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Dangote Sugar Refinery Restates Commitment to FG’s Backward Integration policy

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Dangote

…Rewards Shareholders with N12.147bn Dividend

Dangote Sugar Refinery Plc has restated its commitment to the achievement of Sugar Backward integration projects, describing it as the best thing that happened to the sector.

Speaking to shareholders at the 16th Annual General Meeting (AGM) of Dangote Sugar Plc, in Lagos the Chairman of the Company, Aliko Dangote, said that despite the harsh operating environment, the board and management were not deterred in the pursuit of sustainable growth for the company and demonstrated resilience by continued implementation of its strategic objectives during the year, 2021.

The dividend pay-out of N12.147 billion for the year was unanimously approved by the shareholders.  The dividend represents N1.00 per share.

The Company under review posted a Group turnover of N276 billion, being 29 percent increase over N214 billion in the comparative year. Profit before tax of N34.021 billion, profit after tax of N22.052 billion. Group EBITDA decreased to N46.5 billion with an EBITDA margin of 18 percent.

According to Dangote, the Company’s performance during the year under review is commendable amidst the challenges and the negative impact of COVID-19 pandemic on economic activities. “We furthered the implementation of process optimisation, cost savings, and product promotion strategies with the launch of our new brand identity and the pursuit of the Dangote Sugar Backward integration master plan” 

He further stated that the Board and Management will continue to implement strategic actions to sustain and surpass this performance while engaging with all stakeholders in the sector and its communities to ensure the realisation of the objectives of the Company.

On the company’s backward integration project, Dangote chairman emphasized that the goal of Dangote Sugar Backward Integration Projects Master plan remains the achievement of 1.5 million MT annually from locally grown sugar cane in support of the quest for sugar sufficiency in the country by the federal government. 

He added that this will be achieved in addition to the extended value chain benefits that will be derived from the projects including thousands of jobs that will be generated in the sector from these projects.

He pointed out that despite the challenges faced in the year 2021, Dangote Sugar Numan Operations rehabilitation and expansion efforts of the factory and field are advancing, saying “The community tissues that came up were effectively managed, and we have continued to advance so far without any major disruptions.”

He also noted that “In 2021, our commitment to building a sustainable business remained on track with the principles of good corporate governance. We imbibed best practices, environmental and impact management in the day-today running of our business.”

He assured of the company’s commitment to the achievement of Sugar Backward integration projects, which is the future of the industry in Nigeria, saying this will keep us on our sustained growth path and we will continue to deliver and improve our quality service while delivering value to all stakeholders.

Also, the Group Managing Director/Chief Executive officer of Dangote Sugar, Mr. Ravindra Singhvi said that “We remained ahead of the pack in implementation of the National Sugar backward Integration Development Master Plan.”

He however said that the situation at the Lau/Tau project is still the same, “we continue to remain hopeful that the Taraba State government will resolve the lingering issues with the communities, while we focus on the development of other brown and green field project sites…Steady progress is now being made as we continue the rehabilitation and expansion project at Dangote Sugar, Numan, and development activities at the Nasarawa Sugar Company Limited, Tunga.” 

Singhvi stated that the Company remains resolute and committed to ensuring a sustainable future for its business while assuring the shareholders of better days ahead.

The shareholders commended the Company’s performance for the year under review. A shareholder, Mrs. Bisi Bakare, commended the company for the food fortification award received for the year under review and the bountiful dividend paid.

Another shareholder, Mr Patrick Ajudua, also expressed satisfaction with dividends declared particularly at a time like this with the various environmental operating challenges.

He charged the management to improve upon the capacity utilisation of the plant to be better positioned to meet local and export needs.

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FCA Fines Bank £5.8Mn Over Counter-Terrorist Financing

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FCA Fines Ghana International Bank £5.8Mn Over Counter-Terrorist Financing

The Financial Conduct Authority, FCA has fined Ghana International Bank £5.8 Million over anti-money laundering and counter-terrorist financing.

The FCA disclosed this in a Decision Notice addressed to the Ghana International Bank.

“During the Relevant Period (January 1, 2012, and December 31, 2016), the monetary value of funds flowing between GIB and its respondent banking customers, net of transfers between customers’ own accounts and fixed deposits, totaled £9.5 billion,” the decision read.

