Africa’s largest cement producer, Dangote Cement has announced its unaudited results for the six months ended 30th June 2017, posting a 12.6 percent increase in sales volume across Africa. has announced its unaudited results for the six months ended 30th June 2017, posting a 12.6 percent increase in sales volume across Africa.
In the financials released on the floor of the Nigerian Stock Exchange indicated that the increase in sales volume showed a growing capture of Pan-African market as Dangote Cement continues to gain grounds.
Revenues from operations in Nigeria increased by 34.5 percent to ₦291.4 billion while Pan-Africa revenue increased by 63.7 percent to ₦124.4B from ₦76.0B mainly as a result of increased volumes and foreign exchange gains when converting the sales from country local currency into Naira.
Analysis of the half year result revealed that sales volumes of African operations increased by 12.6 percent to 4.7 million metric tons with Sierra Leone making a 53 kt maiden contribution.
Record of sales from its operations scattered around the African continent revealed that a total of 1.1million ‘metric tons of cement was sold in Ethiopia, almost 0.7 million metric tons sold in Senegal, 0.6 million metric tons sold in Cameroon, and 0.5 million tons in Ghana.
Also, 0.4 million metric tons of cement was sold in Tanzania and 0.3 million tons in Zambia. Sales volumes from Nigerian operations fell from 8.8Mt to 6.9Mt, occasioned by the onset of rains which stalled many construction projects.
Our Pan-African operations are growing well and increasing market share
Reflecting on the half year results, Dangote Cement’s Chief Executive Officer, Onne van der Weijde expressed satisfaction that the company’s revenues have continued to grow despite low sales from the Nigerian operations noting that the revenues grew on the strength of sales from other African operations
Said he: “Our revenues have continued to grow despite the lower volumes seen in Nigeria, especially because of the recent heavy rains. Our margins have improved significantly, helped by improved efficiencies and a much better fuel mix in Nigeria.
“We are using much more gas and increasing our use of coal mined in Nigeria, thus reducing our need for foreign currency and supporting Nigerian jobs.
”Our Pan-African operations are growing well and increasing market share. We saw our the first sales from Sierra Leone in the first quarter and our new plant in the Republic of Congo will be in production at the end of July, further increasing our footprint across Africa and strengthening our position as its leading manufacturer of cement.”
The Company reports that it estimated that Nigeria’s total market for cement was 10.2 million tonnes (Mt), 23.2% lower than the estimated 13.3Mt sold in Nigeria in the first half of 2016. Of total market sales in the first half of 2017, just 0.1Mt was imported.
“As a result of the slower market, our Nigeria operation sold nearly 6.9Mt of cement, down 21.8% on the 8.8Mt sold in the first half of 2016. We estimate our market share to have been about 64.5% during the first six months of 2017.
Dangote Cement is a high-growth, low-debt, internationally diversified company that has just paid a dividend amounting to nearly 75% of 2016 net profits to shareholders. “The recent publication of our credit ratings highlights the financial strength we have achieved through our unwavering focus on the profitable expansion of the business, underpinned by our belief that we must remain prudent in our financial management.”, Mr. Weijde stated.
‘Take pre-emptive steps to secure Oyo State’, Akande advises Makinde
Oyo state governor, Engr. Seyi Makinde, has been urged to take immediate and decisive measures to secure lives and property in the state.
Professor Adeolu Akande, the Chairman of the Nigerian Communications Commission, NCC, made the plea on Monday, in the wake of the security measures announced by Governor Rotimi Akeredolu of Ondo State.
The Ondo State Government had on Monday given a 7-day ultimatum to illegal occupants of forest reserves in the state to vacate their hideout. The government also announced many other stringent steps to secure the state from incorrigible elements.
Professor Akande noted the extreme measures would make Ondo State uncomfortable for the criminals, who would seek a new haven and continue to wreak havoc.
“It is logical to expect that the displacement of these criminal elements from Ondo State will lead them to migrate to comfortable zones to continue their nefarious activities. This is the risk Oyo State faces if it fails to take stern measures to keep such elements away from the state.
“We should not be unmindful of claims by the Chairman of the Amotekun corps in Oyo State that the forest reserves in the Oke Ogun area have become a haven for criminals from neighbouring countries.
“It is therefore of great urgency that Governor Makinde announces measures to ensure that Oyo State does not become a natural comfort zone for criminal elements expelled from neighbouring states.
The APC Chieftain further noted that the rising crime wave in the state and across the country calls for collective action from all citizens.
“This is no time to trade culpability. The state is facing a serious security challenge, and all of us must join hands with the governor to salvage the situation. Criminals do not distinguish between political parties when they commit a crime. They do not choose their victims according to their political affiliation. All hands must be on deck to return our dear state to a secure and peaceful one”, the NCC boss submitted.
