Distinguished guests, members of the board of Dangote Cement, distinguished investors, analysts, members of the press, ladies and gentlemen, good morning, good afternoon, or good evening, wherever you are in the world watching this program. It is a moment of immense pride for me, for the entire Dangote Group, to welcome you to this historic day. The listing of the Dangote Cement Plc on the London Stock Exchange, the world's most international capital market. This is more than a listing. It is a landmark moment of African capital to the global market. 20 years ago, we embarked on a historic vision to make Africa self-sufficient in cement. From one plant in Obajana in Nigeria, we have built the largest cement producer in Africa. 55 million tons of capacity, operations in 11 countries, over 20,000 direct employees, and thousands more in our value chain. We have built factories, but more importantly, we have built belief. Belief that Africa can produce what Africa can consume. Today, we take the next step in that journey. Some of you may ask, why London? We have chosen London for three clear reasons. One, depth and trust. London is the gold standard for governance, disclosures, and investor protection. By listing on the London Stock Exchange, we are holding ourselves out to the highest global standards. We want to be measured by the best. Two, global capital for an African growth story. Africa will need to build 80% of the infrastructure it needs by 2050. 1.4 million people need housing, roads, schools, and so on. Dangote Cement will build that future. London gives us access to the long-term capital that understands this 30-year story. And the third is the bridge. London is a natural bridge between African opportunity and global investors. I am particularly delighted that our journey to this market is anchored on our roadmap of decarbonization program to reduce our carbon intensity by 30% by 2030. This is not just a promise. It is a funded, board-approved plan. Ladies and gentlemen, Dangote Cement comes to London not as a Nigerian company looking for capital, but as an African champion offering growth, yield, and impact. We offer market leadership in the fastest growing cement market in the world. We have strong cash flow and a long track record of dividend payments. We have a clear transition plan to green cement. To our new investors, we thank you for your trust, and we will not take it for granted. To our existing shareholders, thank you for building this company with us. I will now invite Mr. Olakunle Alake, a non-executive director representing the holding company on the board, to give an insight of the group. Once again, on behalf of the board and 20,000 employees, thank you all for your trust. It is now my privilege to now open the capital market day. Thank you. Mr. Alake. Good morning, good afternoon, and good evening. My name is Olakunle Alake. I am the group vice president, one of the two vice presidents in Dangote Group. I have done about 36 years with Dangote Group, and I have been on the board of DCP since 2002. I will be speaking very briefly about DIL. As a group, we are one of the largest privately owned African industrial conglomerates, and DCP has been a similar part of the journey of the Dangote Group. Just to give a brief outline, we do have different groups within the Dangote. We have the food group that comprises sugar, which is a listed company in Nigeria; NASCON Allied Industries Plc, that handles salt, also a listed company in Nigeria; and we have the rice that is being incubated. We do have a few things on tomato and dairy down the line that will form the Dangote Foods group. Cement, on its own, will cover basically ordinary cement and some building materials that will bring into play. That is another group. Another is oil and gas, which has the petrochemicals, the refinery, and also the fertilizer. In broad form, that is who we are with respect to our operations. We do have other things around infrastructure, transport, utilities, port activities to support the activities of the group. We are energy self-sufficient, and I think you will see more of that in Dangote's story, the Dangote Cement story. We are keen on making sure that we generate our own energy at the very least possible cost. That helps us to drive our competitiveness. We operate in 17 countries, majorly with DCP. We have, in total, about 4,000 employees across the group. Somehow, we do say a lot about our taxpayer ability. We are probably the largest taxpayer in Nigeria, given our scale of operations. About a year ago, as a group, we crafted the Vision 2030, of which, of course, DCP, as one of the parts of Dangote Group, is part of that journey that we are creating for ourselves. In that way, if you look at the plan for 2030, it is almost, we say, it is about four times what we have created in the last 30 years to show you the growth trajectory that we have formed for ourselves going to 2030 as a group. We have demonstrated over time executive capacity in creating new businesses. That is the story of DCP. We are very profitable and cash generation operations. We usually have a cycle for us, and we are in the cycle of very fantastic liquidity across our businesses. In terms of synergy, because we have all these businesses majorly within Nigeria, with DCP extending outside Nigeria, a lot of synergies around what we do. We manage our logistics across. We provide support at the port facilities. Therefore, as a group, we do support a lot of our businesses. Recently, we are currently on a roadshow trying to list the refinery on the Nigerian Exchange Group. That, for us, is one of the things that we feel will help to generate activities. I must also emphasize here that DIL, as a group, is in full support of the board decision of DCP to embark on this journey to list on the London Stock Exchange. We will provide all the support that is required to make sure that DCP achieve their objective. And one of the things we will try to do in this instance is to help provide the liquidity that is required for this listing on the stock exchange. I must say that yes, we are a group that is in full support of this. We will ensure that whatever is required from us as DIL, we will provide to make this happen. Thank you very much. Now, I would like to call on Mr. Pathak to introduce his team and provide the context with respect to this presentation. Thank you. Thank you, Mr. Alake. Good afternoon, good evening to whichever part of the world. We have a lot of investors that showed interest, and they are joined us by online. I welcome to all of you to this, our Capital Market Day. I will be running you through this lovely story about Pan-African cement champion, that is Dangote Cement. I am Arvind Pathak. I am the Group Managing Director and CEO of Dangote Cement. I have over four decades plus experience in cement industry. Which includes my association of eight years plus in Dangote Cement. Prior to that, other than Nigeria, I had international exposure by having five years stint in Saudi Arabia. Rest of the experience was in India, ranging through the various companies which I have listed there, Holcim, Reliance, Adani, Birla Corporation. We are accompanied to this day by our board of directors. You already met our chairman and the DIL director. We are also accompanied by Mr. Alvaro, who is our independent board director. To tell the story, I have got some colleagues with me, very important members of our team. Mr. Gbenga, who has got 22 years plus experience. He is our group CFO. Then I have Adetorera. She is our Chief Strategy Officer of DCP, followed by Mr. Murilo Silva, our Chief Logistics for the Dangote Cement, and lastly, Oyekemi, our Chief of Sustainability, all DCP employees. This is a management team that will take you through the exciting journey that DCP had over the years and what it proposes to take you on going forward. Having said that, let me once again thank all of you and warmly welcome you to this session. We appreciate your time, and we are grateful to that you have made it today, some of you physically and many of you online. We have made a very crisp presentation, which will optimize your time that you are spending with us. And we are basically can be broken in five sections. In first section, we run you through the introduction of Dangote Cement to the benefit of some of you who did not have the privilege of exposure to Dangote Cement, followed by African generation build-up story. Why do we feel Africa is at the doorstep of a generation build-up? And under this section, we will also tell you which are brief, which are founded on multiple dimensions, were to come through, which will come through, how DCP is well-equipped, a well-positioned platform to be able to take advantage of that. The next section is we will go into slightly more deep and show us how irreplicable business platform that DCP has created over the years. Then we will have a short break and a Q&A session on some of the issues that you would like us to clarify on the earlier three sections, followed by last two section, which is the midterm growth strategy and financial review. Before concluding, there is one more Q&A session on these two topics. Having said that, let me take you through one short video, which will give you a glimpse of what DCP is in a pictorial form. Can I have the video, please? [Presentation] Thank you. I'm sure you'll agree, it's quite exciting. That's why we call it as a Pan-African cement industry champion. Now, it qualifies for champion because in a very short period from 2007, when we put our first plant in operation in Obajana, it has slowly grown into leaps and bounds in Nigeria. It's not only contained itself to the Nigerians, spread its wings across 11 countries, what you just saw. Not only that, we are progressively already reached a state wherein we are highest exporter of cement and clinker in Africa, and we intend to take it further, which I will be explaining in my presentation. To take it to the next levels wherein we can qualify to be called as really an export house. Besides this, what we have to present to you in this presentation is we have a unique model, which is mentioned here as quarry to customer. What it really means, this is a model in which from the mines you take out from the quarry to take it to the place of use, which is lorry, we have a control on the entire value chain. So in the local language, we term it as quarry-to-lorry, which in a technical term would mean quarry to customer. Besides this, we are also one of the largest employer with almost 20,000+ employees. And before I move on to the next slide, the one thing that specifically that I would like to bring to your attention, which you should carry home from this slide, which we'll talk in detail about it subsequently, is about the seaport facilities. We are a unique cement company to have installed the five operational ports and leveraging this asset, we had exported 3 million tons last year, and we intend to do much bigger in the coming years. Look at the sheet. It looks like an amazing story. Growth is one part, scale is another. Spreading the geographical reach is another. So what we have been able to successfully do is to combine growth with profitability. I'm sure many of you would be tracking cement industry players, and it would be difficult to beat these numbers when I say this company has been having, of late, a CAGR of revenue of 40%, EBITDA CAGR of +50%, and dividend CAGR of 22%. Not only cement industry, I think in the manufacturing sector, these parameters would be the benchmark. And this not has happened over one year. We have been able to successfully demonstrate it, repeat it every year, year- after- year. We are very confident the same story will continue in our next phase of the journey. Besides this, what I would like to draw your attention, maybe I will spend some time on that, is the hard currency economics engineering. Why we call it engineering is because our business is in local currency. Our requirement is in dollars. This is the dilemma that the cement industry faces. Most of your procurement, like AGO, you purchase, some of the people prepare imported coal, some of the spare parts, machinery, investment, quarry machinery, anything you name, except for the limestone, predominantly is dollar-based. In the emerging markets, which has seen a wide fluctuations in the foreign exchange, is very important that a company reinvents or re-engineers its way of working, wherein we become FX fluctuation immune. How we have achieved that? We have achieved that by geographical diversification. When you have a big bouquet of 11 countries and growing as we speak, there would be instances when one country may not be able to perform. They will have these challenges, but the other countries make up. So on an average, we are able to insulate. Of this 11 countries, I would also like to draw attention, some of them are CFA-based. That means they are naturally hedged because they are linked to euro. What we also did is we had a massive exercise which we undertook, which is called as FX neutralization. We looked at both the aspects of our foreign exchange requirement. What is that we bring in, and what is that we require to operate our business? What we were bringing were practically nil because our business was in local currency. We took a very aggressive look at this, that is when our export journey started. In three years' time, we have gone from practically zero to 3 million tons. This year and going forward, our targets are much higher. What it did, it brings in the foreign exchange into our business to a very large extent. How did we cut down