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Odu’a Investment Held 40th AGM June 22, Declares N9.37 Billion As Profit Before Tax

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Odu'a Investment Held 40th AGM June 22, Declares N9.37 Billion As Profit Before Tax

…As Governor Dapo Abiodun, Lagos Governor, Governor Rotimi Akeredolu, and Others Present

…As Dr. Segun Aina Bow Out As Chairman, Bimbo Ashiru New Chairman Of Odu’a Investment Company

Dividend payable for Financial Year 2021 raised by 15%

Sets up ‘’The Odu’a Investment Foundation’’

Odu’a Investment declares N9.37 billion as Profit Before Tax

Olushola Okunlade Writes

Odu’a Investment Company Limited held its 40th Annual General Meeting on June 22, 2022, at Lagos Airport Hotel Limited, Ikeja, Lagos. In attendance were shareholders represented by the Secretaries to the State Governments (SSGs) of Oyo, Ondo, Ogun, Osun, Ekiti, and the Lagos States. All resolutions presented for shareholder approval were adopted.

The meeting approved the Audited Financial Statement of the Company for the Financial Year ended 31st December 2021 as well as the payment of a cash dividend of N418.4 million to its shareholders which is a 15% increase over the prior year.

The Group Chairman, Dr. Segun Aina, OFR in his statement to shareholders stated that Profit Before Tax grew significantly by 149.8% from N3.75Billion achieved in 2020 to N9.37Billion, driven by the increased focus on the different areas of the business and gains in investment properties.

Odu'a Investment Held 40th AGM June 22, Declares N9.37 Billion As Profit Before Tax
Group photograph of Board and Shareholders at the 40th Annual General Meeting of Odua’ Investment in Lagos on Wednesday, June 22, 2022.

On the strength of this performance, the company increased its dividend payout by 15% to N418.4 million for the 2021 Financial Year (2020: N364m), This marks the 8th consecutive year that the company is declaring and paying dividends to shareholders.

Dr. Aina assured shareholders that the Board had put in various best practice governance policies in the year under review that will ensure the company’s investments create sustainable impact in the ensuing years.

He thanked the shareholders for the great privilege and rare honour to have been given the opportunity by shareholders to be the Group Chairman of Odu’a Investment between May 2020 and June 2022 and urged fellow Directors and Management to remain focused on the delivery of the Company’s 5 Years “SRC-2025” (Sweat, Revive and Create 2025) Strategic Thrust.

Odu'a Investment Held 40th AGM June 22, Declares N9.37 Billion As Profit Before Tax

Commenting on the result, the Group Managing Director/CEO, Mr. Adewale Raji buttressed that PBT for 2021 included revaluation gains of N7.11Billion from the company’s investment properties portfolio which was N2.63Billion in 2020. If these accounting gains are stripped off, the normalized PBT for 2021 will be N2.26Billion and N1.12Billion for 2022; representing an appreciable 102% growth.

He also reported that the company celebrated 45years since it commenced operations in November 2021 and that as part of the celebrations, the Odu’a Investment Foundation was established to positively influence the next generation of youths with a focus on Health, Education, and Youth Empowerment

Our Agric Investment Subsidiary, SWAGCO Ltd (South West Agriculture Company), has begun to make significant efforts in investing in agriculture opportunities that will drive capacity development for a new generation of commercial farmers and entrepreneurs. We have committed a large proportion of our land bank towards these efforts focusing on Cassava, Maize, Paddy Rice, and Dairy.

The company’s investment in Oil & Gas through the acquisition of part of BITA Marginal Field and the set up of BITA Exploration & Production Ltd with our JV partner is gathering momentum. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) that replaced DPR is currently finalizing the model for Licensing and Contracting documents that will govern the operations of the 2020 Marginal Field Bid Winners. This is the critical hurdle to scale to make the coast clear for a Field Development Plan and approval that will lead to achieving ‘’First Oil’’

The business outlook of the company is to transit to a lean non-operating holding company that will focus on driving the growth and expansion of its Subsidiaries and Associate Companies, ensuring Investment Excellence across its portfolio of assets, and seeking new partnerships for growth in its 8 sectors as captured in ’’SRC 2025 Strategic Plan” (i.e. Agriculture, Real Estate, Hospitality, Financial Services, Energy, Healthcare, ICT/Digital, and Logistics/e-Commerce).

