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Dangote Cement Pays Over N3.3 Trillion in Dividends to Shareholders in 15 years

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…Vows to transform Africa by making it self-sufficient in cement, clinker

Shareholders of Dangote Cement Plc have received over N3.3 billion in dividends over the last 15 years, in addition to significant capital appreciation of the cement stock.

The benefits to the shareholders were disclosed on the floor of the Nigerian Exchange on Wednesday, during the “Facts Behind the Figure” presentation, by the Management and Board of Dangote Cement, which was ably led by the new Chairman, Mr. Emmanuel Ikazoboh.

Ikazobor, who just assumed the position of the chairman from Aliko Dangote, thanked the shareholders for standing by the company, while also assuring them of consistent good returns on their investments.

He said Dangote Cement remains resolute in transforming Africa by creating sustainable value for all its stakeholders, as it will do all to achieve its vision of making Africa self-sufficient in cement and clinker.

He said: “To our investors, you have my unwavering commitment to safeguarding and growing your investment. To our regulators and market operators, you have my pledge of continued partnership and adherence to governance standards that lead rather than follow. To our employees and partners, you have my gratitude and my assurance that our collective strength will propel us to achievements we haven’t yet imagined.”

Speaking further on the future of the company, the Chief Executive, Arvind Pathak, said: “We aim to expand installed capacity to 66.4Mta by 2030, supporting our long-term vision of making Africa self-sufficient in cement and clinker production. This growth will be driven by a mix of greenfield and brownfield projects.”

He revealed that the company has commissioned the first phase (1.5Mta) of its 3Mta Côte d’Ivoire plant, while construction of the 6Mta integrated Itori Plant continues to advance steadily. In addition, the company, according to him, has announced a $400 million investment to double its production capacity in Ethiopia.

He said: “Over the past 15 years, DCP has committed more than $8.5 billion in capital investments across Africa, underscoring our long-term confidence in the region’s growth prospects.”

The Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga praised the President/Chief Executive, Dangote Group, Aliko Dangote, for his substantial contributions to the Nigerian capital market and private sector development. He said the former Chairman of Dangote Cement, who is also his mentor, has clearly shown that wealth can be created but also transferred to the public through the capital market.

Group Managing Director and Chief Executive of the Nigerian Exchange Group, Temi Popoola, also lauded the new Management and Board of Dangote Cement, noting that with Mr. Ikazoboh as the Chairman, the shareholders will surely be happy.

It would be recalled that the shareholders of the company, in its last Annual General Meeting (AGM), for the year 2024, were full of praise for the Board, Management, and staff of the company after approving a dividend payout of N502.6 billion, which translated to N30 kobo per share.

The company, in the same vein, also significantly increased its social investments by 469.8 per cent to N3.2 billion. The corporate social responsibility (CSR) activities were in education, healthcare, agriculture, infrastructure, and economic empowerment.

President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, said the shareholders were pleased with Aliko Dangote and his team. He said that for the company to still pay a robust dividend despite the obvious economic challenges, which also affected their operations, shows the doggedness and fighting entrepreneurial spirit of the Management.

According to him, “We are happy with this result. 2024 was very challenging due to the fluctuations in the foreign exchange market and the company’s expansion programme. But despite all these challenges, the company was still able to pay us a very good dividend and even gave us hope of better returns on our investments in the years to come. This is very commendable, and it is only a company like Dangote Cement that can achieve this laudable feat.”

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Chairperson of the Pragmatic Shareholders Association of Nigeria, Bisi Bakare, also commended the company’s consistent dividend payment, noting that the Company is moving in the best way of corporate governance. “As a shareholder and an active investor of this company, I am very happy and pleased with the performance of our company so far. The earnings are not even up to N30 per share, and for the company to still declare N30 per share dividend speaks volumes of the quality of leadership that we are lucky to have in Dangote Cement…It should also be noted that Dangote Cement is the only manufacturing company that paid the highest dividend in the year under review. So, we are happy and very proud to be part of this company.”