our thing? We used to require dollar predominantly, let's say for, you know that in cement industry, the logistic plays a very important role, so does the fuel. We try to look for whether we can localize these requirements. Can we replace AGO? It was quite a challenging task, but we all got to the drawing board, we looked at it, what are the options, what are the sense of Nigeria, that is where we decided we will exploit the gas availability in the country. We went into a massive program since 2024 to convert all the trucks that we operate from AGO to CNG. Practically, we used to buy a huge spend, huge amount of dollars to get AGO into the country. Today, practically, we have cut down to almost one-fourth or one-fifth of that. By 2027, all our trucks are aspired to become CNG-based, making our AGO requirement for the cement transportation zero, practically. We also looked at the various fuels that we have, alternative fuel. We took up a journey of alternative fuels and trying to do that, so on and so forth. We decided that we should be able to cut down very significantly our requirement to all the contracts we looked at it. We went into the operations of the plant instead of by OEM, by our self team, N number of initiatives we undertook. Except for one where we could not find a solution, we are still working on it, and that is the gypsum. So only notable import that we do today, besides spare parts, is the gypsum. Even for spare parts, we could do a lot of localization, whereby reducing our dollar direct component in the manufacturing from around 60%+ to less than 40%. All this together, we reduce our requirement, we increase the generation. What it meant, my colleague Gbenga used to win the market to buy $22 million every month for our operations. I am not talking of CapEx. Today, he has a surplus of $4 million to $5 million every month. You heard me right, from -$22 million to +$4 million. This has been the turnaround. This is, again, I am referring only to the OpEx requirement, and that has been a very success story in the recent times for the group. CNG, I have mentioned it separately, though is a part of OpEx utilization because it has got multidimensional. Multidimensional meaning besides what I talked of FX, it is also big cost reduction. Practically, it is 40% of the cost what AGO is. It also helps us in our decarbonization, where we have a self-imposed targets even in the absence of regularity requirement. So altogether, and finally we decided that while we are rejigging our way of working, we will also try to invent how do we do the value selling. Value selling means we do cherry-picking. We also try to recast our pricing policy. All put together made our operations hard currency. Today, we can say for the operations is being engineered, and we do not require anything for the operations. You have seen the video, you have seen me talking, and I think you will agree it is a very exciting and successful story in the cement industry. But this story is not complete without its hero. That hero for me is Obajana. That is where it was born. The first step that it took was in 2007, wherein our first plant started operation. Since then, it has been the backbone of the DCP. I can speak forever on this because it is so close to our heart of each of the DCP employees. But only I like to draw you something. We have grown from one plant to five plants. In this journey, what highlights is two, three couple of key points which has been our template across wherever we operate, and that is our success mantra. A, our visionary leadership in the past which emphasized that we will grow. We are not a short-term player, we are a long-term player. We are an African company. We believe in Africa, we love Africa. For that, when we went into resources, we did not look for a one plant, two plant, three plant or 30 years, which is normally a norm. We went and looked for 400 years of limestone. 400 years. What it meant is, even after five times expansion, we still have reserve for next 80 years. That gives us a leverage, which is a unique thing. Look at the map. The dark blue shows what are the strategically market which I think Obajana caters very efficiently. This is another cornerstone of DCP strategy is we will use no fixed template. We will be flexible. Our only mantra is we should be the least cost to serve the market, and that is where Obajana's blue, dark blue are the market. It covers practically a large part of the country, and that is why it has grown from one, to five plants. I talked about sometime back of a self-sufficient value chain, et cetera. You have seen many of those examples in what I have talked so far. If you look at it has got in-house, you can be calling this Obajana as a cement city. Except China, it is the largest single place integrated plant establishment. It has everything that is required. We do not buy any additive from outside. We don't buy water. We have our own dam. We don't buy electricity. We have own power plant. Otherwise, just imagine in a country which generates a power of 3,000 MW or to 4,000 MW, that range it fluctuates. How would we have managed our, DCP, this megawatt company which is there today with 35 million tons, which requires almost over 500 MW of power? That means one sixth or one seventh of the country's requirement alone would have been required for our cement business if we had not gone in for power. This template where I'm referring to Obajana, remember, is being followed everywhere. The most important, maybe there are many more things, as I said, I can speak forever on this, is the people that we create here. There is no academic institution which produces cement technologists. I say this with a lot of responsibility. We make the people who can run the cement business. The people, besides on-the-job training, people whom we take as artisans, we encourage them to upgrade their skill sets. We take graduate engineer trainees, we do management trainees, et cetera. That is what- We have been able to keep pace. Otherwise, for this growth, if we were to import people, it would have been next to impossible to be able to run the business. Having said that, let me take a break from that. Let's move on to the main agenda. What differentiates I've talked about some attributes, but in macro level, what differentiates DCP from the other competitors, and why we feel it is the right and appropriate candidate to qualify to fulfill the needs of the Africa's generation build-out? Besides the compelling macro and micro trends, besides, let's say keeping aside scale that we talked of, what uniquely thing that we are going to talk in this session today is in the six pillar. First two are what I've already talked about, is that it is a irreplaceable asset. When I say irreplaceable, it is not forever, but we are talking of a time frame. To get one line, or let's say to get 35 MW, one plant requires, keep in mind of our size, $400 million. If somebody has to create this for the 55 million ton company, and if it starts today, from the concept to the first place, it takes around four to five years. Development is not going to wait for four to five years. So we are well-placed to capture that now, and for a long period of time, we are irreplaceable. Many ingredients like power, like water, the infrastructure logistic that we have created, it is very difficult to create in this short duration of time. Differentiator logics, we will talk about it. My colleague, Murilo, will also talk about it. Consistent and above average, above benchmark financial performance. Lastly, we have a system in our organization wherein under the guidance of the board, we meet every year to prepare a strategic plan spanning over the next five years. That means we are not static. We are always looking ahead. This is being monitored, progress monitored by the board, and every year we revisit that and take what improvisation can be done. We have a next. Every time you talk to our team, they will know what is our next goal, what is our next plan in which we are moving. That differentiates us from a knee-jerk reaction to a well-planned thought strategy that we adopt. Why we feel Africa is on the generation build-out. I think my colleague, Adetorera, will do justice to this section. Let me tell you the top headlines. You look at any of the publications that you see across the world, and there is a unanimous decision, and some telltale signs are already there, that Africa is going to be the next build-up. It is expected that by mid of the current century, we would have been housing 20% of the world's population. We would be having 2 cities out of the top 10 cities in the world, and one of them would be Lagos and the second would be Kinshasa. Nigeria, if I talk about, which is one of the greatest economy in the whole of Africa, would be in the top 20. If you look at the GDP rates, it tallies with what has been stated here. If you go to the table, you have N number of statistics. I do not want to run through each line. With not just one parameter, whether it is urbanization, whether it is GDP growth, whether it is the population growth, and combined with that, see what are the deficits that we have in the infrastructure and the aspirations of this ever-growing population demographic. Africa is getting younger compared to other economies. It is growing. See the deficit that we have in the structure. Most of these, whether it is hospital, whether it is a road, whether it is a power I talked about. You cannot be having a growth without power. Everywhere you require cement. The estimate is that if we have to meet the aspiration of the people, we have to lift up the African people out of the poverty level progressively, and do the bare minimum upgradation of this to make it sustainable. An expenditure of around $100 billion would be required. We are already seeing, you will see some of this thing mentioned in the next paragraph. There are some corridors and with already foreign investment, the money is flowing in, and we should be seeing $100 billion every year. If I take cement as 15% constitution, I am taking a very pessimistic number. Normally, all the infrastructure should have around 18%-20%. That is the business that we are going to have. That is a business that we should be looking to. That is a vision that the cement industry, and we as a leader of the industry, have to plan for. That is what our next, going forward in the midterm, is our plan for our company. Moving on. When we started our plant, the two things which notably in 2007 when we started our first plant in Obajana. Two things I would like to worth mentioning is, the price of the cement. Maybe my board of directors, some of them may give a more accurate information, but I have been told it was around $250 a ton. Today, we are far less half of that. Dangote has done, and the same story, you go to any part of the country. When we put up our plant in Congo, that time I know we have purchased the cement at $265 per ton. Today, it has come down to around $100+. We have made the cement affordable. Next is affordable, well, fine, but it should be available where you want. Our scale and our spread in 11 countries, if you look at the map of the Africa, has made it possible. So we have made available. Nigeria, which was importing clinker and cement, we have today grown not only to meet the requirement but to also export. What a great transition in this short period of time. What it means is that underlining business model that we adopted was of a self-sufficiency. Besides clinker and cement, we want to export this model to whole of Africa. Some of these footprint that you see, some of the trade benefits after and all are trying to implement is being achieved through our means of having self-sufficient across Africa. Something structural opportunity which we have with relatively not to the same magnitude and to the same complexity others will have is look at the states that we are in. Practically all the good limestone-bearing countries, we are there. When I'm saying we are there, I'm excluding the North Africa. Our Africa is Sub-Saharan Africa. We are there in Senegal, we are there in Congo, we are there in Nigeria, we are there, you name a country, we are there, maybe excluding with the exception of Kenya. By the sheer presence of having presence of a large magnitude of reserve, which has been our philosophy, we have created a head start over our competitors, and we are almost ready to be able to meet the requirements of the future. Coastal markets, if you look at the map and this, you don't get any limestone on the coastal, at least on the western part of the Africa. It is a sort of opportunity for DCP. Why is it opportunity? Because with our infrastructure and investment that we have done and the foresight, we have the ports which normally in an emerging market, not only here, everywhere else in the world, my experience have been infrastructure becomes the biggest constraint. We have created ports which can take out, receive material, whereby addressing this, we some may call it as a issue, I see as an opportunity for DCP. We can treat now, so the outlook has changed. We have started looking whole of Sub-Saharan Africa as my market. The market in which DCP has to serve. And you see the circular that we have shown how Nigeria, just as an example, and the land connection shows how we export to our adjoining countries. Whereby, though we are present in 11 countries, today we do business in 24 countries. We have a large cement drivers in West and Central Africa, we are there, and we get benefited from the regional trade agreements that we have across the nations. This, after if