disciples of Jagaban (DOJ), has described the Wednesday fire incident at the Dangote Refinery in Lagos, as an act of sabotage against the Renewed Hope Agenda of President Bola Ahmed Tinubu.

    The DOJ in a statement by its National Coordinator, Abdulhakeem Adegoke Alawuje said, enemies of Nigeria who destroyed the previous governments for selfish gains were still very much around and well positioned to destroy the present one.

    Alawuje however called on Nigerians to take sides with their president who is struggling day and night to reposition the dilapidated economy in the overall interest of all, and not saboteurs who want to bring the country to its knees for personal gains.

    According to the statement, “On Wednesday, Nigerians were jolted by the news of the burning of Dangote refinery in what looks like a sabotage. Dangote had few days before the unfortunate incident raised an alarm about the gang-up of the International Oil Companies (OICs) against the success of the venture to make Nigeria independent of foreign refined oil.

    “We understand the situation at hand. Those who destroyed the previous governments for personal gains and aggrandizement are still fully around and well-positioned to destroy the present one. They are the oil mafia, Health mafia, political scavengers, and so on. Unfortunately, Nigerians are ignorantly working with and helping those who stole away our present and future heritage.

    Read Also: Tinubu flags off Renewed Hope estate, warns against substandard work

    “Many Nigerians would not mind colluding with the enemies within and outside the country to sell their heritage or even put their father’s house on fire just because they hate the country or the person occupying the seat of the president. They simply wish to say, “After all, we told you he will not succeed”.

    “Ignorantly and innocently joining the mafias to fight Tinubu or the country will be a very costly error. We cannot afford to embarrass the president who gives endorsements to all citizens, irrespective of ethnic religious, and political affiliations. How do we orchestrate warfare against a president who struggles day and night to reposition the dilapidated economy in the overall interest of all?

    “Tinubu is human and cannot be perfect but lashing out his human errors to embarrass him ultimately embarrasses the nation. And that will not only be wickedness but foolishness on our path.

    “Nigerians who are seizing the opportunity of economic downturn to unleash hardship on their fellow citizens should fear God. Whatever we do to ourselves negatively may not necessarily affect Tinubu as president. We will all suffer the consequences. Farmers, traders, and private and corporate sectors should beware.

    “Without doubt, Tinubu aspires to rescue Nigerians, unfortunately, those he gave access to and who knows his weaknesses are the same people working against him. After all, we all witnessed how a number of his boys rose against him ahead of the 2023 general election with many needless battles.

    “My fellow Nigerians, indeed, Tinubu Renewed Hope agenda is real, and for sure, the present challenges will soon disappear with time, just as the previous ones did not last.

    “He who drives a car with mouth (theoretically) can never be involved in road mishaps until he practically occupies the driver’s seat. Tinubu is presently in the driver’s seat, let’s support him to drive us to the Promised Land successfully.

    “Ruling a nation like Nigeria is beyond theoretical calculations, it needs God’s intervention, leadership competence, and citizens’ support. The absence of any of these factors may abandon us in the wilderness for long, God forbid.

    “Tinubu has all the ingredients of a good leader. He is courageous, competent, and determined, we only need to add our inputs to assist him in other to succeed in rescuing the nation,” he said.

  • Dangote Industries Ltd. confirms minor fire outbreak at its refinery

    Dangote Industries Ltd. confirms minor fire outbreak at its refinery

    Dangote Industries Ltd. has confirmed a minor fire incident at its Effluent Treatment Plant (ETP) in Lagos on Wednesday and which was swiftly contained.

    Mr Anthony Chiejina, the Group Head of Corporate Communications at Dangote Group, disclosed this in a statement in Lagos.

    Chiejina said: “There is no cause for alarm as the refinery is operating and there is no recorded injury or harm to any of our staff on duty.”

    He said that emergency services responded on time to contain the incident.

    Although initial reports said no injuries were sustained.

