Nigerian business magnate, Aliko Dangote, makes about N2.47 billion from cement sales every day. This is according to the Group Managing Director of Dangote Cement Plc, Joseph Makoju, who disclosed that the cement company sells not less than 800,000 bags of cement products to the market daily.
Majoku said the company, which is ranked among 10 top producers of cement in the world, on a daily basis, dispatches “about 40,000 tonnes of cement. Every ton is 20 bags. If you calculate, you will get 800,000 bags. So, we push out 800,000 bags of Dangote Cement every day.”
[READ MORE: Blackstone pulls out of $5 billion pact with Dangote]
Nairametrics understands that since the company sells 800,000 bags of cement every day, and sells 600 bags for N1,510,000, no fewer than N2.47 billion would be recorded as daily revenue for the Dangote Cement.
Performance: Dangote Cement Plc appears to be at its best for 2018 fiscal period, as the Chairman of the company was quoted to have said last year was the most successful period in the company’s history. This, however, explains the 52.4% increment of the dividend declared by the company.
Specifically, Dangote cited the 7.4% leap in the group cement sales as the principal factor that informed increase in the proposed dividend. The group cement sales rose to 23.5 million tonnes with a corresponding rise in revenue to N901.2 billion.
The company has consistently declared dividends since it became a quoted company on the Nigerian Stock Exchange with N2, N2.25, N1.25, N3, N7, N6, N8, N8.50, and N10.50 declared for 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 and 2017 financial years.
About Dangote Cement Plc: The company is a leading cement manufacturing firm headquartered in Lagos, Nigeria with operations in nine other African countries.
The business model entails manufacturing, preparation, import, packaging, and distribution of cement and other related products. It is reputed to be the most capitalised company on the Nigerian Stock Exchange.
Dangote Cement Plc traded N170 in the last trading session of the Nigerian Stock Exchange (NSE).
Bernie Madoff, mastermind of the historic $65bn investment fraud dies at 82
Bernie Madoff passed away today at the Federal Medical Center in Butner, North Carolina.
The man behind what has been described by many as the biggest fraud attempt in US history has passed away in government custody.
Bernie Madoff was the architect of the biggest Ponzi scheme attempt in the United States. He was a famous Wall Street fellow who at a certain time was the Chairman of Nasdaq and CEO/Founder of the Wall Street firm, Bernard L. Madoff Investment Securities LLC.
Bernie Madoff defrauded about 37,000 people in 136 countries over 4 decades according to US investigators. Included in his victim list are prominent Americans like movie director Stephen Spielberg and former New York Mets owner Fred Wilpon.
Bernie Madoff and the US Govt
Bernie Madoff was arrested on December 11, 2008, following tip-offs. He pleaded guilty to 11 federal crimes and admitted to operating the largest private Ponzi scheme in history. He was sentenced to 150 years in prison with restitution of $170bn.
Bernie Madoff passed away today at the Federal Medical Center in Butner, North Carolina. His death was confirmed by the Federal Bureau of Prisons.
Madoff died apparently from natural causes, the AP reported, citing an unidentified person familiar with the matter. He would have turned 83 on April 29.
What you should know
- Restitution is a payment made to compensate a victim for financial losses related to a crime.
- Bernie Madoff’s family was badly affected by his fraud case. His older son Mark committed suicide according to CNBC.
- JP Morgan Chase, the primary bank of Bernie Madoff was forced to pay $2.6bn to the US government in settlements.
Elon Musk gains $19bn in 3 days, gap with Jeff Bezos shrinks to $4bn
Elon Musk’s wealth jumped from $175bn as of last week Saturday to $194bn this morning.
Elon Musk has witnessed an eventful past three days as his wealth leapt from $175 billion (as of last week Saturday) to $194 billion this morning.
The eccentric businessman has now closed the gap between himself and Jeff Bezos to just about $4bn according to Bloomberg Billionaires Index.
Nairametrics is quickly going to highlight the reasons for the recent massive surge of dollars for Elon Musk.
Tesla share price increase
According to Market Watch, Tesla stocks ended yesterday at their highest value in 8 weeks. The electric car company stock price increased by 8.6% and sold at $762.32.
According to Motley Fool, the reason for this increase is a generally upbeat mood in the market about growth stocks. It also believed the increase was driven by optimistic comments about Tesla stocks by trusted analysts.
A surge in Tesla car sales
According to Nairametrics finance department, Tesla delivery of new cars in the last 3 months of the year exceeded Wall Street expectations. Tesla delivered 184,800 new cars from January to March. This number exceeded Wall Street expectations pegged at 177,000 cars.
What you should know
- Jeff Bezos only gained $1bn in the last 3 days, the same duration of days Elon Musk gained $19bn according to the Bloomberg Billionaire’s index.
- Tesla is currently being portrayed and compared to Apple. The EV carmakers are modelling their vehicles and branding them to fit the “Apple of electric cars” persona. This was made public by Canaccord Genuity analyst Jed Dorsheimer. This also played a role in the surge of stock prices.
- Tesla is currently the most valuable car company in the world with a market capitalization of $593.8 billion according to Yahoo Finance.
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- Infinity Trust Mortgage Bank Plc records a 60% increase in profit after tax in Q1 2021.