it comes, it will further strengthen our sort of opportunity that we will have, and we are well prepared for that. Putting it into from the products, this from the infrastructure side, we talked about what plant we have, what magnitude we have, what we are building. Let us talk about the product. Today, we are one of the exceptional who have the large bouquet of variety of cements. What it means is any cement requirement, which could be special cement requirement, we are prepared to meet. It requires, let us say, high blended cement, not a normal one, we are there. It require road stabilization, we are there. Oil well cement, we have recently added to our portfolio. You name a one, we are there. We are gradually already moving into the adjacencies of cement, which is in ready-mix or some of the other area. Lastly, taking forward the concept of self-sufficiency, taking into account the generational buildup that we are talking of. We will require cement in a large way, but we also require some other building materials. We do not have an adequate or reliable sources for supply of that. That is why we are moving in the direction of that. It also makes a logical extension of our business. We have invested heavily in infrastructure, like I said, your water, your house, your people, everything you name, we are there. It is just a small incremental CapEx basically related to that plant. We have a land, we have everything there to add on these capabilities. We have a logistic network, which we will talk about. We have got vast distribution network, we will talk about, that makes it easier for us and the low transition, better place to do that. Going forward, you will see that DCP has matured from where we were a single plant, single location in 2007, to a multi business which can offer one-stop building material solution. Besides economics, what it does, it gives us, again, a irreplicable when I say, it gives an opportunity for us to lock a customer from the foundation to roof, F2R, we call it in our company. Everything that is required for a person to move with his family inside this and make it a memorable, seamless experience, that ambition will be served when we complete that bucket. Going forward, let me go forward. I said we are truly an Pan-African champion. I would modify my statement now. I say we are not only Pan-African, we are a global cement champion. Why I say global cement champion? Not only some statistics I will put in front of you, and I am sure at the end of it, you will agree to what I say. If I exclude China, in terms of capacity, we are at the ninth position. I think graph on the left-hand side of the screen shows that. If our midterm plan, 2030 plan of capacity, if you look at it, if we grow to 80, which we will grow, our confidence comes from our excellent project execution capability in demonstrating the complexities which I will talk in the next half. We are super confident that we will be there. With that, we move into the global top five. This is a very notable achievement, but becomes still more to make all of us proud. Is that in this period of our existence, how many companies have added what capacity? That is what the graph shows. We are in the top three. Which again, reinforces that we have a project execution capability, we have a team, we have financial resources. Now add to that one more layer of complexity is other two countries or other competitors might have got more number hit, but then how many countries they are present? Why that is important? Because each country, each virgin area that we go in, brings its own dimensions of issues, complexities, geopolitical, macro level. We have the capability to execute things under different varying, instead of being only in a comfort zone. If we add up that layer, we are the number two in the world. So we are not the best global player, but we are in the top three, top five if I add up scale, if I add up the period in which we have grown CAGR, if we add up number of countries that we have grown. Let me slightly go back to slightly more fundamentals. What is this quarry to customer that we talked about? Briefly I said, we control every value chain that we do. Differentiator is, we do everything ourselves. This came out of both necessity as well as compulsion. When we entered the business, the engineering or the environment, the country was not mature enough, which progressively it is becoming, it is improving. So we had to do everything ourselves. We had to bring that skill set and do it, then we found we did it very efficiently. For example, the mines, our competitors would give it to a contractor. We do not do it. We are our own people who do it. So in the first planning bucket is reserves inquiries. I talked about the example of Obajana, but as I said, that template runs across all our locations. We have a totally excess of 4.25 billion tons of reserves. This is not only quantity, it is locked up by the long-term contracts and licenses. Which practically with the current capacity amounts to around 80 years of requirement. Next, we were blessed with the thing that we came in 2007, or we started our plants in, let us say, 2003, somewhere around that. All our plants, though the EPC contract has been given to the Chinese, which we feel they are good at, but all the major machineries are European. If some of you are following the manufacturing companies, you name a company which is in the top of the league, is there who is our business partner. Whether it is Loesche, whether it is Gebr. Pfeiffer, whether it is Haver & Boecker, whether it is Hesmac, even Quarry with Caterpillar, Komatsu, you name one company, we are associated with them. We blended the equipment and the execution efficiencies of the Chinese. We brought the best of the both worlds. What we created is nothing but an irreplaceable asset, which is very modern, state of art, cost efficient, and that is what one of our advantage is. Lastly, distribution and sales. We have a very thought through, a very vertically integrated logistics and distribution model, extending up to our customers and people who want to take the product to the point of use of the construction. That is why we say quarry-to-lorry. What is driving a principle of this, and which we designed the whole system, is what we call a RAS. We feel any efficient distribution or system should be able to reach where the product is needed. You can produce a product, but if you cannot reach where the need is, your clinker and cement will lie in your silos, or you will do some distress sell to get rid of them. All our efforts are made to see that we are reachable in even the most difficult part of where our market lies. A is availability. We are a firm believer that if the product is not visible at the shelf, at the counter of our retailers, the customer is not going to wait for it. There will be options. Our distribution system ensures, not only we reach, we ensure that every time the product is available when he wants. Lastly, is the S is the speed. Even if it is available, to make it move to his doorstep will determine whether we can become a supplier of choice. That is where this whole scheme drives it. We will talk about it later. All these things then may be across the function, but just giving an example of the logistic. They are fully tech and also community angle. Maybe let me share it. We are besides scale, size, et cetera, we are a company with a purpose. One of our purpose is that where we have our communities, where we exist, we should be able to see that they also share the benefits. I think in the previous slide, I had forgot to point out, the community development expenses in the last two, three years almost tripled up. Similarly, all our customers who have been working with us faithfully, working around with us, we have designed a unique model which I do not think exists anywhere. It is called the customer truck empowerment. What is done is we buy the truck, we bear the interest charges, and our customers, we give the truck with only condition that you will do business with this truck only for us. What it does? It fulfills our requirement of RAS, reach, availability, and speed. It also helps us to doing, seeing that we buy the share of the wallet of a customer. There is no bond or anything lock, but we have this efficient lock with our customers. Fleet management system, distribution management system, electronic proof, they are all technically enabled processes that we adopt. I think it is here what I was talking about. Social development, if you look at it, the last item on the right-hand side block has grown in one year from $ 12 billion to $ 19 billion. If you look at the three-year span, it gone up three times. Coming to that, I say we do a business, yes. We are in the business of making money, yes. We are in the business of also making cement. But we also have a purpose of doing a business. Some of these will show how conscious we are of that. We do not have any regulatory framework in this part of the world to guide us or force us to adopt the decarbonization policy. But then we have been the founder member of GCCA. I have the privilege of sitting on the board of GCCA, and we have voluntarily adopted the scheme which most of the countries who are member, about 80%+, are decarbonization, that is reducing CO2 by 20% by 2030. We are, as of now, on track. We are in the absolute number basis comparable with emerging and other peers. Having said this, on a global basis, we are also very conscious of the resource utilization. We feel the resource is not only for us, but for the mankind welfare. That is why we are very conscious of how we efficiently use it, water being gone. People say that water is going to be the next battle in the coming years to come. Conserve water waste, et cetera, everything is conservative. We weigh the option whether we are making an efficient use of that. Lastly, empowering people. I have talked about how we train our people to the various things. Some of the examples are given in first to draw. Lastly, we see that the fruits of our progress is also passed on to our community. An example of that, I will give you very interesting example. Ethiopia is a very complex country, which all of us know, is quite challenging in some ways. We, as a producer, have got a capacity share of 17%, around that. But our market share is 31%. 17%, 31%. What it shows is in the adverse countries, other people are not able to operate their plant. We run our plant at the full capacity, and this is acknowledged by the country's topmost leadership. Whenever our officials visit, our board of directors visit Ethiopia, we have played a very important role in the transformation of Ethiopia, and especially some of you, if you have traveled to Addis, you will find the face change. It will not be appropriate to say grateful, but they are acknowledging our contribution in that by having producing the capacity and meeting the cement requirement. That has been possible because we have a very harmonious relationship with our community. They don't disturb us. Okay, going to the next. Now, logistic. I think I have been talking about this, some flavor of what is our guiding principle. I have mentioned RAS. Now, we will be talking more in detail, but let me at this slide pick up the sea transportation. I think I made a passing remark, most of the emerging countries, this becomes a bottleneck. A, inadequacy of the port facility. If it is available, the per se, the charges of the ports are exorbitant. Instead of promoting export, it is a deterrent to export. C is even the incoming, for example, I take my ship to Senegal, Ivory Coast, it has to park in the high seas for 15 days. What it means is, it means a demurrage, it means a cost. By investing in this, not only limiting to what I have put on the slide, it also, we are continuing to do that as a DCP. We have continued to expand our Apapa Port. We have got a deep seaport coming in Ogun State. What will facilitate is a big ship arrival at the port. All this put together gives us a very competitive structural advantage to the DCP in this cement market. We have talked about logistics. If we do not link it up with what benefits it brings to the organization, I think the story would be incomplete. What it does is, by virtue of way we have designed it, the way we have structured it is a window by which the capacity that we have been building at a fast rate, and we are future ready by having some spare capacity. It is put to use as and when an opportunity comes, like this export came. It helps us in utilizing the spare capacity whereby, not only bringing the top line business, also reduces the cost of the company. The economic benefits, by virtue of some of the places where we have a trade agreement, it brings in the additional, besides the top-line revenue, the benefits under, for example, ECOWAS. If we take our product to ECOWAS, we get a relief in the custom duty. Since we acknowledge and we know all of us that logistic is a very important part of our cost, we are very conscious how do we keep on cutting down our cost. CNG has been a big changeover because we run a fleet of around 8,000 trucks and another 3,000 by our customers. We had started our target in 2024, and we have already converted 3,000 trucks by 2015. We would be doing additional this year, but finally, our target is 2017, we would be, 2027, sorry. I apologize. We will not be running any AGO driven truck in the cement dispatches. Besides sustainability, wherein the CO2 generation from a gas, and gas is supposed to be a cleaner fuel. It cuts down the CO2, it brings us a cost saving of 60%. In any transportation, the