    Read Also: BREAKING: Fire guts Dangote Refinery in Lagos

    According to him, the cause of the fire is currently unknown, and investigations are underway to determine the extent of the damage and the cause of the incident.

    The News Agency of Nigeria (NAN) reports that the Dangote Refinery is a massive project with a projected refining capacity of 650,000 barrels per day.

    (NAN)

  • Marketers to Dangote: lower prices to defeat fuel importers

    Marketers to Dangote: lower prices to defeat fuel importers

    Petroleum marketers have urged Dangote Petroleum Refinery to reduce prices of its products to defeat importers.

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) insisted that importers were getting higher demand because of their cheaper rates. 

    Its National President, Alhaji Abubakar Maigandi, who spoke with The Nation on phone, urged the 650,000 barrels per day plant to learn to cope in a competitive environment.

    “Since there is no subsidy, you can buy your products anywhere and bring it provided the product is okay for consumption.

    “They are going outside to buy because it is cheaper than his own.

    “Dangote should beat importers with price. He should lower his price so that anyone who goes outside the country to buy will loose,” he said.

    The IPMAN boss debunked the Dangote claim of importation of dirty fuel.

    He said the users who fuel their haulage trucks with imported fuel have not complained in any way.

    This is coming on the heels of Dangote Petroleum Refinery’s accusation of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of issuing import licenses for dirty fuel to marketers.

    Maigandi said: “The quality is the same because most of our trucks are not complaining. Most of the people who are using trucks are not complaining that the diesel is bad.”
    He however called on Dangote to allow IPMAN members to distribute its petroleum products directly since they have their retail outlets nationwide.

    His words: “We advise Dangote to come and partner with independent petroleum marketers. “That is the only solution. If he doesn’t partner with independent petroleum marketers, you cannot sell your commodity.”

    NMDPRA’s Corporate Communications, General Manager, Mr. George Ene-Ita said the Authority was yet to get authorization to respond to the Dangote Refinery outburst.

    Speaking with The Nation on phone, he said it was not solely within his power to respond to the accusation.

    He said: “I am sorry, I don’t have a reaction. I still don’t have a reaction. 

    “It is not in my hands. I have not been given the authorization. We are still working on it.”

    The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) supported the NMDPRA for issuing licenses to marketers to import fuel.

    The National President, Dr. Billy Harry said the license approval was in line with the Petroleum Industry Act.

    He insisted that it is not enough to rely on one refinery for petroleum products in Nigeria.

    His words: “Everybody has the right to his/her opinion. I am a user and I have not bought any dirty fuel approved by NMDPRA.

    “They have approved what is rule of the law and that is what PETROAN does. “PETROAN always insists on quality. 

    Read Also: Dangote and the audacity of a believer

    There is nothing wrong with other importers coming importing petroleum products because one refinery work promising us different things is not sufficient. 

    “The only thing is that when the import licenses are issued, do we have access to foreign exchange to make those imports work? Otherwise, PETROAN supports NMDPRA to consistently give import licenses to qualify retail outlets owners and tank farms owners.”

    Harry made a case for the encouragement of multiple refineries in the country and various sources which can crash prices due to competition.

    He said, “My advice is that Dangote is in a competitive environment and he should try to make sure that Dangote Refinery is on export processing zone.

    “It is a free trade zone so we need to be sure we understand the rule of how that operates and we encourage multiple refineries in Nigeria and multiple sources of petroleum products that will drive down the process because of competitive value.”

  • Dangote and the audacity of a believer

    Dangote and the audacity of a believer

    Sir: In separate interviews with CNN’s Eleni Giokos, one at the refinery in Lagos and the second at Afreximbank’s 31st Annual Meeting, the world’s richest black man, Aliko Dangote, recounted his experiences and the challenges he faced in attempting to construct one of the largest refineries globally.

    Asked whether he would have undertaken the project knowing the extent of the challenges, the business tycoon admitted he might not have started it. This response points to the immense personal sacrifices and perseverance required to tackle such ambitious undertakings. Aliko Dangote reflected on his lifelong ethos as a fighter, highlighting how he navigated both local and international hurdles to realize this monumental refinery project, the first of its kind in Africa in over three decades.