Photo Caption

L – R shows Group Head, Corporate Communications, Dangote Group, Tony Chiejina; Group Managing Director/CEO, Nigerian Exchange Group (NGX Group), Temi Popoola; Chairman, Dangote Cement Plc, Emmanuel Ikhazoboh; Group Chairman, NGX Group, Alhaji (Dr.) Umaru Kwairanga; Chief Executive Officer, Nigerian Exchange Limited (NGX), Jude Chiemeka; Director, Dangote Cement Plc, Mariya Dangote; Head Primary Markets, NGX, Tony Ibeziako and GMD, Dangote Cement Plc, Arvind Pathak during the Closing Gong Ceremony and Facts Behind the Figures Presentation at NGX Group yesterday in Lagos.

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Dangote Blames Marketers, IOCs for Lamu Refinery Protests

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Nigerian billionaire and President of the Dangote Group, Aliko Dangote, has blamed local marketers and international oil companies for fuelling protests over land earmarked for his proposed $16bn oil refinery in Lamu, Kenya.

Dangote and the President of Kenya, William Ruto, performed the groundbreaking ceremony for the refinery in Lamu on Wednesday. This comes even as a court halted construction activities due to a land dispute.

READ ALSO: MT Asharami Ghana Delivers 5,000MT LPG Cargo to Ghana

Dangote made the allegation while speaking to the BBC’s Focus on Africa programme, amid protests by some residents over compensation for land acquired for the refinery project.

The refinery is expected to have a processing capacity of 700,000 barrels per day when completed in 2030. Dangote disputed claims that the company had taken more land than it required, saying it only used the portion allocated to it by the Kenyan Government.

“They said some people are demonstrating; demonstrating about what? Have you ever seen people demonstrating against themselves in terms of development?” he asked.

Africa’s richest man dismissed the protests as “games played by local marketers and international players”, insisting the refinery would go ahead and would be ready by 2030 as planned.

The groundbreaking was also attended by the leaders of Uganda, Ethiopia, Togo and Benin. Dangote has offered regional governments a combined 30 per cent stake in the refinery, according to Reuters.

The billionaire insisted that the protests would not stop the refinery project, which he described as his largest proposed investment outside Nigeria.

The project is expected to become the largest refinery in East Africa and Kenya’s biggest infrastructure project since independence, surpassing the $5.1bn Standard Gauge Railway.

Dangote said the refinery would demonstrate that the success recorded with his 700,000bpd refinery in Nigeria could be replicated elsewhere on the continent.

“Lekki proved that it can be done, Lamu must prove that it can be repeated,” he said.

However, the Save Lamu campaign group has raised concerns about the environmental impact of the project on the local community. The co-founder of the group, Walid Ali, told the BBC that residents wanted to see the findings of the environmental impact assessment and the proposed mitigation measures.

A group of 133 Lamu residents had approached the Kenyan High Court in a bid to stop construction work. Following the legal action, activities including excavation and construction on the disputed land have been restricted pending the next court hearing, scheduled for October 14.

Dangote said the refinery would create about 60,000 jobs at the peak of construction, with local communities expected to benefit from the project.

The refinery will also include a 1,000-megawatt power plant designed to supply Dangote’s operations and other industries expected to establish businesses in the area.

Courtesy – The PUNCH

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Nigeria @ 66: Chevron Reaffirms Commitment to Partnership with Nigeria

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As Nigeria marks its 66th Independence Anniversary, Chevron companies in Nigeria reaffirm their confidence in the country and their long-standing commitment to partnership, investment and responsible energy development.

For more than six decades, Chevron has contributed to Nigeria’s growth through oil and gas production, deepwater investment, gas development, local content, human capacity development and strategic community partnerships.

Chevron is a leading oil and gas producer and investor in Nigeria, with operations across the Niger Delta and interests in major deepwater assets. Jim Swartz, Chairman and Managing Director of Chevron Companies in Nigeria, said the company takes a long-term view of Nigeria, with continued focus on operational excellence, efficiency, innovation and investment across its portfolio. He noted that Chevron remains committed to building enduring relationships that enable human progress today and in the future.

To support sustained growth, Chevron is expanding and optimising its assets through exploration, infill drilling and production enhancement. The company supports the Petroleum Industry Act 2021 and the Federal Government’s efforts to strengthen the industry’s regulatory framework and investment climate.

