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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

BREAKING: President Tinubu Renames University Of Maiduguri After Buhari

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President Bola Tinubu has given approval to rename the University of Maiduguri in Borno State as Muhammadu Buhari University.

May we now adopt the University of the Maduguri as the Muhammadu Buhari University, Tinubu announced at the end of a special Federal Executive Council session held to honour Buhari at the Aso Rock Villa, Abuja, on Thursday.

Earlier, the President offered a heartfelt tribute to Buhari, portraying him as a good man, a decent man, an honourable man, whose legacy of discipline, patriotism, and strong moral values would be remembered for generations.

Tinubu acknowledged that although Buhari had imperfections, his steadfast dedication to serving the nation distinguished him.

President Buhari was not a perfect man, no leader is, but he was, in every sense of the word, a good man, a decent man, an honourable man.

His record will be debated, as all legacies are, but the character he brought to public life, the moral force he carried, the incorruptible standard he represented, will not be forgotten.

His was a life lived in full service to Nigeria, and in fidelity to God, he added.

Looking back at Buhari’s leadership and long career in both military and civil service, Tinubu highlighted his humility, modesty, and resistance to the temptations of power.

He stood, always, ramrod straight; unmoved by the temptation of power, unseduced by applause and unafraid of the loneliness that often visits those who do what is right, rather than what is popular.

His was a quiet courage, a righteousness that never announced itself. His patriotism was lived more in action than in words.

Tinubu also reflected on their political partnership, which led to the historic 2015 elections, marking Nigeria’s first peaceful transition of power between political parties.

We stood together, he and I. Alongside others drawn from across the political spectrum, regions and tongues, we formed an alliance that enabled Nigeria to experience its first true democratic transfer of power from one ruling party to another.

When he was sworn in as our party’s first elected President, he led with restraint, governed with dignity, and bore the burdens of leadership without complaint, he said.

The President admired Buhari’s life after leaving office, saying he chose to live quietly in Daura rather than influence politics from behind the scenes.

When his tenure ended, he returned to Daura; not to command from the shadows or to hold court, but to live as he always had, never seeking to impose his will but content to let others carry the nation forward.

Even in death, he maintained the serenity that defined him in life: not a sigh, not a groan, just a quiet submission to the will of God. Such was the man Nigeria has lost. Such was the man for whom our nation now mourns, he added.

Tinubu expressed gratitude to the Inter-Ministerial Committee and Katsina State Governor, Dikko Radda, for putting together a state funeral in less than 48 hours, calling it a profound honour to lead the burial ceremony in Daura.

He ended his tribute with a final message: Mai Gaskiya, the People’s General, the Farmer President, your duty is done. May Almighty Allah forgive his shortcomings and grant him Aljannah Firdaus. May his life continue to inspire generations of Nigerians to serve with courage, conviction, and selflessness. President Buhari, thank you. Nigeria will remember you.

Buhari passed away on Sunday, July 13, at the age of 82.

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CPC Bloc And Buharists Reaffirm Commitment To APC And President Tinubu, Call For Party Chairmanship

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In a live interview earlier today on AIT, political analyst and committed Buharist Chief Okoi Obono-Obla —former member of the National Executive Committee and Secretary of the defunct CPC Merger Committee—addressed recent speculation regarding the Congress for Progressive Change (CPC) bloc and Buharists within the All Progressives Congress (APC), following the transition of former President Muhammadu Buhari.

Responding to reports that certain former government officials are considering a move to the African Democratic Congress (ADC) or aligning with a so-called coalition, Okoi stated firmly:

“These individuals do not represent the leadership or the collective will of the CPC bloc. As a Buharist and one who participated in the foundational merger, I can confirm that the CPC bloc remains solidly within the APC and stands fully behind President Bola Ahmed Tinubu.”