    According to him, the journey to bring this refinery to fruition was fraught with hurdles: from securing financing in a volatile economic environment to navigating complex regulatory landscapes and managing the logistical intricacies of such a massive construction endeavour. However, propelled by his never-say-die Nigerian spirit and strategic leadership, the refinery project persevered, surmounting obstacles one by one.

    Beyond its sheer scale and production capacity, the Dangote Refinery signifies a staunch commitment to industrialization and economic empowerment. Throughout its construction phase, it has generated thousands of direct and indirect jobs and is poised to contribute significantly to the Nigerian economy through increased exports and reduced dependence on imported petroleum products.

    Aliko Dangote’s audacity as a dreamer is encapsulated in the completion of this refinery, a testament to his firm belief in Nigeria’s potential and his resolute commitment to driving its economic transformation. As the refinery commences operations, it not only marks the realization of an extraordinary vision but also serves as a catalyst for further industrial growth and prosperity within Nigeria and across the continent.

    Read Also:Aliko Dangote University of Science and Technology

    There are quite a lot of lessons to learn from Dangote’s revelations. One is conviction. The world is full of naysayers, which is why many dreamers never see their dreams realized. In Dangote’s case, he was already convinced of what he wanted to achieve. Even when the Saudi Arabian Energy Minister advised him to back down and shared the challenges they faced in building a refinery, he stood firm with the resolve that there was no turning back.

    Dangote also stressed the importance of a self-sufficient Nigerian economy, before broaching the ideal vision of a united Africa. Dangoteʼs vision of continental industrialization doesn’t seem too far off and out-of-reach now that he has basically achieved the impossible against all odds. If anything, it should spur African governments to begin making moves towards self-sufficiency and economic liberation. Our collective importation bill takes a heavy toll upon our struggling economies, even as the best of our human capital and natural resources go to foreign shores.

    Ultimately, the Dangote Refinery story extends beyond one great man alone, even when such a man is Aliko Dangote. This story is ours by way of a particularly defining significance. And that is the fact that the task of making Nigeria a better place, the task of ensuring that our collective futures do not drown in despair, will always require concerted efforts from both the government and citizenry. Let this transformational project, and the lessons it holds, inspire Nigerians across all walks of life to never give up on their fatherland, but to believe just as Dangote did, and seek greatness by offering viable solutions to the problems that have bedevilled our beloved nation.

    The West will not save us. The sooner we realize and accept this bitter truth, the quicker we can begin laying out blueprints for effective restoration and growth. And only then can we truly progress.

    •Zayd Ibn Isah,lawcadet1@gmail.com

  • NMDPRA quiet on Dangote’s allegation

    NMDPRA quiet on Dangote’s allegation

    The Nigerian Midstream Downstream Petroleum Regulatory Agency ( NMDPRA) yesterday failed to respond to claims made by Dangote Group over its refinery sabotage allegations and issuance of licence to operators bringing in dirty fuel into the country levelled against the regulator. Recall that the Dagote Group had yesterday accused the NMDPRA of deliberately trying to frustrate its refinery operations and roll out of premium motor spirit (PMS) or petrol production.

    The Nation had at the break of the allegations contacted the NMDPRA’s General Manager, Corporate Communications,  George Ene-Ita, who pleaded to be allowed time to respond yesterday.

    Read Also: Tinubu vows to eliminate insecurity in Nigeria

    However, when contacted as agreed, Ene-Ita said the Authority was yet to get authorisation to respond to the Dangote Refinery outburst. Speaking with The Nation on phone, he said it was not solely within his power to respond to the accusation.

    “I am sorry, I don’t have a reaction. I still don’t have a reaction. It is not in my hands. I have not been given the authorisation. We are still working on it,” the NMDPRA’s head of Communications said.

