Africa’s richest man, Aliko Dangote’s tenure as director of the Dangote Sugar Refinery Plc has expired and the mogul has submitted himself for re-election to the company’s shareholders.
This comes amidst the company’s N54.74bn profit in 2022, thereby extending its N22.1bn profit of 2021.
Details of the company’s annual financial report obtained by THE WHISTLER revealed that revenue rose in December 2022 to N91.96bn, up from N50.2bn recorded in 2021.
Advertisement
The end-of-year revenue of the company rose to N403.2bn from N276.05bn recorded in 2021.
Dangote Sugar revealed that it paid N27.56bn as tax in 2022, up from the N11.9bn spent in the previous year.
The sugar manufacturer has eight directors: Dangote, Ravindra Singhvi, Olakunle Alake, Maryam Bashir, Bennedikter Molokwu, Prof. Konyinsola Ajayi, Uzoma Nwankwo and Alhaji Abdu Dantata.
Dangote Sugar however, revealed that the Chairman, Dangote, Nwankwo and Dantata are retiring by rotation.
The company revealed that the “directors retiring by rotation are Alhaji Aliko Dangote (GCON), Mr. Uzoma Nwankwo and Alhaji Abdu Dantata, and being eligible, hereby offer themselves for re-election.”
Retirement by rotation is a process where at each Annual General Meeting (AGM) one third of the directors must retire from their position and seek re-election as a director.