…Vows to transform Africa by making it self-sufficient in cement, clinker
Shareholders of Dangote Cement Plc have reaped dividends worth more than N3.3 trillion over the past 15 years, alongside substantial capital gains from the appreciation of the cement giant’s stock.
The disclosure was made on Wednesday during a “Facts Behind the Figures” presentation at the Nigerian Exchange, led by the company’s new Chairman, Mr Emmanuel Ikazoboh, who recently succeeded Aliko Dangote.
Ikazoboh expressed gratitude to shareholders for their support and pledged sustained strong returns. “To our investors, you have my unwavering commitment to safeguarding and growing your investment. To our regulators and market operators, you have my pledge of continued partnership and adherence to governance standards that lead rather than follow. To our employees and partners, you have my gratitude and my assurance that our collective strength will propel us to achievements we haven’t yet imagined,” he said.
He reaffirmed the company’s determination to drive Africa’s industrial transformation, with a long-term vision of achieving self-sufficiency in cement and clinker across the continent.
Chief Executive Arvind Pathak outlined expansion plans, disclosing that Dangote Cement intends to raise installed capacity to 66.4Mta by 2030 through a mix of greenfield and brownfield projects. He noted that the company has already commissioned the first phase (1.5Mta) of its 3Mta Côte d’Ivoire plant, while construction continues at its 6Mta Itori Plant in Ogun State. He further announced a $400 million investment aimed at doubling capacity in Ethiopia.
Pathak added: “Over the past 15 years, DCP has committed more than $8.5 billion in capital investments across Africa, underscoring our long-term confidence in the region’s growth prospects.”
Chairman of the Nigerian Exchange Group, Alhaji (Dr.) Umaru Kwairanga, commended Aliko Dangote for his immense contribution to the Nigerian capital market and private sector development, noting that he had demonstrated how wealth can be created and shared with the public through the market.
Temi Popoola, Group Managing Director and Chief Executive of the Nigerian Exchange Group, also praised the new board and management, assuring shareholders that under Ikazoboh’s leadership, their interests would remain secure.
At the company’s last Annual General Meeting for the 2024 financial year, shareholders approved a dividend of N502.6 billion, translating to N30 per share. Alongside this, the firm scaled up its corporate social responsibility spending by nearly 470 percent to N3.2 billion, directing resources to education, healthcare, agriculture, infrastructure, and economic empowerment.
Investors expressed delight with the performance. President of the Association for the Advancement of Rights of Nigerian Shareholders, Faruk Umar, applauded the board and management for sustaining a strong dividend despite the foreign exchange volatility and expansion pressures of 2024. “We are happy with this result. Despite all the challenges, the company was still able to pay us a very good dividend and even gave us hope of better returns in the years to come,” he said.
Similarly, Chairperson of the Pragmatic Shareholders Association of Nigeria, Bisi Bakare, praised the consistency of dividend payouts, describing the company’s governance as exemplary. “The earnings are not even up to N30 per share, and for the company to still declare N30 per share dividend speaks volumes of the quality of leadership we are lucky to have. Dangote Cement remains the only manufacturing company that paid the highest dividend in the year under review, and we are proud to be part of it,” she said.