READ ALSO: Tinubu’s Pride, Lagos Ranked World’s 2nd Worst Livable City

The Authority has agreed to a 30 percent discount since there was no detection of actual money laundering at the bank but indicated that the breaches created a significant risk that financial crime would be facilitated, occasioned, or otherwise occur.

“Were it not for this discount, the Authority would have imposed a financial penalty of £8,328,500 on GIB. It added.

“This restriction remains in place. GIB continues to work with the FCA and an independent expert to improve its financial crime controls.”

The FCA said the GIB provided correspondent banking services to overseas banks. This allowed the GIB to provide products and services they would not otherwise be able to, including making payments in different currencies and across borders.

The FCA requires banks to do extra checks on their correspondent banking customers to reduce the higher risk of money laundering and terrorist financing associated with the service.

“However, between 1 January 2012 and 31 December 2016, GIB did not adequately perform the additional checks required when it established relationships with the overseas banks and failed to demonstrate it had assessed those banks’ anti-money laundering controls,” the statement said.

“GIB also failed to undertake annual reviews of the information is held on the banks it had a relationship with, failed to give staff adequate training on how to scrutinize transactions properly, and did not establish appropriate policies and procedures for staff”.

In December 2016, the FCA visited GIB to review its financial crime controls.

As a result of concerns identified during this visit, GIB voluntarily agreed not to take on new customers.

“This restriction remains in place. GIB continues to work with the FCA and an independent expert to improve its financial crime controls,” the statement said.

What to know about the Financial Conduct Authority;

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom but operates independently of the UK Government.

It is financed by charging fees to members of the financial services industry.

The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom

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Safe driving: FRSC commissions Dangote truck driving school

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Dangote cement, FRSC

…Dangote also trains block makers in Kano, Katsina to prevent building collapse

Leading Cement manufacturer, Dangote Cement Plc, on Wednesday launched the Dangote Articulated Truck Driving School in a move aimed at inculcating safe driving culture in its drivers so as to stem the tide of road crashes.

The opening of the school in partnership with the Federal Road Safety Corps (FRSC), the Company management reasoned, would also make the drivers become better road users.

The Academy, which was officially commissioned by Corps Marshal of the Federal Road Safety Corps (FRSC), Dr. Boboye Olayemi Oyeyemi, was characterized as historic and unique. 

The new Academy for truck drivers, according to the Corps Marshal, is a significant step forward that will benefit not only the Dangote Group but Nigeria as a whole. 

The country’s top road safety official hailed Alhaji Aliko Dangote, President and Chief Executive of the Dangote Group, for taking “a big step” towards reducing truck accidents. 

He said: “This is what we’ve been waiting for. You made it. I have observed that Dangote has done a lot to address truck crashes and I must commend them for this.”  

He extolled the conglomerate for leading other companies on this path, saying the new school will play a key part in the country’s efforts to make roads safer. 

He said he had suggested such a school long ago, adding that he is happy that the school has come to fruition.  

In his remarks, the National Director, Logistics of the Dangote Cement (Transport section) Mr. Juan Carlos Rincon, said the new school is an expression of the determination of the company to bring to halt the incidences of auto crash in the country.  

Speaking also Executive Secretary National Board for Technical Education (NBTE) Professor Idris Bugaje who was represented by Engr S.M. Yusuf, said the NBTE will partner with the Dangote Cement Plc for a successful accreditation and takeoff of the new school.  

In his remarks, the Bajana of Obajana HRH Oba Idowu Isenibi said he was optimistic that the school will help address auto crashes in the country, even as he described the President of the Dangote Group Aliko Dangote as a “rescuer and God sent to their communities that should be emulated by other investors in the country.  

Speaking in the same vein, the Olu of Akpata Oba Frederick Balogun urged other investors to emulate the company.  

Both the Dangote Cement Transport and the FRSC signed a Memorandum of Understand (MoU) on how to cooperate to ensure that the school is a success.  

In the same vein, Dangote Cement organized thorough block molding training for block makers in both Kano and Katstina states respectively. This, according to the company is to ensure that the blocks moulded for building constructions are strong, reliable, and durable, noting that some block makers do not really know how to make strong and reliable blocks.

The Coordinator of the programme, Mr. Johnson Olaniyi, said the workshop would give the block molders and allied product manufacturers the opportunity to once again build capacity and adhere to global best practices.   

