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Business News

Dangote Sugar Plc appoints new Group Managing Director

Dangote Sugar Refinery Plc has announced the appointment of Engr. Abdullahi Sule as Group Managing Director.

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Dangote Sugar Refinery Plc has announced the appointment of Engr. Abdullahi Sule as the substantive Group Managing Director of the company.

According to a notice signed by the company secretary/legal adviser, Chioma Madubuko, noted that this was part of the resolution of the board meeting held on June 21, 2018.

The new GMD comes with over 30 years of experience in oil and gas, steel production, machine shop operations and sugar industry both in Nigeria and United States of America.

Profile of the new GMD

  • He holds a B.Sc. in Mechanical Engineering and a Master’s in Industrial Technology from Indiana State University, Indiana, United States.
  • Prior to his appointment, he was the director for business development for Africa at Osyka Corporation, Houston, Texas.
  • He was also the country Manager for Nigeria at Tetra Technologies Inc, Houston, Texas.
  • He served as the Managing Director of African Petroleum Plc until April, 2006.
  • Sule joined Dangote Sugar Refinery Plc in 2007as the Managing Director and later the country director of Fairport Process Equipment, UK.
  • He later rejoined Dangote Sugar Refinery as the MD/CEO in December, 2011, a position he held until his appointment as the Deputy Group Managing Director of Dangote Sugar in November, 2013, and acting Group Managing Director in 2015.

The company recently announced the appointment of Mrs. Adebola Falade as its new Chief Finance Officer (CFO).

In its Q1 2018 Dangote Sugar Refinery Plc financial statement for the period ended March 31, 2018, the company reported revenue of ₦41.14 billion compared to ₦59.53 billion reported for the period ended March, 2017.

Profit before tax was ₦8.39 billion for the period ended March 2018, a 19% increase from the ₦7.04 billion reported for the period ended March, 2017.

The company at its last Annual General Meeting (AGM) held in Lagos, increased dividend payout to shareholders for the 2017 financial year by 192 percent to N21 billion, translating to N1.75 per share from N7.2 billion or 60 kobo per share in 2016.

The sugar refining company also announced that it has spent N121 billion in 2017 in pursuit of its backward integration programme.

The company has plans also of achieving 1.08 million metric tonnes of refined sugar annually in the next six years.

Dangote Sugar is the major supplier of refined sugar to consumers and industrial markets in Nigeria. It has 1.44MT/PA refining capacity with warehouses strategically located across the country. The company’s operations are supported by a fleet of over 400 haulage trucks for delivery of products.

The shares of the company are currently trading at N19.00 on the floor of the Nigerian Stock Exchange (NSE) with a one-year return of 130.75%.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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