He emphasized that suggestions to defect run contrary to President Muhammadu Buhari’s legacy and enduring support for the APC:

“If those advocating a move to the ADC were genuine followers of President Buhari, they would respect his clear position. Our leader has declared he remains a member of the APC and deeply appreciates the platform the party provided for his presidency from 2015 to 2023.”

Okoi also conveyed a strong demand from the CPC bloc regarding the future leadership of the APC:

> “The CPC bloc is earnestly calling for the position of the next APC National Chairman to be conceded to our bloc. We are united in our clamour for Senator Tanko Umaru Al-Makura—our respected leader and a committed party stalwart—to assume this vital role.”

This reaffirmation not only signals loyalty to President Tinubu and the APC, but also outlines the CPC bloc’s expectations for inclusive party leadership, rooted in shared history and trust.

 

@ Okoi Obono-Obla#

PresidentialVillaUpdate

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BIG STORY

NELFUND To Launch Job Portal Linking Student Loan Beneficiaries To Employers By 2026

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The Nigerian Education Loan Fund (NELFUND) has revealed plans to introduce a centralized job portal by 2026 aimed at helping student loan recipients secure employment opportunities both locally and abroad.

This initiative forms part of broader strategies to strengthen the effectiveness of the student loan program and guide graduates toward financial stability.

While speaking at a media briefing in Abuja to commemorate one year since the loan scheme’s inception, NELFUND’s Managing Director, Akintunde Sawyerr, clarified that although the agency does not promise jobs, the planned job portal is intended to ease graduates’ entry into the workforce.

Sawyerr mentioned that the portal will compile job listings from government bodies, private companies, and foreign employers interested in hiring Nigerians.

We don’t just give a loan and leave students on their own. This job portal is our way of supporting their journey towards economic stability, he said

No repayment without employment

Sawyerr reaffirmed that repayment of student loans will only begin when beneficiaries secure employment and have completed their National Youth Service Corps (NYSC).

If you don’t have a job, you don’t pay. And when you eventually get a job, your repayment starts fresh.

Once employed, 10 per cent of the beneficiary’s monthly income is deducted automatically by the employer and remitted to NELFUND, following verification through the NELFUND employment register.

If an employee is laid off or resigns, the deductions stop. And in the event of death, the loan is written off. The family is not harassed, he said.

Institutions must refund duplicate payments

On the matter of students who made fee payments before NELFUND disbursed funds to their schools, Sawyerr urged institutions to fulfill their obligation and refund the affected students.

We’ve received multiple petitions from students who paid under duress, only to find their fees had also been paid by NELFUND.

Institutions must refund this money. It’s disappointing that some schools have ignored this responsibility, he said.

He further explained that anti-graft agencies have begun investigating: Investigative bodies like the ICPC and EFCC have stepped in to question certain institutions over delays or refusals to refund.

To ensure the right return of funds, he recommended: If an institution cannot refund directly to the student, they can pay the money back to us and we will ensure it gets to the rightful student.

Over 3.2 million student records in system

Mustapha Iyal, the Executive Director of Operations, shared that the Fund currently oversees over 3.2 million student records and anticipates receiving around one million additional applications by the end of 2025.

Basically, our projection right now, we have about 3.2 million students in our system.

What we’re looking at this year, from now to the end of the year, we’re looking at about one million applications. We’re not pushing. We’re not saying that it’s compulsory.

But we’re looking at how we can support one million applications to make sure that no one is dropping out of school, he stated.

What you should know

NELFUND has broadened its scope by launching a loan program that also funds vocational and technical education to empower Nigerian youth seeking practical trade skills. The pilot phase of this scheme will start in Enugu between late June and mid-July 2025.

According to Executive Director of Operations, Iyal Mustapha, the initiative will offer interest-free loans to cover tuition, transportation for attending full-time technical schools, stipends for living expenses, and even tools upon training completion.

Applications will be submitted via NELFUND’s portal, and once the system is active, applicants will be matched with certified vocational training centers in their region.

 

Credit: Nairametrics

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