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Dangote Cement Posts Resilient Performance In First Half 2021

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Africa’s largest cement producer, Dangote Cement has announced resilient results for the six months ended 30th June 2021 as Group sales volumes hit 15.3Mt.

According to the company’s unaudited results for the period under review, Nigerian operations accounted for a sales volume of 9.87 Mt while pan African operations contributed the balance of  5.5Mt. The increase in sales volume was supported by an increase in housing infrastructure and commercial construction.

In the period, the cement giants posted a profit after tax of ₦191.6 billion after a tax charge of N89.6 billion.

The company recommenced clinker exports from Nigeria in the second quarter, with two clinker shipments, each from Apapa and Onne terminals.

Group Managing Director, Dangote Cement, Michel Puchercos, speaking on the results said, “We are pleased to report a solid set of good results for the first half of the year. Our performance reflects the strong demand across the Group, with increases in revenue and profitability, compared to the same period last year.  This strong intrinsic performance is magnified by the lower Q2 2020 results because of COVID-19. The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”

On the steps taken by the company to protect the stakeholders, he said, “We also continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders. We have learned a lot over the past year on how to mitigate risks associated with COVID-19. We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations.

We recommenced clinker exports in the second quarter after taking the strategic decision to pause our clinker exports. This was to ensure we met the historic volume growth in the Nigerian domestic market since mid-2020. We are improving the output of our existing and new assets and I am happy to announce that our 3 Mt Okpella Plant, Edo State, is on track to come on stream in the next quarter.”

Puchercos stated that the company’s Alternative Fuel project which focuses on leveraging waste management solutions, reducing CO2 emissions, and sourcing material locally is at an advanced stage while procurement and installation of the necessary equipment across all plants is ongoing.

He added that Dangote Cement is focused on sound governance, saying, “we are leading the way with our commitment to sustainability and best practices.  We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders.  Transparency and consistency are at the core of every part our business culture”

Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. Adopting the XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in continuing efforts to modernize and enhance transparency and access to companies’ disclosures.

Dangote Cement Plc is Sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta capacity across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement.

The Group has a production capacity of 32.3Mta in its home market, Nigeria. It has three cement plants in Nigeria, Obajana plant in Kogi state, with 16.3Mta of capacity across four lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue state has 4Mta. Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighboring countries.

In addition, Dangote Cement has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

Dangote Cement has a long-term credit rating of AAA(NG+) by GCR and Aa2.ng by Moody’s due to its market-leading position, significant operational scale, and strong financial profile evidenced by the Company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow, and low leverage.

Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, pasta, beverages, and real estate, with new multi-billion-dollar projects underway in the oil and gas, petrochemical, fertilizer and agricultural sectors.

BIG STORY

Stand-Up Order: Afenifere Condemns Obasanjo, Says Apologise To Yoruba Obas

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Afenifere, the pan-Yoruba socio-political organization, has condemned Nigeria’s former president, Olusegun Obasanjo, for ordering some monarchs in Yoruba land to stand up and sit down during an occasion.

Obasanjo, some weeks ago asked the monarchs, who attended a road inauguration, in Iseyin, Oyo State, to stand up and sit down when he and Governor Seyi Makinde entered the venue of the event.

To that end, the Afenifere demanded the former president apologize unequivocally to the allegedly insulted monarchs.

This was part of the resolutions of the association contained in a communique issued at the end of its monthly meeting, on Wednesday. The meeting was held at the residence of the National Leader of the group, Pa Reuben Fasoranti, in Akure, Ondo State capital.

The communique was read by the Publicity Secretary of the association, Mr Jare Ajayi.

The communique read in part, “Afenifere was taken aback by the avoidable and unwarranted incident that took place at Iseyin, Oyo State on Friday, September 15, 2023, where former President Olusegun Obasanjo commanded Royal Fathers at the gathering to stand up (and after complying), were ordered to sit down. It was as though a military commander was giving orders to his troops.

“We Yorubas respect our traditional institutions, the arrowhead of which, are our traditional rulers, who, traditionally and spiritually, have acquired the status of deities. It’s not surprising that they are referred to as ‘Igbakeji Orisa’! (Second in command to the god).

