Connect with us

News

Dangote Keys Into FG Agenda, To Run All Cement Trucks On CNG By 2025

Published

on

Amidst applause by shareholders for the impressive results in the 2023 financial year despite the harsh business operating environment, the Chairman of Dangote Cement Plc, Aliko Dangote has 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.

In the same vein, Dangote also revealed that arrangements are in top gear for thousands of the Company’s delivery trucks to henceforth 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 excited shareholders at the 15th Annual General Meeting (AGM) of Dangote Cement Plc, held 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.

According to him: “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.

Advertisement

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.”

The Chairman disclosed to the shareholders the Company’s ongoing efforts at ramping up production with the ongoing construction of a new plant of 6 million metric tonnes 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.

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

He expressed satisfaction that Dangote Cement achieved double-digit growth in revenue of ₦2,208.1 billion, while Group EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation) reached a record high of ₦886.1 billion, increasing by 25.1%.

Advertisement

“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 41.2% to the Group’s overall volumes,” he added.

Dangote pointed out,” 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 Africa’s largest 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.

Advertisement

In his interview with the media during the AGM, the 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.

Advertisement

Mrs. Bisi Bakare, Chairperson of the Pragmatic Shareholders Association 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.

Advertisement

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 popularly called petrol would come down once the Dangote Refinery rolls out the product soon.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Bodija Explosion: Makinde receives committee report

Published

on

Governor Seyi Makinde of Oyo State, on Wednesday, received the report of the Committee on the Management/Disbursement of the Bodija Explosion Relief Fund, noting that the state government will look into the recommendations and implement them as appropriate.

Makinde, who was represented by the Deputy Governor, who also doubles as the chairman of the relief fund committee, Abdulraheem Lawal, said the event that led to the setting up of the committee was sad and avoidable.

The governor noted that the state government responded to the explosion by putting in place several measures, including emergency services and post-explosion support services.

He added that the state had to dig deep into the root cause of the explosion, admonishing residents of the state to continue to be security-conscious and alert. The governor assured that the committee’s report would be implemented to support victims of the explosion and bring some relief to them.

Advertisement

He said: “Immediately the explosion happened at Deji Oyelese Close, Bodija, the Oyo State Government moved in to mitigate the level of damage.

“It also became important for the state government to dig into the root cause of the explosion, which was an unusual incident, particularly in the area where it occurred.

“No one knew that such monumental damage could occur around that high-brow area of Oyo State in Bodija. Nevertheless, we keep learning every day. This is why we must not take for granted the issue of security around us.

“The government put this committee in place, of which I am the Chairman. Let me say clearly that my Principal agreed that I must receive this report and that the government will act on the report.

Advertisement

“So, on behalf of His Excellency, I want to assure you that this report will be looked into quickly and the recommendations therein will be implemented.

“We know that we do not have the luxury of further delay in implementation. We will put in all the efforts required for quick implementation so that victims of the explosion will be assuaged and assisted without further delay.

“I have to thank the committee members for giving their time. The Oyo State Government really appreciates you for the yeoman’s job.”

Speaking earlier, CP Fatai Owoseni (rtd), a member of the committee who stood in for the chairman to present the committee’s report, said the report was in four volumes.

Advertisement

He said: “I stand here on behalf of the chairman of this committee to present the report on the disbursement and management of the Bodija Explosion Relief Fund.

“It would be recalled that His Excellency inaugurated this committee on the 24th of December, 2024. And as the name implies, the committee came up with recommendations on the disbursement and management of the Bodija Explosion Relief Fund.

“Your Excellency, the committee, in its deliberations, factored its work on the report prepared by the trilateral meeting of the Dejo Oyelese Vigilance Group (DOVG), the Bodija Estate Residents Association (BERA), and other experts.

“The report that is being presented to Your Excellency this morning by the committee has four volumes. Volume 1, which is the main report, is divided into eight chapters, and these represent the deliberations and recommendations of the committee.

Advertisement

“Volume 2 of the report represents the trilateral meeting of the DOVG, BERA, and the Nigerian Society of Engineers on the framework for the distribution of government financial support pledged to the affected persons.

“Volume 3 is a reflection of the breakdown of money apportioned to support respective affected persons, while Volume 4 of the report is a detailed pictorial representation and description of damages recorded during the explosion.

“The committee would like to express its gratitude to Your Excellency for the opportunity and the confidence reposed in its members.

“I believe that this report would, aside from being beneficial to affected persons, also serve as a proper guide to the government in the disbursement of the support that has been pledged by His Excellency.”

Advertisement

Also speaking, the president of the Bodija Estate Residents Association, Pastor Muyiwa Bamgbose, said the committee proposed support for different categories of victims, including those who lost loved ones, buildings, vehicles, and other valuables.

He added that the relief fund is a support and not compensation, noting, however, that if the committee’s recommendations are implemented, they will go a long way in assisting the victims.