In accordance with the established principle of rotation of Chairman among shareholder States every 4 years as enshrined in the Shareholders Agreement the tenure of Dr. Segun Aina, OFR will come to an end on the completion of this AGM. Consequently, the Board and Shareholders have approved that Otunba Bimbo Ashiru will take over as the new Chairman.

Our shareholders and stakeholders are appreciated for their devotion to corporate governance, accountability, and steadfast support. The Board and Management thank our Staff across the Holding Company and Subsidiaries whose tireless efforts continue to propel the organization forward and prayed for an exciting and rewarding 2022 and beyond for the company.

About Odu’a Investment Company Limited: Odu’a has a substantial investment in real estate, equipment leasing, food and beverages, construction, agriculture, manufacturing, hotel and catering, financial services, and oil and gas and it is entrusted with delivering sustainable returns to all stakeholders; enhancing the legacy for future generations.

      

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LCCI Holds Public-Private Dialogue On Crude Oil Theft And Artisanal Modular Refineries

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This action also has implications for economic growth, job creation, and revenue generation for the government

Olushola Okunlade Writes

The Lagos Chamber of Commerce and Industry (LCCI), the premier Chamber of Commerce and a leading voice in the Organized Private Sector (OPS) in Nigeria, with the support of Waltersmith Petroman Oil Limited has announced to hold a Public-Private Dialogue Session to proffer solution to challenges of crude oil theft in Nigeria.

The dialogue will explore the dimension, and impact, and offer practicable solutions to tackle the menace of crude oil theft. It will also articulate factors for creating an enabling environment where local modular refineries can thrive.

The dialogue is scheduled to take place on Thursday, 30th June 2022 by 11 am (WAT) at Commerce House, 1, Idowu Taylor Street, Victoria Island, Lagos. The program will feature presentations, a panel discussion, and audience participation to allow for a balanced expert diagnosis, evaluation, and intervention.

Dr. Chinyere Almona, Director General of the LCCI hinted that the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, FNSE has confirmed to deliver the Keynote address (Public sector) while the Managing Director/Chief Executive Officer of Waltersmith Petroman Oil Limited, Mr. Chikezie Nwosu is confirmed to deliver the Keynote address (Private sector).

She stated that leading operators in the oil and gas sector, investors, regulatory institutions, and important stakeholders are billed to attend the event.

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Safe Driving: FRSC Commissions Dangote Truck Driving School

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Safe Driving FRSC Commissions Dangote Truck Driving School

…Dangote also trains block makers in Kano, Katsina to prevent building collapse

Olushola Okunlade Writes

Leading Cement manufacturer, Dangote Cement Plc, on Wednesday launched the Dangote Articulated Truck Driving School in a move aimed at inculcating safe driving culture in its drivers so as to stem the tide of road crashes.

The opening of the school in partnership with the Federal Road Safety Corps (FRSC), the Company management reasoned, would also make the drivers become better road users.

The Academy, which was officially commissioned by Corps Marshal of the Federal Road Safety Corps (FRSC), Dr. Boboye Olayemi Oyeyemi, was characterized as historic and unique. 

The new Academy for truck drivers, according to the Corps Marshal, is a significant step forward that will benefit not only the Dangote Group but Nigeria as a whole. 

The country’s top road safety official hailed Alhaji Aliko Dangote, President and Chief Executive of the Dangote Group, for taking “a big step” towards reducing truck accidents. 

He said: “This is what we’ve been waiting for. You made it. I have observed that Dangote has done a lot to address truck crashes and I must commend them for this.”  

Safe Driving FRSC Commissions Dangote Truck Driving School
Safe Driving FRSC Commissions Dangote Truck Driving School

He extolled the conglomerate for leading other companies on this path, saying the new school will play a key part in the country’s efforts to make roads safer. 

He said he had suggested such a school long ago, adding that he is happy that the school has come to fruition.  

