Saturday, June 19Inside Business Africa
Shadow

Tag: Dangote

Dangote $2.5 billion fetiliser plant can produce for export, delivers 120 trucks locally – Director

Dangote $2.5 billion fetiliser plant can produce for export, delivers 120 trucks locally – Director

Business, Corporate Stories, Economy
Mr Devakumar Edwin, Group Executive Director, Strategy, Capital Projects of Dangote Industries Limited has stated that the recently launched $2.5 billion fertiliser plant can produce enough for local demand. The company is also looking towards exports, as it currently delivers 120 trucks locally. The Dangote Industries director disclosed this in a statement on Sunday. What the Group Executive Director said “We have the capacity to turn out 4,500 tonnes of urea every day. This is a bulk application fertiliser that each crop in Nigeria or globally requires because of the nitrogen content; this is a rich fertiliser having 46 per cent nitrogen. “The company has the capacity to meet local demand and also export to African countries. “Currently, the demand is less t...
FG grants N22.3 billion tax credit to Dangote Cement

FG grants N22.3 billion tax credit to Dangote Cement

Economy
The Federal Inland Revenue Service (FIRS) has announced the issuance of tax credit certificates valued at N22.321 billion to Dangote Cement Plc. The tax credit certificates were for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road that goes through Kogi and Kwara States. This disclosure was made by the Executive Chairman of FIRS, Muhammad Nami, who was represented by the Coordinating Director, Tax Operations Group, FIRS, Femi Oluwaniyi, at the certificates presentation event to Dangote Cement. The tax credit certificates for the Apapa-Oworoshoki-Ojota expressway is valued at N21.6 billion while that of the Lokoja-Obajana-Kabba expressway is valued at N721 million. Dangote Cement is receiving the second tax credit certificate fro...
‘Dangote sugar investments will promote infrastructure growth’

‘Dangote sugar investments will promote infrastructure growth’

Business
With a national yearly import of over $337million, the management of Dangote Sugar Refinery Plc has declared its commitment to the backward integration policy of the Federal Government to make Nigeria self-sufficient in sugar production. The company, which is committing over $700million to its sugar projects, told visiting members of the Nasarawa House of Assembly at the weekend that its investment in sugar will revolutionise the economy of the state. The state lawmakers commended the Dangote Group for the choice of the state for the project and the accelerated pace with which the project was being executed despite occasional communal disagreements. Nigeria is one of sub-Saharan Africa’s largest importers of sugar second only to South Africa. But the Dangote Sugar management ...
Dangote, Flour Mills, BUA in bitter sugar war

Dangote, Flour Mills, BUA in bitter sugar war

Business
Three Nigerian conglomerates – Dangote Group, Flour Mills and BUA Group are currently locked in a bitter war over production and export of sugar.  Chairman of Dangote Group of Companies, Alhaji Aliko Dangote, and Chairman of Flour Mills Nigeria, Mr. John Coumantaros, had on January 28,2021, written the Minister of Industry, Trade and Investment, Niyi Adebayo, accusing BUA’s refinery in Bundu Free Trade Zone in Port Harcourt of undermining the national sugar master plan, NSMP. BUA Group has fought back at claims by Dangote Industries Limited and Flour Mills of Nigeria that its sugar refinery “poses a threat” to the Nigerian local sugar industry. The NSMP is a policy road map for sugar production introduced in 2013 to achieve self-sufficiency in sugar production and save foreign exc...
Bargain hunting lifts NSE’s index by 0.06%

Bargain hunting lifts NSE’s index by 0.06%

Capital Market
Following bargain-hunting in some blue-chips, especially Airtel Africa and Sunu Assurance, the domestic equities market closed positive for the first time in the week, as the All-Share Index rose 0.06 per cent. At the close of transactions yesterday at the Nigerian Stock Exchange (NSE), the ASI increased by 15.67 absolute points or 0.06 per cent growth to close at 24,130.26 points. Similarly, the overall market capitalisation gained N8 billion, an increase of 0.07 per cent to close at N12.588 trillion as a result of the listing of Tranzact International Plc Rights Issue of 4.67 billion Ordinary Shares of 50 Kobo each at N1.50 per share on the basis of 10 new ordinary shares for every nine ordinary shares. The upturn was impacted by gains recorded in large and medium value stocks, ...
Dangote Cement’s ‘Bag of Goodies’ to produce nine millionaires daily

Dangote Cement’s ‘Bag of Goodies’ to produce nine millionaires daily

Business
To reward and improve the livelihoods of its consumers around Nigeria, Dangote Cement Plc, yesterday, unveiled plans to produce additional nine millionaires daily in its new Spell and Win “Bag of Goodies 2” Consumer Promo. The promotion, scheduled to run from Wednesday, July 15, to November 15, is expected to produce 1,000 millionaires within 16 weeks. Besides, consumers also stand a chance to win tricycles, motorcycle, television sets, refrigerators, Dangote Food Goodies packs, recharge cards and many other exciting gifts. To be a part of the promotion, “all the consumer needs to do is to buy any promo bag of Dangote Cement during promo period, pick out the scratch card inserted in the bag, scratch open the inserted card to see what you have won, go to the nearest redemption ...
Innovative marketing, others push Dangote Cement revenue to N891.7b

Innovative marketing, others push Dangote Cement revenue to N891.7b

Innovation
Amid harsh operating environment, Dangote Cement Plc has posted Group revenues of ₦891.7 billion and volumes of 23.7 million metric tonnes of cement production capacity in its 2019 operations. Reviewing its performance at the 11th Yearly General Meeting (AGM), in Lagos, yesterday, the Chairman of Dangote Cement Plc, Aliko Dangote, linked the improved performance to “The Bag of Goodies promotion,” launched in July, which increased Nigerian volumes in the third quarter performance. He also noted that the innovative marketing effort enabled the company to maintain its market share despite the 4.5 metric tonnes (MT) new capacity, which came on stream during the year. According to him, the cement manufacturer recorded strong Earnings before interest, taxes, depreciation...