Economy
Dangote to Build $450m Sugar Production Factory in Niger
By Modupe Gbadeyanka
A sugar production factory capable of creating over 15,000 jobs is to be situated on a 16,000-hectare of land at Lavun Local Government Area of Niger State.
On Wednesday, August 23, 2017, President of Dangote Group, Mr Aliko Dangote, signed a Memorandum of Understanding (MoU) with the state government for the $450million state-of–art and fully integrated sugar complex.
Mr Dangote noted that his decision to start the factory was part of his desire to achieve self-sufficiency in sugar production through the government’s backward integration policy.
At the signing today in Minna, Mr Dangote said when the project is completed, it would bring about a complete economic turn-around for the state.
Dangote Group is currently operating out-grower scheme in rice production in a number of states and also has Africa’s largest sugar refinery in Lagos and a sugar cane plantation in Numan, Adamawa State.
Mr Dangote said his investment was informed by his company’s firm belief in the potentials of the Nigerian economy, adding that the new outlay will add value and create jobs for Nigerians.
He commended the Niger State Governor, Mr Abubakar Sani Bello for his foresight and efforts to woo investors to the state, noting that “the Dangote’s Integrated Sugar Project in Niger State will also include the establishment of integrated sugar mills, generate power, produce molasses, ethanol fuel, biomass and produce animal feeds.”
In his remarks, Governor Bello said the deal will revolutionize agriculture in his state and Nigeria. Expressing joy that the MoU was signed during his own administration, he described Mr Dangote as the liberator of the Nigerian economy and a dependable partner.
The Governor then urged Dangote Group to explore other investment opportunities available in the state, just as he announced that the state was opened for multi-sectoral investments.
Representative of the Minister of Industry, Trade and Investment, Mr Aminu Bisala, described Mr Dangote as the biggest private sector supporter of the Nigerian economy, and Federal Government policies.
He said the Federal Government was comfortable with the numerous investments efforts of the Dangote Group.
Also speaking, Chairman of the Niger State Traditional Council Etsu Nupe, Mr Abubakar Yahyah said he was elated about the huge investment coming to the state, while praying God to bless the Dangote Group more.
Just last week, the conglomerate had sponsored an investment summit in the state, which was attended by former Presidents Abdulsalami Abubakar, Olusegun Obasanjo and the then Acting President, Yemi Osinbajo, who described the private sector as key to the country’s economic development.
Group Managing Director of Dangote Sugar Plc, Engr. Abdullahi Sule, stated that the MoU would be a game changer for Niger State economy and Nigeria as a whole.
He said the integrated sugar mills will have the capacity to produce 160,000MT of raw sugar, pointing out that has been in the fore front of support for government industrialization programmes through backward integration policy in agriculture.
According to him, the Dangote Sugar Refinery is developing a sugar backward integration plan through the production of 1.5MT/PA in ten years in: Nasarawa, Adamawa, Kogi, Kwara, Taraba and Niger states respectively.
The Group’s Executive Director Stakeholders’ Management and Corporate Communication, Mr Ahmed Mansur, had also announced that the Group was investing over $1billion in the agricultural sector in the country, specifically in rice, sugar, tomato and dairy productions.
Niger State Commissioner for Investment, Commerce and Industry, Rahmatu Muhammad Yar’Adua said that the deal with Dangote Group will help grow the agricultural sector and create direct and indirect jobs in the state.
It would be recalled that the Group’s foray into sugar business began in 1981. It has injected over $104million into the Savannah Sugar Company Limited it acquired from government in 2003. Savannah Sugar this year alone, produced 20,000MT of raw sugar from its plantation.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
