Thursday, 16 AprilWeather Icon24.38°C

April 16, 2026

Building, Business, Construction, News, Photo, Technology

Dangote Sugar Secures Shareholder Approval for N500bn Rights Issue to Drive Expansion

Dangote Sugar Refinery Plc has received shareholder approval to raise N500 billion through a Rights Issue, a move aimed at strengthening its financial position and accelerating long-term expansion plans.

The approval was granted at the company’s 20th Annual General Meeting held in Lagos, where shareholders also commended the firm’s strong performance over the past year.

The Rights Issue is expected to boost the company’s capital base, enhance liquidity, and support key strategic initiatives, particularly its backward integration projects designed to increase local sugar production and reduce dependence on imports.

Management said the fresh capital will play a critical role in scaling operations, improving efficiency, and positioning the company for sustained growth in Nigeria’s competitive sugar market.

Shareholders expressed confidence in the company’s direction, backing its expansion strategy and reaffirming support for ongoing efforts to transform the business and unlock long-term value.

The development marks a significant step in Dangote Sugar’s growth trajectory as it seeks to consolidate its market position and deepen its contribution to Nigeria’s industrial and agricultural sectors.

Design, Entertainment, Games, News, Sports, Travel, Trending

Bernardo Silva to Leave Manchester City After Glittering Trophy-Laden Spell

Bernardo Silva will depart Manchester City at the end of the season when his contract expires, bringing an end to a highly successful era at the club.

The Premier League champions confirmed the midfielder’s impending exit on Thursday, praising his “incalculable” contribution during what they described as the club’s most successful period in history.

Silva, 31, joined City from AS Monaco in 2017 for £43 million and went on to become a key figure under manager Pep Guardiola. Over nine seasons, he has made more than 450 appearances, scoring 76 goals and registering 77 assists.

During his time at the Etihad, the Portuguese playmaker helped City secure 15 major trophies, including six Premier League titles, a UEFA Champions League crown, and multiple domestic honours. He was also instrumental in the club’s historic 2022/23 treble-winning campaign.

Silva recently broke into the club’s top 10 all-time appearance makers, surpassing notable names such as David Silva, Paul Power, and Willie Donachie.

In a statement, Manchester City said the midfielder would be remembered as “one of the club’s finest and most popular players,” adding that he remains focused on helping the team secure more silverware before his departure, with the club still competing for major titles this season.

Confirming the news on social media, Silva reflected on his journey at the club, describing it as the fulfilment of a childhood dream.

“When I arrived nine years ago, I was following a dream of a little boy… this club gave me much more than I ever hoped for,” he wrote.

He also paid tribute to the city and his family, noting that his time in Manchester marked significant personal milestones alongside his football achievements.

Silva’s exit signals the end of a defining chapter for Manchester City, as the club prepares to move forward without one of the key architects of its modern success.

Scroll to Top
site logo

Gym

Join our newsletter channel