News
Dangote increases shareholders dividend by 50% to N30 per share
Nasiru Yusuf Ibrahim
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.
KANO FOCUS reports that 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. 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%.
“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.
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.
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.
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.
Nasiru Yusuf Ibrahim
The management of Bayero University, Kano (BUK) has commenced a preliminary investigation into allegations linking a person reportedly identified as one of its students to acts of online impersonation and financial misconduct circulating on social media.
In a statement issued by the Director of Public Affairs, Lamara Garba, on behalf of the Registrar, the university said it had taken note of the claims being discussed in public commentary and across various online platforms.
The statement noted that BUK maintains strict standards of conduct, discipline, and character for all students throughout the duration of their studies, adding that any behaviour capable of bringing the name and reputation of the institution into disrepute is treated with the utmost seriousness.
According to the university, the alleged actions of an individual student should not be seen as a reflection of the values or character of Bayero University Kano as an institution.
“In view of the allegations, the University has commenced a preliminary inquiry to ascertain the facts surrounding the matter. The appropriate University authorities are reviewing the issue in line with the institution’s established rules and disciplinary procedures governing students’ conduct,” the statement said.
The management also commended the public-spirited efforts of Professor Farooq Kperogi and other individuals who provide financial assistance to students in need, particularly by supporting registration fees and other educational expenses.
The university noted that such acts of generosity continue to play an important role in expanding access to education and supporting deserving students.
BUK assured members of the public that if the allegations are substantiated, appropriate disciplinary measures will be taken in accordance with the university’s regulations and relevant laws.
The institution also urged the public to allow the investigative process to run its course and to refrain from speculation or the spread of unverified information.
Ibrahim Khalil
The Governor of Kano State, Abba Kabir Yusuf, has relieved the State Head of Service, Alhaji Abdullahi Musa, of his appointment with immediate effect.
KANO FOCUS reports that the development was disclosed in a statement issued on Tuesday evening by the Director-General, Media and Publicity, Government House Kano, Sunusi Bature Dawakin Tofa.
According to the statement, the decision forms part of the ongoing efforts of the current administration to reposition the state civil service for greater efficiency, discipline, and improved service delivery across government institutions.
Governor Yusuf expressed appreciation to the outgoing Head of Service for his contributions and dedication to the service of Kano State during his tenure.
“We wish him the best in his future endeavours and pray for his continued success in all aspects of life,” the governor said.
The governor also directed that Hajiya Bilkisu Shehu Maimota, Permanent Secretary, Administration and General Services at the Cabinet Office, should serve as Acting Head of Service pending the appointment of a substantive replacement.
The statement further directed the outgoing Head of Service to hand over the affairs of the office to the acting Head of Service no later than Wednesday, March 11, 2026.
Nasiru Yusuf Ibrahim
A student of Information and Communication Technology (ICT) at Northwest University Kano has appealed to the university management and relevant authorities to urgently repair a faulty elevator at the institution’s city campus, saying the situation has made access to lectures extremely difficult for him and other students with disabilities.
KANO FOCUS reports that the student, Aminu Jaafar Muhammad, popularly known as Alamein, made the appeal in a post shared on social media, where he narrated the challenges he faces attending lectures at the Ado Bayero City Campus, Kofar Nassarawa.
Muhammad, a Level 300 student preparing to enter his final year, said he lives with a physical disability affecting one of his legs. According to him, the Faculty of Computing, where he studies ICT, holds lectures on the sixth to ninth floors of the campus building, while the elevator meant to provide access to the upper floors has remained out of service.
He explained that due to the faulty lift, his colleagues are forced to carry him up the stairs every day in order for him to attend classes.
“Every day my colleagues carry me from the ground floor to at least the sixth floor, which involves climbing more than 100 stairs,” he said, describing the act as a remarkable show of solidarity from fellow students.
Muhammad noted that during his first year at the university he studied at the main campus, where there were fewer stairs. In his second year, he said the elevator occasionally functioned, but when it broke down again his classmates had to assist him several times a week to reach lecture halls upstairs.
He revealed that he had earlier written to the university management requesting that lectures for his faculty be relocated either to the main campus or to lower floors of the building to make access easier. However, he said the letter, submitted over a year ago, has yet to receive a response.
The student also recalled that during a visit by Kano State Governor Abba Kabir Yusuf following a fire incident at the campus last year, a new elevator was reportedly donated to the university. According to him, the facility is yet to become operational.
While expressing appreciation to his classmates for their continued support, Muhammad said he decided to speak out because the situation affects not only him but other persons with disabilities on campus.
“I know my colleagues have never complained, but I understand that it is not easy for them. I believe raising the issue can bring change and benefit many others,” he said.
He appealed to the university management and relevant authorities to either relocate the lecture venues to accessible floors or ensure that the elevator is repaired and functioning properly.
Muhammad also called on members of the public and stakeholders to help amplify his appeal so that it reaches those in a position to address the situation.
He expressed hope that resolving the challenge would allow him and other affected students to focus on their studies without unnecessary physical barriers.
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