fuel cost is around 60%. In 60%, if you shave off 60%, what you are left with is 36% or 24%. That is the shaving. All this was being, I am coming to the net attribute, which still we have not discussed, is our cost efficiency. I think we qualify besides scale, which I had talked about, spread in the country, logistic, et cetera. I think we stand to qualify as one of the least cost producer in the cement industry. We would be better placed in the lower quartile of the pecking order of the industry, and that has been our continuous exercise. CNG helps us to reach there. While we move on from this cost, we will see what more we do on the cost reduction. I would like to bring in a question which is often posed to me, or posed to anybody who stands on here on behalf of DCP. What is the magic that DCP does which helps us to achieve a consistent and excellent, and I would say out-of-imagination figure for a cement industry, which is shown on the right-hand side. If you look at the last half year, we have got a ROCE of 68%. We have got a shareholder return of 129%, a yield of 5%. We have talked about what foundation we have. We have attractive market dynamics. We show the location. We have immense, extensive, good quality reserves. Pan-African manufacturing footprint. We have talked about that. Unmatched scale and a strong balance sheet. One such example is our leverage ratio and the interest coverage ratio are very-very low. If you look at this, some of these foundations, not all, but some of them would exist in other competitors. But why are they not churning out the numbers that we churn out, financial numbers every year? The reason for that is the contribution to this is DCP multiplier, which is in the center. What it talks about, fully vertical integrated. We talked about quarry-to-lorry. Capillary logistics and exports. I think I mentioned we have a very integrated logistic channel, right going up to the customer's doorstep. Export, we have grown in a big way. High group-wide synergies. We have not talked about this. Let me talk on this subject. We are a part of a very big group, Dangote Group. The name Dangote itself is a big brand. In whichever market we go, we do not have to sort of introduce ourselves the time we put a Dangote name on the bag. That not only translates the expectations to which the DCP has to live up to, but it also brings us the brand equity vis-a-vis our competitors. Another synergies could be like, we have access to getting the SGP bags, and currently with refinery coming in, we have access to AGO, which we do not require much, but we require in the mining machineries. So though we may not benefit from the price of the AGO, but we do get benefit on the assured availability, and whereby also keeping a very minimal inventory to be able to manage our business. Benefit of that could have been seen during this war, Iran and U.S. war. Our supplies were assured and uninterrupted, whereby our business flourished as usual, despite of the world facing a challenge in the supply chain. I am talking of Nigeria. Top of the mind brand, not only is a brand of the Dangote name, it also what we do to make it happen in terms of quality, in terms of seeing that it is available, et cetera. Lastly, I think I told the initial slide, is a successful FX improvement. So it is not the physical assets which alone can give the results. What we are trying to explain here is what is behind it, which we do differently from others, which makes us churn out not one year, two year, but consistently, give and take few percentage here and there, a very high profitability across the years. Let me now move on to the next part, which shows I mentioned about cash flow generation. We want a healthy leverage. If you look at the first two blocks, I think every CFO will envy that if we can have a net debt to equity, which is minus, which was in H1 2026. Net debt to adjusted EBITDA again is minus, which has dropped from 0.3, which 0.3 itself is good, but the stride that we are making in that direction. Lastly, interest coverage ratio. From five to eight. It gives a lot of headroom. If the push comes to shove, we have the headroom to press these levers. We don't see that happening, but that is the headroom that we have. Look at our paybacks. For a brownfield, we have a payback of 2.5 years. For greenfield, we have a payback of four years, and so on and so forth. But the most thing that I would like you to notice is our cash generation is 89%. So we have a very healthy ratio, we have attractive returns, and that is with all that we had talked about from the beginning, from the first slide to this, can be summarized under these heads. Wherein, excuse me for repeating it again and again, we are best placed to meet the requirement of the Africa's generation build-up, without doubt. When the Africa generation come up, based on the six buckets which we have dealt all the slides, I think we have an unmatched potential, we have an unmatched opportunity to be at the front burner to make use of that opportunity. I think with this, I will like to invite my colleague, Adetorera, to go into more details why we feel the African generation build-out is not a myth, is going to be a reality in the days to come. Thank you very much. Thank you very much, GMD. Good afternoon, everyone. My name is Adetorera Banjo, and I'm the Chief Strategy Officer for Dangote Cement Group. I support the group in terms of its growth and expansion strategy. I've spent the last 20 years in similar roles, just helping organizations in terms of their growth and transformation. 12 of those years were spent in KPMG, where I also led the strategy and operation business across Africa. Before that, I've also worked in organizations like Mastercard and GTBank, also supporting corporate banking across the continent. In the next 20 minutes, I will be sharing the Africa generational build-out story, and also our views in terms of Africa being the next growth frontier, and why we're passionate about the role that Dangote Cement will play in this generational build-out story. When we look at, I would say, global markets generally, we like to use the cement intensity curve to just position countries where they are in terms of their infrastructure build cycle. Usually, cement demand would accelerate in emerging markets, where urbanization and infrastructure needs are actually built, and then it begins to peak and moderate in maturing markets when the infrastructure is actually built out before it plateaus in the matured markets. At this point, infrastructure has already been concluded. They are already at a phase of maintenance within that space. Today, if you look at Africa, Africa is really in the first zone, very early in the curve. In terms of cement consumption per capita, Africa is about 168 kg. If you look at that and compare it to other consumption benchmarks, Africa is 31% below global average, or 31% of global average, 44% of Europe's consumption average, and then also 53% of Southeast Asia average. What this means, really, it is not a weakness for Africa. This is really reinforcing the fact that the consumption catch-up story is real, and there is a lot and a role that cement has to play within that catch-up story. When we look at it in a global context, global cement demand itself has also declined over the years. China used to peak at about 1,400 kg per capita and has significantly declined due to its negative cement growth, about -14%. If you also look at matured markets like the U.K., Germany, Canada, they are centuries past their infrastructure build-out. If we strip out China, we strip out the matured markets, Africa stands out as one of the last growth frontiers in the world. This is also further buttressed by the fact that Africa contributed about 18% to global cement demands over the last 10 years, expected to grow at about 3% CAGR over the next 20 years. Sub-Sahara Africa's projection is even actually higher, about 5% CAGR growth as well. The real question is: What is the size of this market and this opportunity that we are faced with today? If you look at the entire ecosystem of the industry, cement manufacturing itself is about a $ 10 billion-$20 billion industry. But we know that cement manufacturing or cement itself is beyond just bagged cements. It goes into adjacencies such as the cement derivatives, other building materials, bringing together the Africa building materials industry. That industry itself has an addressable market size of about $100 billion. Cement continues to be the center and the cornerstone of that ecosystem. It contributes when we add cement manufacturing to concrete and premix, making up the cementitious materials, it contributes about 35% to that growth. I know you have heard me talk about cement, cement. It is not really a cement investment thesis. This is more of an Africa infrastructure thesis and story. The reason why is because Africa has to build the roads. Africa has to build infrastructure. Africa has to build power. The reason why it has to build this is because it is way behind where a lot of all these global economies are. This is a market that we are not just hopeful to build. This is a market that has to be built. It has to be built because we need to close that development gap in Africa. In terms of the development gap, there are a lot of what we will call drivers that are driving development and growth in Africa, which we will speak to shortly. When we look at the Africa demographics, GMD had mentioned that by 2050, Africa will be contributing 20% to the population growth. Today, Africa consumes about just 6% of global cement demand, and that gap alone is where the opportunity really sits. What is really driving this opportunity? One, again, it is the population growth. By 2050, Africa is supposed to be growing from 1.5 billion people to about 2.5 billion people, and 60% of that population will be under the age of 25. What does that mean? It will drive things like schools, it will drive demand for healthcare, drive demand for basic infrastructure. Beyond that, urbanization is also expected to double to about 1.4 billion by 2050. What that means is that every urban resident would require a house, would require roads, would also require schools. All of this is centered around cement, because cement is a major material that helps in this build-out. This is not just a population or urbanization story. It goes beyond that into things like transport corridor build-out, where we will require roads. We will also require stations, we would require bridges, drainages. It also goes into regional integration so that trade can be facilitated across regions and corridors are built. Every one of those demands, so to say, is also very cement-intensive. Despite the rapid population, the urbanization and all of that, Africa, like I mentioned, is still way below global average. The interesting thing is that East Africa was actually at this position about, sorry, Southeast Asia was actually at this position about 50 years ago, and that it has grown in the last three decades. This is where, really, the Africa infrastructure build-out story sits, and then the Africa infrastructure consumption also sits. Before we go into the infrastructure gap, I just want to take a moment to help everyone visualize the scale of this continent called Africa. Africa, in terms of land mass, is bigger than the U.S., than China, than Japan, and most of Western Europe when we combine it together. That is the scale of Africa. That is the scale that we are talking about when we talk about infrastructure gap, creating a multi-decade opportunity, especially for construction. The investment required to build this scale is also very limited. For example, if I just take roads. If you look at roads today, 90% of the trade that happens across Africa is by road, and about 40% of the population in the rural area do not even have good access to roads. Also, when you look at power, over half of sub-Saharan Africa is without electricity, and the list goes on. If I combine or take a view around the roads, ports, power infrastructure, industrial zone, the entire investment gap that runs across Africa is about $1 70 billion. This is where the opportunity really sits when we talk about the build-out story. Now, in terms of private investment, we have started to see some underway, especially in the ports and logistics sector, where we have DP World committing about $3 billion to build port infrastructure in Africa. We have some major port expansion projects also underway. All of this would help to build that infrastructure story and build the infrastructure build-outs that Africa requires. The real question is: Why does infrastructure demand matter for cement, right? One of the things is the fact that infrastructure demand itself is structural. We need to build regional integrations to also accelerate the investment that we require in Africa, especially for Africa trade. These projects are highly cement-intensive. What that means is that local producers, like Dangote Cement, that has the scale, you saw the scale of a platform in Nigeria, for example, that has that scale, that has that reliable supply, that has the distribution channels, are well-positioned to take advantage of this opportunity and to also help to build the volume growth that we see in Africa. So the question really is: how does this demand play across different markets? Of course, again, like I mentioned, Africa is huge. Africa cement growth is broad-based, meaning that not every market will grow at the same pace and in the same way. So there are three distinct growth engines that will shape Africa's cement demand outlook