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Dangote Cement lists N116b bonds

by Radarr Africa
written by Radarr Africa

Dangote Cement Plc has listed three tranches of bonds worth N116 billion on the Nigerian Exchange (NGX), paving the way for the bondholders to trade on them.

The bonds were issued under the company’s N300 billion multi-instrument debt issuance programme.

The listed bonds included N4.27 billion five-year 11.85 per cent fixed rate senior unsecured bonds due 2027,  the N23.34 billion seven-year 12.35 per cent fixed rate senior unsecured bonds due 2029 and the N88.4 billion 10-year 13.00 per cent fixed rate senior unsecured bonds due 2032. The bonds were issued and listed at a par value of N1000 each.

According to the listing, the three bonds were issued on April 27, 2022 and will thus mature April 30, 2027; April 30, 2029 and April 30, 2032 respectively.

The bonds were offered to qualified institutional investors and high net worth investors through a book building method, a process of order-based accrual of subscriptions.                 

Dangote Cement is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6 metric tonnes per annum across 10 African countries. It operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement.

Dangote Cement has a long-term credit rating of AA+ by GCR and Aa2.ng by Moody’s due to its position, significant operational scale and strong financial profile evidenced by the company’s operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.

Key extracts of the audited report and accounts of Dangote Cement for the year ended December 31 2021 showed that turnover rose from N1.03 trillion in 2020 to N1.38 trillion last year. Nigeria’s contribution to group sales increased from N719.95 billion in 2020 to N993.3 billion last year. Other African operations contributed N397.32 billion in 2021 as against N318.68 billion in 2020.

The group sales volume stood at 29.3 metric tonnes, with Nigeria accounting for 18.61 metric tonnes while operations in other countries contributed 10.86 metric tonnes. Gross profit stood at N538.37 billion while net profit after tax closed 2021 at N364.44 billion.

Source: The Nation

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AfricaDangote IndustriesNigeriaWestern Africa

Dangote Cement: Shareholders approve 25% dividend increase

by Radarr Africa
written by Radarr Africa

Dangote Cement Plc shareholders on Tuesday approved 25 per cent increase in dividend payouts amid commendations for the board and management of the cement giant.

Shareholders unanimously approved 25 per cent increase in dividend per share to N20 per share for the year ended December 31, 2021 as against the N16 paid for the 2020 business year.

At the 13th annual general meeting (AGM) Tuesday in Lagos, shareholders commended the board and management of the cement group for sustaining mpressive performance despite constraints in the operating environment. They also applauded the company for its efforts in reducing unclaimed dividend of the company.

Key extracts of the audited report and  accounts for the year ended December 31, 2021 showed that Dangote Cement recorded its highest profit before tax in its history at N538.4 billion. Also, the company recorded group volumes of 29.3Mta, up 13.8 per cent. Earnings before interest, tax, depreciation and amortization (EBITDA) stood at  N684.6 billion, up by 43.2 per cent, due mainly to strong cost control measures.

Chairman,, Dangote Cement Plc, Aliko Dangote, said that the group has over the  decade recorded exponential growth across all areas.

According to him, group volumes are now at almost 30Mta, capacity has tripled to 51.6Mta and the group now exports cement from five countries across Africa.

“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability and grit. These values are what we need to face unpredictable times in the future.

“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa, while creating sustainable value for our stakeholders,” Dangote said.

He noted that in January 2022, the company completed the second tranche of its buy-back programme as Dangote Cement has now repurchased 0.98 per cent of its outstanding shares, pointing out that the share buy-back programme reflected the company’s unwavering commitment to creating value and identifying opportunities to return cash to shareholders.

“We began operations in our new 3Mta Okpella plant in Edo state in 2021, where we are successfully ramping up production and have contributed to creating a new industrial hub.

“We are actively deploying our alternative fuel strategy across all countries of operations, to optimise energy efficiency, reduce reliance on fossil fuels and ultimately reduce CO2 emission. Whilst we focused our efforts on meeting the robust demand of our local market in Nigeria, at the expense of our export markets, we still made significant progress in our cement and clinker exports.

“In 2021, we exported seven ships of clinker out of Nigeria and exported cement from five of our operations. Our vision is for West and Central Africa to be cement and clinker self-sufficient, while making the regional and continental free trade agreements a reality,” Dangote said.

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He added that along with the company’s focus on strategy, it made progress on the effectiveness and diversity of its board with the appointment of Ms. Halima Aliko-Dangote to the board as a Non-Executive Director effective 26th February 2022, bringing female board representation to 27 per cent, from 20 per cent in 2020 in addition to the six different nationalities and five independent non-executive directors on our board.

”We continue our sustainability and governance efforts with our seven Sustainability Pillars – ‘The Dangote Way’. The 7 Pillars: cultural, economic, institutional, financial, environmental, operational and social, provide the appropriate framework in which we have embedded our corporate values and strategic objectives.”

“Our strategy in 2021 focused on energy transition, which is a crucial enabler of sustainable development and climate resilience on the continent. We have increased our focus on alternative fuels in our energy mix. We are actively investing in installing mechanical multi-fuel systems that can process diverse types of wastes,” Dangote said.

Group Managing Director, Dangote Cement Plc, Michel Puchercos said the goal of the group is to be the partner of choice for those transforming Africa, while creating sustainable value for our stakeholders remains firm and clear.

“Despite operating in a challenging and fast-moving environment, Dangote Cement consistently delivers superior profitability to the shareholders. The robust demand experienced across the continent despite the COVID-19 related challenges, confirm the powerful potential of these markets,” Puchercos said.

The Nation

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BusinessTechnologyWestern Africa

Tizeti Network Limited appoints Ikazoboh as chairman.

by Radarr Africa
written by Radarr Africa

A solar-based internet service provider, Tizeti Network Limited has announced the appointment of Emmanuel Ikazoboh as its board chairman.

Mr. Ikazoboh is an independent/Non-Executive Director for Nampak Packaging Limited South Africa and Dangote Cement Plc. He is also the immediate past Group Chairman of Eco bank Transnational Incorporated, Chairman of ARM Pension Managers Limited (Pensions Fund Administrators) and is the International Vice Chairman at International Institute for Sustainable Development, Canada. He is an independent/Non-Executive Director for Nampak Packaging Limited South Africa and Dangote Cement Plc.

He was appointed Administrator of The Nigerian Stock Exchange and helped transform the Nigerian Stock Exchange as well as the Central Securities Clearing System (CSCS), and was responsible for restructuring the management, equities market, stock brokerage processes, and corporate governance structure of both entities to create an enviable Stock Exchange in Africa.

“Tizeti’s growing market share in the unlimited internet market in Nigeria provides huge opportunities to tackle digital exclusion for millions in the region. The company’s impact over the last nine years and ongoing transformation reveal the opportunities ahead, especially in a digital economy. Tizeti has a deserved reputation for its innovative products and disruptive approach, and I look forward to serving as its Board Chairman,” said Mr Ikazoboh.

Mr. Ikazoboh has held previous roles as the Chairman/CEO of Deloitte West & Central Africa; Managing Partner for Deloitte Cote d’Ivoire (Ivory Coast), and Client Service Director for Deloitte Africa. He also served as Partner of Deloitte & Touché in Dartford UK and brings an international perspective to Tizeti’s business. He is a Member of the Presidential Committee for the restructuring of the Nigerian Government Ministries, Agencies, and Commissions and the reduction of the cost of governance.

He holds an MBA in Financial Management from Manchester University Business School, is certified as a UK Certified Accountant, and holds Fellowships at the Chartered Association of Certified Accountants and the Nigeria Institute of Chartered Accountants.

The other new members of the Tizeti board include Okechukwu Obiagwu and Patricia Aiyedun.

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Mr. Obiagwu is an Electrical/Electronic Engineer with significant experience in the oil and gas industry. He previously worked at Halliburton Energy Service for 19 years and rose to senior leadership as the country manager for the wireline and perforating division, before he explored his interests in alternative/clean energy, oil and gas services, and eCommerce. He is a graduate of Electrical/Electronic Engineering from the University of Port Harcourt.

Patricia Aiyedun is the Chief Financial Officer at inq. Digital (previously Vodacom Business Africa) and has 16 years of broad experience in professional service. Her experience covers due diligence on M&A transactions, financial reporting, auditing, and advisory. She previously worked as a Senior Manager at the Big 4 firm PricewaterhouseCoopers and started her career at Diamond Bank. She obtained her first degree from the University of Ibadan, is a member of the Association of Chartered Certified Accountants of Nigeria (ACCA), and has acquired numerous certifications.

Kendall Ananyi, Chief Executive Officer of Tizeti siad “Tizeti continues to grow at a fast pace and expanding our board will provide the guidance our leadership team needs to continue to grow the company to fulfill its mission of being Africa’s top provider of Internet and Voice. It also helps to increase corporate governance & diversity, improve corporate decision making & strategy at our company, and position Tizeti firmly for the digital economy”.

Source: News 24

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