Connect with us

BIG STORY

Q1: Dangote Cement Ramps-Up Production At Okpella Plant

Published

on

…as earnings per share hit ₦6.18

Africa’s biggest cement manufacturer, Dangote Cement, has ramped up production at its newest plant, in Okpella Edo State even as its earnings per share rose by 16.8 percent to N6.18 in the three months ended March 31, 2022.  Ramping up production at the Okpella plant is part of efforts to increase cement supply in Nigeria as well as ensure timely supply of products to customers in the South-South and Southeast geopolitical regions.

Analysis of the cement giant’s three months results indicated that Dangote Cement sold a total volume of 7.2Mt of cement across the group with Nigerian operations accounting for 4.8Mt while the rest of Africa did the balance of 2.4Mt.

Chief Executive Officer, Dangote Cement, Michel Puchercos, in his comments, said that the company started the first quarter on a positive note despite the new uncertainties brought by a very volatile global environment. He stated that those increases were recorded in revenue and profitability that drove strong cash generation across the Group. Profit after Tax rose to ₦105.9 billion, up 18 percent compared to last year while Group EBITDA rose to  ₦211.0 billion, by 18.6 percent with an EBITDA margin of 51.1 percent.

Puchercos said, “On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Demand remained strong across all markets, and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite these temporary challenges.

Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback program. Following the completion of both tranches, Dangote Cement has now bought back 0.98% of its shares outstanding. This share buy-back program reflects the Company’s commitment to finding opportunities beyond dividend to return cash to shareholders.”

Puchercos added, “the volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.

Our continuous focus on efficiency, meeting strong market demand, and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”

Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria. The Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; the Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta while the Gboko plant in Benue state has 4Mta, and Okpella plant in Edo state has 3Mta. Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighboring countries. 

BIG STORY

Marketers Eye Petrol Price Reduction, Ready To Load As Port Harcourt Refinery Begins Operation April

Published

on

The Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria have projected a marginal reduction in the pump price of Premium Motor Spirit, popularly called petrol, produced from the Port Harcourt Refining Company once the plant begins operations next month.

IPMAN and MEMAN also declared their readiness to load products from the facility, as they urged the Nigerian National Petroleum Company Limited to fulfill its promise of pumping put refined products from the plant in two weeks.

It was reported last week that the Group Managing Director, of NNPCL, Mele Kyari, announced that the Port Harcourt refinery would commence operations in about two weeks.

Kyari, who appeared before the Senate Ad-hoc Committee investigating the various Turn Around Maintenance projects of refineries, revealed that mechanical works had been completed on the Port Harcourt, Warri, and Kaduna refineries, stressing that the Kaduna refinery would commence operations in December.

“We did a mechanical completion of the (Port Harcourt) refinery, that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks.

“Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery.

“It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready. The Kaduna refinery will be ready by December. We have not reached that stage in Kaduna, but we promise Kaduna will be delivered by December,” Kyari had explained.

Reacting to this on Monday, the National President, of IPMAN, Abubakar Maigandi, told our correspondent that marketers had been informed of the development and were ready to start lifting products.

He also stated that once products start coming out from the plant, the cost of petrol would reduce, but stressed that this would be a marginal reduction.

“As independent petroleum marketers, immediately we received the information, we told all our members to start preparing for loading, especially those in the South-South region of the country, because it is closer to them.

“So at any time they (NNPCL) say we should come and start loading, we are ready. We are just waiting for them to start,” the IPMAN president stated.

He added, “Price reduction is obvious when they start releasing products, and there will be availability because it would serve as support to the imported products. So we are expecting a change in price, for no matter how small the reduction is, it is still a reduction.

“Also, the commencement of operations there will create more employment for Nigerians. So it is a welcome development and IPMAN is happy about this, especially if products start coming out from the plant in the next two weeks as promised by NNPCL.”

On his part, the Executive Secretary, MEMAN, Clement Isong, stated that major oil marketers had been buying products from the trading arm of NNPCL, adding that this arm of the national oil firm would be in charge of the products to come out from the Port Harcourt refinery.

He noted that though the facility would not be able to provide all the volumes of petrol required by the consumers, MEMAN would definitely load from the plant by buying refined products through the trading arm of NNPCL.

“Sure, we have been buying from the trading arm of NNPCL and we will continue once products from the refinery are being released. On price reduction, this is going to be marginal, because the product is being produced in Nigeria,” he stated.

Kyari had told the Senate that over 450, 000 barrels of oil had been stocked into the Port Harcourt refinery, which means the plant is ready to deliver refined crude to the market.

“All crude lines are active and have actually delivered over 450,000 barrels into Port Harcourt refinery.

“We are confident of the integrity of it. Yes, there may be security issues, but also the government is responding to the situation,” the NNPCL boss had stated.

The Federal Government had announced in December 2023 that the mechanical completion of Port Harcourt refinery had been completed, stating that products from the plant would get to the market before the end of last year.

This, however, did not happen, as Nigerians anxiously await the production of refined petroleum products from refineries in Nigeria. Currently, Nigeria imports its refined petroleum products through the NNPCL.