over time, and these are across three markets. The first is the scale markets, and the scale markets are largely supported by population growth and urbanization. So if you look at Nigeria and Ethiopia, for example, very high population, the sheer amounts and the sheer size of the population already helps to sort of grow the demand or push the demand for cements within the market. Then we also have corridor-led markets, and this is where we have countries like Senegal, Ivory Coast or Côte d'Ivoire, Tanzania, Cameroon. In these markets, demand are supported by trade corridors. So interregional trade happens. Majority of the demand comes because of the position of these countries along the trade corridors. We continue to see infrastructure build-outs to facilitate those trades. We continue to see cement demand in terms of construction. A typical example is the Lobito Corridor today that is very instrumental in terms of regional trade in Africa. Then finally, we have the frontier markets. Now, these frontier markets demands are shaped by country-specific dynamics. Countries like Ghana, DRC, Zambia, are part of the countries within these frontier markets. They either grow or do not grow based on market-specific policies. So, for example, if importation is banned in this country or is not banned in this country, it has a direct effect on cement demand within the country. Now, in terms of our portfolio in Dangote, our portfolio cuts across these three growth engines, and we are able to capture demand and opportunities in the market as they arise. So whether it is opportunities that are stemming from population growth or just regional trade or just market dynamics or state of development within the market. Now, these markets or these growth engines don't sit in isolation, and what happens is that a lot of them are connected physically through trade corridors. This is really where and how the demand physically moves from one country to another. We use the concept of regional corridors. Regional corridors really help to ensure that there is a linkage between the production hub and underserved markets within Africa. First is the West Africa corridor, is one of the biggest corridors within the Dangote platform today, and that is because it is the largest West Africa corridor today. It connects five countries, Nigeria to Benin, to Togo, to Ghana, to Côte d'Ivoire by road. Infrastructure requirement for this regional market is by road. Similar to it is also the corridor between Senegal and Mali. Mali is very landlocked, and it means that it has to rely on the port infrastructure in Senegal to feed its cement demand. Similarly, in East Africa, we also have the gateway ports between Dar es Salaam and linking that to Uganda, Rwanda, Burundi. Same for the northern corridor as well in terms of Kenya, Uganda, Rwanda, Burundi. So these are corridors that are linked by the port, and you see trade and demand flow through these corridors. Lastly, we have the central and southern corridor as well, and this is where the critical mineral corridor sits. We have major copper and cobalt moving across this corridor from Zambia to DRC to Angola. This is underpinned by the Lobito corridor that I mentioned earlier. This Lobito corridor is really transformational for Africa because it is going to connect Africa, not just within Africa, but to the rest of the world in terms of accelerating development and export. It is a corridor that is currently U.S. and U.K. backed today. There are significant financial commitment of about $6 billion to build this 13-km rail connection, and it is already undergoing operations as we speak. Why do these corridor matters? Because they are major and big drivers for demand. They both drive demand directly in terms of just building the infrastructure that supports the corridor, and also indirectly through other impacts of the corridor. So whether it is housing, whether it is the mineral belt, whether it is the trade, or the special economic zone that is going to be happening across the region. Because of this, products of this scale, just think of cross-border rail connection, cross-border ports, require significant investments, significant volumes of cement as well, and players. Very few players can actually sort of support this sort of growth. To support the growth and the demand, you require large scale, and this is the platform or the capabilities that Dangote Cement has built across the 11 markets that we operate in over the last two decades. Finally, we have gone through how the demand grows within each of the different markets. We have gone through how it physically moves across the continent. The next thing is how do we then capture the economic realities of this growth. This is where the concept of the protected, contested, and the exposed coastal markets come into play. What happens is that the most attractive markets are those markets that obviously have the structural demand, so the demand has to be there first. Market conditions also have to be strong. And if you look at the protected domestic markets, these are markets where you have very strong margins because the producers here are all integrated, availability of limestone. They build logistics across the market to support the flow. Also, they are enjoying some level of protection in terms of importation into the market. What this means is that from a pricing environment, they enjoy the most pricing structure in that environment. Also, they are the most attractive market. We have countries like Nigeria and Ethiopia in this zone. Then we have the contested corridors. Also very similar to the protected domestic markets because the players here also have integrated capacity because of limestone and quarry availability. However, the market is open to imports and pricing becomes a contest because pricing is more contested. What is happening in this market, again, is that the people that win or succeed, or the players that win or succeed, are the ones that have the skill and logistics to win in that market. Finally, we have the exposed coastal market. This exposed coastal market, just as the name depicts, they are the markets with no form of protection. Beyond that, majority of these players are grinding capacity because limestone availability is probably very limited. You have things like bagging plants and grinding plants there. Because of that, the fact that there are no structured protection within the market, it is very open to imports. That is why you see a lot of importation going on in that market. Beyond that, there is a lot of FX volatility within the market. There is a lot of import parity in terms of pricing. What is very critical is the fact that to play in this market, operational efficiency becomes a core capability for players within this market. This is a market where cost discipline matters. This is the market where efficiency matters. When it comes to attractiveness of market, the Dangote Cement portfolio today is built in such a way that our cement market runs across a lot of these markets, and we are able to build our competencies within the structurally advantaged market. Even in the case where we do not, our scale, our execution capacity, our cost leadership position allows us to win within this market. Right now, I would just like to focus a bit more on Nigeria, because Nigeria is one of those markets where every of these dynamics that I have mentioned have sort of played out. We have successfully taken advantage of the opportunities within the market and proven it. Before I go in-depth into that, the Nigerian market today, as we may all know, has been through the most significant macro reset, and we are at a point where it is delivering great and measurable stability across various macroeconomic indices. Whether it is in terms of recovering, in terms of growth, inflation is easing out in the market today and policies are working. For example, if you look at our GDP growth today in Nigeria over the last four, five years, we have seen a lot of stability, which is tremendous. Post-COVID, GDP is tracking at about 4%, way higher than global averages. Also, in terms of external reserves and Nigeria's FX reserves, that has also been rebuilt, and that has also taken a very good trajectory immediately after the unification of the market, growing to about $58 billion as we speak. What this means is that it gives producers, and it gives investors that confidence to come back into the market again to put capital because of the economic activities that is going on. Also, when it comes to inflation, again, inflation is another indices that has also delivered in terms of macroeconomic reforms. That's because tightening monetary policies have started to provide impact. Then we've seen inflation come down to about 17%, closing the year at about 16%, which is also tracking very good in terms of easing inflation. Then finally, the exchange rate. If you look at our exchange rate today as well, since the devaluation, exchange rate is now steady and also tracking below even the 2026 forecast at about 1,300. That's the fourth pillar that we're looking at. I'll quickly run through the infrastructure spend again, because this infrastructure story is quite interesting for us. What we can see, if you look at the last chart on the right, public infrastructure investment, is that public infrastructure spend has risen over the last four years, higher than global average, moving from about 3.2% to 5.5% as well. If I bring all this together, what it shows is that the indicators are tracking well. These aren't numbers that are projections. These are numbers that have been delivered, and it's no longer a story about volatility, but a story about what's this stability that we're experiencing now in Nigeria is going to unlock. What is it going to unlock in terms of delayed infrastructure, in terms of housing investment, and also in terms of cement demand? Because everything is built around cement. Going into cement demand, we can also see how this macro stability is playing in cement demand. The industry today consumes about 32 million metric tons, and it's expected to grow at about 5% over the next 10 years. Even when we look at a downside scenario, because this is a base case scenario, and that's the chart on top, the growth is also extremely meaningful, growing to about 48 million metric tons in a base case scenario and 37 million metric tons in a down case scenario. What is also driving this is, again, the per capita consumption. Recall that Africa was sitting at about 168 kg per capita. Nigeria is about 138 kg per capita, which is even lower than the Africa average, but slightly higher than Sub-Sahara average. But again, a lot of the structural drivers that we had mentioned before, especially around infrastructure build, housing, roads, urbanization, the corridors, and the commercial industrial recovery, will continue to reinforce the future demand outlook for cement. I think for us in Dangote, the real question is: who is now positioned to supply this in the market? That takes us to the supply footprint in Nigeria. If you look at the supply footprints in Nigeria, first thing is that the industry's production assets are all located very close to limestone reserves, very close to the demand center. What this reinforces is the fact that this is an industry that cost competitiveness is very high. Beyond that, what this also means is that majority of limestone deposits have been taken, and barriers to entry is quite very high. Also, if you look at it as well in terms of capacity, we all know that it takes significant capital investment to put up a plant. We saw our Obajana Cement Plant, over five lines in one location. Beyond that, the capacity today in Nigeria is about 69 million metric tons, and there is planned capacity to expand that. This is the industry really. We are seeing an additional 38 million metric tons being planned. For us, this really shows that the industry is really ready to take advantage of the growth in the market. Not just the growth, but also the consumption catch-up that we mentioned from the consumption per capita. This is both domestically and also through exports to underserved markets. Because its capacity has been built out, what it means is that once utilization kicks in, it goes directly to margins for the industry players. When we look at the industry players, market leadership cuts across three of the largest producers. Today, Dangote Cement is the clear market leader. We actually have clear market leader in terms of production and also in terms of capacity. Production-wise, we have 53% market share, and likewise, in terms of our capacity, about 51% market share. For us, the Nigerian story really provides the scaling which our Pan-Africa story also sits on. In terms of capacity, again, recall that Nigeria, we said Nigeria has about 51% share of market capacity. We have a 35.2 million metric ton size in Nigeria. When we add our Sub-Sahara Africa capacity, our Pan-Africa capacity brings our total capacity to 55 million metric tons. When we compare ourselves to the next comparable competitor, we are about two times bigger than that in terms of capacity. What this means is that today we are Sub-Sahara's Africa leading cement company with full self-sufficiency in clinker needs, and we are well-positioned to take advantage of this Africa build-out story. In addition to that, we have very ambitious expansion plans that is going to take us to 80 million metric tons, and this will position us as the top five leading cement player across the world. What I have also showed us this morning, really, we have gone through the markets, we have