Business
Host Community Monarchs Laud Dangote Plant Director’s Leadership
Prominent Traditional rulers from Dangote Cement Ibese host communities have commended the leadership ingenuity of the outgoing Plant Director, Azad Nawabuddin saying his pleasant personality has boosted the cordial relationship between the cement company and the host communities.
It was a moment of accolades for Mr. Nawabuddin, during a send forth ceremony organized for him by the Ibese Plant to bid him farewell to Obajana where he has been transferred, as the monarchs one after the other took turn to shower encomiums on him.
The Aboro of Ibeseland, Oba Rotimi Mulero described the erstwhile Plant Director as a bridge builder whose leadership and administrative style has influenced better collaborations between the host communities and the Dangote Cement in so many areas.
He said the communities witnessed good projects and enjoyed employment enhancing empowerment programmes during the time of Nawabuddin as the Plant Director and would have wished he stayed longer. “Nevertheless, we are happy that the company management recognized his worth and has decided to second him to a bigger plant after all, the reward for hard work is more work.”
In his own remark, the Olu of Aga Olowo, Oba Kayode Adio Kusoro, said the relationship between the host communities and the Dangote Cement, Ibese has never been more cordial than during the tenure of Mr. Nawabuddin as the Plant Director and that his disposition to the community issues has been very commendable.
“The Plant Director is a good man. He listens to us. He is always concerned whenever we have issues to sort out. And that is why he has also enjoyed our cooperations, the communities, the youths, the women and the royal fathers.”, Olu of Aga Olowo stated.
Amidst applause form the staff and the invited guests, the Head, Social Performance, Ibese Plant, Mr. Ade Ojolowo as part of gestures to eulogize the former Ibese Plant Director and described his administration as very eventful while reeling out some milestones that characterized the stay of Mr. Nawabuddin as the head of the cement plant.
Said he: permit me to share with this gathering, some of the key indicators of the outstanding performance of Mr. Nawabuddin Azad in the course of his leadership of this Plant. His time marked an Increase in Ibese Plant Kilns’ Mean Time Before Failure(MTBF) and reduction in production downtime: Ibese Plant’s Year End average Kilns MTBF was between 181 to 200 minutes until Mr. Azad became the Plant Director. He introduced the use of Asonic Horns and ID fans tipping in all the four Lines to get to the current level of between 580 to 600 minutes. This is over 90% above the budgeted figure of 300 minutes, and has led to significant reduction in production downtime.
“Production volume and dispatch increase: The Plant also witnessed increase in cement production volume from about 6.7 million tons in 2018 to about 7.9 million tons and increase in Cement Dispatch to about 8.0 million tons under the leadership of Mr. Azad.
“In-house refurbishment of Rollers and attendant Forex Savings: DCP used to procure Raw Mills & Cement Mills Roller assemblies for replacement from overseas before Mr. Azad joined Ibese as PD. Procurement of these roller assemblies was stopped through his ingenuity, and in-house refurbishment of the old rollers commenced. This has been successfully implemented till date, with savings of over 500,000 Euros so far.
“Championing of Alternative Fuels Project: Ibese Plant is at the forefront of the DCP’s vision to get into International carbon trading after benchmarking its carbon footprint. Thanks to the introduction of the Alternative Fuels Project, which also has led to the stoppage of importation of expensive & high CO2 emission factor, coal. Agro-waste usage and substitution of coal saved the company 2.77 million USD and 17.3 million USD in the year 2022 and 2023 respectively, and the saving is expected to go higher in 2024 due to the just completed AF projects in all the four lines.
“As a friend of the community, Mr. Azad’s passion for the local communities as critical stakeholders to the Plant is outstanding. Our modest achievements in Social Performance in the last couple of years has been through his personal values and commitment, which has yielded unhindered support and collaboration. We have been able to record some firsts in our intervention programmes, including the Annual community day event; Women empowerment programme; Care for the elders, and Support for the vulnerable during festive periods etc. It is also to his adulation that we have recorded improved social investment delivery, improved relationship with key government functionaries, and overall local content development.”