Continue Reading

BIG STORY

Nike Unveils Super Eagles 2024/25 Jersey [PHOTOS]

Published

on

The new Super Eagles jerseys for the 2024–2025 football season have been unveiled by clothing powerhouse, Nike.

Nike’s Instagram page published a post on Monday with a launch video of the new jerseys.

“The 𝟐𝟎𝟐𝟒 𝑵𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑻𝒆𝒂𝒎 𝒌𝒊𝒕𝒔 disrupt convention with bold twists on icons.

“Featuring 𝑫𝒓𝒊-𝑭𝑰𝑻 𝑨𝑫𝑽 innovation, each kit is engineered for the needs of the modern footballer, from kick-off to the final whistle,” the post read.

Green hoops at the ends of the sleeves and shorts adorn the white home jersey. In a striking combination of colours, the word “Naija” is written in green across the kit’s breast.

In a stylistic nod to Nigeria’s national colours, the away uniform is patterned in a pastel version of the same colour, dark green.

For their 2026 World Cup qualifying campaign, the Super Eagles are anticipated to wear the new jerseys.

The team’s third qualifying match is scheduled for June 3 at home against South Africa. Seven days later, they are scheduled to travel to Benin Republic.

Before that, the Eagles will visit Grand Stade de Marrakech in Morocco for friendly matches against Ghana and Mali on March 22 and 26, respectively.

 

See photos below;

Continue Reading

BIG STORY

Renovated Government House: Osun PDP Mocks APC, Says Opposition Party Hallucinating

Published

on

The ruling Peoples Democratic Party (PDP), encouraged by the recently reopened Government House in Osogbo, the capital city of Osun State, after a respectable renovation, has chastised a faction within the Osun APC over a statement attributed to its embattled chairman, Tajudeen Lawal, on the renovated Government House. The party has asked the disorganised opposition group to either apologise for its heinous looting of the state’s common patrimony or cease filling the airwaves with loud music.

It would be recalled that officials of the previous administration led by the then defeated Governor and now Minister of Marine and Blue Economy, Alhaji Gboyega Oyetola, left the Government House virtually empty after callously bolting away with properties in the quarters– an act reminiscent of some mannerless unarmed robbers, who never wished the state well.

A statement released on Monday by the media office of the ruling party and signed by the State Chairman, Hon Sunday Bisi, described the statement credited to Lawal led APC faction as unbridled afront on the collective intelligence of the well enlightened people of Osun State, who are still spoiling for further punishments against the inglorious pilfering of public asset by stalwarts of the APC.

“Granted that Lawal and his conquered hirelings in the APC are in shock over the level of upgrade and innovations in the State Government House, we expected that it would have served the looters better if they had opted for the silence button, instead of classless grumblings over the patriotic efforts of His Excellency, Governor Ademola Adeleke in bringing the state assets up to speed of modernity and dignity befitting of cradle of Yoruba race.”

“APC as a regressive party populated by known thieves in the context of the renovated government asset was just bringing its shamelessness again to the fore by having the guts of any finger of objection to bringing the State House back to life after the edifice was set for desolate with reckless looting of almost all the interior fittings by APC officials, without any iota of consideration of the cost implications on the already mismanaged economy by the prodigal son in chief, Gboyega Oyetola.”

“APC statement about the Government House renovation has shown that Lawal and his faction of mourners are still grieving about the rejection of their discredited party by the Osun people. They have since their woeful loss resort to wailing and craving for attention and public sympathy they’ve lost long ago with no remedy in sight”

“Lawal and his factional members should be grateful for the maturity and exposure of the good people of Osun State by allowing the APC elements to still walk the streets without some pebbles on their heads considering the ungodly level of atrocities committed against humanity in Osun State. While you await your days with relevant security operatives for your sins, you should keep shut and lay low at least.”

“As a good manager of resources, Governor Adeleke, unlike Oyetola, will continue to inject life into all abandoned assets of the state left to rot away by the immediate past APC administration and this the governor has pursued without compromise”

“Lawal has not only shown unseriousness and confusion about governance but he has also reduced his group to ‘Paperweight, Jesting Desperados,’ merely hallucinating about the steadfast running of the state by the Governor Adeleke led administration.”

“Lawal should tell Osun people how he came about the N1b cost of renovation he quoted. He should be tapped out from his fallacious claim that there is nothing to show in the state in terms of physical infrastructure. Lawal should be reminded that the last time Osun State had a befitting infrastructural investment, like what is ongoing in the state, was under PDP administration, followed by Ogbeni Aregbesola, only for the opportunistic Oyetola to bring the expected progress to a criminal halt after he was spoonfed into office by his predecessor.”

“The only thing Oyetola did in his 4 years in terms of infrastructure was to give Osogbo a substandard, Mungo Park era bridge, which aggravated public anger against him and his acrimonious lieutenants. For Governor Ademola Adeleke, he is making good his promise to give the state a global standard facelift and we are glad the great of the state are right behind him to succeed”

“While the PDP government is open to constructive criticism as enshrined in a democratic society, the APC factional group is however expected to do better by engaging their thinking cap, away from frivolous ranting and wailing without borders,” Hon Sunday noted.

Continue Reading

Most Popular