He said: “We proposed support for different categories of people—for the families of those who lost their lives and those who lost buildings, vehicles, and the rest. So, it varies.

“We recommended different figures depending on what we perceived was the level of effect on each of these people.

Advertisement

“Our expectations are that, like His Excellency said, the implementation will be expedited. We have done due diligence, and what we are presenting will be ready to go.

“We appreciate the expediency that made the state government agree that the Deputy Governor himself should stand in for the governor.

“So, our expectation is that the implementation will be done with expediency.

“On the relief fund, if what we recommended is implemented, there is no doubt that it will help. And don’t forget that it is called support. So, you can’t complain. If it was compensation, you could claim what you lost, but this is a kind of support, and it is something that should be appreciated.

Advertisement

“I know that for those who will receive it, whatever they get will be well appreciated.

“We have shown appreciation to our governor for the treatment of those who were affected during the incident. Our roads are now being done. If we are going to have development, there will be complaints.

“We appreciate what the government has done so far.”

Advertisement
Continue Reading

News

FG gives  IBEDC 7 days to reinstate 3,000 sacked workers

Published

on

A seven-day ultimatum has been set by the Federal Ministry of Labour and Employment for the management of the Ibadan Electricity Distribution Company (IBEDC) and its outsourcing agency to revisit the decision to dismiss 3,000 workers.

This directive was announced by Mr. Festus Igbinosun, the Oyo State Comptroller of the Federal Ministry of Labour and Employment, after a meeting that involved the management of IBEDC, the Nigeria Labour Congress (NLC), the outsourcing firm, and representatives of the dismissed employees.

Igbinosun said resolving the issues within the time frame would strengthen the industrial harmony in the state.
According to the Oyo State NLC Chairman, NLC, Kayode Martins, the sacking of the workers did not follow due process.

Martins urged IBEDC and the outsourcing firm to reinstate the sacked workers during the renegotiation.

Advertisement

Responding, the representatives of IBEDC and the outsourcing firm agreed to renegotiate the sacking of the workers within the stipulated time.

Continue Reading

News

Alleged assault on DSS personnel: Court grants bail to three Lagos Assembly workers

Published

on

Justice Daniel Osiagor of the Federal High Court in Lagos granted bail on Wednesday to three employees of the Lagos State House of Assembly who are facing charges of assaulting operatives from the Department of State Services (DSS) during the leadership crisis at the assembly complex on February 17.

The accused individuals, Ibrahim Olanrewaju, Adetu Adekunle, and Fatimoh Adetola, received bail after their attorney, Mr. Frank Eke, submitted and argued a motion following their arraignment and subsequent plea of not guilty.

The judge set the bail amount at N3 million for each defendant, stipulating that one surety is required for each.

The sureties must be employees of either the Lagos State or Federal Government, holding a minimum grade level of 12, and all documents submitted must be verified by the court registrar.

Advertisement

The DSS had arraigned the three Assembly staff in case FHC/L/273C/2025 before the court.

The three defendants and others still at large, were alleged to have conspired among themselves to assault officers of the State Security Service while they were performing their official duties, without any reasonable excuse.

They were also alleged to have on February 17, 2025, aided and abetted by obstructing the officers of State Security Service while performing their official duty without any reasonable cause.

The three defendants were further accused of cyberstalking amongst themselves by recording and sending false information to social medial circulating same to the whole country for the purpose of causing a breakdown of law and order amongst the people without any justification.

Advertisement

In particular, the DSS accused them of committing felony, by willful misdirecting electronic massages to social media for the purpose of embarrassing the State Security Service and its officials.

The duo of Ibrahim Olanrewaju, and Adetu Adekunle were accused of using Iphone 12 promax and Techno POP 8 to record false information and sent same to social media for circulation with the intention to cause an embarrassment to State Security Services, in order to cause breakdown of law and order to the public.

The offences, according to the prosecutor, Barrister M. O. Bajela, contravened sections 516 of the Criminal Code Act, Laws of the Federation of Nigeria 2004, as well as sections 27(1)(b), 24(1)(b), 24(c)(i), and 11 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended), 2024. charges bordering on conspiracy

However the three defendants denied the allegations and pleaded not guilty to the charge when it was read to them.

Advertisement

Following their not guilty plea, the prosecutor, Barrister Bajela asked the court for a trial date.

However, the defendants’ lawyer, Mr. Frank Eke, informed the court that he had filed their bail applications and same have been served on the prosecutor.

The lawyer described the prosecution of his clients as “collateral damages”.

He pleaded with the court to admit them to bail in the most liberal terms.

Advertisement

Responding, the prosecutor informed the court he was served with the bail application while in court today. He however, told the court that he leave the bail issues to court’s discretion.

Ruling on the bail application, Justice Osiagor admitted each of the defendants to N3 million with one surety each. The judge also ordered that the surety must be a Grade Level 12 and above.

The judge thereafter adjourned the defendants’ trial to June 24.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News