Shareholders Laud Dangote Cement’s ‘Robust Dividend’ Payment

Image

By Dipo Olowookere

The board and management of Dangote Cement Plc have been commended for churning out positive performance in the 2017 financial year.

Speaking at the firm’s Annual General Meeting (AGM) on Wednesday in Lagos, shareholders of the cement maker said they were fortunate to be part of the business enterprise.

President of Progressives Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, said he was particularly happy with the way the company was run.

The shareholders described Dangote Cement as a very reliable company that has consistently demonstrated its love for the shareholders.

They unanimously urged the regulators to give a special award to Dangote Cement and its management for keeping faith with the shareholders.

Mr Okezie said for the company to still pay a robust dividend despite the recession in the economy, which also affected their operations, shows the doggedness and the fighting entrepreneurial spirit of the management.

“We are very happy and pleased with this result. 2017 was very tough with the recession and fluctuation in the foreign exchange market which the Chairman also said affected their operations, but despite all these challenges, the company was still able to pay us a very good dividend, better than last year, and even gave us hope of better returns on our investments in the years to come.

“This is very commendable and it is only a company like Dangote Cement that can achieve this laudable feat,” the PSAN chief said.

Another shareholders’ association leader, Mr Umar Farouk, urged the regulators to adequately compensate the management of Dangote Cement with an award as it has consistently kept faith with its shareholders.

He expressed optimism on the pan African plants, especially now that the Plants are contributing significantly to the turnover of the company.

“It is a statement of fact that we are lucky to be shareholders of this great company. If you see what our subsidiaries across Africa are contributing to the turnover, then you will understand what I am talking about.

“I am very happy and our members are upbeat for the future, knowing fully well that it will only get better,” he said yesterday.

Share
Related Stories
Image
30-November-2023

Tinubu Eyes Macroeconomic Stability, Better Investment Environment With 2024 Budget

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

Image
30-November-2023

Oil Prices Soar Amid Expansion in US Stockpiles

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

Image
30-November-2023

FIRS Wants EFCC Backing to Track, Prosecute Tax Evaders, Others

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

Image
01-December-2023

NASD OTC Bourse Survives Scare, Gains 0.03%

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

More Stories
Image
28-September-2020

AIICO Insurance Unveils Strategy to Boost Share Price

By Dipo Olowookere The management of AIICO Insurance Plc has revealed the strategy it intends to deploy to boost its share price on the floor of the Nigerian Stock Exchange (NSE). The Managing Director/CEO of the underwriting firm, Mr Babatunde Fajemirokun, while addressing some market participants recently, said his team will adopt a regular management/shareholders engagement policy to support the equity price of the company. However, he stressed that this plan will likely kick off in 2021, noting that the platform would be used to update investors on the various plans being put in place by the management to improve

Image
25-August-2021

FCMB, SEC to Hold Roundtable on Crowdfunding

By Sodeinde Temidayo David First City Monument Bank (FCMB) Limited, under its Hub One forum, in collaboration with Passion Incubator, is set to host a crowdfunding platform compliance roundtable with the support of the apex regulatory agency for the Nigerian capital market, the Securities and Exchange Commission (SEC). The roundtable engagement event is aimed at bridging the knowledge gap between crowdfunding platforms and intermediaries on the new SEC rules on crowdfunding, the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. The event titled Building A

Image
02-November-2020

Merger News Triggers 32.20% Rise in Portland Paints Stocks

By Dipo Olowookere The news last Monday of a merger between Chemical and Allied Products (CAP) Plc and Portland Paints and Products Nigeria Plc pushed the stocks of the latter higher by 32.20 per cent last week. In the four-day trading week, shares of the paint maker moved from N2.05 per unit to N2.71 per unit, closer to the N2.90 CAP is offering holders of Portland Paints equities. The proposed consideration represents a 45 per cent premium to the last traded share price of Portland Paints on October 16, 2020, being the last business day prior to the date on

Image
20-July-2022

AgroEknor Seeks to Transform Superfoods Value Chain

By Adedapo Adesanya Nigerian agri-tech startup, AgroEknor, has disclosed that it was working on transforming the value chain of superfoods with scalable digital infrastructure through backward integration. Through this value chain, investments and solutions are provided for agro products which have created higher income opportunities for smallholder farmers and also reduced wastage in the agricultural value chain. The startup came about after the team spent around 12 months researching which products were most viable for trade. “We were able to identify the opportunity with superfoods. We then joined a few industry groups and began to engage potential partners and stakeholders

Image
01-August-2019

Naira Drops 71 Kobo Against Dollar at I&E as Turnover Rises 55%

By Adedapo Adesanya The third trading day of the week, Wednesday, July 31, 2019, saw the Naira depreciate by 71 Kobo at the Investors and Exporters (I&E) window of the foreign exchange (forex) market. The local currency closed at N361.68 against the Dollar from the previous day’s N362.39. This was as the daily market turnover at the segment surged by 55 percent to $123 million from the previous trading day’s $79 million. However at the Central Bank’s official window, the Naira/USD remained flat at N306.85/$ from the previous trading day of the week. Same was the outcome for the Naira

Image
30-October-2016

MRS Holdings Net Profit Hits N1.1b

By Modupe Gbadeyanka MRS Holdings Plc has disclosed that its net profit for the third quarter of 2016 rose to N1.1 billion compared to N730 million it was in the same period last year. In its financial result, the company’s gross income for the quarter improved to N82.3 billion against N64.5 billion it recorded in 2015. Its cost of sales increased to N74.9 billion compared to N59.7 billion achieved last, which Business Post gathered was as a result of the forex issue affecting the Nigerian economy. In the report, MRS revealed that it was in a lawsuit against a certain

Image
19-April-2017

FTSE 100 Index Sheds 0.3% as French CAC 40 Index Adds 0.3%

Investors Hub Reports reaching us indicate that the European stocks are turning in a mixed performance on Wednesday. While the UK’s FTSE 100 Index is down by 0.3 percent, the German DAX Index and the French CAC 40 Index are up by 0.2 percent and 0.3 percent, respectively. Worries over North Korea appeared to ease somewhat with opinion polls showing centrist independent Emmanuel Macron is leading the first round of French presidential election. In economic news, Eurozone inflation slowed as initially estimated to a three-month low of 1.5 percent in March after a 2 percent increase in February, the latest

Image
07-February-2022

GTCO Takes Over Investment One Funds Management

By Aduragbemi Omiyale One of the firms in the assets management landscape, Investment One Funds Management Limited, has been acquired by a leading financial powerhouse, Guaranty Trust Holding Company (GTCO) Plc. This is part of the efforts of GTCO to expand its operations and serve several clients in the financial services sector in Nigeria. A notice filed to the Nigerian Exchange (NGX) Limited on Monday disclosed that Investment One Funds Management was taken over after the acquisition of a 100 per cent stake in the firm. GTCO is the parent company for Guaranty Trust Bank (GTBank Limited), the banking arm

Ad
Ad
Recent Stories
Image
02-December-2023

Strong Inflationary Pressures Keep Nigeria’s Private Sector PMI Down

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

Image
02-December-2023

Coker-Odusote: 100 Days at the Helm of NIMC

By Walter Duru, Ph.D It was Albert Einstein who once said that “setting an example is not the main means of influencing another, it is the only means.” That sentiment expressed by Einstein is the primary essence behind the theory of transformational leadership, which requires passion, charisma, and the ability to motivate others. Transformational leaders are usually very authentic, emotionally intelligent, great listeners, results-focused, visionary, and self-aware. In just 100 days at the helm of the National Identity Management Commission (NIMC), Engr. Abisoye Coker-Odusote has ushered in a new era of transformational leadership, leaving an indelible mark on the organization. Her eventual confirmation

Image
02-December-2023

Partnerships for Progress: Collaboration Between Banks and Fintechs is the Future of Banking in Africa

By Ike.S Anison Historically, the formal banking sector’s penetration in Africa has been relatively low. And, while there has been significant improvement in this area in recent years, there is still a significant portion of the population on the continent who are unbanked or lack access to financial services. According to the World Bank, approximately 350 million adults in sub-Saharan Africa are still unbanked, accounting for 17% of the 2 billion global unbanked population. This has largely been due to a struggle to tap into the continent’s low-income segment, the widest proportion of the population. Consumers within this market feel

Image
02-December-2023

Naira Plunges 11.4% to N927/$1 at Official Market as FX Demand Rises

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

Image
02-December-2023

Newrest, FrieslandCampina, Acorn Drive 0.14% Gain at Unlisted Stock Market

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

Image
02-December-2023

Oil Falls on Worries About Voluntary Supply Cuts

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

Image
02-December-2023

Sanwo-Olu Assures Businesses More Incentives, Commissions New Godrej Factory

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

Image
02-December-2023

Nigerian Exchange Begins December With 0.08% Growth

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

Image
01-December-2023

CBN Orders Banks to Place PND on Accounts Without BVN, NIN

By Adedapo Adesanya All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

Image
01-December-2023

LCCI Demands Transparency in CBN Recapitalisation Plan

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to strengthen its banking supervision to prevent some crucial Nigerian banks from failing due to its planned recapitalisation. Last Friday, the Governor of CBN, Mr Olayemi Cardoso, said the CBN would be directing banks to increase their capital base to serve a $1 trillion economy to be achieved by 2030. In a statement signed by Mrs Chinyere Almona, the director general of LCCI, the chamber said, “On recapitalisation of banks, we commend the plan of the apex bank to review the