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Business News

Olusegun Olusanya resigns as Dangote Cement Director

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Olusegun Olusanya resigns as Dangote Cement Director

Dangote Cement Plc’s Board of Directors has announced the resignation of Olusegun Olusanya as an Independent Non-Executive Director.

In a statement signed by the company’s Secretary, Mahmud Kazaure, the Board made known that Olusegun voluntarily resigned from the company.

Olusegun Olusanya’s illustrous profile

Olusegun was appointed to the Board in 2010. He was Deputy General Manager, Finance and Strategic Planning at Savannah Bank Nigeria PLC, Executive Director at Afribank Nigeria Plc and Executive Director, Union Bank PLC between 1993 and 1999. He was also Chairman of the National Bank of Nigeria Limited and sits on the board of several companies. He is Vice Chairman of Meristem Securities Limited and Non-executive Director of Tripple Gee & Co PLC. He is an accountant and obtained a B.Sc in Accounting from the London School of Economics and an M.Sc. in Economics & Finance.

Company’s result

Dangote Cement Plc had released its Q3 2018 result with an Earnings Per Share (EPS) growth of 1.6% Year on Year to N2.64.

In the result breakdown by an investment house,  ARM Securities, Dangote Group’s revenue grew by 6.3% Year on Year to N202.9 billion driven by higher volumes in Nigeria and the Pan African businesses, despite relatively softer prices across markets.

Starting off with Nigeria, while the business recorded price erosion of 3.9% Year on Year to N43,187 per tonne, sales volume grew 6.2% Year on Year to 2.5metric tonns, thus removing the moderation in price to record revenue growth 2.01% Year on Year to N127.2 billion. While  for the rest of Africa, volumes grew by 15.9% Year on Year to 2.5metric tonns reducing the effect of a 1.4% decline in average prices to N30,728 per tonne driving the revenue higher by 14.3% Year on Year to N75.6 billion.

However, input cost grew at a much faster pace (+9.46% Year on Year to N90.1 billion) boosted by higher salaries and depreciation expense. Salaries and related staff costs rose by 39.4% Year on Year to N8.7 billion while depreciation expense rose by 13.8% Year on Year to N16.2 billion moderating the impact of declines in energy cost per tonne (8.9% Year on Year N4,860) and materials consumed per tonne (7.1% Year on Year to N5,674). Consequently, gross margin contracted by 1.3% Year on Year to 55.6%.

Elsewhere, operating expense grew by 19.1% Year on Year to N48.4 billion, driven by higher haulage and depreciation expenses. Particularly, haulage cost per tonne in Nigeria rose 44.4% Year on Year to N4,541. As a result, OPEX to sales grew to 23.9% (+2.6% Year on Year). The depressed margins coupled with higher operating expense drove operating income lower by 4.7% Year on Year to N66.3 billion with respective margin at 32.7% (-3.8% Year on Year).

Further down, net finance cost moderated by 10.4% Year on Year to N4.5 billion hinged on a decline in both its finance income and cost. For clarity, finance income declined by 32.9% Year on Year to N7 billion, while the finance expense declined by 25.6% Year on Year to N11.6 billion.
A feedthrough of the pressure from its input and operating cost drove PBT lower by 4.3% to N61.8 billion. However, the lower tax reported in the period (-17.2% Year on Year to N16.7 billion) after restating its Q3 17 tax, drove PAT higher by 1.59% to N45.1 billion. For context, effective tax rate dropped to 27.0% (vs 31.2%).

About Dangote

Dangote Cement Plc is a Nigerian multinational publicly traded cement manufacturer headquartered in Lagos. The company is engaged in the manufacture, preparation, import, packaging, and distribution of cement and related products across the African continent. Dangote Cement Plc was formerly known as Obajana Cement Plc and changed its name to Dangote Cement Plc in July 2010. Obajana Cement Plc was incorporated in 1992. Dangote Cement Plc is a subsidiary of Dangote Industries Limited and is the largest company traded on the Nigerian Stock Exchange (NSE).

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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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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