A new report warned that employee fraud costs Nigerian small businesses nearly $7 billion annually. Analysts say internal theft and financial manipulation threaten the stability of MSMEs, which play a critical role in job creation and economic development.
Monday, March 2, 2026
Nigeria loses billions annually to employee fraud report finds
A new report warned that employee fraud costs Nigerian small businesses nearly $7 billion annually. Analysts say internal theft and financial manipulation threaten the stability of MSMEs, which play a critical role in job creation and economic development.
Dangote Cement posts record profit of over $700m, targets expansion in South Africa, Ethiopia, and other markets
Nigeria’s Dangote Cement, Africa’s largest cement maker, delivered a historic financial performance in 2025 with profit after tax more than doubling to approximately ₦1.01 trillion naira, or about $743 million at prevailing exchange rates.
This result, released in its audited financials for the year ended 31 December 2025, marks the first time the company has crossed the trillion naira profit milestone, underscoring strong operational performance amid ongoing capacity expansions.
Group revenue climbed more than 20 per cent to ₦4.31 trillion (roughly $3.17 billion), driven by resilient demand across key markets and proactive cost management. Earnings before interest, tax, depreciation, and amortisation expanded by more than 40 per cent to ₦1.98 trillion, about $1.45 billion, lifting the company’s EBITDA margin to 46 per cent.
In its home market of Nigeria, EBITDA jumped over 60 per cent to about 1.76 trillion naira, or $1.29 billion, with a margin close to 60 per cent.
The board has proposed a 50 per cent increase in the dividend to ₦45 per share, a move that reflects both confidence in the company’s cash generation and returns to investors. Dangote Cement’s performance comes even as total production volumes edged down marginally to 27.5 million tonnes.
Export volumes, however, rose significantly with Nigerian cement and clinker shipments up nearly 19 per cent to 1.4 million tonnes, including 34 sea shipments to destinations such as Ghana and Cameroon.
Chief Executive Officer Arvind Pathak described 2025 as a “landmark year” for the business, highlighting the strength of the company’s strategic model in the face of modest volume declines.
“Profit after tax crossed the ₦1tn milestone for the first time in our history, more than doubling 2024 performance,” he said, noting that disciplined margin focus and operational efficiency were key drivers.
Pathak also pointed to strategic infrastructure projects that are beginning to pay off. In the third quarter of 2025, Dangote Cement commissioned a three‑million‑tonne‑per‑annum grinding plant in the Ivory Coast, which is part of a broader network that expands the group’s annual capacity to 55 million tonnes.
This facility will boost production capabilities in West Africa and position the group to better meet regional demand through an integrated supply chain.
The company’s export terminals at Apapa and Onne in Nigeria have emerged as strategic assets, underpinning its ambition to reach a combined export target of 10 million tonnes by 2030.
Pathak said progress on logistics efficiency, particularly the adoption of compressed natural gas technology in the company’s transport fleet, is enhancing cost leadership.
The addition of more than 3,000 CNG trucks has reduced fuel costs by more than 60 per cent compared with diesel, embedding structural advantages into the cost base and supporting margin expansion.
Dangote Cement Targets More African Markets
Looking ahead, Dangote Cement plans further capacity roll‑outs and geographical expansion. The company is advancing the 6 million tonnes per annum Itori plant while progressing projects in Ethiopia, Cameroon, South Africa, Zambia, and Senegal.
Pathak described a confident growth trajectory, buoyed by stable macroeconomic conditions, structural reforms, and the operational benefits of the African Continental Free Trade Area.
He said the focus on excellence, margin improvement, and export scaling will sustain performance and value creation for stakeholders.
This strong set of results comes at a time when Nigeria’s broader economic indicators show signs of stabilisation, including easing inflation and relatively steady foreign exchange markets, themes that executives say support the cement maker’s long‑term growth outlook.
By Segun Adeyemi, Business Insider Africa
Nigerian oil magnate Muhammadu Indimi ordered to pay daughters $43.51 million in dividend feud
Twin sisters Ameena and Zara Indimi have won a $43.51 million court ruling against their father after a long-running fight over unpaid dividends, a decision that has now pushed one of Nigeria’s most influential business families into the spotlight.
The Africa Report reports that a Federal High Court ordered Oriental Energy to pay the full amount to the pair, marking a major setback for billionaire oil magnate Mohammed Indimi and escalating a feud that has been simmering for years behind closed doors.
The dispute began when the twins said they were shut out of a huge dividend pool reportedly worth around $435 million. They argued they jointly held 10% of the company, giving them a right to part of the payout.
But they claimed their shareholdings were cut sharply without their agreement. Court filings show they believed those changes blocked them from receiving millions linked to the firm’s earnings from its offshore operations.
The Africa Report reports that a Federal High Court ordered Oriental Energy to pay the full amount to the pair, marking a major setback for billionaire oil magnate Mohammed Indimi and escalating a feud that has been simmering for years behind closed doors.
The dispute began when the twins said they were shut out of a huge dividend pool reportedly worth around $435 million. They argued they jointly held 10% of the company, giving them a right to part of the payout.
But they claimed their shareholdings were cut sharply without their agreement. Court filings show they believed those changes blocked them from receiving millions linked to the firm’s earnings from its offshore operations.
A private battle becomes very public
The court victory has turned what was once an internal family argument into public news, partly because of the sums involved and partly because of the businessman at the centre of it.
His company has long been a major private player in the country’s oil sector, and the family has often tried to keep business matters out of the public eye. But the ruling has deepened interest in the story and raised wider questions about how family-run firms manage ownership and decision-making.
Reports also suggest the disagreement has spread beyond the twins. Other relatives are said to be involved in ongoing arguments about which holdings belong to whom, and whether earlier payments to family members should count as gifts or buyouts that settle dividend rights.
A rare look inside a private empire
The case has shone a light on how little is publicly known about private companies in the country, where ownership decisions are often taken quietly and financial details are rarely shared.
The exact calculation behind the $43.51 million figure and the timeline for payment has not been fully detailed. But the order shows the judge found that money was owed, giving the sisters a stronger position as the dispute enters its next stage.
An appeal or enforcement fight could run for months. But the ruling has already changed the balance inside the family and inside the company. A disagreement that began over missing dividends has now become one of the most closely watched business disputes in the country.
The court victory has turned what was once an internal family argument into public news, partly because of the sums involved and partly because of the businessman at the centre of it.
His company has long been a major private player in the country’s oil sector, and the family has often tried to keep business matters out of the public eye. But the ruling has deepened interest in the story and raised wider questions about how family-run firms manage ownership and decision-making.
Reports also suggest the disagreement has spread beyond the twins. Other relatives are said to be involved in ongoing arguments about which holdings belong to whom, and whether earlier payments to family members should count as gifts or buyouts that settle dividend rights.
A rare look inside a private empire
The case has shone a light on how little is publicly known about private companies in the country, where ownership decisions are often taken quietly and financial details are rarely shared.
The exact calculation behind the $43.51 million figure and the timeline for payment has not been fully detailed. But the order shows the judge found that money was owed, giving the sisters a stronger position as the dispute enters its next stage.
An appeal or enforcement fight could run for months. But the ruling has already changed the balance inside the family and inside the company. A disagreement that began over missing dividends has now become one of the most closely watched business disputes in the country.
By Ayodeji Adegboyega, Business Insider Africa
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