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 Kwankwasiyya Movement has expressed concern over what it described as a disturbing pattern of judicial pronouncements across Nigeria, calling on the National Judicial Council (NJC) to urgently intervene.
In a press statement issued on Thursday, the movement’s spokesperson, Dr. Habibu Sale Mohammed, cited a recent judgment delivered by Justice Bello Kawu of the Federal Capital Territory High Court, Abuja, in a matter involving the New Nigeria People’s Party (NNPP) as part of a growing trend of controversial court rulings.
According to the statement, such developments are not isolated but reflect a broader pattern in which judicial actions appear to overstep constitutional boundaries, generate conflicting orders, and raise concerns about neutrality, due process, and adherence to the rule of law.
The movement noted that similar judicial interventions have occurred in the internal affairs of major political parties, including the Peoples Democratic Party (PDP), Labour Party (LP), and African Democratic Congress (ADC), often resulting in confusion, factional disputes, and weakened party structures.
It also expressed concern over what it described as a growing tendency for courts of coordinate jurisdiction to issue conflicting rulings on similar matters, entertain cases already under appellate review, and, in some instances, disregard principles of fair hearing and procedural integrity.
The statement warned that such trends could erode established legal doctrines, including stare decisis, thereby undermining the consistency and predictability of the legal system.
The Kwankwasiyya Movement further stated that the situation is fueling public perception that elements within the judiciary are being drawn into political contests, which could weaken confidence in the courts.
“This is a dangerous trajectory for any democracy, particularly in a country preparing for critical electoral contests,” the statement said.
The group warned that if the trend continues, it could erode trust in democratic institutions, escalate political tensions, and undermine the credibility of future elections.
It therefore called on opposition parties to unite in resisting what it described as any abuse of the judiciary aimed at undermining democratic opposition in the country.
The movement also urged stakeholders to explore lawful and peaceful measures, including engaging civil society, raising international awareness, and organising legitimate public protests where necessary.
It specifically called on the National Judicial Council to review and address concerns surrounding conflicting and controversial judicial decisions, while urging judicial officers to uphold professionalism, fairness, and due process.
The statement also cautioned political actors against resorting to forum shopping and judicial manipulation in resolving internal party disputes.
The Kwankwasiyya Movement reaffirmed its commitment to defending democratic values and advocating for a system where the rule of law prevails, justice is impartial, and the will of the people is respected.
Nasiru Yusuf Ibrahim
The Kano State Government has approved a modified Sallah durbar for the Emir of Kano, Muhammadu Sanusi II, ahead of the forthcoming Eid-el-Fitr celebrations.
KANO FOCUS reports that the approval was contained in a press statement issued by the Commissioner for Information and Internal Affairs, Comrade Ibrahim Abdullahi Waiya, on Tuesday.
According to the statement, the decision followed credible intelligence reports received through the State Security Council, indicating attempts by some individuals to create confusion and disrupt law and order during the festive period.
The government, under the leadership of Governor Abba Kabir Yusuf, reiterated its commitment to preserving Kano’s rich cultural heritage but stressed that it would not compromise its constitutional responsibility to maintain peace and safeguard lives and property.
Following consultations with the Kano Emirate Council and other stakeholders, the government outlined specific arrangements for the celebrations.
It stated that the traditional Hawan Idi (Eid Durbar) would be conducted by the Emir from the Kofar Mata Eid Praying Ground through designated routes to Gidan Shettima, terminating at Kofar Fatalwa within the Emir’s Palace.
The Hawan Nasarawa procession, the statement added, would take place in a modified form without the use of horses.
However, the government announced the suspension of Hawan Daushe, Hawan Fanisau, and Hawan Dorayi, noting that they would be observed during subsequent Sallah celebrations.
The government directed all security agencies to intensify surveillance, ensure strict compliance with the directives, and take necessary measures to prevent any breach of peace before, during, and after the celebrations.
It also urged residents to remain calm, law-abiding, and cooperative with security agencies, while cautioning against the spread of unverified information.
The government commended security agencies for their professionalism and dedication, assuring the public of its commitment to a peaceful and hitch-free Eid-el-Fitr celebration.
It also extended best wishes to Muslims in the state for a peaceful and joyous Sallah celebration.
Bosede Olufunmi
The Federal Road Safety Corps (FRSC) has deployed 1,889 personnel across Kano State to ensure smooth traffic flow and enhance safety during the Eid-el-Fitr celebrations.
KANO FOCUS reports that the Kano Sector Commander, Idris Mohammed-Lawal, disclosed this in a statement issued on Monday by the corps’ Public Relations Officer, Abdullahi Labaran.
According to the statement, the special patrol operations will run from Tuesday to Sunday, with the aim of reducing road crashes, fatalities, and injuries, while ensuring free flow of traffic across the state.
Mohammed-Lawal said the deployment comprises 1,348 regular marshals and 541 special marshals who will maintain 24-hour patrol operations across the 44 local government areas of the state.
He explained that the operation would be supported by five ambulances, one heavy-duty tow truck, and 25 patrol vehicles to ensure prompt rescue services and quick clearance of obstructions on the roads.
The sector commander added that enforcement efforts would focus on common traffic violations, including speeding, dangerous overtaking, lane indiscipline, overloading, use of mobile phones while driving, seat-belt violations, and use of mechanically deficient vehicles.
He further stated that the corps would collaborate with other security and emergency agencies to ensure effective traffic control and rapid response to incidents.
“These include the Nigeria Police Force, Department of State Services, Nigeria Security and Civil Defence Corps, Federal Fire Service, and the Federal Roads Maintenance Agency,” he said.
Mohammed-Lawal urged motorists and members of the public to report crashes or emergencies through the FRSC toll-free number 122 or 0700-CALL-FRSC.
He also wished Muslims a peaceful Eid-el-Fitr celebration and advised motorists to obey traffic regulations, avoid speeding, and ensure their vehicles are roadworthy.
Kwankwasiyya movement raises concern over judicial rulings, urges NJC intervention
Kano Govt approves modified Sallah Durbar for Emir Sanusi
FRSC deploys 1,889 personnel in Kano for Eid-el-Fitr operations
Federal Fire Service saves N560m property in swift response to Kano truck yard outbreak
FRSC sensitises Kano drivers, transport unions on road safety ahead of Sallah
Kwaru Foundation Provides Free Eye Care to Over 1,100 Residents in Kano
K-SAFE commends Kano for timely school census, inclusion of non-formal education data
Kano to distribute 16,906 desks to primary schools in 13 LGAs
Kano disseminates 2024/2025 schools census report, records progress in girls’ enrolment