  • Dangote’s revelation

    Dangote’s revelation

    • It is sad that Africans would continue to encourage importation of things that can be produced in their countries, to the detriment of their economies.

    But for the fact that the story captioned:  ‘Those benefitting from massive fuel imports discouraging construction of refineries, says Dangote‘ was attributed to Africa’s richest person and Chairman of the 650,000 bpd Dangote Refinery, in the Lekki area of Lagos, I would not have regarded it as worthwhile to comment on. This is because, in Nigeria, all manner of people see themselves as specialists that are knowledgeable in anything under the sun and speak as such.

    Even Dangote’s name alone too would not have swayed me to write on the matter if he had been all about his sugar, salt and other items of value that he produces.

    But today, Dangote qualifies to talk authoritatively on all of these and more, and, as chairman of Dangote Refinery, he is eminently qualified to talk about refineries as well.

    As a matter of fact, I have a feeling a time is coming when the man would no longer be identified with the other things that he produces except petroleum products. Indeed, I already have the feeling he must be seeing the difference between crude-related business and his other businesses by now. I remember the experience of the Late Chief Moshood Kashimawo Abiola who said after his foray into the oil sector that “publishing is sweet but oil is sweeter’! Until Abiola got a piece of the oil action, he had thought his publishing business was it, but his story and song changed when he had access to Nigeria’s oil sector. Soon, very, very soon, verily, verily I say unto you, Aliko Dangote too would be singing the same song: Dangote Salt, Dangote Sugar, Dangote Flour, etc. are all sweet, but Dangote Refinery is sweeter! There is a difference between apple and oranges. Just the same way one cannot compare sleep with death. Truth be told, oil and those other things are not the same. Your life can never be the same again once you are admitted into the exclusive crude league.

    If a man of Dangote’s stature is talking about refinery, we had better listen to him. He has come a long way. Even before his entry into the oil business, he had carved a name for himself worldwide as a successful entrepreneur. I guess this would be my third or fourth piece on him in my decades of journalism practice. As far as I am concerned, he has seized opportunities provided by certain missing links in the country and I don’t know how that is a crime. Even if it is, show me a Nigerian, including our politicians who have access to cheap public funds, who has established industries that are feeding the number of mouths that Dangote is feeding. I remember Chief Commander Ebenezer Obey who once sang in praise of the Late Chief Henry Oloyede Fajemirokun, another  industrialist of note, with specific reference to the number of people he employed (Ile ise e, aimoye eniyan ni won nje, ni won nmu). The same is true of Dangote today.

    Whether we like it or not, he has become an authority of sort in the oil business and anyone who wants to remain relevant in the oil sector must have one or two things to learn from Dangote.

    What the man said was only partially novel, though. He told us what we largely knew, at least about our own country. But sometimes what we already know gets some fillip when an authority talks about it. Dangote extended the narration beyond our borders. I had all the while thought it was only in Nigeria that we have people who are feeding fat from importation of fuel. Now I know better; that they are all over the African continent. Dangote added that they are the same reason no refinery has been built on the continent in the last 35 years. Hear him: “I’ve learned that there are other countries in Africa, all the African countries that have been trying to build refineries, they have not been able to. There has not been a refinery in the last 35 years.

    “There are so many issues. I can’t count them, but there are so many. It’s not only money, political will, and also people who are benefitting from this whole stuff of importing petroleum products into Africa are actually discouraging those governments from building a refinery.”

    Dangote said he would not have gone into the refinery business if he knew it was as problematic as it turned out to be. Not only that, he said some people tried to discourage him because they thought it would be still-born. “Actually, yes. If I’m going to do it now, I will do it better. Because I’ve learned from experience. But if I knew what I was going to go through, I wouldn’t have tried.”

    That is Dangote talking. Nigeria should be thankful to God that the man did not allow the counsel of those who tried to discourage him to prevail. Otherwise, it is the country as a whole that would suffer. Today, many Nigerians are looking up to Dangote Refinery to bail the country out of its dependency on imported fuel. We are now reaping the fruits of the refinery with regard to diesel; the pump price has dropped significantly since Dangote Refinery began to produce it. Hopefully within the next month or so, the refinery would start producing the much-awaited petrol. When that happens, the pump price of petrol too is expected to be significantly impacted for good.

