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Dangote Sugar pays N18.22bn dividends, to produce 170,000 tonnes next season

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Despite the economic headwinds that characterised 2022, Dangote Sugar Refinery Plc (DSR) will pay N18.22 billion as dividends to shareholders for the year ended December 31, 2022, while also targeting the production of over 170,000 tonnes of sugar next season. The dividend payout will translate to N1.50 kobo per share held by shareholders.

Chairman of the Company, Aliko Dangote said: “The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally.”

The company recorded an impressive turnover of N403 billion, a 46 per cent increase over N276 billion recorded during the same period in the year before, and posted a Profit before Tax (PBT) of N82 billion.

Dangote attributed the company’s remarkable performance to the pragmatic approach the management deployed by focusing on continued cost and process optimisation, improved efficiencies in every area of operations, and service delivery to our customers.

He pledged that the management would continue to implement strategic actions to sustain the performance with the support of all stakeholders with complete adherence to the tenets of the Federal Government’s Sugar Master Plan.

Dangote said part of the success recorded by Dangote Sugar was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan with the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.

He said: “Concerted efforts were made during the year to rise above the various challenges that came about due to the COVID–19 lockdown which affected project timelines considerably and continued to generally impact economic activities due to its spill-over effect, which also led to the lack of forex to finance most of the project deliverables.

“We however continued to surge ahead supported by the various stakeholders in the industry and government parastatals, with the resolve to ensure that the goals of the Nigeria Sugar Development Master Plan are achieved.”

The Company Chairman noted that during the year under review, the first phase of the Sugar Master Plan implementation period came to an end and that the Federal Government approved the second phase over the next 10 years. “This extension came on the back of the review of the first phase by the National Sugar Development Council and other government parastatals with cognisance of the challenges and several circumstances that were unforeseen which riddled the first phase of the programme,” he added.

Dangote stated that the board and management were, however, focused on the achievement of the goals of the strategic initiative, and thus considerable progress was recorded in the project development, despite the numerous challenges faced.

Not minding the obstacles ahead, Dangote promised that the management would continue to create sustainable value for all stakeholders through an inclusive approach to growth and development, with continuous engagement with all parties, to enable the company make a positive impact, support poverty eradication and food security, infrastructure development, empowerment for members of the immediate communities, and the society at large.

In her remarks, the Coordinator of the Pragmatic Shareholders Association, Mrs. Adebisi Bakare expressed the satisfaction of shareholders with the performance of the company, noting that despite all the encumbrances in the sugar sub-sector of the economy, the company still performed far and above the previous year.

She urged the board and the management to continue in the direction they have taken to get the company to the current winning, assuring that the management has the support of the shareholders to post even better performance in the coming years.

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Panic! Gunmen storm Anambra Assembly, attempt to bundle away lawmaker

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Panic-stricken members of the Anambra State House of Assembly, watched in utter horror on Thursday as one of their colleagues was bundled into a waiting vehicle, by four gun-wielding men, preparatory to being whisked away, before mother-luck came calling.

It took the quick reflexes of security guards at the entrance who locked the gate, to prevent the armed men, who later turned out to be operatives of the Department of State Services (DSS) from completing the operation.

The target of the operatives was Onyekachukwu Ike, the House of Assembly-elect member for the Nnewi North constituency, who had joined in the valedictory session for outgoing members, though it is not known why the members of the agency were after him.

Eyewitness account, said the operatives arrived the Assembly complex in three vehicles in a commando version, grabbed the member-elect as he emerged from the venue validectory thanksgiving mass for the seventh Assembly and forced him into their waiting vehicle.

However, it took the eagle-eyed members of the security team of the assembly to truncate the attempt to drive the lawmaker away, because they quickly locked the exit gate, thus halting the operation, as it gave people the opportunity to intervene.

Reacting to the incident, Acting Clerk of the Assembly, Esther Aneto, who bemoaned the manner the operatives carried out the operation, said neither the authorities of the assembly, nor the police was informed about it.

It took the intervention of the Speaker, Uche Okafor, and the Deputy Governor, Onyeka Ibezim, who came to represent the Governor at the Valedictory session before the member-elect was released from the vice grips of the DSS operatives, who however, explained that they had a court order to arrest him.

 

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Judge orders Yahoo-Yahoo student to clean EFCC premises for two weeks

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Justice Aliyu Shafa, of the Federal High Court, Gwagwalada, Abuja, on Thursday ordered a student, Istifanus Irmiya, to clean the premises of the Economic and Financial Crimes Commission (EFCC) for for two weeks, after he was convicted for internet fraud.

Irmiya, who was docked by the EFCC on a two-count charge, boarding on cheating and impersonation, was also ordered to pay a fine of N100,000, while the phone he used in committing the offence was to be destroyed and burnt.

This was after the culprit, pleaded guilty to the charges and begged the court for leniency, which the court accepted, but insisted that he must carry out the punishment of cleaning the EFCC premises from 9 a.m. to 12 noon daily for two weeks, to teach him a lesson.

Frowning at the rate internets fraud were being committed, Shafa, said: “I have carefully listened to the plea of allocutus made by the convict and the defence counsel. The rate of internet fraud through Facebook, Instagram, Whatsapp, among others in the society is so alarming.

“That he is a first time offender is not an excuse to go scot-free. The rate of Yahoo-Yahoo among youths is alarming. “Many who resort to crime always have ‘I want to get rich quick’ mindset. Sending him to prison might make him more hardened,” the judge ruled.

Irmiya, who pleaded with the court to tamper justice with mercy, promising that he would not indulge in such acts again, said: “I want to beg the court for mercy. I’m deeply sorry for what I have done. I’m a changed person now knowing fully well the consequences of my offence.”

Chibuike Chima, his lawyer, who echoed his pleas, told the court that Irmiya had no previous conviction record and was also remorseful, saying: “Irmiya is the only son of the family and he is seeking admission into the university. He has spent one month in EFCC custody.
“The convict has shown remorse and genuinely repented over the crime he has committed by way of expressing genuine repentance, he has restituted the proceeds of crime which is the sum of 250 Euros. The convict is a first-time offender. He has not be convicted for any other crime of whatever kind. We urge my lord to tamper justice with mercy. We assure this court that going forward, the convict will be of good behaviour.”

The EFCC Counsel, Taiwo Aromolaran, who told the court that Irmiya had sometime in 2022 within the jurisdiction of the court cheated by personation, said that the convict deceived his victim while pretending to be one mistress Clara a female Caucasian.

She said that the convict carried out an illegal act, making one Alex Lexis, a German, to send him the sum of 250 Euros which he received via PayPal and Nosh Apps before transferring the money to his own account domiciled with Polaris Bank.

She said that the convict sometime in 2022, also had in his possession documents containing false-pretence, where he represented himself as a German on his Facebook and KK accounts, created by him with the intent to induce Alex Lexis to deliver money to him.

She said the offence contravened the provisions of Section 321 of the Penal Code Act of the Federation (Abuja), 1990 and punishable under Section 324 of the same Act, adding that Section 6 in conjunction with Section 8 of the advance-fee fraud and other related offences Act, 2006 and punishable under Section 1 (3) of the same Act.

Pleading with the court that the cell phone being the instrument used for the crime should be forfeited, Aromolaran urged the court to take into consideration the increase in the menace of internet frauds in Nigeria.

Bewailing the menace fraudsters had caused to the image of the country and to their victims, she told the court that Irmiya and his group, operated as syndicates, saying: “They believe that merely coming to court and pleading guilty is enough to attract the sympathy of the court.”

 

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BREAKING: Tinubu, hosts G-5 govs at Villa *Intensifies moves to break PDP

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It is becoming obvious that President Bola Tinubu, may be working hard to break the ranks of the Peoples Democratic Party (PDP), as he is currently hosting the five former Governors of the party who former the G-5 Integrity Group, a very powerful bloc in the main opposition party that fought against the ticket of the party.

Nyesom Wike, former Governor of Rivers State, who was the arrowhead of the G-5, comprising Okezie Ikpeazu of Abia, Samuel Ortom of Benue, Ifeanyi Ugwuanyi of Enugu and Seyi Makinde of Oyo, was seen leading the other members to the Presidential Villa, for a meeting with Tinubu, on Thursday afternoon.

The group had vehemently opposed the ticket of Atiku Abubakar, presidential candidate of the PDP in the 2023 presidential election and refused to join the campaigns on the ground that the former Vice President did not support the ouster of Iyorchia Ayu, then National Chairman of the party on the ground that he came from the same North as him.

Incidentally, the meeting is coming few hours after Caleb Mutfwang Governor of Plateau State and Umo Eno of Akwa Ibom, both PDP governors at the same State House Abuja, in what observers are already interpreting as an attempt to woo the top echelon of the opposition party.

The meeting with the G-5 governors, shortly after that of Tinubu with the two PDP governors, is coming as the party and Atiku Abubakar, are trying to prove before the Presidential Election Petition Tribunal (PEPT), sitting in Abuja that Tinubu did not win the 2023 presidential election.

Details later…

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