Dangote Cement to attract $700 million as shareholders approve N272.6b dividend

Dangote Cement Plc has announced plans to attract $700 million in foreign exchange from the exportation of the product to boost Nigeria’s economy.The company also said the two cement terminals located in Onne, River State, and Lagos State will be completed before year end. 
 
The company Chairman, Aliko Dangote, while addressing shareholders at the 10th yearly general meeting in Lagos, yesterday, said: “We have a lot of on-going projects aimed at increasing capacity, and by next year, we will not only export one million tonnes as we normally do now, we will be servicing both the domestic and other African countries from Nigeria. 
   
“We will have a capacity of about eight million tonnes to export and that will generate a foreign exchange of about $700 million into the country, to assist the federal government and the group in its other activities across Africa.”

“Not only will these generate useful foreign currency for Dangote Cement to support other expansion projects outside of Nigeria, they will also help to increase the output of our Nigerian plants. They will also help to improve job creation, and increase prosperity in Nigeria, something of which all stakeholders can be proud when achieved.”
   
Also, the Group Chief Executive Officer, Joseph Makoju said the company will focus on efficiency gains, and achieving higher sales in domestic and export markets in 2019.He said: “A major priority for us is to get these export terminals on stream so we can replace non-African imports in Cameroon, rake in foreign currency for Nigeria, and increase the utilisation of our Nigerian plants.”
   
Speaking on behalf of shareholders, the National Coordinator of the Independent Shareholders Association, Chief Sunny Nwosu, expressed satisfaction at the performance of the company, describing it as remarkable.He advised the management not to rest on its oars, as shareholders would be expecting more in the next accounting year.Beside the performance, Nwosu also said the sustainability report of the company was very commendable, noting that it has a track record of good corporate governance.