READ ALSO: Ekuafeh Explores Human Uniqueness, Bond, Connection in Unity Forged in Clay

Since the PIA, Chevron has renewed and converted key joint-venture and deepwater leases; recorded discoveries at Meji NW-1, Delta South AA and Awodi-07; entered PPLs 2000 and 2001 through farm-in agreements; acquired deepwater block PPL 2010; and renewed Oil Prospecting Licence 215.

Chevron is also participating in strategic deepwater opportunities, including the announced Bonga Southwest/Aparo and Owowo/Usan developments. Completion of seismic acquisition across several deepwater leases is supporting future exploration, while planned infill drilling at the Agbami and non-operated Usan hubs is intended to mitigate natural production decline and sustain output.

Gas development remains another important pillar of Chevron’s contribution. Investments in the Escravos Gas Plant and Escravos Gas-to-Liquids facility have supported gas utilisation, reduced routine flaring and enabled production of high-quality products such as naphtha and refined diesel. Chevron also led the development of the approximately 700-kilometre West African Gas Pipeline, through which Nigeria supplies gas to Benin, Togo and Ghana, supporting regional economic growth and energy security.

Local content and human capacity development are central to Chevron’s operations. Nigerians account for more than 90 per cent of its in-country workforce. The company established its Local Content Policy in 1999, well before enactment of the Nigerian Oil and Gas Industry Content Development Act in 2010, and continues to collaborate with the Nigerian Content Development and Monitoring Board while creating contract opportunities for Nigerian companies and contractors.

Beyond its operations, Chevron and its partners invest in health, education and environmental conservation. In health, the Agbami parties have constructed and equipped more than 28 chest clinics, donated nine mother-and-child healthcare centres and provided a medical diagnostics laboratory. These facilities strengthen tuberculosis treatment, maternal and child care, diagnostics and emergency response. Chevron Corporation has also supported global programmes addressing HIV/AIDS, malaria and tuberculosis, with benefits extending to Nigeria.

Chevron’s education programmes have benefited more than 23,000 people through scholarships, infrastructure and capacity building. Since 2009, the Agbami Medical and Engineering Professional Scholarship has supported more than 16,500 students nationwide, including 715 first-class graduates.

Chevron Nigeria and its deepwater partners have also delivered 39 science laboratory complexes and 25 conventional and hybrid libraries, while encouraging students to pursue science, technology, engineering and mathematics.

In environmental conservation, Chevron supported the establishment of the 78-hectare Lekki Conservation Centre and donated it to the Nigerian Conservation Foundation in 1992; today, it supports research, education and biodiversity protection.

As Nigeria celebrates 66 years of independence, Chevron’s message is clear: the company sees Nigeria as a long-term strategic partner and remains committed to investing in energy development, Nigerian capability and sustainable national progress. Through disciplined investment, collaboration and responsible operations, Chevron intends to continue contributing to Nigeria’s energy security, economic growth and shared prosperity.

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Nigeria Must Cut Farm-to-Market Losses to Bring Down Food Prices – Tinubu

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Tinubu Emerge Winnner In Ondo

President Bola Ahmed Tinubu has said Nigeria must reduce losses between farms and markets as part of efforts to bring down food prices and ease the cost of living.

Tinubu made this known in his Independence Day address to Nigerians on Thursday, as the country marked its 66th anniversary.

The President said reducing the cost of producing and transporting food would be critical to making essential goods more affordable for Nigerians.

SEE MORE: ‘Nigeria Cannot Erase Decades of Poverty in Four Years, Says Tinubu

According to him, the government is expanding mechanised irrigation and dry-season farming while improving access to seeds, fertiliser, storage and transportation.

He said the government was also building and completing roads, railways and ports to improve the movement of agricultural produce and connect farms and factories to markets.

Tinubu explained that when farmers produce at lower costs and fewer crops are lost before reaching the market, the savings can ultimately be reflected in the prices paid by consumers.

“Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.

The President said the measures form part of his administration’s broader plan to lower the cost of living and move the country towards what he described as an era of shared prosperity.

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