    Dangote’s statement clearly returns to the front burner of national discourse why refineries in Nigeria have failed to function for several years despite the huge investments in their so-called Turn-Around Maintenance (TAM). Nigeria has four refineries yet, none of them has produced fuel in years, at least not to any significant volume. If our government officials knew the refineries were not programmed to work, why did they keep wasting the tax-payers’ money on their TAM which neither turns around nor maintain them. Corruption, pure and simple!

    Even though Dangote Refinery is a personal enterprise, still, the man sure deserves commendation for his doggedness and tenacity of purpose. As had been pointed out severally, Nigeria stands to benefit a lot from the refinery. And, if again Nigeria does not know how to maximise the benefit of such a refinery in the country, let no one blame Dangote. It is left for the Nigerian government to know how to tap into the project, not in a way as to stifle private enterprise but in a way it would be a win-win situation for both Dangote and Nigeria. After all, he is also a Nigerian.

    Furthermore, we must commend Dangote because we cannot tell the number of people who would have had such projects in mind but easily got discouraged and died with their dreams. We must salute his audacity, authority and his ‘influency’ (to paraphrase one of my seniors in the secondary school. Any time he said those words that had his patent alone in the assembly hall, we, the junior ones would hum after he had pronounced each of the words and shout ‘hey ey ey’ when he crowned it all with ‘influency’. It took my leaving the secondary school to know that the White man has not yet invented any such word as ‘influency’. But, as they say, ‘ki lomode mo’ (what do kids know)? 

    Read Also: Dangote, others lead equities to N13.3tr gain

    Anyway, it is for the same reason of audacity (please spare me the remaining two – authority and ‘influency’) that we must praise President Bola Ahmed Tinubu for treading where others feared to tread. The man appeared determined to make our hitherto moribund refineries work. Barely two months after his government came on board on May 29, last year, the government told the leadership of the Nigeria Labour Congress  and Trade Union Congress that met with the president at the State House after a general strike called by Labour to protest subsidy withdrawal, that at least the Port Harcourt Refinery would start working by December of last year. The ones in Warri and Kaduna, according to him, would follow suit.

    Although there had been about three shifts in the date of commencement of operations of the Port Harcourt Refinery, the expectation is that it would go into operation soon. The government must work relentlessly on this because a promise is a debt that must be paid. More than that, it is in the government’s interest too that the refineries work.

    Be that as it may, Dangote’s revelation is instructive because it is not only in the oil sector that we have saboteurs in the country, nay the continent. We have also heard time and again that the country has not been able to crack its power crisis because of unscrupulous Nigerians who are into importation of generators. Dangote’s revelation has lent another perspective to the perpetual underdevelopment of the African continent. It is sad that some unscrupulous Africans would collude with foreigners to sabotage essential services like power, oil, etc. so their countries would continue to import those products over which they have comparative advantage in some cases, thereby helping to grow other economies to the detriment of their own.

    The sad thing is that we only hear of these allegations, the people are never unmasked not to talk of being arrested or prosecuted. They are like the fabled ‘they’ that children mention when they steal or spoil their property. ”They have stolen my biro”.” They have stolen my book”. So, as one of our tutors asked in those days: ”who are these ‘they’? I want to similarly ask the same question: who are these ‘they’ that have been sabotaging local production of petroleum products, electricity, etc. in the country? President Tinubu should be able to name and shame them in order to break the jinx of moribund refineries in the country. That would go a long way in boosting the value of our currency because it would complement Dangote and other refineries that are springing up all over the country. We can never have too many refineries, to ensure fair competition and get value for Nigerians who would be buying the products.

  • Dangote, others lead equities to N13.3tr gain

    Dangote, others lead equities to N13.3tr gain

    Investors in Dangote Cement Plc have seen a double in the value of their portfolios over the past five months.