“In view of the attempt to ridicule the respected Obaship institution in Yorubaland, Afenifere hereby demands an unreserved public apology to Obas from former President Olusegun Obasanjo. Our tradition describes who we are.

“As such, no effort must be spared to prevent the rubbishing of our noble tradition. In that wise, it’s hereby recommended that royal fathers are spared the trouble to stand up at public functions as obtained in the United Kingdom among others.”

On insecurity and banditry, the Afenifere called on the Federal Government and security agencies in the country to be more decisive and more proactive in tackling insecurity in the country.

The group stated, “Four approaches are hereby recommended for immediate deployment of anti-terrorism devices and proper motivation of security personnel as well as immediate engagement of local leaders in areas where insecurity is rife.

“Deliberate efforts should be made to get the youths gainfully engaged so as to make them unavailable for anti-social and inhuman activities.

“Cases of banditry and terrorism be discharged expeditiously. Perpetrators of banditry should be made to pay heavy prices.”

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BIG STORY

Wike Sacks Heads Of FCT Agencies, Parastatals

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Nyesom Wike, the Minister of the Federal Capital Territory, has relieved the heads of 21 parastatals, agencies, and government companies of the FCT Administration of their appointments with immediate effect.

Mr Anthony Ogunleye, Director of Press, Office of the Minister stated this in a press statement in Abuja on Wednesday.

Ogunleye identified the affected heads of the agencies as follows:

1.     Group Managing Director and Chief Executive Officer, Abuja Investment Company Ltd

2.     CEO/Managing Director, Abuja Markets Management Ltd

3.     MD/CEO, Abuja Urban Mass Transport Company

4.     CEO/MD, Abuja Property Development Company

5.     CEO/MD, Abuja Technology Village Free Trade Zone Company

6.     CEO/MD, Abuja Film Village International

7.     CEO/MD, Powernoth AICL Equipment Leasing Company Ltd

8.     MD, Abuja Broadcasting Corporation

9.     MD, Abuja Enterprise Agency

10. General Manager, FCT Water Board

11. Director-General, FCT Emergency Management Agency

12. Executive Secretary, FCT Primary Healthcare Board

13. DG, Hospital Management Board

14. Director, Abuja Environmental Protection Board

15. Director, FCT Scholarship Board

16. Director, FCT Christian Pilgrims Welfare Board

17. Director, Muslim Pilgrims Welfare Board

18. Coordinator, Abuja Infrastructure Investment Center

19. Director, FCT Health Insurance Scheme

20. Coordinator, Satellite Towns Development Department

21. Coordinator, Abuja Metropolitan Management Council

The director of the press said that the affected appointees should hand over the affairs of their offices to the most senior officers in rank.

He added that appointments in the offices would be made in due course.

 

Credit: NAN

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BIG STORY

MOHBAD: I’m Ready To Return If My Safety Is Guaranteed — Naira Marley [VIDEO]

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Azeez Fashola alias Naira Marley, a Nigerian artist, has stated that he is willing to return to Nigeria to clear his name in the death of his former label signee, Mohbad.

Naira Marley made the revelation during an interview with social media influencer Reno Omokri on Wednesday.

Since Mohbad’s death, there has been social media outcry as various videos emerged showing the late singer accusing Naira Marley of orchestrating his gang-beating.

Again, in his first interview since the saga began, the label boss stated that there is a lot of mob poisoned by the media against his person and stated that he will return to the nation if the authorities guarantee his safety.

He also alleged that Mohbad struggled with suicidal thoughts while he was alive.

He said, “There was another time when I was in America and his girl called me to say he locked himself in the toilet and he wanted to kill himself or something like that. So, I called him from there and recorded the conversation, asking him: “Why did you want to kill yourself? You are a king, if your family is stressing you out(because this time, he was with his family and all his family was around him) just tell them to chill, you can do what you want to do, do not stress yourself, if you kill yourself now, what do you want people to say.

“I was so concerned so I called him to try to give him rest of mind, if your family is stressing you out, leave.”

“He wanted to commit suicide, in the video, I was just trying to find out what was wrong with him.”

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