Friday, July 12, 2019
Advertisement

Nigeria has lost 250,000 jobs to sugar smuggling, says Dangote

Nigeria has lost 250,000 jobs to sugar smuggling, says Dangote
June 19
10:51 2019
Advertisement

Aliko Dangote, president of Dangote Group, says Nigeria is currently losing at least 300,000 tonnes of sugar to smuggling annually.

He also said the smuggling activities in the sugar industry has hindered the employment of at least 250,000 Nigerians, adding that it has also led to economic sabotage.

According to NAN, he made this known during the Dangote Sugar Annual General Meeting (AGM) in Lagos on Tuesday.

He noted that negative activities made 2018 a challenging year for the company while identifying the influx of smuggled sugar into key markets nationwide as one of such activities.

According to him, the Apapa gridlock also affected the evacuation of products from the refinery and constrained logistics operations, distribution, and delivery to customers.

He said that the performance of Savannah Sugar Company, a subsidiary of Dangote group,  was impacted by communal clashes between the host community and herdsmen which led to the closure of the company for more than three months.

He, however, said despite the challenges, the company continued to post resilient performance.

He disclosed that the company achieved a group turnover of N150.4 billion, a 26 percent decrease over N204.4 billion posted in 2017.

According to him, the company made a profit before tax of N34.6 billion, and a profit after tax of N22 billion Naira.

Ravindra Singhvi, chief operating officer, Dangote Sugar Refinery, said that the future outlook for the company was to continue to leverage on its strength.

He said that the company would maximize the opportunity to generate sales, increase market share and create sustainable value for all stakeholders.

Singhvi said that though the terrain remains challenging, the company was committed to rapidly adapting to market changes and employ numerous levers to mitigate major effects on performance in the years ahead.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2019 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement
Advertisement

Exchange Rates

July 12, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement