Tuesday, November 30

Tag: Dangote Cement

FG Grants Dangote Cement ₦22.32bn Tax Credit
Business

FG Grants Dangote Cement ₦22.32bn Tax Credit

The Federal Inland Revenue Service (FIRS) has issued Dangote Cement Plc, tax credit certificates valued at ₦22.321billion. The tax credit certificates are for construction of Apapa-Oworonshoki-Ojota road in Lagos and Lokoja-Obajana-Kabba road straddling Kogi and Kwata states. While Julius Berger is handling the construction of the two federal roads, Dangote Cement Plc is providing the funding. To compensate Dangote Cement, the Federal Government has issued the company the certificates to cover for the tax that Dangote Cement would have paid. Executive Chairman of the FIRS, Muhammad Nami, represented by Coordinating Director, Tax Operations Group, Mr. Femi Oluwaniyi, gave the clarification in Abuja on Wednesday when he presented the two tax credit certificates to Dangote Cement....
Dangote Cement To Pay Over ₦97 Billion In Corporate Tax For 2020 Financial Year
Business

Dangote Cement To Pay Over ₦97 Billion In Corporate Tax For 2020 Financial Year

Africa's largest cement producer, Dangote Cement Plc has remained a major contributor to the economy with a tax charge of N97 billion for the financial year ended 31st December 2020, even as it proposed a dividend of N16 per share. According to the cement group's audited results released on the floor of the Nigerian Stock Exchange (NSE), the tax charge represents an increase of 95 per cent over the sum of N50 billion recorded in 2019. Dangote Cement's Nigerian operations during the period sold 15.9Mt for the full year 2020, compared to 14.1Mt in 2019. This includes both cement and clinker sales, which implies a 12.9 per cent growth for the full year 2020. Looking at the domestic sales alone, Nigerian operations sold 15.6Mt, up by 14.3 per cent year on year and resulting in an inc...
‘Was Nigeria Created For Dangote Or Was Dangote Created For Nigeria?’ – FFK
Politics

‘Was Nigeria Created For Dangote Or Was Dangote Created For Nigeria?’ – FFK

The Nigerian government has allowed Dangote Cement to resume exports across its land borders which have been closed for over a year; and this has raised brows BUA Group and a gas company have also received presidential approval to move goods across the land borders, Joseph Attah, the spokesperson for Nigerian Customs, said. A number of Nigerians reacted asking the reason for this preferential treatment. Former Aviation Minister, Femi Fani-Kayode reacted on Instagram by sharing a photo of Dangote and writing: "During the Covid19 lockdown Dangote trucks were allowed to drive through Ogun state but everyone else was stopped. "Today Dangote trucks are allowed to go through our land borders but everyone else is stopped. "Was Nigeria created for Dangote or was Dangote created f...
NSE Index up 1.1% as investors gain N100.4bn
News

NSE Index up 1.1% as investors gain N100.4bn

The Nigerian Stock Exchange, NSE All-Share Index (ASI) closed higher on Tuesday by 1.1 percent or 109 bases points, bps to close at 24,202.87 points as investors gained N100.4 billion. The Index went up following the buying interest in Dangote Cement (2.8 percent), Guaranty Trust Bank (2.4 percent) and Zenith Bank (2.3 percent). Consequently, investors gained ₦100.4billion as market capitalisation increased to ₦12.6 trillion while Year to Date, YtD loss settled at -9.8 percent. Activity level advanced as volume and value traded rose 2.7 percent and 33.9 percent to 339.8million units and ₦3.9billion respectively. The most active stocks by volume were Access Bank (80.6million units) Guaranty Trust Bank (41.9million units), and Zenith Bank (39.7 million units) while Guaranty Trust Ba...
Rejection of election results poses further threat to stock market activities — Analysts
News

Rejection of election results poses further threat to stock market activities — Analysts

The rejection of the results of the recently concluded presidential election by the main opposition party, Peoples Democratic Party (PDP) poses further threat to trading activities on the Nigeria Stock Exchange (NSE). Analysts at Financial Derivatives Company (FDC) gave this warning while reviewing developments in the stock market following the announcement of President Muhammadu Buhari as winner of the election. They stated: “The NSE All share Index (ASI) endured a three-day losing streak up to February 28th, losing 2.5 percent to close at 31,718.70 points (pts) from 32,515.52 pts on February 22nd, a day before the election. This can be partly attributed to the outcome of the presidential polls. However, the market gained 0.34 percent on March 1st. The rejection of the election resu...
FY 2018: Dangote Cement Records N901bn Revenue
Uncategorized

FY 2018: Dangote Cement Records N901bn Revenue

Dangote Cement Plc continued to maintain its dominance of the cement market in Nigeria and Africa, as it recorded revenues amounting to N901.21 billion. According to its audited results for the year ended December 31, 2018, its Nigerian operations accounted for N618.30 billion, representing an increase of 11.9 percent over N552.36 billion in 2017, while African operations recorded revenues of N263.26 billion, an increase of 9.6 percent over N258.44 billion posted in the corresponding period in 2017. The company’s Profit after tax (PAT) stood at N390.32 billion, up from N204.25 billion, while earnings per share rose from N11.65 to N22.83. The company directors are proposing a dividend of N16 per share. Commenting on the results, Group Chief Executive Officer, Dangote Cement, Jo...
Positive Investors’ Sentiment Lifts Stock Market By 0.28%
News

Positive Investors’ Sentiment Lifts Stock Market By 0.28%

Positive investors’ sentiment on the stock market on Tuesday lifted the Nigerian Stock Exchange, NSE All Share Index higher, ASI by 0.28 percent to close at 34,933.68 points, compared, with the depreciation of 0.03 percent recorded on Monday. The appreciation recorded in the share prices of companies such as FBN Holdings, Dangote Cement, GTBank, Dangote Cement, and Zenith Bank were mainly responsible for the gain recorded in the Index. Similarly, the market capitalisation appreciated by 0.28 percent to close at N12.75trillion, compared with the depreciation of 0.03 percent recorded on Monday which closed at N12.718 trillion. The Exchange recorded 23 gainers against 18 losers, with shares of GTBank , Oando Plc lifting up the NSE Banking and NSE Oil/Gas Indices by 1.41 percent a...
Manager Of Dangote Cement Plant Shot Dead
News

Manager Of Dangote Cement Plant Shot Dead

The manager of the Dangote cement plant in Addis Ababa, Ethiopia, Deep Kamra, was shot dead by unknown gunmen yesterday May 16th. According to reports, Kamra, his secretary and driver were returning home from the factory when the assailants attacked his car. Kamra died from the gunshot wounds he received. The driver and secretary were also shot at during the shooting. There current state of health is yet unknown. Billionaire businessman, Aliko Dangote, is reportedly scheduled to visit the plant today May 17th. The Dangote plant, one of the ten established in Africa and outside Nigeria, was commissioned in May 2015.
Forbes Magazine Names Dangote The Richest Black Man In The World
News

Forbes Magazine Names Dangote The Richest Black Man In The World

Africa’s richest man, Aliko Dangote has been named by Forbes Magazine as richest black billionaire in the world. The cement industrialist is said to be worth $12.2billion Dangote, who was not the only Nigerian to make the list, was placed on 1st position. Other Nigerian billionaires like Mike Adenuga and Folorunsho Alakija also graced the list. See Forbes world’s top ten the black billionaires: 1. Aliko Dangote: $12,2 billion. Dangote is the undisputed richest person in Africa, he also happens to be the richest black person in the world. He founded the Dangote Group 35 years ago and still serves as its CEO and president. The vast majority of his wealth is derived from Dangote Cement. Dangote is an active philanthropist and focuses his charity work on education, agriculture a...
Trading Resumes On Positive Trend, Index Increases 0.27 Per Cent
News

Trading Resumes On Positive Trend, Index Increases 0.27 Per Cent

Trading activities resumed for the week on Monday still on a positive mood with the All-Share Index improving by 0.27 per cent. The index rose by 100. 28 points or 0.27 per cent to close at 37,525.38 against 37,425.15 achieved on Friday. Also, the market capitalisation inched N34 billion or 0.26 per cent to close at N12.933 trillion compared with N12.899 trillion posted on Friday. An analysis of the price movement chart indicated Nestle led the gainers, increasing by N33.58 to close at N1,060 per share. Nigerian Breweries followed with a gain of N5.35 to close at N181 and Mobil Oil garnered N4.90 to close at N236.90 per share. 7UP appreciated by N2.70 to close at N74.70, while Lafarge Africa increased by N1 to close at N60 per share. Conversely, Okomu Oil recorded the hig...
NSE Market Capitalisation Inches N218bn On Rates Retention Anticipation
News

NSE Market Capitalisation Inches N218bn On Rates Retention Anticipation

Activities on the Nigerian Stock Exchange (NSE) opened for the week on Monday on a bullish trend with the market capitalisation appreciating by N218 billion. The market capitalisation, which opened at N11.725 trillion, inched N218 billion or 1.86 per cent to close at N11.943 trillion. Also, the All-Share Index improved by 632.25 points or 1.86 per cent to close at 34,652.52, compared with 34,020.27 achieved on Friday, amid huge gains by some blue chips. Market analysts attributed the improved growth to investors anticipation of policy rates retention by the Central Bank of Nigeria (CBN) at the ongoing Monetary Policy Committee (MPC) ending on July 25. They stated that investors reactions to 2017 half year earnings being released in the market contributed to the upward trend. ...
How Aliko Dangote Became The Richest Man In Africa
News

How Aliko Dangote Became The Richest Man In Africa

"Aliko Dangote was born into a wealthy home in Kano. He got his first degree in Cairo, Egypt. He had always loved trading , and reports say he hawked sweets even as a primary school child , even though his family was wealthy. Dangote is really a very humble person even by the confessions of people who have interacted with him. But Dangote is not the only hardworking Nigerian. He is not the only humble person around . He is probably not the most business savvy in Africa. But he is certainly the richest Blackman in the world . His companies employ over 11 , 000 people directly – not to mention , distributors, contractors and other vendors who depend on his businesses to thrive . Dangote is a blessing to humanity. There is no family in Nigeria today that does not have a Dangote product in t...
Dangote Exports 400,000 Metric Tons of Cement Produced in Nigeria
News

Dangote Exports 400,000 Metric Tons of Cement Produced in Nigeria

While presenting its 2016 full year audited results on the floor of the Nigerian Stock Exchange (NSE) in Lagos, Dangote Cement disclosed that it it exported 0.4 million metric tons of cement to other countries in 2016. NAN reveals that this development has ended Nigeria’s dependence on importation. The company said that it sold 8.6 million metric tons of cement outside Nigeria, which is 54 per cent more than what was sold in 2015. News about the increased export was not the only one delivered by the company on Tuesday. The export is significant, given that the nation used to be a net importer of cement. As at 2011, Nigeria was one of the world’s largest importers of cement, buying 5.1 million metric tons of foreign cement at huge expense to the country’s balance of payments. ...

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