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Latest News August 2020

Dangote Sugar Refinery: Revenue Soars

August 26 2020

Dangote Sugar Refinery (DSR) Plc, a major subsidiary of the Dangote Group posted a half-year profit of N11.6 billion in 2020. This is marginally above the N10.9 billion profit it generated y/y 2019. The company has notably posted profit consistently and this time improved its revenue by 28.8% to N103 billion for H1 2020 from N80 billion in the corresponding period of 2019. DSR shows little sign of weariness as it very recently, on July 11, 2020, finalised plans to merge with Savannah Sugar Company Limited. Revenue ascends steadily as well in Q2, as it generated N8 billion higher than the N47.6 billion generated in Q1.



MAN Calls For Review Of Border Closure

August 26 2020

Manufacturers Association of Nigeria (MAN) has called on the Federal Government to review the border closure and put measures in place to guard against ill practices at the country’s land borders. The call is coming one year after the country’s land borders were shut by the Federal Government. The closure was aimed at curbing smuggling. MAN noted that the policy was not sustainable, and urged the government to call stakeholders to a round table meeting and review the achievements so far, while putting in place right structures.



Buying Interest In Dangote Sugar, MTN, GTBank Buoy Stock Market

August 24, 2020

Despite the significantly lower trading activity in the stock market, the Nigerian Stock Exchange, NSE, inched higher for the fourth successive week, following a series of marginal gains last week. Specifically, buying interests in MTN Nigeria,  Dangote Sugar and Guaranty Trust Bank, GTBank pushed  the NSE All Share Index, ASI, 0.1 percent higher Week-on-Week, WoW, to 25,221.87 points. Consequently, market capitalisation rose to N13.2trillion as investors gained N12.2billion while the Year-to-Date, YtD, loss moderated to -6.0 per cent, and the Month-to-Date, MtD, gain increased to 2.1 per cent.




Dangote Sugar Refinery Acquires Savannah Sugar Company

Friday, August 7, 2020

Dangote Sugar Refinery has been authorised to receive all the assets, liabilities and business undertakings, and property rights of Savannah Sugar Company Limited (SSCL). This was one of the resolutions passed at the court-ordered meeting of the members of Dangote Sugar Refinery Plc held recently at the Eko Hotel & Suites, Victoria Island, Lagos. According to the notice of the proceedings sent to the Nigeria. Dangote Sugar Refinery has been authorised to receive all the assets, liabilities and business undertakings, and property rights of Savannah Sugar Company Limited (SSCL).


Wednesday, August 5, 2020


Dangote Sugar, Nestle, GTBank Deliver Superior ROE In 10 Years – Coronation Asset

July 27, 2020

Over the past 10 years, Dangote Sugar Nigeria plc, Nestle Nigeria plc, and Guaranty Trust Bank have generated more profit from their shareholders investments than peers as evidenced in the consistent and superior return on equity, according to a recent report by Coronation Asset Management, titled ‘Navigating the Capital Market: the Investor’s Dilemma’. The report studies the impact of the macroeconomic environment on earnings and valuations of Nigerian Stock Exchange (NSE) listed companies.




Market Records Mild Gain As Investors Buy Airtel, Dangote Sugar, Others

July 16, 2020

Nigeria’s equities market on Wednesday July 15 stopped record loss trend as investors raised bets in shares of Airtel Africa Plc, Dangote Sugar Refinery Plc and GTBank Plc. The choppy gains of N8 billion on Wednesday happened as investors in 3,648 deals exchanged 208,209,536 units valued at N1.761 billion. The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased slightly by 0.07 percent to 24,132.30 points. The value of listed stocks increased to N12.587 trillion from preceding day low of N12.579 trillion, up by N8 billion.






Dangote Sugar Refinery’s Acquisition Of Savannah Sugar Refinery Gets Analysts’ Nod

July 16, 2020

Analysts have lauded the acquisition of Savannah Sugar Refinery as a welcome development in the sugar production industry, stating that the industry’s outlook remain strong despite the harsh operating environment. They have, however, expressed optimism of increased production output in line with the federal government’s sugar master plan of 2012. Dangote Sugar Refinery had acquired Savannah Sugar Company Limited, after the later got the nod from its shareholders during the company’s Extraordinary General Meeting (EGM) which was preceded by the 2019 Annual General Meeting.



Dangote Sugar Creates Three Billion New Shares

  • Seals Savannah Sugar acquisition

July 15, 2020

Shareholders of Dangote Sugar Refinery (DSR) Plc have approved the creation of three billion new ordinary shares of 50 kobo each to increase the authorised share capital of the sugar company from N6 billion to N7.5 billion. At their extra-ordinary general meeting in Lagos, shareholders approved resolutions increasing the authorised share capital of DSR N6 billion of 12 billion ordinary shares of 50 kobo each to N7.5 billion ordinary shares of 50 kobo each through creation of three billion new ordinary shares of 50 kobo each.

THE NATION NEWSPAPERS PAGE 15,billion%20to%20N7.5%20billion


Dangote Sugar Completes Acquisition With Savannah Sugar Company Limited

July 13, 2020

Dangote Sugar Refinery has been authorised to receive all the assets, liabilities and business undertakings, and property rights of Savannah Sugar Company Limited (SSCL). This was one of the resolutions passed at the court-ordered meeting of the members of Dangote Sugar Refinery Plc held recently at the Eko Hotel & Suites, Victoria Island, Lagos.  According to the notice of the proceedings sent to the Nigeria Stock Exchange, and seen by Nairametrics, Dangote Sugar Refinery “is hereby authorised to receive all the assets ((including all tax attributes, unutilized capital allowances, tax losses, withholding tax credits and any other tax refunds available subject to the approval of the FIRS), liabilities and business undertakings, including real property and intellectual property rights of Savannah Sugar Company Limited (“SSCL”) transferred by SSCL to the Company (pursuant to the Scheme of Arrangement between SSCL and its shareholders) upon the terms and subject to the conditions set out in the Scheme of Arrangement without any further act or deed”.




