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‘Dangote Group Is Nigeria’s Highest Revenue Contributor’

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'Dangote Group Is Nigeria's Highest Revenue Contributor'

Dangote Cement Plc and Dangote Industries Limited are the highest revenue contributors to the country’s Solid Minerals sector in 2019, according to Nigeria Extractive Industries Transparency Initiative. This is according to the Spokesman for Dangote Group, Francis Awowole-Browne, who made this disclosure in a statement.

Awowole-Brown said NEITI revealed in its  2019 Audit Report that the two companies contributed about N778.28 million, representing 31 per cent of the N79.96 billion generated in 2019.

Specifically, Dangote Cement Plc’s revenue contribution stood at N635.52 million, while Dangote Industries Limited’s revenue was at N142.76 million, representing 25.40 per cent and 5.71 per cent of the total revenue.

The report named the top five companies that contributed significantly to revenue from the solid mineral sector to include Dangote Cement Plc, Dangote Industries Limited, Lafarge Plc, Julius Berger and Reynolds Construction.

According to the report, out of 702 companies that paid royalties to the government in 2019, only 74 companies met the materiality threshold of three million Naira.

The report said: “These 74 companies accounted for 87.63 per cent of total royalties of N2.50 billion paid in 2019, with the top 5 companies (Dangote Cement PLC; Lafarge PLC; Dangote Industries; Julius Berger; and Reynolds Construction) paying more than 50 per cent of total royalties.

“On minerals exported, the report showed that the solid minerals sector accounted for N124.23 billion of the total government exports of N24.275 trillion for 2019, representing 0.51 per cent of total export for the year.

“A sectorial review of revenue distribution of taxes and royalties by the 74 companies shows that manufacturing and construction companies contributed 68.60 per cent and 29.67 per cent, respectively, in royalty and taxes.

“Quarry, mining companies and buying centres contributed only 1.73 per cent.”

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LAWMA Showers Encomium on Dangote Sinotruk

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LAWMA Showers Encomium on Dangote Sinotruk

Lagos Waste Management Authority (LAWMA), heaped praises on world Dangote Sinotruk, a company owned by Dangote Industries Limited and Sinotruk of China.

 

In an exclusive interview with NEWSRAND during a visit to the company’s plant factory at the Ikeja area of Lagos, Engineer Ajayi Abimbola, Assistant General Manager, (AGM) Engineering Services, LAWMA, said the automobile company is customer-friendly, adding that the trucks and other products from the company are world-class.

 

In the course of the conversation, Abimbola disclosed that the agency has procured waste management trucks, numbering 102, from the company.

 

“For over a year now, we’ve been working with Dangote Sinotruk to achieve a cleaner Lagos. So far, we were able to patronise 102 trucks to ensure that Lagos environments are clean and wastes are properly managed. The trucks are ready, and we hope to commission them any moment from now,” he stated.

READ ALSO: Dangote Cement Acquires 2,000 Trucks for Distribution of Products

While assuring that the partnership between LAWMA and Dangote Sinotruk will continue, Abimbola explained that the newly-purchased trucks from the company will “ensure that we have a cleaner environment, the health hazard will be totally eliminated.”

 

According to him, amongst the new-purchased trucks are -24cbl and 12cbl, adding that the waste management operations in Lagos will experience a new revamp.

 

“Unlike before, it takes 2-3 days to lift waste, what we are looking forward to doing with the new trucks is a turnaround evacuation of market wastes. The marine waste too, will be taken care of, because the truck is will guarantee us that capacity we need to do it,” he added.

 

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Falekulo Promises New Era For Nigeria Reinsurance Corporation

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Falekulo Promises New Era For Nigeria Reinsurance Corporation

The newly appointed Managing Director of Nigeria Reinsurance Corporation, Mr Olugbenga Falekulo, has declared the readiness of his team to take the company to the next level in the market.

Falekulo, in a statement issued on Wednesday said that he would adopt a new dimension to push the Reinsurance firm into a new era.

He explained that the reorganisation of the board and executive management of the reinsurance company was to ensure that the firm continued in its quest for transparent and accountable management of insurance in the country.

The managing director said he would bring to fore his wealth of experience and professionalism gathered in the insurance sector for over 25 years to transform the firm.

READ ALSO: Reps. Move To Suspend Recapitalization Of Insurance Companies

Recall that the National Insurance Commission (NAICOM) had on Monday approved a new board and management for NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re).

The commission said the changes in the board and management of the two insurance firms was sequel to the takeover of the major investor’s interests in the two organisations by the Asset Management Corporation of Nigeria (AMCON), and the Bureau for Public Enterprises (BPE) .

“BPE is working in partnership with AMCON to bring the much-needed stability in the operation of the organisations , enhance smooth running, efficient and effective management of the two firms”.

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Oando Share Price Jumps by 10% Following Oando’s Settlement with Regulator

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Oando Share Price Jumps by 10% Following Oando’s Settlement with Regulator

Months after a plethora of court cases with counter judgments the investment community was greeted on the evening of Monday July 19, with the news of an amicable settlement to the long-standing dispute between the Securities & Exchange Commission (SEC) and the management of Oando PLC.

 

Unsurprisingly, Oando has since joined the Nigerian Stock Exchange (NSE) top gainers with a 9.87% increase in its share price from N3.97 on Friday, July 23, 2021, to N4.36 on Monday, July 26, 2021. The share price appreciation can be attributed to the recent settlement which saw Adewale Tinubu and his Deputy, Omamofe Boyo remain at the helm of affairs in the organization. Following the settlement news, investors poured into the stock helping it top the gainer’s chart.

 

Speaking on the jump in share price, an Oando shareholder in Lagos said, “We are glad that the dispute is finally over, and we thank the regulator and the management of Oando PLC for resolving the issue in the best interests of the shareholders. For four years, we the shareholders have been the ones on the receiving end. In just one week of settling, our share price has seen a significant increase. I am confident in the management of the company led by Wale Tinubu, other CEOs in his shoes might have caved in but he did not. He held strong to his belief and forged on till the end of the issue. I am hopeful that now that they are able to be fully focused on the business, we the shareholders will soon start to see a return on our investment.”

READ ALSO: Oando Foundation to Promote Environmental Education and Sustainable Action In Schools

A statement by the regulator reads that Oando neither denied nor accepted liability and the settlement will lead to the withdrawal of all pending court cases. Recall that Wale Tinubu and some of the company’s affected Directors had sued the regulator for infringement of their fundamental human rights in 2019. However, with the settlement, Wale Tinubu and all affected Directors will be required to withdraw said court cases while remaining in their respective executive leadership roles managing the company.

 

In addition, there will also be “payment of a monetary sum; and an undertaking by the company to implement corporate governance improvements.”

 

Speaking on the settlement, another shareholder said: “The regulator has done what it ought to have done months ago. I commend them for making this landmark settlement. This is not a time to erode homegrown businesses but to nurture them so they can continue to create value for the capital market and country at large seeing as we are currently in a recession. I especially commend the resilience and perseverance of Wale Tinubu for seeing this dispute through to resolution.”

 

Market players will be watching the impact of the signaling effect of the SEC settlement on Oando’s share price in subsequent days.

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