Connect with us


BIG STORY

Dangote Cement Shareholders Unanimously Approve A 10% Share Buy-Back Programme [PHOTOS]

Published

on

Shareholders of Dangote Cement, unanimously on Tuesday authorised the Management of the company to undertake a share buyback of up to 10 percent of its issued shares, effective from the date of the resolution.

The company had earlier indicated an interest in undergoing a share buyback programme, in respect of up to 10 percent of its issued shares, for the purpose of improving the company’s return on equity and its shareholders’ value, so as to facilitate the future long-term growth of the company.

The approval through voting, which was given at the company’s Extraordinary General Meeting, held in Lagos recorded a 100 percent approval from the shareholders, with many of them describing the exercise as very laudable and a win-win situation for them.

Among other resolutions, the shareholders authorised that the “Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.”

The Board was also authorised to ensure that the amendment of the Articles of Association of the company reflects the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.

It would be recalled that the Shareholders, at the company’s recent 13th Annual General Meeting (AGM), also commended the Management of the company for an impressive performance despite the economic challenges in the year under review.

Unanimously, they approved N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year. That represented a 25 per cent increase in dividend compared to the 2020 dividend of N16.00 per share, reinforcing the Company’s commitment to maximising shareholder value. They also applauded the company for its drive in reducing unclaimed dividends of the company.

Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion. Also, the Company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 percent owing to strong cost control measures.

Chairman of the company, Aliko Dangote, said that “Over the last decade, Dangote Cement has recorded exponential growth across all areas.” According to him, “Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.”

“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability, and grit. These values are what we need to face in unpredictable times in the future.

“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa while creating sustainable value for our stakeholders,” Dangote added.

BIG STORY

New DG Of National Institute For Hospitality And Tourism Resumes Office With A Focus On Human Development [PHOTOS]

Published

on

The National Institute for Hospitality and Tourism (NIHOTOUR) has welcomed its new Director General, Dr. Abisoye Fagade, who officially resumed office this week.

NIHOTOUR, a collaboration between the United Nations Development Programme (UNDP), the United Nations World Tourism Organization (UNWTO), and the Federal Government of Nigeria, is at the forefront of human capacity development in Nigeria’s tourism and hospitality sectors.

Upon his assumption of office, Dr. Fagade was warmly received by the institute’s management team, which includes:

Dr. Green, Director of Travel and Tourism

Dr. Baba, Director of Hospitality Management

Dr. Ibru, Director of Human Relations

Dr. Shehu, Registrar

Ahmed Attah, Director of Finance

Victor Salako, Director of Planning and Research

Maryam Inuwa, Director of Legal

In his inaugural speech, Dr. Fagade outlined his agenda, emphasizing his commitment to human development and the transformation of the institute. “My emphasis will be on human development, and I shall ensure we turn the institute around,” he stated.

His agenda centers on:

1. Building Capacity: Enhancing training programs to equip professionals with the skills required for global competitiveness in tourism and hospitality.

2. Innovative Leadership: Introducing modern strategies to reposition NIHOTOUR as a leading institution in the sector.

3. Stakeholder Collaboration: Strengthening partnerships with industry players, international organizations, and local stakeholders.

4. Institutional Development: Improving infrastructure and operational efficiency to support NIHOTOUR’s mission.

The management staff expressed their confidence in Dr. Fagade’s vision and pledged their support in realizing his goals for the institute. Stakeholders in the tourism and hospitality sectors are optimistic about the positive impact of his leadership on the industry.

Dr. Fagade’s resumption marks a new era for NIHOTOUR, with a renewed focus on human development and sectoral transformation.

Continue Reading

BIG STORY

Support Ifeanyi Ubah’s Widow To Succeed Him As Senator — Ndume To Senate

Published

on

Ali Ndume, senator representing Borno South, has urged the upper legislative chamber to support Uchenna, the wife of the late lawmaker Ifeanyi Ubah, to succeed him.

Ndume made the call during a valedictory session held on Tuesday in the Senate to honor the late Anambra South senator, who passed away in July at the age of 52.

He told his colleagues that Ubah’s wife should take over his seat in the Senate to preserve his “legacy and aspirations.”

“This has happened before. When Chuba Okadigbo, a great politician, passed away, his wife, Margery, joined the Senate and carried on his legacy,” he said.

“Similarly, our first lady, Oluremi Tinubu, served in this chamber, largely supported by the goodwill of Lagosians and the legacy of her husband, who was a former governor. In fact, she told me that her dream was to be a pastor.”

Ndume also mentioned that Abdulaziz Yar’Adua carried on the political legacy of the late President Umaru Musa Yar’Adua by joining the Senate.

“Senator (Iyabo) Obasanjo, if you remember, is the daughter of General Obasanjo. Sitting in front of me is Dafinone; his father was a great senator.”

“What I want to appeal to you, Mr. President, is that we keep the spirit and aspirations of Ifeanyi alive.”

“His wife, fortunately, is around 50 years old and has been a wonderful support system to him.”

“Finally, Mr. President, my appeal to you and distinguished colleagues is that we support his wife, who is around 50 years or so—a wonderful wife.”

“Let us support the family to have a representative in the chamber who embodies the spirit of Ifeanyi when the election for the Anambra South senatorial district comes up. This will ensure continuity and honor for the Anambra South senatorial district.”

Senate membership is neither automatic nor transferable from one individual to another.

According to Section 65 of the 1999 Constitution, a person can only become a member of the Senate through election.

The individual must be qualified for election by having been educated up to at least the school certificate level or its equivalent, being a member of a political party, and being sponsored by that party.

Continue Reading

BIG STORY

Seven NSCDC Officers Missing After Boko Haram Attack In Kaduna

Published

on

The Nigeria Security and Civil Defence Corps (NSCDC) has reported that suspected Boko Haram terrorists ambushed its monitoring team in Kaduna, leaving seven officers missing.

In a statement on Tuesday, Afolabi Babawale, the NSCDC spokesperson, explained that the incident occurred on Monday in the Farin-Kasa area of Chikun LGA, Kaduna, while the monitoring team was inspecting the national grid installation in Shiroro, Niger State.

Babawale stated that the team, consisting of nine officers and 71 other ranks, was mobilized in response to recent attacks on power lines that had caused a blackout in northern Nigeria.

“As they patrolled vulnerable areas, they encountered stranded expatriates near Dagwachi village and allowed them to join the convoy for safety,” the statement reads.

“Unbeknownst to the team, over 200 armed Boko Haram militants had laid a deadly ambush from a hilltop, ready to unleash a torrent of gunfire on the unsuspecting convoy.

“Determined and resourceful, the NSCDC operatives fought back valiantly, managing to neutralise over 50 insurgents during the exchange.

“However, the chaos left seven officers unaccounted for, prompting an urgent search in the bush for their whereabouts. Those who sustained injuries are currently receiving medical treatment.”

Ahmed Audi, the NSCDC commandant-general, condemned the attack, calling it a cowardly act against personnel dedicated to the nation’s defence.

He praised the bravery and determination of the operatives, reiterating the corps’ commitment to safeguarding critical national assets and infrastructure despite the growing security threats.

Continue Reading



 

Join Us On Facebook

Most Popular