In his remarks, the National Director, Logistics of the Dangote Cement (Transport section) Mr. Juan Carlos Rincon, said the new school is an expression of the determination of the company to bring to halt the incidences of the auto crashes in the country.  

Speaking also Executive Secretary National Board for Technical Education (NBTE) Professor Idris Bugaje who was represented by Engr S.M. Yusuf, said the NBTE will partner with the Dangote Cement Plc for a successful accreditation and takeoff of the new school.  

In his remarks, the Bajana of Obajana HRH Oba Idowu Isenibi said he was optimistic that the school will help address auto crashes in the country, even as he described the President of the Dangote Group Aliko Dangote as a “rescuer and God sent to their communities that should be emulated by other investors in the country.  

Speaking in the same vein, the Olu of Akpata Oba Frederick Balogun urged other investors to emulate the company.  

Both the Dangote Cement Transport and the FRSC signed a Memorandum of Understand (MoU) on how to cooperate to ensure that the school is a success.  

In the same vein, Dangote Cement organized thorough block molding training for block makers in both Kano and Katsina states respectively. This, according to the company is to ensure that the blocks moulded for building constructions are strong, reliable, and durable, noting that some block makers do not really know how to make strong and reliable blocks.

The Coordinator of the program, Mr. Johnson Olaniyi, said the workshop would give the block molders and allied product manufacturers the opportunity to once again build capacity and adhere to global best practices.   

Mr. Olaniyi said the Dangote Cement Plc is desirous of reversing the trend of collapse building through the capacity building of block manufacturers.     

Meanwhile, government representatives, quality regulators, cement dealers, block makers, and end-users have come to an accord that Africa’s cement giant produces the best quality of cement on the continent. 

Safe Driving FRSC Commissions Dangote Truck Driving School
Safe Driving FRSC Commissions Dangote Truck Driving School

The stakeholders who attended the meeting also said the ongoing nationwide workshop and sensitization of block manufacturers will help check the menace of collapsed buildings in the country.   

Speaking at the workshop in Kano, representatives of the Kano State Government Alhaji Muhammad Garba Kwall said that Dangote Cement Plc is not only the biggest company but produces the best quality in Africa.  

He described the company as socially responsible and that’s why it is giving back to society through the sensitization workshop and creating various platforms for educating end users to mitigate the incessant incidences of the collapsed buildings in the country.   

Speaking, Regional Director, Kano Directorate, Standard Organization of Nigeria(SON), Mr. Albert Wilberforce urged block molders to patronize the quality cement produced by the Dangote Cement Plc, adding that the SON was partnering with the company and ensuring that only quality cement is produced by the company.   

 In the same vein, The Kano State Coordinator (II) of SON Engr Hauwa M. Husseini urged the block moulders to comply with standard practice in order to prevent the menace of collapsed buildings in the country.   

Speaking also, Regional Sales Director for Northwest  Aliyu Dan Aliyu urged participants to be ambassadors by telling their customers about the quality of the cement.  

He said: A customer who wants to build a house, doesn’t know the quality or type of cement to use. It is the responsibility of the builder to advise him on the desired cement to use for quality building.  

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Dangote Sugar Refinery Restates Commitment To FG’s Backward Integration Policy

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Dangote Sugar Refinery Restates Commitment To FG’s Backward Integration Policy

…Rewards Shareholders with N12.147bn Dividend

Olushola Okunlade Writes

Dangote Sugar Refinery Plc has restated its commitment to the achievement of Sugar Backward integration projects, describing it as the best thing that happened to the sector.

Speaking to shareholders at the 16th Annual General Meeting (AGM) of Dangote Sugar Plc, in Lagos, the Chairman of the Company, Aliko Dangote, said that despite the harsh operating environment, the board and management were not deterred in the pursuit of sustainable growth for the company and demonstrated resilience by continued implementation of its strategic objectives during the year, 2021.

The dividend pay-out of N12.147 billion for the year was unanimously approved by the shareholders.  The dividend represents N1.00 per share.

The Company under review posted a Group turnover of N276 billion, being 29 percent increase over N214 billion in the comparative year. Profit before tax of N34.021 billion, profit after tax of N22.052 billion. Group EBITDA decreased to N46.5 billion with an EBITDA margin of 18 percent.

