Dangote Sugar has reported gross revenue of N115.3 billion for the nine months ended September 30 2016. According to the unaudited quarter result released at the weekend on the floor of the Nigerian Stock Exchange (NSE), the earnings for the period indicates a 58 percent leap over N78 billion gross earnings in the corresponding period in 2015. Breakdown of the result indicated that gross profit rose to N19 billion compared to N18.7 billion in 2015 representing a 1.2 percent increase. Profit before tax rose from N14.2 billion to N15.3 billion while profit after tax grew from N9.3 billion to N10.1 billion.
House of Representatives Committee On Industry, Trade and Investment has commended the management of Dangote Sugar Refinery Plc for its remarkable progress towards ensuring the success of the sugar backward integration project in the sugar sector of the economy. Committee Chairman, Abubakar Moriki, who led the team to the Dangote Sugar Refinery in Lagos, at the weekend, expressed satisfaction at the level of the backward integration programme the company has been able to achieve. He also assured the company on a friendly policy, especially in land acquisition, which is geared towards self-sufficiency of sugar in 2020. NIGERIAN TRIBUNE PAGE 11, DAILY TIMES PAGE B2, INDEPENDENT PAGE C5, NATIONAL MIRROR PAGE 35. Tuesday, 22nd November, 2016
Efforts are being made by Dangote Sugar Refinery (DSR) Plc to ensure self-sufficiency in sugar production in the country within the next four years. Over the last year, Dangote Sugar has stepped up its opening of processing factories and assistance to farmers in a bid to dramatically increase output. Nigeria is one of the world’s largest net importers of sugar, consuming significant amount of foreign exchange. DSR is one of the top five sugar refineries in the world, with 1.44MT/PA capacity at a location, and has begun its backward integration project with a 10-year sugar development plan, to produce 1.5 million metric tonnes per annum (MT/PA) of sugar from locally grown sugarcane. The project commenced with its acquisition of Savannah Sugar Company Limited (SSCL) at Numan, in Adamawa State and other Green Project sites across Nigeria. LEADERSHIP, Monday November 28, 2016. PAGE 34
The President/CE of Dangote Group, Aliko Dangote, was at the weekend awarded with Honorary Doctor of Business Administration by the United Kingdom’s prestigious Coventry University, in recognition of his significant longstanding contribution to global business, social enterprise and entrepreneurship in Africa and across the world. Dangote who thanked the management of the institution for the award, promised to continue his stride in entrepreneurial development, especially among the youth in Africa. Meanwhile, Coventry University has agreed with the Management of Dangote Academy on a collaborative initiative that will lead to the creation of shared methodologies for the enhancement of transformational entrepreneurship. NIGERIAN TRIBUNE PAGE 4, LEADERSHIP PAGE 9, NATIONAL MIRROR PAGE 12,
The Central Bank of Nigeria (CBN) is set to eliminate the foreign exchange black market in Africa’s biggest economy, the Minister of Finance, Mrs. Kemi Adeosun, said Tuesday. The naira trades, sometimes 40 per cent below the official rates, against the dollar. Commenting on the wide gap, Adeosun said the CBN has been mandated to scrap the damaging market, reported AFP. The central bank “has been directed to do this and CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy”, Adeosun told a conference. A CBN spokesman, Isaac Okorafor, said the central bank was working towards “ensuring that the forex market operates as effectively as we would envisage”. He said the aim was to “ensure there is no black market” but did not give details of how this would be achieved. THISDAY, WEDNESDAY 21, DECEMBER, 2016. FRONTPAGE