    Dangote Cement, a large-cap stock and leader in cement sector, highlighted the bullish trading that had seen Nigerian equities gaining N13.28 trillion in five months.

    Benchmark index at the Nigerian Exchange (NGX) indicated average return of 32.8 per cent for the five-month period, equivalent to net capital gain of N13.28 trillion.

    Dangote Cement’s share price meanwhile rose by 105.28 per cent to close May 2024 at N656.70 per share as against its opening price of N319.9 per share for the year.

    The performance of Dangote Cement drove the NGX Industrial Index, which also tracks cement companies, to a five-month return of 73.08 per cent, the highest by any sector. The sectoral index closed at 4,694.42 basis points in May 2024.

    Consumer goods and oil and gas companies were also major gainers during the period. The NGX Consumer Goods Index appreciated by 39.5 per cent to close at 1,564.19 basis points. The NGX Oil and Gas Index gained 24.07 per cent to close at  1,294.16 basis points. Also, the NGX Insurance Index rose by 14.17 per cent to close at 367.23 basis points.

    However, investors were cautious with banking stocks, as the recapitalisation exercise and many reforms in the sector unfold. The NGX Banking Index dropped by 11.13 per cent to close May 2024 at 797.37 points

    The All Share Index (ASI)- the value based common index that tracks all share prices at the NGX, rallied to 99,300.38 basis points by May 2024 from its year’s opening index of 74,773.77 points, representing average return of about 32.8 per cent for the period.

    Aggregate market value of all quoted equities closed May 2024 at N56.172 trillion, representing an increase of N15.25 trillion or 37.28 per cent from N40.917 trillion recorded as opening  value for the year.

    Read Also: Dangote’s businesses total revenue to surpass $30b by December

    The difference between the ASI and market value was largely due to residual increase from primary listings during the period. The ASI is weighted to neutralise distortions from primary activities and keep it as accurate gauge of secondary market. Market value runs on direct addition and subtraction of values, and as such, susceptible to immediate effect of primary market activities. Overtime, both indices narrow to a single trend as the market absorbs the effect of any primary activity.

    With average return of 32.8 per cent growth, the Nigerian market maintains its position as the best- performing market in Africa.

    Capital market analysts attributed the market’s performance to a substantially positive corporate earnings, macroeconomic reforms and gradual return of foreign investors among others.

    Managing Director, HighCap Securities Limited, Mr. David Adonri, said the market performance reflected investors’ sentiment.

    He noted that the emergence of President Bola Tinubu has energised the stock market as investors appeared to have confidence in his ability to rejig the economy and implement economy-friendly policies.

    He was optimistic that the stock market might maintain its positive momentum in the second quarter of 2024, against the backdrop of banking sector recapitalisation that is expected to trigger investors buying rights issues from listed banks.

  • Dangote’s businesses total revenue to surpass $30b by December

    Dangote’s businesses total revenue to surpass $30b by December

    President of the Pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote has projected that his businesses’ total revenue to exceed $30 billion by the end of 2024, citing recent restructuring and key personnel in major segments.

    The prediction, the industrialist, emphasised during an interview with CNN, would propel the Dangote Group into the exclusive club of the world’s top 120 corporations.

    He detailed that it shouldn’t be overly difficult to reach the $30 billion milestone by the end of the year given the company’s recent restructure and the presence of significant personalities in key business areas.

    He said: “We have divided the company now into two. We have myself as group president, then we have the group president, oil and gas and the group president of other businesses.

    “And all these ones, when you combine, by the end of this year, we will have a group that will have $30 billion of revenues and that is big. It means that we will be among the biggest 120 companies in the world.”

    Read Also: Aliko Dangote Foundation highlights role of faith leaders

    Regarding the highly discussed oil refining facility, Dangote labelled it a “game changer”, underscoring that as foreign ships progressively cease entering Nigeria, the refinery will cut carbon emissions by up to 2 million tonnes because of its huge capacity to cater for all of the nation’s petroleum products.

