Dangote Bows Out As NASCON Chairman — Olushola Bello

By Ikenga Chronicles May 20, 2016

Dangote Bows Out As NASCON Chairman — Olushola Bello

…Says  firm underwent significant changes in 3 years

The outgoing chairman of Nascon Allied Industries Plc, Alhaji Aliko Dangote said, the company has undergone significant change in the past three years.

Speaking at the company annual general meeting held yesterday in Lagos, Dangote said, “Through my tenure, the company has seen substantial investment in expanding of product lines as well as strengthening and restructuring almost every aspect of its existing operation.”

According to him, in 2015, our objective was to grow the seasoning, refined oil and tomato paste businesses to ensure that these new product lines complement and strengthen our existing refined salt businesses, contributing to revenue and delivering profit.

He however said that production from these new lines have been constrained due to current foreign currency restrictions, saying despite this temporary setback, the company is well positioned for the next phase of its growth, creating significant value for the shareholders For the financial year ended December 31, 2015, the outgoing chairman said, the company’s total turnover grew by 43 per cent to N16.2 billion and profit after tax increased by 11 per cent to N2.1 billion, saying “We achieved this by becoming more customer focused, managing our costs and improving our efficiencies.”

Also the shareholders approved a total dividend payout of N1.46 billion, representing 55 kobo per share, an improvement from the previous year of N1.32 billion represent 50 kobo.

The company appointed Yemisi Ayeni on December 15, 2015 to succeed Dangote.

Also, the new chairperson of the company, Mrs. Yemisi Ayeni stated that it is an honour to succeed Aliko Dangote, assuring that “As a board, we will be focused on evolving strategies that will us to put the vegetable oil and tomato paste plants back in operation.

While the managing director of Nascon, Mr. Paul Farrer added that in 2015, the company embarked on aggressive journey to drive operational efficiency and increase capacity yield across all its production plants and facilities.

On the outlook for the company, Farrer said, “Our product lines remain a huge value driver for us, as we play in categories that are life-necessities for the average Nigerian and for which significant supply gaps continue to exist in the market

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