NDDC: Akpabio threatens legal action over fake news of $5m bribe to Malami to secure sole administrator
Senator Godswill Akpabio, the Minister of Niger Delta Affairs, has denied the news making the rounds in some media outfits that he offered a bribe of $5 million to the Minister of Justice and Attorney-General, Abubakar Malami, to secure the appointment of a sole administrator for the Niger Delta Development Commission (NDDC).
Also, the former governor of Akwa Ibom State has threatened legal action against the purveyors of the news inorder to clear his name and that of the Attorney General from the malicious publication.
The position of the Minister was contained in a statement signed by his media aide, Anietie Ekong, and made available to newsmen.
The statement read, “the attention of the Honourable Minister of Niger Delta Affairs, Senator Godswill Akpabio has been drawn to a piece of fake news which claimed that Senator Akpabio paid $5 million bribe to the Attorney General and Minister of Justice, Abubakar Malami and others to secure the appointment of a Sole Administrator for the Niger Delta Development Commission (NDDC).
“We wish to state categorically that this is a piece of malicious concoction manufactured from the pit of hell by mischief -makers. It is a figment of the imagination of the author of the fake news. Senator Akpabio denies the story in its entirety. The authors of the fake news should be ready to back up their claim or face the full wrath of the law.
“The story is a desperate attempt by some unscrupulous bloggers to impugn the integrity of the Honourable Minister of Niger Delta Affairs and the Honourable Minister of Justice and Attorney General of the Federation, Abubakar Malami as the claim is not only spurious but utterly ridiculous.
“The fact is that in a suit number ABJ/CS/617/2020 filed by a Civil Society Organization, Forum for Accountability and Good Governance, at a Federal High Court in Abuja, Justice Ahmed Mohammed had granted an order restraining the Interim Management Committee of the NDDC from performing the functions of the board and accessing the Commission’s offices and files.
“The Order clearly listed the Managing Director Professor Kemebradikumo Pondei, Acting Executive Director of Projects Dr Cairo Ojougboh, Mrs Caroline Nagboh and Cecilia Akintomide as those restrained. The Order also asked that “the most senior civil servant or administrator in the Commission be appointed” to take charge of the Commission.
“It was based on this order that President Muhammadu Buhari approved the elevation of the Acting Executive Director of Finance and Administration, Mr Effiong Akwa, being the most Senior Administrator to take over the headship of the NDDC as an Interim Administrator pending the completion of the Forensic Audit Exercise.
“It is therefore absurd for anyone to even imagine that the Honourable Minister of Niger Delta Affairs, Senator Godswill Akpabio would bribe the Attorney General before an Order of the Court is complied with as the purveyors of the fake news have stated. The general public should discountenance this piece of trash.
‘It is obvious that some persons who are scared of the ongoing forensic audit of the NDDC as ordered by President Muhammadu Buhari are working tirelessly to scuttle the exercise by blackmailing the Minister of Niger Delta Affairs, Senator Godswill Akpabio. Their modus operandi is to churn out fake news in a bid to stop Senator Akpabio from sanitizing the NDDC. Otherwise, how can a responsible news website make such a grievous allegation without any shred of evidence to back up its claim.
“However, we wish to state that no amount of sponsored fake news and blackmail would deter Senator Akpabio from doing the right thing as directed by Mr. President. The Minister has the overwhelming support of the impoverished masses of the Niger Delta who have borne the brunt of underdevelopment of the region over the years”, it concluded.
Alaafin of Oyo, encyclopedia of Yoruba culture and tradition – Tegbe
A chieftain of the All Progressives Congress (APC) in Oyo state, Engr. Olasunkanmi Tegbe has described the Alaafin of Oyo, His Imperial Majesty, Oba Lamidi Olayiwola Adeyemi III as an encyclopedia of the culture and traditions of the entire Yoruba race.
Congratulating the custodian of culture on his 50th coronation anniversary, Tegbe said Oba Adeyemi has displayed uncommon wisdom and emotional intelligence in administering his domain, fostering peace and sustainable development.
In a statement signed on Thursday and made available to Mega Icon Magazine, the APC chieftain added that the Alaafin has not only “sustained our heritage and identity as a people”, but also used his throne to build bridges of friendship and harmony in the state, across Yoruba Land and beyond.
“I felicitate with His Imperial Majesty, Oba Lamidi Olayiwola Adeyemi III on the 50th Anniversary of his ascension to the throne.
“In half a century, Kábíyèsí has displayed uncommon wisdom and emotional intelligence in administering his domain, fostering peace and sustainable development.
“Iku Baba Yeye has sustained our heritage and identity as a people. He is best described as an encyclopedia of the culture and traditions of the entire Yoruba race.
“Our Father has used his throne to build bridges of friendship and harmony in the state, across Yoruba Land and beyond.
“I remain proud of his progressive ideals, particularly the legacy of peace and harmony which Yorubas are known for.
“I pray that Kabiyesi spends many more years in good health”, the statement read.
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