Dangote Sugar Shareholders Approve N13.2bn Dividend For 2019

July 13, 2020

Shareholders of Dangote Sugar Refinery Plc (DSR) have approved a total cash dividend of N13.2 billion for the year ended December 31, 2019. The shareholders gave their approval at the company’s 14th Annual General Meeting held by virtual meeting in Lagos. The dividend represents N1.10 for every ordinary share of 50 kobo each held in the company for the year ended December 31, 2019. Speaking at the AGM, the Chairman of Dangote Sugar, Aliko Dangote said that, “Despite the challenging business environment and the intense competition witnessed by the industry in the year 2019, the company posted a Group turnover of N161.1 billion, a 7.1 per cent increase over N150.4 billion in 2018.”


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Dangote Sugar Refinery Appoints COO

Dangote Sugar Refinery Plc says it has appointed Mr. Ravindra Singhvi as the Chief Operating Officer of the company. The firm, in a letter to the Nigerian Stock Exchange signed by the Company Secretary, Chioma Madubuko, said Singhvi’s appointment took effect from August 13, 2018. She said Singhvi had over 37 years of proven experience in leadership positions in manufacturing and processing in sugar, petrochemicals, cement, and textile products’ industries in India. According to Madubuko, prior to joining Dangote Sugar Refinery, Singhvi was the managing director and chief executive officer of NSL Sugar Limited, and the president of Indo Rama Group. THE PUNCH PAGE 28

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GRIDLOCK: Apapa Situation, A Disaster In Waiting — Ambode

Governor Akinwunmi Ambode of Lagos State, yesterday, warned that the current situation in Apapa and environs is a disaster in waiting if not properly and immediately addressed. The governor also tasked the Federal Government to revive existing Ports in other states of the federation so as to bring about a permanent solution to the perennial traffic congestion in Apapa axis of the state. He also blamed the chaotic traffic gridlock on interference from multi-agencies established by the Federal Government to monitor ports activities. The governor said this at the 3rd quarter, Town Hall meeting, 12th  in the series, held at Community Primary School, Iberekodo, Akodo Road, Ibeju-Lekki area of the state. Ambode said: “We do not need tank farms within the Lagos metropolis anymore. There are 68 tank farms in Apapa alone.  Beyond Apapa, they have approved tank farm in Ijegun axis.  And that is where we have a huge population.  That is a serious danger waiting to happen. “We need to distribute tank farm establishment to other parts of the state.   This is what we believe should be done at this moment to free Lagos roads.” He also urged the Minister of State for Petroleum and Department of Petroleum Resources, DPR, to work towards reviving the pipelines and stop issuance of approval for construction of tank farms in the state. The governor said: “It is pathetic that the gridlock  in the axis has become perennial in the state, it goes and come back. “But the challenge is to give a permanent solution and in that reason, President Muhammadu Buhari directed his Vice President. Yemi Osinbajo to visit and provide a permanent solution.” File: Gridlock as tankers shut down Apapa road. Revival of petroleum pipelines While commending President Buhari’s intervention, Ambode maintained that the crisis confronting the axis was more than the gridlock which required a holistic approach.   We  all must know that Apapa crisis is more than a traffic issue.  The problem in Apapa is that there are too many agencies and establishments disturbing the fundamentals within the axis. “It is bad that we are still using trucks to lift petroleum products from Apapa to other parts of the country. “As it is now, other ports in Nigeria must begin to work immediately to decongest gridlock in Lagos. “Whatever has led to the continual use of trucks to lift fuel  which is, vandalism of pipelines should be addressed immediately. “We believe that this will allow the road to become free. We don’t need to continuously use taxpayers’ money to build roads that are destroyed by tankers.”  VANGUARD PAGE 10

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Dangote Decries N1.5tn Spent Yearly On Food Importation

Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote, Wednesday decried the whopping N1.5 trillion Nigeria spends yearly to import food into the country. Dangote stressed that such expenditure put a heavy pressure on Nigeria’s foreign exchange, adding that up to 80 per cent of the inputs in most manufacturing processes in Nigeria still rely on imported components. He noted that Dangote’s backward integration policy had birthed economic advantage for the country. According to him, Nigeria had not taken advantage of its huge population for economic growth, wondering why the country relegated local content while relying heavily on importation. Dangote, who was represented by the Group Executive Director at the company, Ahmed Mansur, spoke on the topic; ‘Industrialisation-Backward integration as a strategy for national development: The Story of the Dangote Group’, during the inauguration ceremony of the University of Ibadan Business School Complex. “With an enviable population and natural resources, not many countries have the advantages that Nigeria offers to manufacturers. Corporations, like Dangote Industries that long ago embarked on backward integration are now starting to reap the benefits. Backward integration is when a business exerts control over sources of raw materials or other business that are part of the overall manufacturing process. For example, a cement trader becomes backwards integrated when he takes ownership or control of bagging, cement grinding, and limestone mining. “It increases control and efficiency because companies are able to control quality and coordinate the delivery of raw materials or other supplies. Costs control, competitive advantages, diversification of talent and competencies are some of the other advantages of backward integration,” he explained. He said some of the benefits and successes that Nigeria economy had begun to enjoy must be protected by strict border control and other government policies. Thursday 26th July, 2018. THISDAY PAGE 52, NIGERIAN TRIBUNE PAGE 32, NEW TELEGRAPHY PAGE 35, VANGUARD PAGE 11