Dangote Sugar Refinery Restates Commitment To FG’s Backward Integration Policy
Left-Right: Chairman, Dangote Sugar Refinery Plc, Aliko Dangote; Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singhvi; and Non-Executive Director, Dangote Sugar Refinery Plc, Olakunle Alake at the 16th Annual General Meeting of Dangote Sugar Refinery Plc held in Lagos on June 15, 2022
Dangote Sugar Refinery Restates Commitment To FG’s Backward Integration Policy
Left-Right: Company Secretary/Legal Adviser, Dangote Sugar Refinery Plc, Temitope Hassan; Chairman, Dangote Sugar Refinery Plc, Aliko Dangote; Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singhvi; and Non-Executive Director, Dangote Sugar Refinery Plc, Olakunle Alake at the 16th Annual General Meeting of Dangote Sugar Refinery Plc held in Lagos on June 15, 2022.

According to Dangote, the Company’s performance during the year under review is commendable amidst the challenges and the negative impact of the COVID-19 pandemic on economic activities. “We furthered the implementation of process optimisation, cost savings, and product promotion strategies with the launch of our new brand identity and the pursuit of the Dangote Sugar Backward integration master plan” 

He further stated that the Board and Management will continue to implement strategic actions to sustain and surpass this performance while engaging with all stakeholders in the sector and its communities to ensure the realisation of the objectives of the Company.

On the company’s backward integration project, Dangote chairman emphasized that the goal of the Dangote Sugar Backward Integration Projects Master plan remains the achievement of 1.5 million MT annually from locally grown sugar cane in support of the quest for sugar sufficiency in the country by the federal government. 

Dangote Sugar Refinery Restates Commitment To FG’s Backward Integration Policy
Left-Right: Non-Executive Director, Dangote Sugar Refinery Plc, Abdu Dantata; Company Secretary/Legal Adviser, Dangote Sugar Refinery Plc, Temitope Hassan; Chairman, Dangote Sugar Refinery Plc, Aliko Dangote; Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singhvi; Non-Executive Director, Dangote Sugar Refinery Plc, Olakunle Alake, at the 16th Annual General Meeting of Dangote Sugar Refinery Plc held in Lagos on June 15, 2022.

He added that this will be achieved in addition to the extended value chain benefits that will be derived from the projects including thousands of jobs that will be generated in the sector from these projects.

He pointed out that despite the challenges faced in the year 2021, Dangote Sugar Numan Operations rehabilitation and expansion efforts of the factory and field are advancing, saying “The community tissues that came up were effectively managed, and we have continued to advance so far without any major disruptions.”

He also noted that “In 2021, our commitment to building a sustainable business remained on track with the principles of good corporate governance. We imbibed best practices, environmental and impact management in the day-to-day running of our business.”

He assured us of the company’s commitment to the achievement of Sugar Backward integration projects, which is the future of the industry in Nigeria, saying this will keep us on our sustained growth path and we will continue to deliver and improve our quality service while delivering value to all stakeholders.

Also, the Group Managing Director/Chief Executive officer of Dangote Sugar, Mr. Ravindra Singhvi said that “We remained ahead of the pack in implementation of the National Sugar backward Integration Development Master Plan.”

He however said that the situation at the Lau/Tau project is still the same, “we continue to remain hopeful that the Taraba State government will resolve the lingering issues with the communities, while we focus on the development of other brown and green field project sites…Steady progress is now being made as we continue the rehabilitation and expansion project at Dangote Sugar, Numan, and development activities at the Nasarawa Sugar Company Limited, Tunga.” 

Singhvi stated that the Company remains resolute and committed to ensuring a sustainable future for its business while assuring the shareholders of better days ahead.

The shareholders commended the Company’s performance for the year under review. A shareholder, Mrs. Bisi Bakare, commended the company for the food fortification award received for the year under review and the bountiful dividend paid.

Another shareholder, Mr. Patrick Ajudua, also expressed satisfaction with dividends declared particularly at a time like this with the various environmental operating challenges.

He charged the management to improve upon the capacity utilisation of the plant to be better positioned to meet local and export needs.

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