Dangote Sugar N500bn Rights Issue

Dangote Petroleum Refinery Plc has received shareholder approval for a N500 billion Rights Issue at its 20th Annual General Meeting in Lagos. This capital injection is intended to bolster the company's financial standing, expand its capital base, and accelerate strategic initiatives, particularly its ambitious backward integration projects under the 'Sugar for Nigeria' program. Chairman Arnold Ekpe reported improved performance for the year, with a turnover of N829.2 billion and a reduced loss of N64.1 billion, despite significant foreign exchange losses and finance costs. The backward integration program aims to produce 1.5 million metric tonnes of sugar annually from domestically cultivated sugarcane, developing 45,000 hectares across Numan and Nasarawa. Group Managing Director Thabo Solomon Mabe also noted efforts to secure $1.3 billion to meet a 2030 production target of 600,000 tonnes annually. Shareholders, including Bisi Bakare, commended Dangote Petroleum Refinery's performance and its outgrowers scheme.