Business
NASCON Stands On Massive Expansion To Increase Dividend Payout By 100% To N2/ps
The Management of NASCON Allied Industries Plc, has attributed significant growth in the dividend payout by 100 per cent to N2 per share and the company’s impressive run during the year, ending December 31, 2024, to the successful expansion of its market base.
The aggressive expansion, according to the management, led to a significant increase in the company’s sales, with an attendant rise in revenue and profitability.
At the Annual General Meeting (AGM), in Lagos on Thursday, shareholders approved the proposed dividend payout of N2 per share just as the Chairman of the Company, Olakunle Alake pointed to operational efficiency and strategic initiatives as core elements behind the company’s impressive run during the year under review.
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Alake told shareholders that “Our performance has been commendable, a testament to our strategic initiatives, operational efficiencies, and the dedication of our workforce. We have successfully expanded our market presence, which has been instrumental in driving sales. Our continued focus on customer satisfaction and our commitment to delivering high-quality products have allowed us to gain new customers while retaining the loyalty of existing ones.”
He added, “During the year, we adopted several strategic initiatives aimed at enabling the Company to take advantage of growth opportunities. We demonstrated our commitment to sustainability by encouraging responsible resource use. We also engaged in community development efforts, alongside numerous employee welfare and development programs. These efforts reflect our ongoing commitment to value creation for all our stakeholders.”
He also noted that, “In recognition of this positive performance and our commitment to delivering value to our shareholders, we recommend the highest dividend ever declared in our company’s history. This decision reflects our confidence in the company’s prospects and aims to reward our shareholders for their continued support.”
He emphasized that as the company moves into the next year, the primary focus will remain on driving growth through innovation, enhancing operational efficiency, and delivering value to stakeholders noting that the management of NASCON is committed to investing in our people and in technology.
“We will continue to explore new market opportunities to expand our footprint,” he stated.
On his part, the Managing Director of NASCON, Thabo Mabe, noted that 2024 has been exceptionally positive for the company, stating, “We achieved a profit growth of 14 per cent to N15.6 billion, thanks to strong demand for our core products and our strategic market presence.”
According to Mabe, “We optimized strategic opportunities that have positioned us for continued growth. Our operational efficiencies have improved, enhancing our overall profitability.” For the year 2025, he outlined the primary goals, including continuing the revenue growth trajectory, expanding into new markets, and enhancing product lines. He concluded by stating, “We will further invest in our sustainability initiatives and aim to reduce carbon emissions. Our workforce development programs will also continue, focusing on upskilling and fostering a culture of innovation.”
For the year ending December 31, 2024, the company reported revenue growth of 49 per cent, reaching N120.4 billion. Gross profit increased by 25 per cent to N55.5 billion, while EBITDA rose by 19 per cent to N27.4 billion. Profit before tax grew by 15 per cent to N23.7 billion, and profit after tax increased by 14 per cent to N15.6 billion. Earnings per share climbed by 11 per cent to N5.77, with a proposed dividend up by 100 per cent to N2.00.
Commenting one after another on the performance of the Company, shareholders commended the company for its impressive financial performance in 2024 and the declared dividend of N2 per share.
The National Coordinator of the Pragmatic Shareholders Association, Bisi Bakare, praised the company’s remarkable financial achievements.
She noted, “We observed revenue growth of 48.94 per cent to N129.39 billion, up from N18.8 billion. Despite the macroeconomic challenges we faced, profit after tax reached N15.6 billion, up from N13.7 billion. I commend the entire board and management for this outstanding result. Additionally, I appreciate the board for declaring a dividend of N2.00. We thank the board for that, and we hope for increased dividends next year.”
Another shareholder, Dr. Umar Farouk urged the management not to rest on its oars but continue in the commendable trajectory of good performance despite the economic headwind which affected a lot of other companies negatively.
A shareholder, Moses Igbrude, also commended the company for the N2.00 per share dividend and expressed the hope that the management would do even more next year.
New Deputy Managing-Director of the Company, Aderemi Saka expressed satisfaction that the company demonstrated resilience, with remarkable revenue and strong performance in spite of the fact that the year 2024 was marked with various macroeconomic challenges.
“We maintain our market share and increase our revenue. We will keep our head up, continue to provide quality products that stand the test of time and improve on our shareholders value so that we can remain a strong contender in the market.”, Saka stated.