Justice Emeka Nwite of the Federal High Court Abuja, on Wednesday 24, April, 2024 granted the Economic and Financial Crimes Commission, EFCC, an interim order to freeze One Thousand, One Hundred and Forty Six (1,146) bank accounts belonging to individuals and companies being investigated for alleged offences bordering on unauthorized dealing in forex exchange, money laundering and terrorism financing.
The judge ordered that the accounts be frozen “pending conclusion of investigation.”
While ruling on a motion moved by the EFCC counsel, Ekele Iheanacho, the judge stated “that an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorized dealing in foreign exchange, money laundering and terrorism financing to the extent that the investigation will be for a period of 90 (ninety) days.”
The judge added “that preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of naira and laundering proceeds of unlawful activities.”
The judge further stated that there was need to preserve the funds in the identified bank accounts pending conclusion of investigation and possible prosecution.
Justice Nwite adjourned the matter to July 23, 2024, for mention.
Companies affected by the freezing order range from entities involved in agri-businesses, logistics and haulage, microfinance banks, engineering, among others.
In a significant development, the Central Bank of Nigeria (CBN) has directed four prominent fintech firms, namely Opay, Palmpay, Kuda Bank, and Moniepoint, to suspend the onboarding of new customers until further notice.
This move follows the CBN’s recent mandate for all financial institutions to collect ID cards before opening financial accounts, contradicting a 2013 rule aimed at promoting financial inclusion, which allowed Nigerians to open accounts without identity cards.
Additionally, the Nigeria Inter-Bank Settlement System (NIBSS) has urged banks and mobile money operators to remove unlicensed fintechs from directly accepting consumer deposits.
A fintech company affected by this directive confirmed the instruction from the CBN, as indicated on its website.
The notice reads, “We’ve temporarily paused new signups on our platform. This means that you’ll be unable to open a new account at the moment. We apologise for any inconvenience this may cause.”
Amidst reports connecting the Central Bank of Nigeria’s (CBN) recent directive to suspicions of illegal forex activities, an anonymous source emphasized the importance for fintech companies to enhance their relationship with regulatory authorities.
The source said “Most of the fraud cases are carried out in the traditional banks. Why is CBN always after Fintech company? I think Fintech companies would need to sit down to educate the regulators on how they operate.”
The management of Dangote Cement Plc says that the company dispatched seven ships of clinker – from Nigeria to Ghana and Cameroon, which saw the export, for the first quarter of 2024 increased by 87.2 percent at 264kt.
It also revealed that the company commissioned 10 of the 17 Alternative Fuel Projects across the Group, while the local demand for cement, in the period under review in Nigeria increased significantly by 26.1 percent to 4.6Mt, which saw the overall group volume rise by 12.3 percent to 7.0Mt, for the first quarter of 2024.
On the first quarter results, Chief Executive Officer, Dangote Cement, Arvind Pathak, said, “During the quarter, we intensified our emphasis on exports, dispatching seven ships from Nigeria to Ghana and Cameroon.
“As a result, our Nigerian exports surged by 87.2%, reflecting our commitment to expanding our presence in regional markets and capitalising on our export-to-import strategy.
“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future”.
The company recorded a Group revenue of N817.4 billion, even as profit after tax inched up by 2.9 percent to N112.7 billion. Earnings per share closed the quarter at N6.68 representing an increase of 3.7 percent.
Pathak noted that the performance drivers included an uptick in economic activities, which saw a strong rebound in the Nigerian operations, despite elevated cost pressures.
“Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1 percent to 4.6Mt in the quarter.
Similarly, our Pan-Africa operations continued an upward trajectory, with volumes up 3.1 percent to 2.7Mt, buoyed by increased sales in Zambia and Congo.
“Despite elevated cost pressures, increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively,” he said.
He added, “Group revenue more than doubled to ₦817.4 billion, while Group EBITDA rose 66.6 percent to ₦309.5 billion. Profit After Tax was up 2.9 percent at ₦112.7 billion. These results underscore our ability to adapt and thrive in a dynamic business environment while delivering value to our stakeholders.
“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future”.
Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa. A fully integrated quarry-to-customer producer, Dangote Cement has a production capacity of 35.25Mta in Nigeria. Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue State has 4Mta; and Okpella plant in Edo State has 3Mta.
Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.
In addition, the company has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (2.0Mta clinker grinding and import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).
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