By NKIRUKA NNOROM & WILLIAM JIMOH

Dangote Sugar Refinery, DSR, said it has begun implementation of sugar development plan that will result in production capacity increase from 1.5 million to 2.0 million metric tones per annum over the next five to 10 years.

Addressing shareholders at the company’s 8th Annual General Meeting, AGM, in Lagos, the Chairman, Alhaji Aliko Dangote, said the development will further consolidate the company’s position as the largest sugar producer in West African region.

“This plan is pursuant to the introduction of the Federal Government’s National Sugar Master Plan in Nigeria and is targeted at the production by your company of 1.5million to 2.0 million metric tones of sugar per annum from locally grown sugar cane within the next five to 10 years,” he said.

H e explained that the company has taken great care in the preparation of the sugar development plan with their operations being structured to include an increased focus on the company’s backward integration project.

Looking ahead, Dangote said   DSR has a robust growth agenda driven by the backward integration development plans.

“As we commence this journey, our priority remains to consolidate our clear leadership of the sugar industry in Nigeria. We will work to ensure ongoing operational efficiency to drive continued growth across our markets,” Dangote assured.

Meanwhile, shareholders at the meeting unanimously approved payment of N7.2 billion dividend, which translated to 60 kobo per share, earlier recommended by the Board of Directors.

Some of the shareholders, who spoke at the event, commended the board and management for the positive performance recorded in the 2013 and the dividend of N7.2 billion recommended for year.

Speaking on behalf of other shareholders, Nona Awoh, Chief Sola Abodurin of Ibadan Zone Shareholders Association, and Mrs. Bisi Bakare of Pragmatic Shareholders Association of Nigeria, said   various strategies put in place by the board and management made the company to overcome the challenging operating environment  and  deliver improved bottom-line.

.In his report, the Group Managing Director of DSR, Mr. Graham Clark said the company’s master plan is being developed against the Nigerian Sugar Master Plan, which is a corner stone of the Federal Government policy.