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FG Charges Dangote Cement N173.93bn Tax For 2021; Paid N97.24 Billion Tax In 2020

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Dangote Cement sustains a tax charge of N173.93bn for 2021


Dangote Cement Plc has sustained its position as a leading contributor to Nigeria’s economy with a tax charge of N173.93 billion for the financial year ended 31st December 2021. According to the cement group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an increase of 78.7 percent over N97.24 billion in 2020.



Analysis of the cement company’s financial result for the review year indicated that Group sales volume stood at 29.3Mt, with Nigeria accounting for 18.61Mt while operations in other countries did 10.86Mt. Group revenue was N1,383.6 billion for the full year, made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion, in contrast to the group revenue of N1,034.20 billion in 2020 which constituted N719.95 billion from Nigeria and N318.68 billion from other African operations.



Dangote Cement recorded a gross profit of N538.37 billion and after-tax profit of N364.44 billion while earnings per share (EPS) rose to N21.24 from N16.14. The directors have proposed a dividend of ₦20.00 per share.



Speaking on the results, Chief Executive Officer, Dangote Cement Michel Puchercos said, “We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8 percent and Group EBITDA was up 43.2 percent, to ₦684.6 billion at a 49.5 percent margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4 billion up 32.0 percent.”



“Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Due to an increased focus on efficiency while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its shareholders,” he added.



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 the transparency of, and access to, companies’ disclosures.

Dangote Cement has a long-term credit rating of AA+ 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, beverages, and real estate, with new multi-billion-dollar projects underway in the oil and gas, petrochemical, fertilizer and agricultural sectors

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Olota Of Otta Advocates Cultural Preservation During European Tour, Visits Nigerian Embassy In Rome, Italy [PHOTOS]

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In continuation of the ongoing Europe Tour, His Majesty, Olota of the Paramount and Ancient Ottaland, Awori Kingdom, Professor Adeyemi Obalanlege Ph.D, MCIPR, MPRII, FHEA (Lanlege Ekun II, Arole Iganmode) was warmly received at the Nigerian Embassy in Rome by a dedicated team led by Her Excellency, Amb. Gwendy OMIJEH, the Charge d’Affairs, along with key officials including M.M. LAWAL, H. KWACHE-ADAMS, G. W. GABKWET, A.O. AHANONU, M.N. TONY-BISONG, and N.J. RIBI.

Welcoming His Majesty, Mrs Gwendy OMIJEH commended Kabiyesi Olota for the diplomatic visit, and for the efforts in promoting culture and traditions. She described the tour “thoughtful”, as it will further integrate subjects living in Rome with their homeland.

During the diplomatic visit to Rome, Italy, His Majesty highlighted the importance of preserving the rich cultural heritage of the Awori people. Kabiyesi emphasized the significance of remembering one’s roots and encouraged his subjects to maintain strong ties with their homeland. He urged them to embrace their cultural identity, visit their ancestral land frequently, and actively promote and preserve the rich Awori Cultural Heritage.

Kabiyesi’s message resonates deeply in an era marked by rapid globalization and cultural homogenization. As traditional values and customs face the pressures of modernization, the Olota’s call for cultural preservation serves as a poignant reminder of the importance of heritage and identity.

As the Olota’s message reverberates beyond the confines of the embassy walls, it serves as a beacon of cultural resilience and a call to action for all to cherish, celebrate, and preserve the diverse cultural tapestry that enriches our world.

In his Majesty’s delegation; Alayeluwa Oba Adewunmi Adeniji Odutala (Onibudo of Ayetoro Itele Otta, Awori Kingdom), Chief Olusegun Johnson (Otunba of Otta, Awori Kingdom), Chief Okikiolu Fadayiro (Baamolu of Otta, Awori Kingdom), Prince Adewale Adeyanju (Culture and Tourism Consultant to His Majesty), Prince Adeyemi Sulaimon Olusesi (Principal Secretary to His Majesty & Omotobase of Otta, Awori Kingdom), and many others.

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Sanwo-Olu To Be Decorated As Omo Eko Pataki

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Lagos Sate Governor, Babajide Olusola Sanwo-Olu will on Thursday, July 18, 2024 be decorated as Omo Eko Pataki, being the high point of the maiden edition of Eko Mi Award 2024. The hardworking and forward-thinking governor will be decorated by some of the revered custodians of the heritage and culture of Lagos at the Sheraton Hotel and Tower, Ikeja, Lagos.

According to the organizers of the awards, Eko Mi Awards is going to be an annual event where individuals, groups, organizations and government agencies/parastatals that have contributed to the economic, social and culturally development of the state will be recognized and awarded and the most prestigious category of the award, annually is going to be the decoration of one outstanding individual as the Omo Eko Pataki. The decoration, which will be done by adorning the individual an Aga, the traditional Eyo cap will be performed by the Oba of Lagos, His Royal Majesty, Oba Rilwan Akiolu.

The organizers further stated that the choice of Governor Babajide Sanwo-Olu as the winner of the Omo Eko Pataki award at the maiden edition of Eko Mi Awards is informed by the outstanding performance of the governor since his assumption of office in 2019. The footprint of Governor Sanwo-Olu can be felt across the state, especially through the THEMES agenda of his administration that has seen the state seen continued developments in the areas of education, health, housing, education, infrastructure and the environment.

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JUST IN: Six Teenage Students Drown In Kaduna River After Writing Junior WAEC

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Six teenagers drowned in the Mbang river on Tuesday in Ribang (Mbang) village, Kauru Local Government Area, Kaduna State, while returning from a Junior WAEC exam at about 5:30 p.m.

The victims were identified as Manasseh Monday (16 years old), Musa John (16 years old), Pius David (15 years old), Monday Ayuba (16 years old), David Danlami (19 years old), and Yahuza Audu (16 years old).

According to The Punch, the National Public Relations Officer of Ribang Development Association, Pastor Simon Ishaku, who confirmed the incident on Wednesday, disclosed that three dead bodies have already been recovered and buried amidst tears.

He explained that, as of now, there are still three missing as locals have not been able to recover them out of the river.

“The school children left their homes full of hope and excitement while their parents went to the farm with the hope of reuniting with them after writing their papers of the day, only to meet their untimely death.

“The Mbang river has been a death trap for our people over the years, noting before the community can access any school or any hospital facility they’ve to travel for about 8 kilometres.

“We’re calling on the Federal Government, Governor Uba Sani, Senator Sunday Katung and our House of Representative members as a matter of urgency, to kindly assist us with school, hospital, access road and bridge in order to bring succour to our community,” Simon appealed.

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