Dangote Cement Plc has disclosed that it has invested more than $8.5bn in capital projects across Africa in the last 15 years.
The company’s management and board, led by its new chairman, Emmanuel Ikazoboh, made this known on Wednesday during its ‘Facts Behind the Figure’ presentation on the floor of the Nigerian Exchange.
Speaking at the event, Ikazoboh, who recently succeeded Aliko Dangote as chairman, thanked shareholders for their support and assured them of consistent returns on their investments.
He pledged to uphold strong corporate governance practices while driving the company’s vision of making Africa self-sufficient in cement and clinker.During the presentation, the management also highlighted the company’s consistent dividend policy, which has seen shareholders receive more than N3.3tn over the last 15 years.
At its last Annual General Meeting for the 2024 financial year, the company approved a dividend payout of N502.6bn, translating to N30 per share, despite foreign exchange challenges and rising operational costs.
The Group Chairman of Nigerian Exchange Group, Umaru Kwairanga, commended Dangote for his contributions to the capital market and the private sector, noting that the company’s record of wealth creation and transfer to the investing public remained a model of success.
Also, the Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, praised the new leadership of Dangote Cement under Ikazoboh, saying shareholders could expect greater value creation going forward.
Shareholder groups at the event, including the Association for the Advancement of Rights of Nigerian Shareholders and the Pragmatic Shareholders Association of Nigeria, applauded the company’s resilience and consistent dividend payments. They noted that despite economic headwinds, Dangote Cement had continued to deliver strong results and create wealth for its investors.
Also speaking, the Chief Executive Officer of Dangote Cement, Arvind Pathak, said the company is pursuing an ambitious expansion programme that will see its installed capacity grow to 66.4 Mtpa by 2030. According to him, the expansion will be achieved through a mix of greenfield and brownfield projects across the continent.
He explained that Dangote Cement had commissioned the first phase, a 1.5 Mtpa line, of its 3 Mtpa Ivory Coast plant, while construction of the 6 Mtpa integrated Itori Plant in Ogun State was progressing steadily. Pathak further revealed that the company had committed $400m to double its production capacity in Ethiopia.