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Dangote Sugar Pays N18.22bn Dividends, To Produce 170,000 Tonnes Next Season [PHOTOS]

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Despite the economic headwinds that characterised 2022, Dangote Sugar Refinery Plc (DSR) will pay N18.22 billion as dividends to shareholders for the year ended December 31, 2022, while also targeting the production of over 170,000 tonnes of sugar next season. The dividend payout will translate to N1.50 kobo per share held by shareholders.

Chairman of the Company, Aliko Dangote said: “The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally.”

The company recorded an impressive turnover of N403 billion, a 46 per cent increase over N276 billion recorded during the same period in the year before, and posted a Profit before Tax (PBT) of N82 billion.

Dangote attributed the company’s remarkable performance to the pragmatic approach the management deployed by focusing on continued cost and process optimisation, improved efficiencies in every area of operations, and service delivery to our customers.

He pledged that the management would continue to implement strategic actions to sustain the performance with the support of all stakeholders with complete adherence to the tenets of the Federal Government’s Sugar Master Plan.

Dangote said part of the success recorded by Dangote Sugar was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan with the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.

He said: “Concerted efforts were made during the year to rise above the various challenges that came about due to the COVID–19 lockdown which affected project timelines considerably and continued to generally impact economic activities due to its spill-over effect, which also led to the lack of forex to finance most of the project deliverables.

“We however continued to surge ahead supported by the various stakeholders in the industry and government parastatals, with the resolve to ensure that the goals of the Nigeria Sugar Development Master Plan are achieved.”

The Company Chairman noted that during the year under review, the first phase of the Sugar Master Plan implementation period came to an end and that the Federal Government approved the second phase over the next 10 years. “This extension came on the back of the review of the first phase by the National Sugar Development Council and other government parastatals with cognisance of the challenges and several circumstances that were unforeseen which riddled the first phase of the programme,” he added.

Dangote stated that the board and management were, however, focused on the achievement of the goals of the strategic initiative, and thus considerable progress was recorded in the project development, despite the numerous challenges faced.

Not minding the obstacles ahead, Dangote promised that the management would continue to create sustainable value for all stakeholders through an inclusive approach to growth and development, with continuous engagement with all parties, to enable the company make a positive impact, support poverty eradication and food security, infrastructure development, empowerment for members of the immediate communities, and the society at large.

In her remarks, the Coordinator of the Pragmatic Shareholders Association, Mrs. Adebisi Bakare expressed the satisfaction of shareholders with the performance of the company, noting that despite all the encumbrances in the sugar sub-sector of the economy, the company still performed far and above the previous year.

She urged the board and the management to continue in the direction they have taken to get the company to the current winning, assuring that the management has the support of the shareholders to post even better performance in the coming years.

BIG STORY

JUST IN: Nigerian Lawmakers Propose Creation Of 31 Additional States [SEE FULL LIST]

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Nigeria’s House of Representatives Committee on Constitution Review on Thursday proposed the creation of 31 new states in the country.

If the proposal is approved, Nigeria will have 67 sub-national governments, as the current number of states stands at 36, including the Federal Capital Territory.

The proposal for new states was presented in a letter read during Thursday’s plenary session by the Deputy Speaker, Benjamin Kalu, who presided over the session in the absence of the Speaker, Mr. Tajudeen Abbas.

The letter read in part, “The committee proposes the creation of 31 new states. As amended, this section outlines specific requirements that must be fulfilled to initiate the process of state creation, which include the following:

“1. New state and boundaries

“An act of the National Assembly for the purpose of creating a new state shall only be passed if it requires support by at least the third majority of members.

“The House of Representatives, the House of Assembly in respect of the area, and the Local Government Council in respect of the area are received by the National Assembly.

“Local government advocates for the creation of additional local government areas are only reminded that Section 8 of the Constitution of the Federal Republic of Nigeria, as amended, applies to this process.

“Specifically, in accordance with Section 8 (3) of the Constitution, the outcome of the votes of the State Houses of Assembly in the referendum must be forwarded to the National Assembly for fulfillment of state,” the proposal partly reads.

According to the proposal, the new states include Okun, Okura, and Confluence States from Kogi; Benue Ala and Apa States from Benue; FCT State; Amana State from Adamawa; Katagum from Bauchi and Savannah States from Borno and Muri State from Taraba.

Others include New Kaduna and Gujarat from Kaduna State; Tiga and Ari from Kano; Kainji from Kebbi State; Etiti and Orashi as the 6th state in the South East; Adada from Enugu; and Orlu and Aba from the South East.

Also included are Ogoja from Cross River State, Warri from Delta, Ori and Obolo from Rivers, Torumbe from Ondo, Ibadan from Oyo, Lagoon from Lagos, Ogun, Ijebu from Ogun State, and Oke Ogun/Ijesha from Oyo/Ogun/Osun States.

