Business
Dangote Keys Into FG’s Agenda, To Run Cement Trucks On CNG By 2025
. . . Increases Shareholders Dividend By 50% To N30 Per Share
Amidst applause by shareholders for the impressive results in the 2023 financial year despite the harsh business operating environment, the Chairman of Dangote Cement Plc, Aliko Dangote has announced an increase of 50 percent on dividend payout to the shareholders, from N20.00 per share paid in the 2022 financial year to N30.00 for the last financial year 2023.
In the same vein, Dangote also revealed it had concluded arrangements for thousands of the company’s delivery trucks to henceforth run on Compressed Natural Gas (CNG) in line with the Federal Government agenda on adoption of alternative fuel for official vehicles.
This decision, Dangote told excited shareholders at the 15th Annual General Meeting (AGM) of Dangote Cement Plc, held in Lagos was to add to the Federal Government’s quest towards reducing dependence on fossil fuel, thereby enhancing the nation’s energy independence and contributing to a more secure energy future.
According to him, “We are now going to start using CNG vehicles, especially with the new policy of the Federal Government, launched by the Renewed Hope Agenda by His Excellency, President Bola Tinubu.
“By the end of next year, all our trucks that are operating in the company will be running on CNG, and that is a whole lot of money that we are going to invest. But we are equal to the task, and we will continue to push and make sure that we continue to make our shareholders happy.”
The Chairman disclosed to the shareholders the Company’s ongoing efforts at ramping up production with the ongoing construction of a new plant of six million metric tonnes per annum at Itori, in Ewekoro local government area of Ogun State, noting that despite the hiccups at the Apapa Port in Lagos, the plant would be completed to time.
Dangote said the company’s impressive performance was in fulfillment of the promise he made of an enhanced Return on Investments (RoI) to the shareholders and other stakeholders in Dangote Cement, assuring them that the following year would even be better.
He expressed satisfaction that Dangote Cement achieved double-digit growth in revenue of ₦2,208.1 billion, while Group EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation) reached a record high of ₦886.1 billion, increasing by 25.1%.
“This outstanding EBITDA performance was underpinned by our robust cost control measures and our diverse Pan-Africa operations. The latter acted as a cushion, providing resilience to country-specific risks, while the former enhanced our overall profitability. Our Pan-Africa operations now contribute 41.2% to the Group’s overall volumes,” he added.
Dangote pointed out,” We made significant strides in our expansion initiatives, with the successful launch of operations at our 0.45Mta grinding plant in Ghana, increasing our total installed capacity to 52.0Mta. Furthermore, our 1.5Mta grinding plant in Côte d’Ivoire is making substantial progress and is nearing completion. Lastly, we have commenced construction on our 6Mta Itori plant in Ogun State, a crucial step in supporting our ambitious export goals.”
The 2023 results showed that Africa’s largest cement manufacturer recorded improvement in all performance measurement indicators with group revenue rising by 36.4 per cent to ₦2,208.1 billion while Profit after tax (PAT) was up by 19.2 per cent to ₦455.6 billion. Earnings per share went up by 18.8 per cent at ₦26.47. Dangote Cement is garnering more market share across the continent with Pan-Africa volumes going up by 12.7 per cent to 11.3Mt.
In his interview with the media during the AGM, the Group Managing Director of Dangote Cement Plc, Arvind Pathak said 2023 was yet another testament to the effectiveness of the management’s diversification strategy, despite the challenging macroeconomic conditions.
He said, “Our diverse operations acted as a cushion, providing resilience to country-specific risks. Pan-African volumes were up 12.7 per cent and now account for 41.2 per cent of Group volume. Consequently, Pan-African revenue increased by a record 123.2 per cent to ₦925.9 billion, while EBITDA surged by over four-fold to ₦263.7 billion.”
Alluding to what Dangote said on use of CNG as an alternative fuel for its cement trucks, Pathak noted that in response to the heightened inflationary environment, “we implemented new and innovative business strategies that helped to drive up revenues, contain costs, and protect margins. These initiatives included fuel mix optimisation, propelling the use of alternative fuels to replace more expensive fossil fuels. We also began the phased transition from diesel power trucks to full Compressed Natural Gas (CNG) trucks.”
Shareholders one after another were full of praise for the board and management of the Company for the impressive outing in 2023, which accounted for the dividend payout of N30 per share; an increase of 50 per cent over the 2022 dividend despite the economic headwind that characterised 2023.
Mrs. Bisi Bakare, Chairperson of the Pragmatic Shareholders Association lauded the management of Dangote Cement for what she described as a huge dividend payout even when many other companies could not pay their shareholders a dime because they declared losses.
