Dangote Cement Pays Over N3.3tr Dividends in 15 Years
…Sets New Growth Targets
By Patience Ikpeme
Dangote Cement Plc has announced that it has paid more than N3.3 trillion in dividends to its shareholders over the past 15 years, reinforcing its reputation as one of the most profitable and consistent performers in Nigeria’s capital market.
The company disclosed the figure during its “Facts Behind the Figures” presentation on the floor of the Nigerian Exchange (NGX) in Lagos on Wednesday. The event marked the first outing of the new Chairman of the company, Mr. Emmanuel Ikazoboh, who succeeded Aliko Dangote.
Mr. Ikazoboh expressed appreciation to shareholders for their support over the years and assured them of continued value creation. “To our investors, you have my unwavering commitment to safeguarding and growing your investment. To our regulators and market operators, you have my pledge of continued partnership and adherence to governance standards that lead rather than follow. To our employees and partners, you have my gratitude and my assurance that our collective strength will propel us to achievements we haven’t yet imagined,” he said.
He added that Dangote Cement remains committed to transforming Africa by creating sustainable value across its markets. According to him, the company’s vision is to make the continent self-sufficient in cement and clinker production.
The Chief Executive Officer of the company, Arvind Pathak, outlined the company’s expansion roadmap. “We aim to expand installed capacity to 66.4 million tonnes per annum by 2030, supporting our long-term vision of making Africa self-sufficient in cement and clinker production. This growth will be driven by a mix of greenfield and brownfield projects,” he said.
Mr. Pathak disclosed that the company had commissioned the first phase (1.5Mta) of its 3Mta Côte d’Ivoire plant, while construction work continues on the 6Mta integrated Itori Plant in Nigeria. He also announced a $400 million investment in Ethiopia to double production capacity there. “Over the past 15 years, Dangote Cement has committed more than $8.5 billion in capital investments across Africa, underscoring our long-term confidence in the region’s growth prospects,” he stated.
At the event, the Group Chairman of the Nigerian Exchange Group, Alhaji (Dr.) Umaru Kwairanga, commended Aliko Dangote for his contributions to the capital market and the private sector. “He has shown that wealth can be created but also transferred to the public through the capital market,” Kwairanga said.
The Group Managing Director and Chief Executive of NGX Group, Mr. Temi Popoola, also praised the new management team led by Mr. Ikazoboh, saying shareholders would be pleased with the direction the company is taking.
In its most recent Annual General Meeting (AGM), Dangote Cement shareholders approved a dividend payout of N502.6 billion for 2024, translating to N30 per share. The company also expanded its corporate social responsibility commitments, with investments rising by nearly 470 percent to N3.2 billion. These investments were directed towards education, healthcare, agriculture, infrastructure, and economic empowerment.
Reacting to the company’s performance, the President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, described Dangote Cement as resilient in the face of economic turbulence.
“We are happy with this result. 2024 was very challenging due to the fluctuations in the foreign exchange market and the company’s expansion programme. But despite all these challenges, the company was still able to pay us a very good dividend and even gave us hope of better returns on our investments in the years to come. This is very commendable, and it is only a company like Dangote Cement that can achieve this laudable feat,” he said.
Chairperson of the Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, also praised the company’s commitment to shareholder value. “As a shareholder and an active investor of this company, I am very happy and pleased with the performance of our company so far. The earnings are not even up to N30 per share, and for the company to still declare N30 per share dividend speaks volumes of the quality of leadership that we are lucky to have in Dangote Cement. It should also be noted that Dangote Cement is the only manufacturing company that paid the highest dividend in the year under review. So, we are happy and very proud to be part of this company,” she said.
