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We Are Not Paying N163.3bn Litigation, Other Claims Now— Dangote

Ololade Omosan-Agie

Nigeria’s biggest cement manufacturer, Dangote Cement Plc is not considering settling litigation obligations and other claims which is currently N115.5bn for the Group and N47.8bn for the company.

The company recently posted N690.5bn revenue in the first half of 2021 up from its half year 2020 revenue result of N476.85bn.

The group also improved its profit to N191.63bn from N126.1bn recorded in the first six months of last year.

But Dangote disclosed in its half year financial statement that it has a liability of N163.3bn from pending litigations and other claims.

The Group said, “The contingent liabilities in respect of pending litigations and other claims in these condensed consolidated and separate interim financial statements amounted to N115.5bn (2020: N117.5bn) and N47.8bn (2020: N93.2bn) for Group and Company respectively.

“The Directors are of the opinion that it is not probable that an outflow of resources embodying economic benefits will be required to settle these obligations and accordingly no provision has been made in the financial statements.”

The company’s market capitalization on the NGX is valued at N4.11tn making it the most capitalized stock on the Nigerian Exchange Group closely followed by MTN Nigeria with Market Cap of N3.5tn.

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