seen how Dangote Cement is positioned within the market. I will quickly like to run us through the playbook that we have continued to deploy, whether in Nigeria or in a Pan-African location, to not just win in the market, but to take advantage of the opportunities in the market. If you look at this, our approach to the African market was not just one decision or one single move. It was a sequence of five different decisions that we had to make over time, and this has compounded into the market position that we have today. Firstly, was the fact that earlier on in our journey, about two decades ago, that significant investment in backward integration and just aligning to the backward integration policy ensured that we put our commitment first before any capital, and we made sure that we built that over time. Secondly, was our ability to quickly lock in the natural resources, lock in limestone in this question. If I take Obajana for example, Obajana has a billion tons of limestone today, over 80 years, and has also become very clinker self-sufficient. That has been very, very instrumental in terms of our growth story. Thirdly, is the fact that we have been able to build capacity ahead of demand, with a capacity of about 35 million metric tons in Nigeria versus a demand of 25 million metric tons. What this also brings to the table is the fact that we have built ahead anticipating the growth that will come up in future. The fact that we own our own distribution fleet today also enables that we are able to control demand up until the last mile. We have over 9,000 trucks in Nigeria today. Pan-Africa, we have over 10,000 trucks, and that continues to help us deliver in terms of our distribution capabilities. Finally, our ability to compound all these growth levers into our leadership position across Africa. This has helped us to deliver in terms of our financial outcomes. When you look at our financial outcomes, best in class in terms of our results. Beyond our market position, which is number one in terms of capacity share, market share, and revenue, we have been able to deliver about $2 billion in terms of our Nigerian revenues, enabling us to deliver 60% in terms of EBITDA margin. This growth and playbook is what we have also been disciplined enough to replicate across our 11 markets today. Right now you have seen the infrastructure gap within the markets, you have seen the Africa growth and generational build-out story. We have also seen the fact that macro reset has also helped in terms of building this confidence in the market. What this gives us is the fact that we are very much confident in the platform that we have built to take advantage of the opportunities within the market, to take advantage of also the infrastructure gap and opportunities in the market, and to build volume over time. At this point, I am going to hand back to GMD, who is now going to tell us about our business model and how we have built it in a very purposeful way. Not just to take advantage, but to also ensure that it is irreplicable by anyone. Thank you very much. I am back. You will see me once more. Don't worry. Have patience. We have been talking about irreplicable, we have been talking about various things, that we got a brand equity, we got a brand, we are doing something differently. Maybe a more deep drive insight is required to be able to buy that. I am sure I can see, look at the audiences when I was presenting that, they require some more evidence to that. What in this session we are trying to go, we are going to do exactly the same. When we say we are irreplicable, we will try to say why we say so. With this to start with, what is important to understand, how we do it. Kindly recall the Dangote multipliers. Slightly, let's go into deep dive in some of those. I will not read each one of them because some of them may have been overlapping with what I have already stated in the past. For example, what I will try to point about is plant procurement and construction. We are beginning from the time when we start thinking of a project. There is something time elapses between conceptualization to first groundbreaking. There are two elements in that. One is, what is the time? But time is money. B is, what is the cost? We have a very financial strength, and we have not deviated very significantly from our service providers, or we call them our business partners. What we get, we get a very good bargain from them consistently, plant after plant. Our financial strength ensures that we meet the requirements or we are very prompt in making the payments, whereby ensure that we get a high discount because we take care of their cash flows, which is very important. Also, since we are repeating most of the equipment, most of the capacities, the drawings are same. Only you have to see the material handling from one section to another section. So even for a supplier, this engineering work, which is practically not adding any value, is a very shortened one. It helps us in reducing the whole time of the project. It helps supplier to see that his investments are less because the engineering effort comes down, and also we get a very good bargain. That is the first step that we move in the direction of seeing our CapEx come down and reasonable compared to DCP's competitors in the market. The next one is quarries and mining. We have been spending some time since morning, and maybe Adetorera also mentioned all the scale at which we operate. To be able to produce at that scale, you require reserves, which we talked about, not only quantity and quality, but one thing, to convey my point, I will just try to make it when the plant size increases, the scale goes up. We have almost around 55 million tons, maybe around 18 to 19 lines we operate across all our operations. Each line that we operate, which is of 6,000 tons, which means around practically 7,500 or 7,800 tons of cement. What it means is with a blink of an eye or every second, three cement bags passes. For us to be able to ensure the quality, we talked about brand equity, we recall. A group brand equity advantage makes us a first buy easy. But a repeat buy is not on the name. Repeat buy is on the product, whether it fulfills the promise. To deliver the promise, what we do is we don't control quality. It will look to be very absurd. We try to build in the quality because the scale is such, each line, three bags every second, humanly impossible to control. We have invested heavily into our quality control, starting with a cross belt analyzer, organization and ending up with a robo lab. What it means is we are not dependent upon the human skills, human efficiencies, and whereby seeing product. Besides the quality and the brand equity, what it also helps is it helps in the various cost reduction because you can have a better product, better mix of additives, et cetera. This is the second piece which contributes to our thing. Next one is centralization. When we do centralization, what it helps us is, again, it cuts down very significant part of our project execution because it is similar equipment we got, drawing is there, foundation stills are there, we just start work. Beyond that, when we get the machinery, when you operate, you already have trained people who have been working on the similar machine elsewhere in your organization. Your inventory levels can be very significantly managed. Inventory is money, and that too unutilized money. That brings us a further element because in cement industry, there is no one silver bullet. It is every small step that we take in the direction of production of cement or selling of cement has to be done efficiently, has to be done better than competitors, then only we can maintain the leadership and produce the results that what we are producing. Going to the next, sales distribution. We talked about logistic, we talked about RAS that we have. The next slide, I will hold this back for one slide. We will give it in more in detail of that. Lastly is the premium product. For our excellent quality control investment, which is humanly independent because our scale cannot be controlled by a human being. It has to be automated. We are able to produce premium product across all our operation. In the 11 countries that we operate, we are in competition with who is who in the cement industry. I would not like to take the name, but some of you are watching cement industry will know who are the competitors in Tanzania, who are the competitor in South Africa, who is the competitor in Nigeria. So who is in who in the maybe except for the Indian producers. All other international producers are there. And we have been able to demonstrate and command premium ahead of them. What it shows? It show that our product is new, has got a recall, and which breaks the myth that Africa cannot produce a premium product. Permit me, I will take few seconds to explain what I have always given as an example. When we were young, when our fathers were there, they always said Japanese product was supposed to be a cheap, and some of you may find it difficult to digest, was supposed to be a cheap product, and it gradually graduated to being a premium high-tech product. Same thing with China in our generation. China was seen as a cheap product. Now, today, it is giving U.S. a run for the money, Europe a run for the money. The next, believe me, is Africa. And we have demonstrated that. In competition with all the MNCs, we produce a product which is better than them. We have a very exorbitant system by which we ensure that. And the latest example is, we have international companies only work in the oil well exploration, and they use oil well cement, which is all imported in Africa. We have large reserves of oil, but still we do not manufacture oil well cement. When we started producing, in the first sample that we supplied to all our potential customers, we got a very positive feedback. This again shows that Africa and we in DCP has the capability to produce premium product. That is why if you combine all this together, whether it is quality that we do not control, again, I refer, we try to build in the quality. This philosophical difference makes us a very cost-effective proposition. Now, another unique thing is, since we are a different type of organization than most of our major competitors, we do not have a standard template which is cut and paste everywhere. We do a specific location, specific market, a tailor-made solution. The tailor-made means there could be locations wherein we have a huge market, and we have a raw material in abundance and of good quality. The solution that we adopt is something which is integrated. That means we go in for a relatively higher investment compared to other solutions, but then we produce the cement there. The host of countries which flags are shown are the ones where we have integrated unit. If we move to a location which does not have the privilege of having, or they are not blessed to have high grade or high quality limestone, we go in for a grinding unit, which is relatively low cost. We also do two more things. Some places wherein we feel market is relatively attractive and would require cement in time, relatively a large quantity, we have gone in for a bulk terminal. But gradually we have seen wherever we have gone with a bulk terminal, we have graduated to grinding unit. That is what we did in Ghana. That is what we are doing in Sierra Leone, which will be converted to that. Lastly, if at all we find the underlining principle everywhere is one major principle, that we should be the most competitive supplier of cement in the market. If we are to become the largest market share, if we are to compete ahead of others, compete ahead of all the big names, then we need to be the least cost producer or supplier in the market. That is we are talking of cost to serve, it is not just to produce. But ultimately, what customer pays is what he receives. To enable that, the export is another means which we adopt. We have advantage of being a proximity to most of the countries in the sub-Saharan Africa. So here we have put down with this philosophy, what are the assets that we have, where we are located, what thing we follow. That again, makes it very capital intensive friendly, I would say. Judiciously invested rather than just overspending or spending, which is just fashionable or the standard template hit comes from somewhere and we have to adopt that. Next. I think I will not spend much time. We have talked about this in the past, that we have selectively, sort of over a period of time, picked up the countries which have got large reserves, good quality, invested in that. Collectively, we have got access to 4.2 billion, which is around 80 years of lifetime. One unique thing where I would like to make out is differently from others, we look for solutions wherein the limestone alone is the major raw material, but limestone will not be only raw material. Sometimes for chemical balance, you require some additives. There again, we have been able to engineer. We do not go in for a process which is again a standard. We have a very close dialogue with R&D, our own quality people, and we try to work out a process solution which can work and most of the additives are either present or can be made available economically rather than importing or buying from outside, which some of our competitors do. Which again gives us without scale and other than the limestone, which can be seen that what we generate and what we consume, raw material is more or less the same. The difference is primarily on account of inventory beginning of the year and end of the year. Besides logistic, another area