Mr. Olaniyi said the Dangote Cement Plc is desirous of reversing the trend of collapse building through the capacity building of block manufacturers.     

Meanwhile, government representatives, quality regulators, cement dealers, block makers, and end-users have come to an accord that Africa’s cement giant produces the best quality of cement on the continent. 

The stakeholders who attended the meeting also said the ongoing nationwide workshop and sensitization of block manufacturers will help check the menace of collapsed buildings in the country.   

Speaking at the workshop in Kano, representatives of the Kano State Government Alhaji Muhammad Garba Kwall said that Dangote Cement Plc is not only the biggest company but produces the best quality in Africa.  

He described the company as socially responsible and that’s why it is giving back to society through the sensitization workshop and creating various platforms for educating end users to mitigate the incessant incidences of collapse building in the country.   

Speaking, Regional Director, Kano Directorate, Standard Organization of Nigeria(SON), Mr. Albert Wilberforce urged block molders to patronize the quality cement produced by the Dangote Cement Plc, adding that the SON was partnering with the company and ensuring that only quality cement are produced by the company.   

 In the same vein, The Kano State Coordinator (II) of SON Engr Hauwa M. Husseini urged the block moulders to comply with standard practice in order to prevent the menace of collapse buildings in the country.   

Speaking also, Regional Sales Director for Northwest  Aliyu Dan Aliyu urged participants to be ambassadors by telling their customers about the quality of the cement.  

He said: A customer who wants to build a house, doesn’t know the quality or type of cement to use. It is the responsibility of the builder to advise him on the desired cement to use for quality building.

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Access Bank to reward customers in South-South & South-East regions with millions in the DiamondXtra promo

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Diamond extra

Nigeria’s Leading retail financial institution, Access Bank will be rewarding its
customers in the South-South and South -East region with millions of naira and other
attractive consolation prizes in the DiamondXtra regional  draw.

The LIVE draws which have been scheduled to hold on June 29, 2022, in Owerri, Imo
State will feature mouthwatering cash prizes of N1million, Business grant worth
N1million, Rent for a year worth N1million, Educational grant of N500,000, and the star
prize, Salary4life where a lucky customer will earn N100,000 every month for 20 years.

Speaking to newsmen at the Bank’s head office in Lagos recently, Adaeze Ume, Group
Head, Consumer Banking, Access Bank plc, explained that the motivation behind the
regional draws in the new season of the reward scheme is the need to transform the
lives of  More Nigerians  across the country.

In her words, “To deliver on our promise to continually reward our customers for their
loyalty and continued savings with our bank, we have decided to take the DiamondXtra
reward scheme draws even closer to them. We intend to reward 38 lucky customers in
the South-South, South- East region with juicy cash and consolation prizes in the LIVE
draw taking place on the 29th of June 2022 in Owerri, Imo State. By executing LIVE
draws in the regional hubs across the country we believe this will aid consumer
participation, drive credibility of this 14 year old reward scheme and boost our
relationship with our dynamic and loyal retail customer base in the various LGAs and
regions across the nation.

We continue to evolve and reflect on the various offers within the DiamondXtra reward
programme, and engage our customers on what they would prefer to have as a
reward. So this year, we introduced a new reward element to commemorate the launch
of season 14 (tagged READY FOR MORE); in line with the evolving economic climate

www.accessbankplc.com
that has seen more businesses commence trading and transactions online, we now
offer digital skills training to 14,000 lucky customers as one of our prizes. This skill will
empower them and enable them boost their businesses and operations as
entrepreneurs leveraging the Digital Marketing platforms.  This is our own little way to
help build employers of labour instead of employees of labour.

To join the winning train or to stand a chance to win in the forth coming South South,
South-East regional draw, simply fund your DiamondXtra account with a minimum of
N5,000 or more for an opportunity to win millions and other attractive prizes.
Those who do not have a DiamondXtra account can simply open an account by dialling
9015# from their phones and fund it with a minimum of N5,000 or more to stand a
chance to become a winner”. Ume concluded.

DiamondXtra is an interest yielding hybrid account which allows deposit of both cash
and third-party cheques. Hybrid means a combination of both savings and current
account features. The DiamondXtra reward scheme was launched in 2008 and has
been running till date. Please Click HERE to know more.

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