She stated that the shareholders were happy, and expressed optimism that with the way the management has steered the Company in the face of the current economic downturn and recorded good results, the 2024 dividend will be higher.
In his comment, the President, of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said the shareholders could not but thank the board and management of Dangote Cement for a job well done.
He noted that no company, in recent time, has been able to be as profitable as Dangote Cement, just because of the sound judgment of the management in navigating the murky economic weather which has had negative impact on results of some other companies.
He commended Dangote for his patriotism and dedication to the cause of Nigeria and her people with his decision to reduce prices of his petroleum products.
He expressed hope that the price of Premium Motor Spirit popularly called petrol would come down once the Dangote Refinery rolls out the product soon.
With a view to improving operational efficiency, safety, compliance and service delivery across its operations, Pinnacle Oil & Gas Limited has reaffirmed commitment to building stronger relationships with its vendors.
The company made the commitment at its 2026 Vendors’ Forum held in Lagos under the theme, “Partnering for Operational Excellence,” with the sub-theme, “Strengthening Partnerships Through Compliance, Safety, Performance and Innovation.”
The forum brought together more than 100 existing and prospective vendors as well as key stakeholders, both physically and virtually, to strengthen collaboration and align suppliers with the company’s operational standards and growth strategy.
Speaking at the event, Managing Director and Chief Executive Officer of Pinnacle Oil & Gas, Adenike Labinjo, described vendors as strategic partners whose commitment to quality, innovation, safety and compliance is critical to the company’s success.
She said as Pinnacle continues to expand its operations, it has become increasingly important for the company and its vendors to share a common understanding of expectations, responsibilities and performance standards.
Labinjo stressed that safety, regulatory compliance and ethical business practices remain non-negotiable in all engagements with suppliers.
She noted that stronger collaboration with vendors would help the company deliver greater value to customers and other stakeholders while supporting sustainable business growth.
The forum featured technical presentations by senior executives from the company’s Procurement, Engineering, Compliance, Finance, Legal, Health, Safety and Environment (HSE), and Sales and Marketing departments.
Participants received guidance on Pinnacle’s procurement procedures, vendor onboarding and prequalification processes, Know Your Customer (KYC) requirements, tax invoicing, payment processes, contractual obligations, technical specifications, contractor responsibilities, supplier performance expectations and Service Level Agreements.
The company also unveiled improvements to its Purchase Order (PO) process aimed at improving efficiency, transparency and ease of doing business with vendors.
A major highlight of the event was an interactive question-and-answer session where vendors engaged directly with the company’s leadership on procurement procedures, compliance requirements, project execution, HSE standards and areas for continuous improvement.
According to Pinnacle, the session reinforced its commitment to transparency, open communication and stronger collaboration with suppliers.
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The company also recognised outstanding vendors whose contributions have supported its operational performance over the past year. Five companies received Certificates of Recognition for exceptional service delivery, innovation and partnership.
The award recipients were Great Grace Enterprise for Outstanding Delivery Performance, Cevets Nigeria Limited for Excellence in Project Delivery, Ceezik Projekts for Outstanding Quality, Diadco Nigeria Limited for Outstanding Responsiveness, and Sephill Innovative Solutions Limited for Best Commercial Value.
On the significance of the forum, Head of Procurement and Administration, Oluseyi Ogunfowora, said the initiative reflects Pinnacle’s determination to build stronger partnerships through transparency, collaboration and shared accountability.
She explained that the procurement function coordinates the requirements of Engineering, Operations, Marine, Compliance, Legal, Finance, HSE and other business units to ensure a fair, efficient and transparent procurement process.
Ogunfowora urged vendors to submit complete and compliant documentation, communicate proactively and seek clarification whenever necessary.
“The success of our business depends on the strength of our partnerships,” she said. “When vendors clearly understand our expectations and we work together with transparency, compliance and open communication, we create a high-performing vendor ecosystem that benefits everyone.”
She added that the 2026 Vendors’ Forum forms part of Pinnacle’s broader strategy to strengthen supplier engagement, improve operational efficiency and reinforce a culture of compliance, safety, innovation and continuous improvement throughout its value chain.
Poised to help in addressing the shortage of skilled technical manpower locally, the Nigerian Content Development and Monitoring Board (NCDMB) has graduated 50 Nigerians as certified crane operators under a specialised training programme, which empowers them with global standards in the trade.
