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Forex: Dangote Pan African Operations Fetch Nigeria $687,977m

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Management of Dangote Industries Limited (DIL), has revealed that the company has so far repatriated over USD576,008,672.41 through various banks in Nigeria, in addition to a USD$111,968,109.38 cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines; thus saving the same amount that would have been paid by the Central Bank of Nigeria (CBN).

The company revealed this in a statement released to the media, where it accused BUA Group of sponsoring fake and misleading news about its foreign exchange transactions, approved by the CBN, which were meant for its pan-African operations.

Dangote re-affirmed its determination and belief in Nigeria, noting that the present Government, of President Bola Ahmed Tinubu, has shown the will and resolve to get the economy moving again.

“We are not body-shop investors. We believe in Nigeria, and we believe in Africa. We are genuine and authentic about our investments, and we call on all relevant agencies to investigate our FX transactions in the past ten years and make public any infraction noticed or discovered.”

Insisting that all forex purchased in respect of its African Project Expansion were genuine and fully utilised for what they were meant for, Dangote revealed that the projects for which the forex was utilised are visible for everyone to see.

“It is on record that some of these projects were commissioned by Nigerian top-ranking government officials and in attendance were Chief Executives of various banks, Captains of Industries, and the Presidents of the host countries supported by their Senior Government Officials.

“The commissioning events of these projects were well documented and covered by both local and international media. There are also print and electronic copies of the commissioning ceremonies as further testimony to the judicious utilisation of the funds.”

Dangote further explained that its massive investments in Pan Africa will lead to the repatriation of forex in the very near future and boost foreign exchange earnings in Nigeria, as well as stabilise the forex Market.

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Dangote Advocates Local Content Development At Kaduna Fair

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President, Dangote Group, Aliko Dangote has said that the Dangote Industries Limited, DIL, is a trail blazer of local content values.

DIL, under the visionary leadership of the foremost Business man, Aliko Dangote, has been championing the cause of local content and contributing significantly to the economic growth of Nigeria and the African continent as a whole.
He was represented at the ongoing Kaduna International Trade Fair by his Special Adviser, Fatima Wali-Abdulrahman.
She said local content, at its core, is about harnessing the potential within a country’s borders for the benefit of its people.
“By investing in local industries, talent, and resources, DIL does not only create jobs but also empower communities and foster sustainable economic growth”
She said that the aim is to commit to deepening local content values across its various business sectors in line with the theme of the 45th series of the Kaduna Trade Fair- Sustainable Economic Recovery Through Deepening of Local Content Value Chain
Mrs Fatima reiterated that Dangote Industries sources it’s limestone locally, and is adjudged the biggest employer of local labour in Nigeria, and now refining its crude to bring succor to Nigerians.
Dangote Group has made substantial investments in industrialization- from cement to sugar, from salt to agriculture and more recently oil & gas, all strategically positioned to leverage local resources and contribute significantly to the nation’s GDP with resounding results like the creation of employment, skills enhancement, capacity building, etc.
She noted that in the area of Philanthropy, Dangote would continue to support the people and government of Kaduna State and Nigeria through the Aliko Dangote Foundation (ADF).
“In addition to these domestic contributions, the Dangote Group has expanded its footprint across the African continent, promoting regional economic integration and positioning Nigeria as a key player in intra-Africa trade.
She described the theme of this year’s trade fair as a clarion call for aNigerians to prioritize and deepen commitment to local content values as the Group stands as a shining example in this regard

While congratulating the Council Members of KADCCIMA, Kaduna State Government and the people of the state for hosting yet another successful Trade Fair, she enjoined all and sundry to visit Dangote pavilion and take advantage of its numerous innovative products.
President of KADCCIMA, Ishaya Idi in his comments said this year’s theme focuses attention on a critical economic game changer.
“The chamber has noted with great concern that despite the abundance of solid minerals, agricultural commodities and raw materials, our nation continues to lose billions of dollars annually on account of lack of value addition in its handling, production and export processes
“Focus is placed more on instant profits from exporting raw materials. with low level of value chain addition
Idi expressed gratitude to Aliko Dangote for the unending support to KADCCIMA
“The chamber has enjoyed the partnership and support of Dangote Group in promoting the competitiveness of our nation in the global market arena through aggressive value chain development.
The new Dangote Dangote Refinery, reported to be one of the largest in the world with daily capacity of upto 650,000 barrels per day is more than twice the daily consumption of Nigeria, even as Dangote fertilizer continues to make local and international farmers happy due to its high quality
The chamber therefore congratulated the President of the Dangote Group Aliko Dangote for the tremendous progress recorded by the conglomerate, Mr. Idi stated.

