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Dangote Cement Eyes $700m Forex Earnings From Terminals

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  • Dangote Cement Eyes $700m Forex Earnings From Terminals

The cement terminals being built by Dangote Cement Plc in Ibeshe, Lagos State and Onne, Rivers State, will fetch the company $700 million when completed, it was learnt yesterday.

Going by the schedule, the terminals will be completed before the end of this year, the company said at its 10th Annual General Meeting (AGM) in Lagos.

The plants are being built to shore up the company’s market share, its Chairman Alhaji Aliko Dangote told shareholders at the AGM, adding that the project, which was delayed by equipment suppliers, will be ready before the end of the year.

Dangote said the terminals would rake in the millions of dollars in foreign exchange through cement exportation to sub-Saharan Africa.

According to him, the company will be opening export facilities within the terminals to export clinker and cement to its facilities in Cameroun and other African countries.

Dangote said: “Later in 2019, we will open export facilities in Lagos and Port Harcourt that will enable us export clinker, initially to our grinding facility in Cameroun and then to new grinding plans we are building in West Africa.

“Not only will these generate useful foreign currency for Dangote Cement to support other expansion projects outside of Nigeria, they will also help to increase the output of our Nigerian plants.”

The company will be exporting cements through the terminals to Ghana, Cameroun, Sierra Leone and Congo, among others.

Dangote said that the terminals would make Nigeria the biggest exporter of cement in sub-Saharan Africa.

According to him, the company’s capacity will increase on the completion of the terminals.

Besides, the project will help to improve job creation and increase Nigeria’s prosperity.

On dividends, he said that the dividend payment represented 52.4 per cent increase over the N10.50 per share paid in 2017.

Specifically, the company declared N272.6 billion, which translated to N16 per ordinary 50k share, approved by shareholders.

The dividend was higher by 52.4 per cent against the N178.9 billion or N10.50 per share paid by the company for the 2017 financial year.

Independent Shareholders Association of Nigeria (ISAN) founder Sunny Nwosu lauded the company for the impressive dividend it declared last year.

Nwosu said the company, made of quality board members, had good corporate governance record in all its operational areas, even outside the country.

Dr Farouk Umar, Chairman of Association for Advancement of Rights of Nigerian Shareholders, praised the company for the impressive report in 2018 in spite of the economic situation.

Umar said that the shareholders were happy with the N16 dividend declared in 2018, adding that the trend should be sustained.

He asked why the Benue Cement Plant stopped production.

The Benue plant would resume production as soon as the coal plant being built is completed.

Another shareholder, Nona Awoh, urged the company to strengthen its capacity utilisation to increase its market share.

Awoh advised that the company should map out new strategies to reduce its unclaimed dividend stock.

The company, during the financial year ended December 31, 2018, reported ¦ 901.2 billion revenue against the ¦ 805.5 billion achieved in in 2017, an increase of 11.9 per cent.

The profit before tax stood at ¦ 300.8 billion, an increase of a 3.9 per cent over the ¦ 289.59 billion recorded in 2017.

The profit for the year stood at N390.33 billion from the N204.25 billion achieved in 2017.

Another shareholder Mrs. Bisi Bakere lamented what she called gender imbalance in the board and asked for adjustment to admit more women.

Mrs. Cherie Blair, wife of the former British Prime Minister, who stated that the success of any organisation depends on the ability of its Board of Directors to set a good example and demonstrate a clear commitment to doing things right and doing the right things.

He encouraged Dangote not to close down the non-performing plants in some countries and canvassed a Nigerian as a Managing Director of the Cement Company. According to him Nigerians have learnt enough from expatriates and are ready to take over.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Lagos State to Support Businesses Looted by Hoodlums

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endSARS violence

Lagos State to Support Businesses Vandalised and Looted by Hoodlums

Lagos State has announced plans to support businesses looted and vandalised by hoodlums last week.

The Deputy Governor of the stated, Obafemi Hamzat, made this known in a series of tweets put out on Friday.

He directed businesses vandalised in the state to fill a form attached through the link below.

“If you are a Lagos based business and your store got looted/vandalized this week, please fill this form by @LSETF https://t.co/lwPiXvFzTp. Let’s do what we can to support you,” he tweeted.

This was after Governor Babajide Sanwo-Olu said the state had activated the process of healing the destruction and massacre that happened earlier in the week when security operatives in army uniforms opened fire on armless #EndSARS protesters.

Sanwo-Olu said, “My heart bled after I went out today for a first-hand assessment of the destruction of assets of the Government and private properties. The level of destruction observed indicated that the violence was more than just a peaceful protest and agitations for police reforms. The proportion of devastation is a lot. This is not the Lagos that was handed over to me on May 29, 2019.

“Moving forward from the destruction, we have to continue the process of healing ourselves. We need to stop some of our citizens still using social media to instigate or incite the people. It will not be under my watch that we will lose the city that has the largest economy in the entire black nation. Enough is enough. I have moved around and I saw that our people want peace. On this, we are committed to bringing lasting peace back to the State.

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TVC Resumes Operations in Lagos Office Following Hoodlums Attack

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Telecommunications

TVC Commences Operations Less Than 72 Hours After Hoodlums Attacked and Destroyed the Company’s Lagos Office

Television Continental (TVC) station has resumed operations less than 72 hours after its Lagos office was attacked by hoodlums that hijacked the #EndSARS protest.

The television station was attacked on Wednesday by criminals would believe that the media platform was owned by one of the top Buhari supporters, Mr. Bola Ahmed Tinubu.

The attack followed the shooting of unarmed #EndSARS protesters, who had gathered to protest against the activities of the Special Anti-Robbery Squad (SARS) unit of the Nigerian Police Force (NPF) at the Lekki Toll Gate on Tuesday.

The peaceful protesters were shot by security operatives in Nigerian Army uniform before the commencement of curfew imposed by Governor Babajide Sanwo-Olu of Lagos State.

The killings now tagged Lekki Massacre attracted global attention as global leaders condemned the Federal Government or whoever ordered the shooting and called for an immediate investigation into the matter.

On Wednesday, criminals allegedly sponsored by interested parties to dislodge peaceful protesters took advantage of the situation to wreak havoc across Nigeria’s commercial hub, Lagos State, as several private establishments businesses were attacked and looted by these unscrupulous characters.

One of the establishments attacked was the National Newspaper also linked to Mr. Tinubu.

The hoodlums stormed TVC on Wednesday morning during a popular morning show, Your View, anchored by Mrs Morayo Afolabi-Brown, the programme did not end before the television station went off air as it was immediately set on fire.

However, Investors King gathered that TVC resumed operations on Saturday morning, although regular programs were yet to resume fully.

As at the time of writing, the station was airing promos of various programmes and from what we gathered, regular programming will return very soon especially from its Abuja office.

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Ambassadorial Deal: Puma Names Wizkid as Brand Ambassador

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Wizkid is Puma Latest Brand Ambassador

Puma, global sportswear, has named Nigerian superstar, Ayodeji Ibrahim Balogun popularly known as Wizkid as one of its global ambassadors.

Wizkid, 30, is the new Puma x JD ambassador for the relaunching of the Puma Suede Classics range.

Speaking on the deal, Wizkid said “It’s an honour to be the face of the new JD x Puma Suede Classics campaign.

“Puma is a brand I’ve loved and respected growing up, and so the decision to become an Ambassador felt completely natural. The Puma Suede is a classic shoe that can be worn by anyone at any age and I think my fans will really connect with that.”Also speaking on the partnership, Puma’s Sportstyle marketing director, said “We’re thrilled to have Wizkid as the face of the new Puma x JD Suede campaign.

“A truly innovative and exciting artist in the music scene, Wizkid embodies the passion and hustle we look for in someone to represent Puma and we look forward to working with him for the AW20 season.

Wizkid is a Nigerian musician and songwriter that has worked with Beyonce, Drake, Wale and other international superstars.

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