Business
Dangote Credits Tinubu’s Economic Reforms with Driving Nigeria’s Economic Recovery
President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, has commended the Federal Government for implementing bold and transformative economic reforms repositioning Nigeria for sustainable growth, strengthening investor confidence, and accelerating the country’s economic recovery.
According to Dangote, the ongoing fiscal, monetary, and regulatory reforms have contributed significantly to improving macroeconomic stability, enhancing productivity across key sectors, increasing Nigeria’s attractiveness as an investment destination, and fostering a more resilient business environment. He noted that the positive outcomes emerging from the reform agenda underscore the importance of consistent, market-driven policies in advancing national development and economic prosperity.
“The economic reforms being implemented by the Federal Government are beginning to yield tangible results. We are witnessing improved economic activity, stronger investor confidence, increased industrial productivity, and a more resilient business environment. These measures are laying a solid foundation for sustainable economic growth and long-term prosperity for Nigeria,” Dangote stated
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He explained that the reforms have created a more enabling operating environment for businesses, particularly large-scale manufacturing and industrial enterprises that are critical to economic diversification, job creation, foreign exchange generation, and national competitiveness. He added that government initiatives aimed at improving efficiency, promoting investment, enhancing transparency, and supporting domestic production are providing a solid framework for industrial expansion.
“We commend the Federal Government for its courage and determination in implementing reforms that are essential for economic transformation. While every reform process comes with initial challenges, the benefits are increasingly evident in stronger economic indicators, improved business confidence, and renewed investor interest in Nigeria,” he said.
Dangote further observed that the government’s favourable policy environment has supported the continued growth and efficient operation of the Dangote Petroleum Refinery and Petrochemicals complex, Africa’s largest integrated refining and petrochemical facility. He noted that policy measures designed to strengthen local refining capacity, reduce import dependence, improve energy security, and encourage value addition have contributed meaningfully to the refinery’s success and Nigeria’s broader economic development objectives.
“The progress being recorded at the Dangote Petroleum Refinery and Petrochemicals complex is closely linked to a policy environment that encourages investment, supports domestic industrialisation, and promotes self-sufficiency. These reforms are helping Nigerian businesses to plan with greater certainty, invest with confidence, and compete effectively on the global stage,” he added.
He stated that the refinery’s increasing production capacity and expanding export footprint are contributing significantly to Nigeria’s economic resurgence by generating foreign exchange earnings, creating employment opportunities, strengthening local supply chains, and positioning the country as a leading energy and manufacturing hub
Reaffirming the Group’s commitment to supporting the Federal Government’s economic agenda, Dangote said Dangote Industries Limited would continue to invest in strategic sectors, drive innovation, promote industrial development, and create sustainable employment opportunities.
“Our vision has always been to support Nigeria’s economic development through transformative investments. Today, we are witnessing how the combination of private-sector commitment and decisive government policies can unlock unprecedented opportunities for national growth. The refinery, petrochemical operations, fertiliser production, and our other industrial investments are helping to build a more self-reliant, competitive, and prosperous economy,” he said.
He expressed confidence that sustained reforms, policy consistency, and stronger collaboration between the public and private sectors would further stimulate economic growth, attract increased foreign direct investment, and reinforce Nigeria’s position as one of Africa’s most attractive investment destinations.
“Nigeria is on the path to becoming one of the world’s leading industrial and economic powers. With continued policy consistency, robust private-sector participation, and investment-led growth, the future of our economy is exceptionally bright,” Dangote concluded.
Business
Group Credits PINL with Safeguarding Environment, Farms
A group has given kudos to the Pipeline Infrastructure Nigeria Limited (PINL) for effective pipeline surveillance and community interventions during the recent flooding in parts of the Niger Delta.
The Niger Delta Progressive Alliance (NDPA) in a statement signed by its Convener, Nse Victor Udoh, noted that the PINL’s operational efficiency and sustained maintenance of pipeline corridors helped prevent additional environmental damage, preserve farmlands and protect aquatic ecosystems from threats associated with pipeline failures and oil spills.
According to the NDPA, annual flooding in the Niger Delta poses serious environmental risks, particularly when floodwaters come into contact with damaged pipelines, oil spills and illegal activities around oil and gas infrastructure.
The organisation noted that the recent flood season was different, as there were no reported cases of widespread oil contamination of floodwaters, dead fish or the spread of oil into farms and residential areas attributable to pipeline failures.
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It said the development underscored the importance of preventive pipeline management, stressing that effective infrastructure protection was often measured by disasters that were prevented rather than emergencies that attracted public attention.
According to the group, regular patrols, monitoring and right-of-way surveillance enabled PINL to identify and address potential threats before they escalated into major incidents.
It added that inspection, maintenance and repair activities had also contributed to maintaining the integrity of critical pipelines, especially during periods of heavy rainfall and flooding.
The NDPA further commended PINL for its interventions in flood-affected communities in Rivers, Bayelsa and Imo States.
It cited the company’s restoration efforts in areas previously affected by illegal refining, as well as empowerment programmes targeting women and youths in host communities.
Udoh said the initiatives showed that corporate social responsibility should go beyond occasional charitable gestures and become part of a sustained commitment to community welfare and development.
“We commend Pipeline Infrastructure Nigeria Limited, therefore, on two counts that this season has made inseparable: the efficiency of its service, tested by a flood and found equal to it, and the seriousness of its social responsibility,” he said.
He added that the group had observed that farms remained protected and waterways retained their ecological value despite the flooding.
“This season, our farms still stand where the water reached them. Our creeks still hold their life,” Udoh said.
The alliance maintained that infrastructure security and community welfare were closely linked in the Niger Delta, where pipelines pass through several communities and environmentally sensitive areas.
It urged PINL to sustain the standard, stressing that protection of critical national infrastructure, environmental preservation and improved host-community welfare should remain mutually reinforcing objectives.
The NDPA described PINL’s performance during the flood season as an example of how operational efficiency and responsible community engagement could combine to protect energy infrastructure and the environment.
Business
Dangote Threatens Petrol Importers’ Supply Over Product Blending
As concerns continue to mount over product quality and allegations of blending of imported fuel with products refined locally against major oil marketers, the Dangote Petroleum Refinery and Petrochemicals (DPRP), is contemplating cutting off supplies to the culprits.
The proposed measure could take effect as early as this week, subject to further consultations and any last-minute intervention, according to sources familiar with the situation.
The grave concern is that some marketers are allegedly blending imported Premium Motor Spirit (PMS), also called petrol, with petrol purchased from the DPRP before distributing the resulting product in the market.
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This has left the refinery concerned that such practices could make it difficult to distinguish between products it supplied and the products subsequently blended or handled by third parties.
“It is difficult to understand why we would invest heavily in producing high-quality petroleum products for Nigerians, only for those products to be mixed with imported products of uncertain quality and the resulting product to be associated with the refinery,” a senior official at the $20bn Lekki-based plant, who spoke in confidence due to the lack of authorisation to speak on the matter, stated.
The refinery has also raised concerns about what it called a lack of a standard laboratory and adequate quality-control infrastructure for imported petroleum products, particularly the capacity to independently verify and certify the specifications of products entering the Nigerian market.
The latest development comes barely days after the DPRP warned that rising petrol imports were forcing it to export excess stocks despite having sufficient capacity to meet Nigeria’s domestic demand.
The refinery said imported PMS accounted for approximately 43 percent of fuel supplied into the Nigerian market in July, saying the continued issuance of petrol import licences had created uncertainty over domestic demand and made production and inventory planning increasingly difficult.
The DPRP said it had consistently maintained sufficient inventory and reserved product volumes to guarantee steady supply to the Nigerian market, but argued that keeping large stocks indefinitely was becoming commercially unsustainable when it could not determine how much imported petrol would enter the country.
“As a responsible energy provider, we have always endeavoured to keep adequate reserves to satisfy local demand at all times. However, in an environment where significant volumes of imported PMS continue to enter the market through licences issued by the regulator, and where there is limited visibility on future import volumes, it becomes commercially unsustainable to continue holding excess inventory indefinitely.”
The refinery said the surplus petrol that could not be absorbed by the domestic market would consequently have to be exported to regional and international markets.
The proposed restriction on sales to importing marketers now adds a new dimension to the refinery’s concerns, as Dangote moves from highlighting the commercial impact of rising imports to considering measures that would prevent marketers from sourcing its petrol while simultaneously importing competing products.






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