    According to him, “This refinery is going to change the game. You know, improvements all over the place. If we take in all the crude from Nigeria, it means that we’ll take about 21 million barrels per month. And that will also help in terms of reducing the CO2 emissions.

    “Rather than ships coming all the way from Europe bringing products, or the ships going out of Nigeria, that is 21 ships going out of Nigeria every month. And then you have the products coming into Nigeria. So in totality when you calculate, you are talking about 480 ships of 1 million barrels.

    “That actually will save the environment almost 1.5 to 2 million tons of CO2 emissions,” Chairman, and CEO, Dangote Group added.

  • Dangote to run cement trucks on CNG next year

    Dangote to run cement trucks on CNG next year

    • Firm raises dividend by 50%

    Chairman of Dangote Cement Plc, Aliko Dangote Dangote has said arrangements are in top gear for thousands of the company’s delivery trucks to run on Compressed Natural Gas (CNG) in line with the Federal Government agenda on adoption of alternative fuel for official vehicles.

    This decision, Dangote told shareholders at the 15th Annual General Meeting (AGM) of the cement company in Lagos was to add to the Federal Government’s quest towards reducing dependence on fossil fuel, thereby enhancing the nation’s energy independence and contributing to a more secure energy future.

     “We are now going to start using CNG vehicles, especially with the new policy of the Federal Government, launched by the Renewed Hope Agenda by His Excellency, President Bola Tinubu. By the end of next year, all our trucks that are operating in the company will be running on CNG, and that is a whole lot of money that we are going to invest. But we are equal to the task, and we will continue to push and make sure that we continue to make our shareholders happy,” Dangote said.

    Dangote also announced an increase of 50 per cent on dividend payout to the shareholders, from N20.00 per share paid in the 2022 financial year to N30.00 for the last financial year 2023.

    Dangote told shareholders that the company’s efforts at ramping up production with the ongoing construction of a new plant of 6 million metric tons per annum at Itori, in Ewekoro Local Government Area of Ogun State, noting that despite the hiccups at the Apapa Port in Lagos, the plant would be completed to time.

    Read Also: Shettima leads dignitaries as Lamorde is laid to rest

    Dangote said the company’s impressive performance was in fulfillment of the promise he made of an enhanced Return on Investments (RoI) to shareholders and other stakeholders in Dangote Cement, assuring that the following year would even be better.

    He expressed satisfaction that Dangote Cement achieved double-digit growth in revenue of N2,208.1billion, while Group Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) reached a record high of ₦886.1 billion, increasing by 25.1per cent.

    He said: “This outstanding EBITDA performance was underpinned by our robust cost control measures and our diverse pan-Africa operations. The latter acted as a cushion, providing resilience to country-specific risks, while the former enhanced our overall profitability. Our pan-Africa operations now contribute 41.2per cent to the Group’s overall volumes.

    “We made significant strides in our expansion initiatives, with the successful launch of operations at our 0.45Mta grinding plant in Ghana, increasing our total installed capacity to 52.0Mta. Furthermore, our 1.5Mta grinding plant in Côte d’Ivoire is making substantial progress and is nearing completion. Lastly, we have commenced construction on our 6Mta Itori plant in Ogun State, a crucial step in supporting our ambitious export goals.”

    The 2023 results showed that cement manufacturer recorded improvement in all performance measurement indicators with group revenue rising by 36.4 per cent to ₦2,208.1 billion while Profit after tax (PAT) was up by 19.2 per cent to ₦455.6 billion. Earnings per share went up by 18.8 per cent at ₦26.47. Dangote Cement is garnering more market share across the continent with pan-Africa volumes going up by 12.7 per cent to 11.3Mt.

    Group Managing Director of Dangote Cement Plc, Arvind Pathak said 2023 was yet another testament to the effectiveness of the management’s diversification strategy, despite the challenging macroeconomic conditions.

