Africa’s richest man, Aliko Dangote, is set to earn a staggering N234 billion as dividends for the year ended 2020 from his stakes in his flagship company, Dangote Cement.
The billionaire, who founded Africa’s most diversified manufacturing conglomerate, Dangote Industries Limited, is the single majority shareholder of Dangote Cement Plc.
According to the information contained in the financial statement of his cement company, Aliko Dangote has a direct stake of 27,642,637 units, and an indirect stake of 14,621,387,610 ordinary shares, which he holds through Dangote Industries Limited.
A recent report revealed that the board of Dangote Cement proposed to pay N16.00 per share on all the issued ordinary shares of the company as dividend for the financial year 2020 – the same as what was paid out to shareholders as dividend last year.
With his total stakes pegged at about 14.65 billion ordinary shares of Dangote Cement Plc, the billionaire will earn another N234 billion from his Cement business this year, which is about 86% of the total N272 billion dividend proposed by the board of the company.
- Dangote Cement Plc (DCP) in its audited financial statement for the year 2020, declared a record high revenue of N1.03 trillion, making it the second Nigerian listed entity after MTN to surpass the N1 trillion mark.
- Sales volume for both cement and clinker products increased by 8.9%, driven by the resurgence in demand in Q3 and Q4 2020.
- The growth in sales and the company’s strong margin driven by its cost control measures and minimal exposure of its cost base to currency fluctuations resulted in a 37.7% surge in profit to N276.1 billion.