The four-week Crane Operations Operator Level I and II Training Programme, implemented in partnership with Zigma Limited, equipped participants with internationally recognised technical knowledge, practical operating skills and safety competencies required for crane operations across the oil and gas, construction and industrial sectors.
During the graduation ceremony, the Executive Secretary of NCDMB, Felix Ogbe, represented by Halvin Okonmah, explained that the initiative forms part of the Board’s commitment to developing Nigerian professionals capable of meeting the industry’s growing technical manpower needs.
He said the programme aligns with the Board’s statutory mandate under the Nigerian Oil and Gas Industry Content Development Act (NOGICD) to build human capital, expand opportunities for Nigerians in specialised technical roles and deepen local participation in the energy sector.
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According to him, the training will strengthen industry capacity while fostering innovation, partnerships and sustainable growth.
“This event will foster stronger partnerships, inspire fresh ideas and deepen the development of skilled local capacity for the benefit of our industry and our nation,” he said.
He urged the graduates to uphold the Board’s core values of patriotism, professionalism, integrity, creativity, passion and teamwork.
The Managing Director of Zigma Limited, Funmi Ogbue, represented by the company’s Chief Operating Officer, Ojinika Mba-Kalu, described the graduation as a milestone in developing Nigeria’s technical workforce, stressing that the country’s industrial future depends on investments in skilled manpower.
She said participants received intensive classroom and practical training covering crane operating principles, lifting operations, equipment inspection, load handling techniques, signalling and communication, hazard identification, risk assessment, and Health, Safety and Environment (HSE) standards. “This is a testament to what can be achieved when institutions, industry and individuals unite around a common purpose of building the capacity of Nigerians to compete, excel and lead within our nation’s oil and gas industry,” she said.
Ogbue added that Zigma would continue collaborating with government agencies and industry stakeholders to deliver more capacity-building programmes capable of producing globally competitive Nigerian professionals.
Presenting the project report, Zigma’s Project Manager, Amy Nwadiaro, disclosed that the programme attracted significant interest nationwide, with 355 applications received. Following a rigorous selection process, 65 applicants were shortlisted for screening, while 50 participants were eventually admitted into the training.
She said all 50 trainees successfully completed the programme, representing a 100 per cent completion rate.
“The response to this initiative was overwhelming. We received 355 applications, shortlisted 65 candidates for screening and admitted 50 participants, all of whom successfully completed the programme,” she said.
On behalf of the graduating trainees, Evidence Ojie described the programme as practical proof that Nigerian Content development extends beyond policy declarations to tangible investment in local talent.
He said the training provided participants with critical competencies in boom set-up, working range calculations, load chart interpretation and safety margins required for offshore and industrial crane operations.
According to him, the knowledge acquired would enable the graduates to compete effectively for technical roles on rigs, offshore platforms and industrial facilities both within Nigeria and internationally.
Industry stakeholders at the event also underscored the importance of certified crane operators in improving workplace safety, reducing operational accidents and enhancing efficiency in high-risk sectors such as oil and gas, construction and heavy industry.
Improved operating performances have seen Eterna Plc report higher revenue and profitability for the second quarter and half-year ended June 30, 2026.
The company’s unaudited consolidated financial results showed that revenue rose by 38 per cent to N217.31bn from N157.65bn in the corresponding period of 2025.
The results show that gross profit more than doubled to N15.99bn, while operating profit increased to N8.78bn from N2.34bn. Profit before tax rose by 389 per cent to N7.67bn from N1.57bn recorded in the corresponding period of 2025.
Profit after tax (PAT) increased to N5.88bn from N573.81m, while earnings per share (EPS) improved to N2.69 from N0.44.
The company also reported an improved financial position, with total assets standing at N82.75bn as of June 30, 2026.
Cash and bank balances increased to N20.36bn from N4.79bn as of December 31, 2025, while total liabilities declined to N51.22bn from N84.43bn. Total equity rose to N31.53bn from N7.77bn, reflecting stronger liquidity and capitalisation.
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On the results, the Managing Director/Chief Executive Officer, Dr. Jude Nwaulune, said, “These results demonstrate the strength of our business and the impact of disciplined execution across our operations. The significant improvement in profitability and financial position provides a solid foundation to advance our growth priorities.
“The successful Rights Issue has further strengthened our balance sheet, resulting in a healthy leverage position, stronger equity and improved net assets. We remain focused on expanding our retail, aviation, lubricants and gas businesses, improving operational efficiency and customer experience, and delivering sustainable value to shareholders and other stakeholders.”
The company said its full unaudited consolidated financial statements for the half-year ended June 30, 2026, are available on its website.
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