Category: PRESS RELEASE

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PRESS RELEASE

NASCON grows turnover by 37%, assures shareholders of continuous growth, value creation

NASCON grows turnover by 37%, assures shareholders of continuous growth, value creation
Chief Financial Officer, NASCON Allied Industries Plc, Aderemi Saka; Non-Executive Director, NASCON Allied Industries Plc, Sada Ladan-Baki; Non-Executive Director, NASCON Allied Industries Plc, Olakunle Alake; Non-Executive Director, NASCON Allied Industries Plc, Fatima Wali-Abdurrahman; Managing Director, NASCON Allied Industries Plc, Thabo Mabe; Chairperson, NASCON Allied Industries Plc; ‘Yemisi Ayeni; Non-Executive Director, NASCON Allied Industries Plc, Abdu Dantata; Independent Non-Executive Director, NASCON Allied Industries Plc, Prof. Chris Ogbechie; Non-Executive Director, NASCON Allied Industries Plc, Knut Ulvmoen; Company Secretary, NASCON Allied Industries Plc, Adedayo Samuel, at the 2023 Annual General Meeting (AGM) of NASCON Allied Industries Plc on Thursday, May 23, 2024 in Lagos.

NASCON Allied Industries Plc has assured its shareholders of continuous growth and value creation in 2024. The Company gave the assurance at its 2023 Annual General Meeting held yesterday in Lagos.

Speaking to shareholders, the Chairperson of NASCON, Yemisi Ayeni said “amidst the challenges in 2023, the Company achieved commendable operational performance. Our strategic initiatives and proactive measures enabled us to grow in value and profitability.”

She said, “Our turnover for the financial year ended December 31, 2023, grew 37 percent to N80.8 billion, marking a significant increase from the previous year. Profit after Tax also saw an impressive growth of 151 per cent to N13.7 billion, reflecting our commitment to operational efficiency and excellence.”

On future plans, Ayeni stated that “as we look ahead, NASCON remains focused on its commitment to health, safety, and environmental sustainability. Despite ongoing challenges in the global and national landscape, we are optimistic about the prospects of our company. The Board and Management are steadfast in our dedication to driving continued growth and innovation while maintaining a steadfast commitment to our stakeholders and communities.”

The Managing Director of NASCON, Thabo Mabe noted that in 2023, the company faced significant business challenges amid Nigeria’s economic challenges, characterised by deteriorating macroeconomic indicators compared to the previous year.

He added that despite the formidable challenges faced in 2023, NASCON remained steadfast in its commitment to stakeholders, prioritising their well-being and maintaining integrity and compliance in all endeavours.

He pointed out that, “in positioning NASCON for sustained growth while maintaining profitability, we have outlined a multifaceted strategy that leverages our strengths, embraces innovation, and prioritises efficiency. By identifying emerging trends and consumer preferences, we can capitalise on untapped opportunities for growth while mitigating risks associated with market saturation.

“Through continuous process optimisation and strategic resource allocation, we seek to enhance productivity and reduce costs, thereby bolstering our bottom line and ensuring long-term sustainability. Also, strategic partnerships and collaborations play a pivotal role in our growth strategy. By forging alliances with industry peers, suppliers, distributors, and other stakeholders, we can access new markets, technologies, and resources that complement our core competencies.

“Through mutually beneficial partnerships, we can accelerate market expansion, drive innovation, and unlock new revenue streams. By aligning our strategic initiatives with our mission and vision, we aim to create sustainable value for all stakeholders while contributing to economic development of the communities in which we operate,” he added.

Also, the shareholders commended the management and board of NASCON for the performance and bonus declared during the financial year review. They approved and authorised the Directors to capitalise such sufficient sums from the amount available for distribution, to members in the proportion of one new ordinary share of 50 kobo for every 50 existing ordinary shares of 50 kobo.

Speaking on behalf of shareholders, Mrs. Shopeju said that “we commended the management for the company performance in 2023. The bonus declared is commendable also.” She urged the Company to do more in 2924, saying, “going forward we expect better dividends in 2024 and robust bottom line for the Company.”

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Backward Integration: Dangote Targets 700,000MT of Refined Sugar in Four years

As Q1 revenue rise by 20.1% to N122.7bn

 Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP).

Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) held yesterday in Lagos, just as the Nigerian Exchange released the company’s first-quarter result for 2024, indicating an increase of 20.1 per cent in its revenue to N122.7 billion.

Dangote, at the AGM, said in alignment with the Federal Government of Nigeria’s policy guidelines, DSR continues to focus on and enhance its Backward Integration Project (BIP) by deploying and reviewing project strategies to ensure efficient delivery.

He noted that the 700,000 metric tonnes would meet 50 per cent of the current market demand for refined sugar. According to him, the 10-year sugar development plan to produce 1.5 million MT of sugar per annum from locally grown sugarcane remains a germane roadmap to the attainment of the Company’s objectives.

“Our focus is on achieving the revised targets set for DSR Numan Operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited, while we are hopeful that the Taraba State Government will resolve the community payment issues that have led to the stoppage of activities at the Dangote Taraba Sugar Limited, Lau/Tau project.”

He added that “…During the year under review, despite the challenges we were faced with, the company significantly scaled up investment in the Backward Integration Projects with the ongoing expansion of the DSR Numan factory refining capacity from 3,000TCD to 9,800TCD year-end.

“The factory will be increased with an additional 5,200TCD to 15,000 TCD (tonnes of cane crushed per day) eventually to meet the need in view of the massive land development activities also going on at the site. The aim is to achieve 24,200 hectares in total by the year 2029.”

He also emphasised that despite the adverse impact on the business environment by the continuous increase in the inflationary trend, lack of liquidity and FX to fund the company’s equipment import among others for the backward integration projects, concerted efforts are ongoing to secure the needed funds for the development of the Nasarawa Sugar Company Limited project at Tunga in Awe Local Government Area of the state.

“This will enable the company to put in place the needed infrastructure for the eventual commencement of full-scale production and ensure that the Dangote Sugar Backward Integration ‘Sugar for Nigeria Project’ is achieved. In the end, over $700 million investment would be committed to the Backward Integration Programme,” he added.

Dangote said that the Dangote Sugar (Ghana) Limited, was established as a subsidiary of the Company during the year under review, in line with the plan to expand its presence in the sugar industry across Africa.

On outlook, he stated that “achievement of the goals of the Sugar Backward Integration Master Plan remains our focus. This will go a long way in delivering the anticipated benefits, especially in FX savings and cushioning its impact on our operations amongst other benefits to the company, all stakeholders, and the nation.”

Group Managing Director/CEO of Dangote Sugar, Ravindra Singhvi said, “Despite these challenges, we are resolute and focused on the delivery of our business targets in the medium to long term.”

He pointed out that “as we continue to navigate through the scarcity and high cost of foreign exchange, escalating costs of raw materials amongst others, our focus is to enhance the effectiveness of our supply chain processes, optimise cost, improve our operational efficiencies and delivery on our Sugar for Nigeria backward integration project.”

He said “the target is to produce a minimum of 1.5MT refined sugar annually from locally produced sugarcane at our integrated sugar production estates, which is expected to alleviate some pressure on costs and our demand for foreign currency.

“Achievement of a sustainable business remains one of our key strategies and concerted efforts were made towards sustaining the achievements we have recorded in the past,” Singhvi added.

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NASCON announces Artist Timothy Undiandeye as the winner of Dangote Salt Art Challenge 2021

Abuja based creative artist, Timothy Undiandeye, has been announced the winner of the 2021 edition of the Dangote Salt Art Challenge, a creative art competition targeted at artists across the country.

Timothy’s winning art, created using salt, “gender-based violence” targeted at women a phenomenon he said deeply rooted in gender inequality was the focus of his presentation. He was announced the winner at the prize presentation event held Saturday morning at the Lily gate Hotel, Lekki, Lagos. He received a cash prize of N500, 000.

He beat over 600 artists in a rigorous selection process, at the event; he first and second runner up in the top three category also walked away with cash prizes. In third Place Mr Taiwo Isimi, walked away with the sum of Two Hundred Thousand Naira (N200,000), First runner-up Mr Ibrahim Jamiu, walked away with Three Hundred Thousand Naira (N300,000)

The Executive Director Commercial, NASCON Allied Industries Plc (A subsidiary of Dangote Industries Limited) Hajiya Fatima Aliko-Dangote in her welcome address shared by Olusegun Ajala the Head of Marketing; she commended the artist for their outstanding entries. 

She also stated that Dangote Salt was proud to deliver an annual platform to recognize and reward the unlimited potential and creativity in Nigerian Youths.

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Dangote Salt introduce The Dangote Salt Art Challenge 2021 – Unleash Your Creativity

Dangote Salt is redefining the way we engage with art in Nigeria.

Monday, 28th June 2021 Lagos: Dangote Salt calls for creative entries in the second edition of the Dangote Salt art challenge.

The opening date for the submissions is 1stof July 2021 and the closing date has been extended to the 13th of August 2021.

The Executive Director Commercial, NASCON Allied Industries Plc (A subsidiary of Dangote Industries Limited) Hajia Fatima Aliko-Dangote said that the inaugural edition of the Salt Challenge in 2020 provided an impactful platform for Art enthusiasts in Nigeria to explore their imagination, create and share artwork produced using salt.

She mentioned that the Dangote salt challenge would become an annual art challenge to highlight, reward and connect with the young art enthusiasts across the country. The challenge is holding digitally on Dangote salt social media pages.

Outlining the criteria for entry; The Head of Marketing, Mr Olusegun Ajala said that the creative “salt art” process should be recorded, photographed and submitted to the Dangote Salt social media pages (Facebook & Instagram) using the hashtag #dangotesaltartchallenge2

He also disclosed that the panel of judges for the competition would comprise of Kaduna born Multi-disciplinary artist William’s Chechet and visual artist Haneefah Adams.

The winner of the 2021 Dangote Salt Art Challenge will receive a cash price of N500, 000 and a Dangote Salt-sponsored art residency at the renowned Edo Global Art Foundation in Benin, where Mr. Enotie Ogbebor, the resident Creative Director of the Foundation, will mentor him or her.

The runner-ups will also receive a cash prize of N250, 000 and N100, 000 respectively. Dangote Salt will also provide consolation prizes for 20 other entries.

Details on terms and conditions for participation are available on Dangote Salt social media pages,

  • Instagram: @Dangote_Salt
  • Facebook: Dangote Salt
  • www.nasconplc.com
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Dangote Seasoning to reward customers in Chop Life Promo

Dangote Classic Seasoning is set to reward its loyal customers in the consumer promotion tagged Dangote Seasoning Chop Life Promo with exciting gifts such as Cows, Rams, Electric Kettles, and lots more. Everyone is a winner in the Dangote Seasoning Chop Life Promo.
To win in the promotion, participants are to:
1. Buy a MINIMUM of two (2) Sachets of Dangote Classic Seasoning.
2. Take your sachets to the nearest redemption center to obtain a scratch card.
3. Scratch the card and what you see is what you WIN!
You can enter to win as many times as you wish by simply following the 3 steps above.
Other exciting prizes to be won include; Bags of Rice, Table Top Cookers, Sieves, and Millions of Naira worth of airtime.

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Ayeni becomes new Chairman of NASCON Allied Industries PLC.

NASCON Allied Industries Plc has appointed Mrs. Yemisi Ayeni as its new chairman of Board of Directors.
Ayeni, a former finance director at Shell Nigeria Exploration and Production Company and currently a council member of the Nigerian Stock Exchange (NSE), emerged chairman of NASCON at the company’s board meeting held on December 15, 2015.

Also appointed to the board as non-executive directors are current chairman of Diamond Bank and facilitator at the Lagos Business School (LBS), Dr Chris Ogbechie, and an architect and a board member of Oando Foundation, Fatima Wali-Abdurrahman.

According to a statement signed by the company secretary, Mr Adedayo Samuel, The new Chairman started her career as an Audit assistant with Price Waterhouse London, before she joined Price Waterhouse Lagos. She later joined SNEPCo and earned the distinction of being the first Nigerian female ever to be appointed to the board of a Shell company in Nigeria. She is a graduate of Economics from the University of Manchester, the United Kingdom (UK), and a member of the Institute of Chartered Accountants of England and Wales.

Ogbechie holds a First Class degree in Mechanical Engineering also from the University of Manchester. In addition, he obtained his MBA from Manchester Business School, England, and a PhD from Brunel University, England. He has almost four decades of working experience spanning across the media, manufacturing, banking, and the academia.

Wali-Abdurrahman has a Bachelor of Arts degree in Architecture and Urban Studies from the University of Minnesota, United States, and an MSc in Economics and Management of Construction from the University College London, UK. She is currently the chief executive officer of Filmo Group of Companies, a key player in the Nigerian real estate sector. She was a former member of the Lagos State University Governing Council.

The other directors of the newly composed board of NASCON, which has Mr Paul Farrer as the managing director, include Olakunle Alake, Halima Aliko Dangote, Knut Ulvmoen, Sada Ladan-Baki, and Abdu Dantata.