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2023: Dangote Cement Increases Shareholder’s Dividend By 50%, To N30 Per Share

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…sales from African subsidiaries rose by 12.7%

In line with the promise of Chairman, Dangote Cement, Aliko Dangote at the company’s 2022 Annual General Meeting (AGM), of an enhanced return on Investments to all the shareholders and other stakeholders in Dangote Cement, Plc, the company’s Management for the year ended December 31, 2023, has proposed an increase in the dividend payout to the shareholders, by 50 percent, to N30 per share.

The proposed increase in dividend is subject to ratification by the shareholders at the forthcoming, AGM. Proposing a dividend of N30 per share at a period when many firms are declaring losses is an indication of the resilience of Dangote Cement and the prospects it holds for investors.

A breakdown of the results indicated that Africa’s largest cement manufacturer recorded improvement in all performance measurement indicators with group revenue rising by 36.4 percent to ₦2,208.1 billion while Profit after tax (PAT) was up by 19.2 percent to ₦455.6 billion. Earnings per share went up by 18.8 percent at ₦26.47.

Dangote Cement is garnering more market share across the continent with pan-Africa volumes going up by 12.7 percent to 11.3Mt.

Group Managing Director, Dangote Cement, Arvind Pathak speaking on the results said “This positive full-year outcome is a combination of the strength in the diversity of our operations across Africa and our sustained drive to contain cost amidst an accelerating inflationary environment. The Group achieved double-digit growth in revenue at ₦2,208.1 billion, while Group EBITDA reached a record high, increasing 25.1 percent to ₦886.0 billion.

Despite the challenging macroeconomic conditions, 2023 was yet another testament to the effectiveness of our diversification strategy. Our diverse operations acted as a cushion, providing resilience to country-specific risks. Pan-African volumes were up 12.7 percent and now account for 41.2 percent of Group volume. Consequently, pan-African revenue increased by a record 123.2 percent to ₦925.9 billion, while EBITDA surged by over four-fold to ₦263.7 billion.”

He added, “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.

Looking ahead, following the commissioning of our 0.45Mta grinding plant in Takoradi, we are focusing on our “export to import” strategy in West and Central Africa, while concurrently optimising assets in Eastern Africa. Our strategy remains centered on enhancing our value proposition through the production of high-quality cement and delivering sustainable value to our stakeholders.”

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Business: LOE Honoured MD Albarka Radio Bauchi, Others With Peace And Leadership Award

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By Sani Adamu Hassan

A Non governmental organization in Bauchi, League of Entrepreneurs LOE has honoured the Managing Director of Albarka radio, Engineer Umar Ladan with a peace and Leadership Award.

The presentation of the awards which took place yesterday in Bauchi cut across dignitaries drawn from various fields of endeavors in the business sector from within and outside the state.

Speaking during the event, the Founder and Chief executive officer of the League of Entrepreneurs ,LOE Hajiya Bilkisu Abubakar Sambo said the essence of the event was to recognize the excellent performance of the Awardees, whom were carefully selected from Family Marchants, and business brand among others.

Bilkisu Abubakar Sambo said the LOE is committed to changing the narrative of Bauchi State from a Salary state to business hub by providing assistance to both small and medium entrepreneurs in the state.

On the issue of investment Box, the LOE boss called on various business owners from small and medium entrepreneurs to come and venture into it so as to improve their economic businesses and capacities.

In his submission, a Professor of business administration and management ,Shehu Inuwa Galoji called on the LOE as local entrepreneurs to discourage patronage of manufactured soft drinks, instead they should used the ones that were produced locally with a view to encourage small entrepreneurs to boost their businesses.

The event also featured experience sharing from successful business owners and presentation of awards to other recipients to include the late Usman Dan Kyarana Family, Alh Sabo Gwaram Family, A.A Waziri, Binta Farouk and Zulfa’u Danjuma among others.

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