    He said: “Our diverse operations acted as a cushion, providing resilience to country-specific risks. Pan-African volumes were up 12.7 per cent and now account for 41.2 per cent of Group volume. Consequently, pan-African revenue increased by a record 123.2 per cent to ₦925.9 billion, while EBITDA surged by over four-fold to ₦263.7 billion.”

    Alluding to what Dangote said on use of CNG as an alternative fuel for its cement trucks, Pathak noted that in response to the heightened inflationary environment, “we implemented new and innovative business strategies that helped to drive up revenues, contain costs, and protect margins. These initiatives included fuel mix optimisation, propelling the use of alternative fuels to replace more expensive fossil fuels. We also began the phased transition from diesel power trucks to full Compressed Natural Gas (CNG) trucks.”

    Shareholders one after another were full of praise for the board and management of the Company for the impressive outing in 2023, which accounted for the dividend payout of N30 per share; an increase of 50 per cent over the 2022 dividend despite the economic headwind that characterised 2023.

    Chairperson of the Pragmatic Shareholders Association, Mrs. Bisi Bakare, lauded the management of Dangote Cement for what she described as a huge dividend payout even when many other companies could not pay their shareholders a dime because they declared losses.

    She stated that the shareholders were happy, and expressed optimism that with the way the management has steered the Company in the face of the current economic downturn and recorded good results, the 2024 dividend will be higher. 

    In his comment, the President, of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said the shareholders could not but thank the board and management of Dangote Cement for a job well done. He noted that no company, in recent time, has been able to be as profitable as Dangote Cement, just because of the sound judgment of the management in navigating the murky economic weather which has had negative impact on results of some other companies.

    He commended Dangote for his patriotism and dedication to the cause of Nigeria and her people with his decision to reduce prices of his petroleum products. He expressed hope that the price of Premium Motor Spirit (PMS) popularly called petrol would come down once the Dangote Refinery rolls out the product soon.

  • Dangote, Innoson, others headline ARSO Expo

    Dangote, Innoson, others headline ARSO Expo

    Dangote Group, Innoson Motors and a host of other top tier manufacturers and small businesses are billed to attend the forthcoming trade expo at the African Organisation for Standardisation (ARSO) in Abuja.

    In a statement by the SON Director, Public Relations Department Mrs Bolaji Foluso, in Lagos, she said the Expo which coincides with the ARSO’s 30th General Assembly, has attracted several participants from Nigeria and beyond.

    The event scheduled for June 17 to 22, 2024 in Abuja, would offer a firsthand experience of the vibrant Nigerian market, with an array of local manufacturers and producers slated to participate, she said.

    “With the likes of the Dangote Group Innoson Motors, and others such Ajinomoto industries, Rite Foods Limited, and a host of others already participating, she said the Expo would be a lifetime opportunity for businesses as it has the potential to  bolster confidence in Nigerian products as it would showcase the Nigerian market to Africa and the world,” she stressed.

    According to her, the exhibition promises to be a catalyst for economic growth, both for domestic stakeholders and international visitors.

    “The trade exhibition will strategically present innovations to a diverse audience of industry experts, policymakers, and potential investors by highlighting the quality, diversity, and competitiveness of Nigerian goods and services.

    “For local manufacturers and producers, the benefits of participating in the exhibition are manifold. Firstly, it provides an unparalleled opportunity to network with key stakeholders in the industry, fostering collaborations and partnerships that can drive innovation and growth.

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    “Secondly, it offers a chance to gain exposure to international markets, as the general assembly attracts delegates from across Africa and beyond, opening doors for export opportunities.”

    Besides, she said that visitors to the country attending the ARSO General Assembly would be privileged to immerse themselves in the dynamic Nigerian market firsthand.

    From traditional crafts to cutting-edge technologies, the exhibition will showcase the breadth and depth of Nigeria’s economic landscape, providing valuable insights into emerging trends and investment opportunities.

    “By showcasing the best of Nigerian innovation and enterprise, the exhibition will underscore the importance of standardisation in driving economic development and fostering regional integration.