Connect with us

Business

Dangote Flour Mills: Shareholders Approve 20k Dividend

Published

16 years ago

on

Following the impressive result posted by Dangote Flour Mills, a dividend of 20 Kobo per share was approved by the shareholders of the company last week in Lagos during the company Annual General Meeting.

Dangote Flour Group has announced a net profit of N2.9 billion for the year ending December 31, 2008, representing a 400 per cent increase compared to N561.55 million posted in 2007. Its turnover increased from N43.13 billion to N47.92 billion from 2007 to 2008 financial year.

Group profits in 2008 also leaped from N676 million in 2007 to N3.2 billion in 2008 implying N1.4 billion group attributable profits from subsidiaries.

The expansion plan is boosted by the group’s recent unaudited result for the nine-month period ending September 30, 2009 indicating some exiting prospects. The results show that turnover for the period was N46.95 billion surpassing the whole turnover realised in the financial year of 2008. Profits after tax for the nine month period were N7.6 billion, an increase of 155 per cent over the financial year 2008.

As such, the group is proposing an interim dividend of 30 Kobo per share based on the nine months unaudited accounts of the group for the period ended September 2009. Taking a peep into some of the challenges the global environment may pose to the company in the year ahead.

According to Ahaji Aliko Dangote, chairman of the company, said he is confident that the group is financially well insulated to cope with any challenges that may arise from these crises.

Dangote noted that the year 2008 did not go without the usual business challenges, some of which include; increase of the prices of raw materials and the inability of the company to pass on these increases to the consumers.

He stress that the financial year under-review was difficult for businesses both globally  and locally, as the global financial meltdown imposed challenges on the business environment through reduced access to both local and foreign capital, reduced purchasing power and sustained high price of wheat.

“The strategy adopted by the flour giant to overcome the difficult operating environment was to focus on internal efficiency to cut down on other areas of costs, the effect of which made the company profit before taxation to increase from N376 million in 2007 to N1.8 billion,” he said.

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

20 hours ago

on

September 22, 2025

By

Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

20 hours ago

on

September 22, 2025

By

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

20 hours ago

on

September 22, 2025

By

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending