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

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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

Ikorodu Teacher Arrested For Physically Abusing 3-Yr-Old Boy In Viral Video [SEE VIDEO]

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The Lagos State Domestic and Sexual Violence Agency has confirmed the arrest of a teacher following a viral video showing the suspect allegedly physically abusing a three-year-old boy at a school in Ikorodu.

The announcement was made in a statement shared on X (formerly Twitter) on Wednesday.

The video, shared by Oyindamola, who identifies as #dammiedammie35, captured a female teacher slapping the child’s face.

The video was captioned, “Footage from Christ-Mitots School in Ikorodu, a teacher named Stella Nwadigo was witnessed mistreating and physically abusing a three-year-old boy, Abayomi Micheal.”

The footage has raised serious concerns about the safety and well-being of our little ones in school.”

Reacting to the incident, the Lagos DSVA issued a statement expressing gratitude to those who brought the video to their attention

The statement reads, “We appreciate everyone who brought the disturbing incident of a teacher who was recorded physically abusing a 3-year-old boy to our attention.

We are pleased to inform the public that the teacher in question has been arrested by Owutu FSU, and an investigation has commenced in earnest.

The agency reiterated the state government’s commitment to protecting children, emphasizing that schools must be safe and nurturing spaces.

The statement added, “Indeed, institutions of learning should be safe, warm, and protective environments for all children in their care.

The State Government remains committed to ensuring the safety and well-being of every child by enforcing strict regulations, holding offenders accountable, and working with stakeholders to promote a zero-tolerance policy for abuse in any form.”

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BIG STORY

China Development Bank Approves $254m Loan For Kano-Kaduna Railway Project

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The China Development Bank (CDB) has provided a loan of $254.76 million for the construction of the Kano-Kaduna railway project in Nigeria.

In a statement on Tuesday, the bank stated that the funding aims to support the smooth advancement of the infrastructure project.

The CDB highlighted that the construction is being undertaken by China Civil Engineering Construction Corporation (CCECC), with financial support from the bank.

“The Kano-Kaduna railway, with a total length of 203 kilometers, is a standard-gauge railway,” the statement reads.

“Once completed, it will provide direct rail connectivity between Kano, an important northern city in Nigeria, and the country’s capital Abuja, offering local residents a safe, efficient, and convenient mode of transportation.”

In addition to enhancing mobility, the bank mentioned that the project is expected to stimulate economic growth along the railway corridor, generating job opportunities and promoting related industries.

“The Kano-Kaduna railway project has been included in the list of practical cooperation projects for the Third Belt and Road Forum for International Cooperation,” the CDB added.

The bank stated that the construction is progressing smoothly and reiterated its commitment to collaborating closely with the Nigerian government to ensure the disbursement of funds and effective management of the next phases of the project.

On July 15, 2021, President Muhammadu Buhari launched the construction of the Kano-Kaduna railway project.

The rail project is the third phase of the Lagos-Kano standard gauge railway modernization project.

The first phase (Abuja-Kaduna) and the second phase (Lagos-Ibadan) were inaugurated for commercial operations in July 2016 and June 2021, respectively.

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BIG STORY

ICPC Files Money Laundering Charge Against El-Rufai’s Former Commissioner

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has charged Muhammad Sa’idu, a former commissioner during the administration of Nasir el-Rufai, ex-governor of Kaduna, to court over alleged “money laundering.”

The Kaduna police command arrested Sa’idu over a petition for alleged diversion of public funds.

Osuobeni Akponimisingha, the ICPC’s assistant legal officer, filed the case against the former commissioner on Tuesday at the federal high court in Kaduna.

Sa’idu served as the commissioner of local government affairs, chief of staff, and commissioner of finance during the administration of el-Rufai.

The ICPC dismissed an earlier claim that Sa’idu had been exonerated of all charges after 10 months of investigation.

The former commissioner is charged alongside Ibrahim Muktar, a staff in the ministry of finance.

According to the suit No. FHC/KD/IC/2025, the defendants are charged on a two-count charge of “money laundering.”

“Sometime in March 2022 or thereabouts, Alhaji Muhammad Bashir Sa’idu, who at that time commissioner of finance, did accept cash payment of the sum of N155m from one Ibrahim Muktar exceeding the amount authorised by law, which sum you received in cash through proxy to wit: Muazu Abdu, your Special Assistant and you thereby committed an offence contrary to Section2(a) and punishable under the Section 19(d) of the “Money Laundering(Prevention and Prohibition) Act, 2022,” the charge sheet reads.

The ICPC also alleged that within the same period, Sa’idu “indirectly took control of the sum of N155m received in cash for and on behalf of you by one Muazu Abdul from Ibrahim Muktar, which he reasonably ought to have known, formed part of the proceeds of an unlawful activity to wit: corruption and you hereby committed an offence contrary to section 18(2)(d) and punishable under Section 18(3) of the “Money Laundering(Prevention and Prohibition) Act, 2022.”

The anti-graft agency noted that section 18(3) of the “Money Laundering (Prevention and Prohibition) Act, 2022” states that “any person who contravenes the provisions of subsection(2) is liable on conviction to imprisonment for a term of not less than four years but not more than fourteen years or a fine not less than five times the value of the proceeds of the crime or both.”

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