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El-Rufai Lacks Capacity To Unsettle Tinubu, He Can’t Even Win Senatorial Seat — Daniel Bwala

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Daniel Bwala, special adviser to the president on policy communication, asserts that Nasir el-Rufai, the former governor of Kaduna, lacks the capacity to “unsettle” President Bola Tinubu.

Bwala made this statement on Thursday during an interview with TVC News. He emphasized that Tinubu is not losing sleep over el-Rufai’s continuous criticisms of his administration.

Background

El-Rufai has been targeting some members of the Tinubu administration.

The former minister of the federal capital territory (FCT) recently criticized the ruling All Progressives Congress (APC) for “straying away from its core values,” mentioning that he no longer recognizes his political party.

Bwala had questioned el-Rufai if his stance on the APC would have been different had he been a member of Tinubu’s cabinet.

In response to Bwala’s comments, el-Rufai stated that he would not hesitate to criticize the party, even if he were given a position in the Tinubu administration.

‘On His Own, El-Rufai Is Unelectable’

When asked if the presidency was anxious about el-Rufai’s remarks and the regrouping of opposition politicians, the spokesperson confirmed that Tinubu is not concerned with the opposition’s movements.

Bwala emphasized that the president’s approach has always been one of reconciliation.

“Who is jittery? The political opponents have no direction. There is no organized political party in Nigeria other than APC. Almost all opposition parties are trying to find their way,” Bwala stated.

“I don’t attack because I see that the position of Mr. President is that of reconciliation. In his 18 months in office, he has never reacted to anybody. He has never been seen being combative or aggressive against anybody.”

The presidential spokesperson acknowledged el-Rufai’s dilemma, adding that the former governor cannot accomplish his goals by joining the opposition.

According to Bwala, el-Rufai only becomes a significant political figure when he aligns with a “solid revolutionary” leader.

“El-Rufai, as he said, is still in APC. You treat him like a brother. I know his grandstanding. I know he is facing challenges finding a path,” he stated.

“If you leave a governing party, which you have influence over, and think that you can undertake a mission, you need to have a working platform to do that.”

“He does not have the capacity to make the president unsettled. No opposition party, even if combined, can make the president unsettled.”

“Let me tell you something about my elder brother, el-Rufai, and whether we should be worried.”

“There is a dynamic around el-Rufai. El-Rufai needed a solid revolutionary person to thrive. On his own, el-Rufai may not win the senate.”

“He won governorship because of the Buhari factor and got re-elected because of the Buhari factor. If you leave him now to go and run for senate in Kaduna, he would not win.”

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Importers To Pay More As Customs Introduces 4% FOB Levy

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The Nigeria Customs Service (NCS) has announced that it will enforce a 4 percent charge on the “free-on-board” (FOB) value of imports.

“FOB” refers to the arrangement where the seller is responsible for delivering the goods to the port of departure, clearing them for export, and loading the goods onto the vessel. Once the goods are on the vessel, the risk transfers from the seller to the buyer, who then assumes responsibility for all subsequent costs.

In a statement released on Wednesday, Abdullahi Maiwada, NCS national public relations officer, confirmed that the directive is in line with the provisions of the “Nigeria Customs Service Act” (NCSA) 2023.

“In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a 4 percent charge on the “Free On-Board” (FOB) value of imports,” Maiwada stated.

“The FOB charge, which is calculated based on the value of imported goods, including the cost of goods and transportation expenses incurred up to the port of loading, is essential for driving the effective operation of the service.”

“Furthermore, the NCS acknowledges concerns raised by stakeholders over the continued collection of the 1 percent “Comprehensive Import Supervision Scheme” (CISS) fee.”

“It is a regulatory charge imposed for funding Nigeria’s Destination Inspection Scheme alongside the 4 percent FOB charge.”

“As a responsive government agency, the service wishes to assure the general public that extensive consultation is ongoing with the federal ministry of finance to address all agitations raised by our esteemed stakeholders.”

Maiwada urged all stakeholders to comply with the directive, which was conceived after thorough consultation with relevant stakeholders and organizations.

“All stakeholders are urged to support this legally binding initiative,” he emphasized.

“As the measures introduced in alignment with the NCSA 2023 reflect a balanced approach born out of extensive consultations with industry players, importers, and regulatory bodies.”

He also acknowledged the valuable contribution of stakeholders in shaping and actualizing the NCSA 2023.

“Their insights, expertise, and unwavering commitment have been instrumental in ensuring a robust legal framework that enhances efficiency, promotes innovation, and strengthens transparency in customs operations,” he added.

The customs official reiterated that under the leadership of Adewale Adeniyi, the comptroller-general, the service remains dedicated to transparency, fair trade practices, and efficient revenue management.

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