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Dangote Sugar Commits Billions To CSR Schemes In Adamawa, Nasarawa

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The Dangote Sugar Refinery Plc (DSR) has scaled up its social intervention programmes around host communities in Adamawa and Nasarawa States where its Backward Integration projects are located.

The Group is investing hugely in raw sugar production as part of the Federal Government Sugar Master Plan.

This is coming on the back of $500m that has so far been injected into the project in Nasarawa.

National Sugar Development Council (NSDC) has developed a road map for the realization of self-sufficiency in the sugar sector within a short time. Thus, the Nigeria Sugar Master Plan (NSMP) gave birth to Sugar’s Backward Integration Policy (BIP).

Billions of naira have been expended in social intervention schemes around the communities hosting DSR Numan in Adamawa, and Tunga Sugar Project in Nasarawa.

The company said with 78,000 hectares of farmland in Nasarawa, and 32,000 hectares in Adamawa, it is creating thousands of employment opportunities for Nigerians.

Currently, over 600 workers are being engaged, while 90MW is to be generated in the Dangote Sugar Project in Tunga, Nasarawa State.

The Dangote Group is the second largest employer of labour after the federal government.

While speaking at a recent Annual General Meeting (AGM) of the company, the Chairman of Dangote Sugar Refinery, Aliko Dangote, noted that Nigeria could rake in foreign exchange of up to $700 million yearly from the BIP scheme.

He warned that the BIP scheme must be protected to insulate the Nigerian economy and create jobs.

“If the national sugar master plan is followed strictly and the players follow the rules, the country will be better for it as Nigeria will save between $600 million and $700 million annually as forex,” he said.

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A statement from the Corporate Communication Department of the company said when the factory is fully operational; it would have the capacity to crush 12,000 tons of cane per day,

Some of the Corporate Social Responsibility projects executed include the provision of blocks of classrooms, scholarship, water scheme, rehabilitation and opening up of road network, and construction of health center, among others.

Minister for Industry, Trade, and Investment Otunba Niyi Adebayo who was on a working tour of the Dangote’s expansive Savannah Sugar Company (SSCL) Ltd in Numan, Adamawa State, and the Tunga sugar project site in Nasarawa State, had described the projects as “huge, impressive and amazing.”

The Minister said: “It’s a very impressive sight. It’s amazing that such a project exists in this place. What we’ve seen so far from all the plantations we’ve been to is very impressive. We are impressed with the level of work they are doing.”

In the same vein, in the DSR Numan, the company is not resting on its oars.

In 2020, the company constructed multimillion naira blocks of classrooms, administration blocks, and an examination hall.

DSR Numan has also intervened in the provision of electricity through the donation of 300KVA to the Gyawana Community, as well as the donation of a 27KVA Generator to the Lamurde Community.

The company has also instituted an out-grower scheme in DSR Numan, of which 294 people have so far benefited.

Its intervention in the area of road infrastructure has been very huge, some of which include: the rehabilitation of the Gyawana-Lamurde road, Gyawana-Zekun road, Gyawana Township road, the rehabilitation of Dubwangun road, and the rehabilitation of Opalo-Zekun roads, among others.

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The company has also doled out financial support to youth, religion, and development-based groups in Adamawa State.

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MTN Nigeria posts N1trn revenue surge

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MTN Nigeria Communications Plc generated N1.0 trillion in service revenue in the first quarter of 2025.

This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024.

The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday.

Profit after tax dropped by 134 per cent, falling to N133.7 billion from N392.7 billion in the same period of 2024.

Its total subscriber base grew by 8.2 per cent to 84.1 million, with 3.2 million new additions in Q1 2025.

Active data users rose by 13 per cent to 50.3 million, following the addition of 2.6 million users.

EBITDA climbed 65.9 per cent to N492.7 billion, while EBITDA margin improved by 7.2 percentage points to 46.6 per cent.

The company recorded free cash flow of N209.9 billion and earnings per share stood at N6.38.

MTN Nigeria CEO, Karl Toriola, expressed satisfaction with the Q1 2025 results, citing strong strategic execution and resilient service demand.

He said momentum from Q4 2024 had helped put the firm on track to restore profitability and achieve a positive net asset position.

He added that regulatory approval for price adjustments was essential to sustain investment and maintain service quality.

This approval enabled N202.4 billion in capital expenditure, up 159 per cent, aimed at expanding capacity and enhancing user experience.

Toriola said the 40.5 per cent growth in service revenue underscored strong demand and commercial discipline.

He noted that Q1 results do not yet reflect the full impact of price changes made late in the quarter. (NAN)

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NGX transacts 733.05m shares worth N35.29bn

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The Nigerian Exchange Ltd. (NGX) on Tuesday transacted 733.05 million shares worth N35.288 billion in 16,619 transactions.

This is in contrast with 500.59 million shares worth N12.110 billion that was traded in 17,637 deals earlier.

Meanwhile, transactions in the shares of Fidelity Bank topped the activity chart with 285.15 million shares worth N5.774 billion.

MTN Nigeria followed with 86.850 million shares valued at N20.931 billion while Access Corporation transacted 35.56 million shares worth N851.27 million.

Universal Insurance traded 29.810 million shares valued at N15.188 million and Guaranty Trust Holding Company sold 28.510 million shares worth N1.935 billion.

Meanwhile, the stock market on Tuesday witnessed a downturn as investors lost N1.116 billion with mixed performance indices.

Market capitalisation dropped by N1.116 billion or 0.70 per cent to close at N65.577 trillion, compared with N66.693 trillion posted on Monday.

Similarly, the All-Share Index (ASI) fell by 185 points or 1.17 per cent, to settle at 105,931.18 from N106,116.18 earlier recorded.

The negative trend was driven by profit taking in MTN Nigeria, Africa Prudential, PZ, First Bank Holding Company and others.

However, the market breadth closed positive with 33 gainers and 19 losers, suggesting positive sentiment.

On the gainers’ chart, Legend Internet Plc rose by 10 per cent, closing at N8.25 while ABC Transport gained by 9.94 per cent, to settle at N1.88 per share.

Cadbury Nigeria rose by 9.91 per cent, ending the session at N32.15 and Champion increased by 9.79 per cent to close at N4.71 per share.

Similarly, Eterna soared by 9.46 per cent, closing at N48.00 per share.

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On the losers’ chart, Livestock Feeds declined by 9. 71 per cent, settling at N7.22 while Multiverse Mining fell by 9.62 per cent, closing at N7.05 per share.

McNichols Plc dropped by 9.47 per cent to close at N1.72 and Omatek lost by 9.23 per cent, closing at 59k per share.

Also, MTN Nigeria shed by 6.07 per cent to finish at N240.00 per share. (NAN)

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CAC Gives Unregistered Businesses 6 Weeks to Register or Face Prosecution

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The Corporate Affairs Commission (CAC) has directed companies, limited liability partnerships, and business owners operating under unregistered business names to register within six weeks.

In a statement on Tuesday, the CAC warned that failure to register will result in enforcement action, including prosecution.

“The commission wishes to inform the general public that its a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020 to carry on business in Nigeria as a Company, Limited Liability Partnership, Limited Partnership or under a Business Name without registration under the Act or by a name (or acronym) other than the name (or acronym) by which the business was registered under the Act,” the statement reads.

“The General Public should note that Section 729 of the Act requires every Company registered under the Act to state its name as registered and its registration number outside every place where it carries on business.

“In addition, the Company is required to state its registered name and registration number on all its official publications, including its letterhead, signage(s), marketing and publicity materials.

“In particular, the General Public should note the provisions of Section 862 (1) of the Act which provides that any person who, in any document required by, or for the purpose of any of the provisions of the Act (including the aforementioned official publications of a Company), makes a statement which is false in any material particular knowing it to be false, commits an offence and is liable on conviction to imprisonment for a term of two years in addition to a daily fine against the Company for every day during which the offence continues.

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“In view of the foregoing, every Company, Limited Liability Partnership, Limited Partnership and Business Name proprietor(s) is hereby required to ensure full compliance with the above requirements of the Act within six (6) weeks of this notice failing which the Commission shall take all necessary steps (including prosecution) to enforce compliance.”

In April 2024, Mahmud Bello, the commission’s registrar-general, said business owners in Nigeria can conveniently register their businesses online within 48 hours.

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