By Ahmad Deedat Zakari
Consumate entrepreneur and African wealthiest man, Aliko Dangote, has made promises of higher returns to shareholders and stakeholders of the Dangote conglomerate
The richest black man, who is the chairman of the Dangote Group, disclosed this in Lagos during the group’s 14th Annual General Meeting held in Lagos on Thursday.
He said, “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our other stakeholders… Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality. We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient. In addition, we aim to deliver higher returns and value to our shareholders.”
He also noted that despite the challenging economic atmosphere,
the company still made great strides, performed admirably, and remains Africa’s largest and leading cement producer.
He stated, ” In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas. We also increased the use of Compressed Natural Gas (CNG) for our trucks due to the rising diesel cost environment. These efforts have helped us reduce our cost base and enhanced our flexibility, enabling the Company to respond more effectively to changes in the market. As a result, we recorded revenue and EBITDA growth of 17.0 per cent and 3.5 per cent from the prior year respectively, albeit under unprecedented inflationary pressure. We also achieved a profit after tax of ₦382.3 billion, up 4.9 per cent compared to 2021.”
While speaking further on the success of the group, he stated that the company has generated more revenue in 2022 than any other year.
