By Ayomide Otitoju
Dangote Cement Plc says it has paid shareholders more than N3.3 trillion in dividends over the past 15 years, alongside strong capital appreciation of its stock on the Nigerian Exchange (NGX).
The disclosure was made on Wednesday during the company’s “Facts Behind the Figures” presentation at the NGX, led by its new Chairman, Emmanuel Ikazoboh, who recently succeeded Aliko Dangote. Ikazoboh thanked shareholders for their loyalty and pledged consistent returns, saying the company remained committed to transforming Africa and making the continent self-sufficient in cement and clinker.
“To our investors, you have my unwavering commitment to safeguarding and growing your investment,” he said, while assuring regulators of continued adherence to corporate governance standards.
Chief Executive Officer Arvind Pathak outlined the company’s growth strategy, including plans to raise installed capacity to 66.4 million tonnes annually by 2030 through a mix of greenfield and brownfield projects. He confirmed that the first phase of its 3Mta Côte d’Ivoire plant (1.5Mta) has been commissioned, while construction of a 6Mta integrated plant in Itori, Ogun State, is progressing. The company has also committed $400 million to doubling capacity in Ethiopia.
Pathak noted that Dangote Cement has invested more than $8.5 billion across Africa in the last 15 years, reflecting confidence in the region’s growth prospects.
Leaders of the Nigerian capital market hailed the company’s performance and leadership transition. NGX Group Chairman, Alhaji Umaru Kwairanga, praised Aliko Dangote’s contribution to wealth creation and transfer through the capital market, while NGX Group CEO, Temi Popoola, assured investors that the new management would sustain shareholder value.
At its 2024 Annual General Meeting, shareholders approved a N502.6 billion dividend, amounting to N30 per share — the highest payout by any Nigerian manufacturing company that year. The company also raised its corporate social responsibility spending by 469.8 percent to N3.2 billion, covering education, healthcare, agriculture, infrastructure, and economic empowerment.
Shareholder groups expressed satisfaction with the company’s resilience and dividend record despite economic headwinds. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), described the performance as commendable, while Bisi Bakare, Chairperson of the Pragmatic Shareholders Association of Nigeria, lauded its strong corporate governance and consistency in rewarding investors.
