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AFRICA’S RICHEST MAN, ALIKO DANGOTE, TO INVEST 106 BLN NAIRA IN NIGERIAN SUGAR REFINER

LAGOS,Africa’s richest man, Alhaji Aliko Dangote, whose conglomerate operates diverse businesses in many African countries, says the Dangote Sugar Refinery (DSR) company will invest 106 billion Naira (aout 337 million US dollars) would be invested in the company to boost profitability and enhance dividend payment.

Dangote told shareholders at the 11th Annual General Meeting of Dangote Sugar Refinery, one of the group’s main subsidiaries, here last Thursday that the money would be invested in the next four to six years. The investments, when concluded, would boost the company’s market share as well as dividend payable to shareholders.

He added that about 101 billion naira had been committed toward realization of the company’s Backward Integration Project (BIP) for equipment purchase, land studies and surveys, and sensitisation campaigns for local communities. Part of the funds was committed to the rehabilitation and expansion of Savannah Sugar Company.

Dangote also expressed optimism that the company’s target to produce 1.5 million tonnes of refined sugar from locally-grown cane in the next six years was achievable. He said the company remained committed to achieving its backward integration plans, and would continue with the effective management of resources to achieve the set target.

He noted that the company re-aligned the BIP strategy during the year under review, with focus on the full expansion of Savannah Sugar Company, the greenfield project in Nasarawa, and the Lau/Tau project in Taraba. Dangote told the shareholders that the Nasarawa State government had approved the project, noting that the company was in the process of cultivating a 50-hectare sugarcane nursery at the site.

Source: NAM NEWS NETWORK