Europe / Middle East / Africa
Dangote assures shareholders
Mar, 06 2012
(Nigeria) -- President, Dangote Group, Alhaji Aliko Dangote, has assured the company’s shareholders of good returns on their investment on any of the group’s subsidiaries.
At the floor of the Nigerian Stock Exchange, Dangote said the expanded capacity for Dangote Cement will lead to increased turnover, profitability and ultimately dividend.
He noted that shareholders are very important in any company and promised to safeguard their investments in the in his group of companies. He also promised to ensure the enhancement of their investments value.
Some of the stockbrokers, who also spoke on the floor, lauded the group for ensuring that its investors are happy at the end of each financial year.
Three of the group companies listed on the floor of the NSE, paid a total dividend of N74.36 billion for the 2010 financial year.
Dangote recently projected that the companies in the Group would be worth $60 billion by 2015.
"We are working towards making Dangote the biggest conglomerate in Africa. Now that we are training youths in the Dangote Academy, we are targeting that by 2015. Dangote will have $60 billion market capitalisation. When you look at the equivalent, the total reserve of Nigeria is about $35 billion, by the next four years, our own market capitalisation should be somewhere around twice the reserve of Nigeria, and that means in the cement side, by this time 2014,we should be producing more than 50 million metric tonnes in more than 14 countries excluding Nigeria," he said.
An affiliate of Lafarge Africa has bought Nigeria's third-largest cement manufacturer, United Cement Company of Nigeria. More
The local Zimbabwe unit of LafargeHolcim reported an after tax loss for the half year to June citing weak demand as the country’s construction industry remains subdued. More