where a major cost element goes in a cement production is fuel. What is the consumption of fuel? We have a very modern plant, state of art. We have been upgrading. Tech-enabled plant, automated plant, which ensures our efficiency or specific power consumption is one of the lowest in the industry. It is also the cost of the energy becomes important. Those two multiplying determines the cost of the energy in the cement production. What we do is, before we build up a plant, we try to look for what are the locally available fuels. Not only we try to build a plant suitable for that, we also look for, can there be some other fuel which I can bring to the site? The examples which we normally give is that of Obajana. We did not have gas at Obajana. We brought the gas to Obajana by laying a 60 kilometers of pipeline. That is the philosophy work, and all our plants are equipped for all varieties of fuel. You name one, I will tell you, "Yes, we can fire." Whether it is crude, whether it is AGO, whether it is coal, whether it is lignite, whether it is petrocoke, is some investment we do in this area. With our experience in emerging markets, one of the ways that you can be successful is how you can manage the crises and the risk. We get it every day, not one day. We feel this is one route by which we can, I think I gave an example of the recent crisis of gas pipeline failure in the context of AGO, but this is also applicable here. Because we have a multi-fuel capability, it permits us to switch over it economically or even in the adverse situation to something which will not make you stop your business. This is one cost that we built in in our template in all the plants. On the right-hand side is the alternative fuel. Every plant of DCP has a potential to use AF in its plant of a high percentage. The question to be asked looking from this data is, why is that some of them have a higher percentage, why others have a low percentage? Low percentage is slightly on a lower side, I would say. The reason is very simple. If you draw a line, the ones with the higher percentage are the countries wherein imported fuel is used. The relative advantage of using alternative fuel is greater there. The more important than that is, and this is the irony, unlike which some other parts of the developed country, it doesn't happen. Developed countries, the use of certain thing is supported by regulatory controls. Not only for the consumption, also the producer. So somebody who's generating a waste, he would be very eager to dispose of his waste. Whereas in emerging markets, and not only true in our operations, in India also it happened the same way from where I come. Once you show a way to the local, let's say bio-waste especially, how do you use it? The prices go up. It become more costlier than the fuel. Okay. So we have to have a different template, different working for that, and we try to balance it out. That's why you see the variation. Our intention is to be at 20% level across the group. We are rejigging some of our strategy for the ones which are lower end, like something, I don't know how far we'll be successful is to bring RDF from outside. But the other way to look at RDF importing is why should we be bringing the waste of other country to our parent company? There could be other. See, the best incinerator in the world, or one of the best, I'm not authority to say the best, I would qualify it as one of the best, is kiln. With 1,400 degrees centigrade to 1,500 degrees centigrade, you can burn most of the things that you find in the world. It is an excellent opportunity that we have, as and when the regulatory support comes in in the various areas of our operation, the capacity that we have built in, the investment that we have done it, will come very handy. As we see in the examples of the developing countries, many of the places, the energy cost is negative. What does negative means? Maybe Mr. Thomas here, my friend, can confirm that. They pay you for using the fuel. In fact, they deliver it at your factory, and they give you price to dispose it off because they have to pay a bigger penalty if the waste is there. On the contrary, for a waste which is rotting in the fields, in emerging country, there's market. So this is why we said this is one investment that we have done, and I'm sure going for which will make us again a very cost-effective producer because it addresses the core of the maximum cost that is, and that is why we are one of the lowest cost producer of cement. I think we talked about this, some of the things, but I said in one of my slides, I'll come back to us when we talked of the sales and distribution, wherein we talked of our philosophy of RAS, et cetera. I think some part of logistics, I gave a flavor of that. More would follow. What here we like to talk about is what is the distribution model that we adopt, and which again fits into our RAS model. We produce a product of which we are very proud of. It is a premium product which come on best in the class. How do we reach out to the people? The logistic part, we will deal separately. We have got our distributors. The distributors carry it to the market. Beyond every state, since the country is quite widespread, most of the countries where we are present, because they are all big-sized land mass countries. To make it efficient, we have got warehouses or what we call as depots. An example, in Nigeria, we have 46 depots. None competes with us in that number or anywhere near that. We have 8,000 our own trucks. We have some CTES trucks make it around 10,000+. No one is anywhere near that. From the depot, when we take a last mile, we have got customer empowerment there. They take it there. We have got 65,000 retailers. 65,000 retailers. Which takes us to every nook and corner of the street of the countries. I am talking of Nigeria numbers, wherein if you go on a street, you can't miss a Dangote Cement truck. Added to that, understanding the constraints that our retailers have, we have introduced a new concept of providing them with containers. As I said, we are following wherever applicable, FMCG model. All your Pepsis, Coca-Colas, they provide deep freezer at some. We have provided the equivalent of that in terms of containers. The magnitude that we provide in the market, and we aspire to do that is 8,500. Therefore, what it does is it makes the product available. Just remember RAS availability. It ensures that every time I have a material there, and what is visible will be sold. That is another concept that we follow. Beyond that, we talked about the road conditions we have. This is all the major roads. Walk into the lanes, especially during rains, they are unapproachable. This truck of 45 tonner for sure cannot go there. Truck of 35 tonner cannot go there. So what we have schemed is for our retailers to assist this last leg of distribution, we have started a new scheme of giving a tricycle. That takes them to the interiors of every construction site. So altogether, there cannot be a place wherein if there is a demand for Dangote Cement, which is everywhere, and we cannot reach out efficiently, timely, in adequate number. That is the strength of our thing, and that's why we command a premium or the cost to service low as compared to our competitors. Just to carry forward the story of last mile distribution, customer distribution, we have learned from some of our international experience. That I was giving example some other day. In Australia, one of the multinational company had to leave that country. Because the whole distribution went into the hands of the few, and they started then dictating the price on the cement producers. We learned from those mistake. That's why we say we are very quick at learning, and we are not ashamed of that. We adopted in our model, we will not let the concentration of power of a customer be in the few hands. It takes a toll on managing the customer, but is worth the investment. If you look at the graph in the between, besides the other thing I was telling what awards we win, I have just put a few samples there, but there are many, many more. Our top 10 customers only account for 18%. On an average, if I divide 18 by 10, it comes to 1.8. But the biggest customer only hold 3%. That means they are not in a position to dictate terms to us. On the contrary, they would do what we want them to do, what service we want them to provide to the retailers, what they do. One thing that I missed out in the earlier slide is we also have a unique sales distribution leg, which we call pre-sellers. The pre-sellers are the one who are the foot soldiers. They have an app-enabled journey map. They are supposed to be going from each counter to counter, and they give a feedback of the requisite information, what is the price, what is the customer selling, what is the stock. This all together enables us to quickly react to the market situations. This has been very successful and is being adopted by some of our competitors also. We talked of tech enabled. In the technology, with the changing times, as I said, we are very good at copying. So we have quickly adopted ourselves to the AI technology. But we have been very selective in using it where it makes a business case and a sense to us. The areas where we felt it can bring value and where we have implemented is in the killing mill and process optimization, predictive maintenance, quality and query optimization, I think we have talked about it. Most of the places we have done it, and we will go into detail. Only thing with the work in progress is today is the demand forecasting. All this put together, they in some way or the other adds to the improvement of efficiency, improvement of productivity. Ultimately, keep in mind, it reduces our cost of operations. There not being any fancy adoption of technology in DCP, and that is why we are one of the least cost producers. Giving just a case study, one of the latest baby that we have introduced in the technology field is the ePOD. This is a final confirmation of delivery electronically. This is again something like what courier service does it, some of them. So earlier, our methodology was a waybill will go, it will be received, acknowledged, comes back, then the whole cycle is completed. But until that, again, we were dependent upon the driver efficiency. Coupled with that, we have a distribution management system where seamlessly a customer can see how the payment has been made, where is the figure, what is outstanding, when it has left, when is the ETA, so that he can plan further down the line his retailers line up, et cetera. Final thing is when the delivery received, there is a photographic evidence of driver and the customer of the delivery received and confirmed in quantity, quality, et cetera. It eliminates, and some of the benefits I will not read out, the most important is, this practically eliminates the reconciliation. It also gives you the trust and the faith that we have a transparent system, which has no scope to be disputed. It also helps the customer to plan his cash flow. It helps the company. We also recognize the sales time. All the benefits that we can think of are put here. We have just initiated this. We have made some great strides in this. The feedback that we have from our customers, that they are very, very happy and is rolling it out at a fast speed. I think for the next part of this presentation of this section, I will request my colleague, Mr. Murilo Silva, who can do a better justice to this than what I can do on the logistic part of it. Mr. Murilo, please. Good afternoon. My name is Murilo Silva. I am the head of logistics for Dangote Cement since 2024. My career was pretty much built over 23 years in the parcel and freight businesses. I served companies like TNT and then FedEx as director of network, director of planning and engineering, and lately as managing director for operations. The purpose of the next slides over about 10 minutes will be to demonstrate to you that logistics is a strategic asset for Dangote Cement, not simply a support function. The reason behind that is that logistics is deeply linked to at least four of the competitive advantages of Dangote. Our distribution reach, scale, cost, obviously, and we are the ones who carry our strong brands everywhere. It takes a lot of years to build what I am going to show you. We were able to build capabilities in land, rail and seaborne that combined, they provide business a very efficient manner of reaching the markets. Actually, this multi-channel and modern setup for the supply chain has supported the business to grow a CAGR of 26% from 2020 until 2025. We will continue to be the backbone of the future growth of the company. This is the detailed map of one of the largest cement distribution network in the continent. Let me start by land. We are heavily supported by assets, so 10,000+ owned vehicles. Additionally, 51 depots, not to mention 65,000+ retail location ensure that we reach everywhere in the domestic market as well as the ground exportation. One of the corridors mentioned by my colleague, for instance, from Nigeria to Benin Republic, Togo, and Ghana, we daily cross that with silo bulk tankers, with tippers to carry the clinker, and with flatbeds. We also leverage from existing infrastructure on rail. We use it in countries like South Africa, Tanzania, Congo, and we even do exportation from Senegal to Mali. But the numbers that I would like you to memorize from this presentation, from this slide actually, are 231. They talk about the seaborne capabilities that were built. Two export powerful terminals, three dedicated receiving terminals, and one, another one coming by the way, and one dedicated jetty. This infrastructure was able to deliver 34 clinker shipments only over 2025. For exportation, Nigeria plays a role as the anchor of the system. Our two ports over there, they connect our scale, and they convert it into export growth. Port Harcourt and Apapa combined, they have a capacity of 4 million tons per annum. Today, we use them for both imports and processed gypsum as well as export clinker. We are prepared to offload a vessel of 30,000 tons in about three days. Not only that, we are also investing to make sure that these ports are prepared for the future growth. Our target is to reach 10 million tons per annum, and the two highlights I would like to give are the expansion of Apapa, that is ongoing, and the deep sea ports close to the free trade zone in Ogun State. If you think about this infrastructure, it is truly transforming Nigeria into a regional hub because we deliver through it a robust growth in the recent years. Year over year, our export grew close to 20%, 2024 to 2025, but if you compare to the previous three years, we were able to multiply by three the number of clinker shipments that we actually performed, and this is supported by a high capability, high ability actually, to hire those vessels in an efficient manner. Now, if we look at the other side of the equation, the receiving terminals. They are very important because, actually they extend the reach of these integrated countries' production. Ghana, Sierra Leone, and Senegal, they are dedicated for us. They have about 40,000 metric tons of storage capacity, minimum 200 meters, and they have been commissioned since 2022, 2017. Senegal is ongoing. The jetty that we have fully dedicated to Dangote Cement in Cameroon, it connects to an eight-meter leg directly the clinker that is being offloaded to our plants, which obviously provides a lot of cost efficiencies in the process. I covered, in a nutshell, land, rail, and seaborne. When we speak about network in Africa, many people view the infrastructure challenges as obstacles for growth into the companies. I am going to mention some of them. The poor road infrastructure, if you think about that, only 13% of the roads in sub-Saharan Africa are actually paved. 80% of them are in very, very bad shape, and there is no maintenance service across the roads. In spite of those challenges, DCP has managed to transform them into really competitive differentiation. This is how we do it. First, on the road parts, we use our density. Our plants are strategically located. Just to mention one, Ibese is pretty close to the biggest city in Africa, like Lagos. We also have the depots, and as GMD anticipated, we use these retailers. We use our own containers, branded containers, to serve them, as this is more visible and attractive to the markets. Our workshops, they are able to do pretty much everything a transportation company needs. We may open and refurnish an engine, for instance. We have our own retreating facility to recycle the tires. Lastly, one very important item on our cost base is fuel. If you foresee the fuel availability depending on importation, that is going to add a lot of volatility to your costs. It is hard to plan ahead, right? The way we address that is by building our own CNG infrastructure. The right word is actually building, because our plants receive, through the pipes, natural gas. We are the ones who actually compress the natural gas to make them eligible for our trucks. We are building a number of mother stations, daughter stations, where we can actually fuel our own trucks. Probably you have seen this slide before. I would like to add some details to it. This slide speaks about the three distinct purposes providing our export advantages. Number one, we use the spare capacity of our plants. That, by nature, brings a very good cost advantage. However, it is not only that. By doing that, we ensure access to these high-quality reserves of limestones that we have, for instance, in Nigeria, to other markets. Number two, this is a region that is growing faster and getting more integrated. We are very well-positioned right inside this trade framework. Dangote Cement is the number one producer in the region. This integration is actually forecasting, if you only consider African Continental Free Trade Area and ECOWAS, they are forecasting 2026 a 10% growth. We have a fast-track records of 33% in exportation growth only in Nigeria. By that, we show that we are disciplined in execution and we can, yes, take this opportunity. Finally, it is very exciting to be part of the CNG/New Energy Vehicle transformation. 8,000 trucks is a very heavy investment in fleets. Let me mention some of the advantages that we have with that. The number one is definitely a cleaner fuel. If you compare the kilo of CO2 emitted by kilometer from diesel, 1.55, you drop to CNG, 0.96. Number two, the cost savings. 60% of something that represents about 60% of your cost base is relevant. We will deliver, over the next years, $90 million annual savings, starting in 2026. Number three is the FX insulation. Imagine that you are on top in Nigeria of these immense reserves of CNG, right? We can be very competitive and be very safe on the FX if you use those immense reserves. Finally, what I think is a very good advantage is that many of our competitors, it is simply not viable for them using diesel trucks to reach some of the routes. By using CNG, we increase our market penetration because we will be the ones serving those customers. Finally, this is my last slide. Let me just give you a background before I go over it. Today, we cover pretty much 100% of our inbound needs, what we supply to our plants, with our own fleets. We also cover 100% of our exportation with our own fleets. But when it comes to the domestic distribution, we have a share about 70% covered by us and 30% covered by our own customers. That was mentioned a couple of times by GMD. We call it Customer Truck Empowerment Scheme, CTES. This is a mutual benefits program that actually, in a nutshell, DCP provides the trucks to the customers so they can self-collect their own cements and they pay for the truck transporting their cements. I think it is worth mentioning two clear advantages and the target that we have as well. Number one is the stickiness. You kind of lock up those customers. Number two, by doing that, you take advantage of their ability in certain regions to be more flexible, more agile, and even faster than you. We make sure that we partner with them to remove any obstacles to reach all corners of the country and the region. On a final note, let me just say that it is not only exciting, but logistics proudly supported the growth of the company in the previous years. Once again, we are confident that we will continue to be the backbone of future growth for exportation and domestic markets for Dangote Cement. With that, let me call my colleague, Dr. Oyekemi, that will cover the sustainability journey for us today. Thank you. Good afternoon, everyone. I am Oyekemi Oyelola, and I am the Head of Sustainability at Dangote Cement. Over the past 14 years, I have been driving sustainability strategies across different sectors, and today, I will be happy to discuss with you what our strategy is in terms of sustainability. Considering all that you have heard since we started this program today, you must have heard some certain words that further enforces that sustainability is a recurring theme within our organization. You must have heard words like alternative fuels, localization, optimization, digitalization. All this speaks to how we have been able to institutionalize and operationalize sustainability in our operations. So what exactly is the Dangote Cement sustainability strategy? We call it the Dangote Cement Seven Sustainability Pillars approach, and this is just a framework that ensures that we are able to embed sustainability in everything we do. Being able to balance operational excellence, financial performance, environmental stewardship, economic empowerment, all driven by a robust governance structure, is one of the ways that we have been achieving our sustainability strategies. We are not leaving out our people, so the cultural and the social pillars also ensures that we deliver long-term value for all our stakeholders, and this includes our customers, our employees, our investors, even the host communities, and a wider range of shareholders and stakeholders as well. What are the key focal areas for our sustainability strategy? Number one, of course, is carbon emissions. We all know that the cement industry is a hard-to-abate sector. CO2 is inevitable, right? We are quite aware of that, and we have committed to reduce our CO2 emissions by 20% by 2030, and that is no mean feat. We have looked at various areas in which we emit significant amounts of CO2, and we have put strategies in place to reduce them. One of them is the production of clinker, and just as the GMD had said in his previous presentations, blended cement is one of the ways that we are reducing our CO2 production. We are also looking to develop a low-carbon product known as the LC3 cement. That is a Limestone Calcined Clay Cement. This will further drive down CO2 emissions because this type of cement can use up to 50% clinker and then substituted by other materials that work as well as having clinker in them. In terms of fuel, we have talked quite extensively about the use of alternative fuels in substituting for fossil fuels. This will also drive down our CO2 emissions as well. In terms of energy efficiency, installation of solar plants across our locations, as well as the deployment of waste heat recovery systems to reuse the heat that we emit from our processes are strategies to reduce emissions in terms of energy efficiency. Use of AI and technology as well to improve our kiln efficiencies are strategies in that regard. In terms of transportation, we have talked about CNG, electric vehicles. These are ways that we are looking to decarbonize and reduce our CO2 emissions. We have quite a lot of strategies in place. We have a roadmap to achieving our target for 2030 per year, per location, and as a group. In terms of our environmental impact, that is another core focal area. In terms of air emissions, in terms of water consumption, waste management, we have put strategies in place to recycle, to ensure continuous monitoring of our matrices in terms of water, in terms of air, NOx, SOx, and other air emissions, as well as improving our energy efficiency as well. Thirdly, our focus on governance framework. Maintaining this is core and key to us. We have a robust strategy, in terms of governance, and I will speak to that in our next slide. Workforce empowerment is key. Our people are quite important to us, and we have invested quite a lot in developing our employees to ensure that they deliver operational excellence whilst also taking care of our people in terms of well-being, health, and safety. Lastly, social investments. In as much as we desire to have the social license to operate, we also have to give back to the communities where we operate in. We have supported communities in various areas such as infrastructure, education, empowerment, especially for vulnerable groups like youths and women, as well as education. The alternative fuel project has actually been a successful outcome, I would say, of deploying our sustainability strategy. It has offered us an alternative solution to fossil fuel, reducing dependency on it, significant cost reduction, as well as an alternative pathway to waste management as an alternative to disposing waste into landfill. Some of the alternative fuels that we have used are agricultural, industrial, and municipal waste, and the GMD also talked about the use of RDF, which we are also looking into. Since 2021, we have deployed a number of alternative feeding systems across all our locations, and this just speaks to how much investment we have made in this project. We have gotten some cost savings as well. We had committed to reducing our TSR, which is the thermal substitution rate, by 25% by 2030. The thermal substitution rate is the amount of energy that comes from alternative fuels, which is used to substitute energy that would ordinarily come from fossil fuels. 25% we have targeted for 2030. Currently, we are at 9% as a group. I would like to say that across some of our locations, we are actually trending between 20%-40%. Investment made in 2025 in alternative fuels, for example, is about $6 million, and we have been able to get considerable cost savings of about $40 per ton as of July this year. In terms of waste management, between 2022 and 2025, we have been able to increase the amount of waste that has been diverted from landfill by about 180%, and I think that is quite commendable. Speaking to our governance framework, I had mentioned that this is one of our core strategies. We have a diverse board composition. We have 13 members in number. One is the independent chair, and then we have a Group GMD. These two entities are separate entities. The roles are separate entities, and then, of course, we have a mix of independent executive directors and non-independent executive directors. In terms of diversity, we have seven nationalities sitting on the board, and we have a female representation of about 31%. Furthermore, we have subcommittees or committees, I would say, that actually advise the board on various matters as it regards the organization, and there is a committee dedicated especially to sustainability. This has also helped to drive the sustainability initiatives. Also, in addition to our governance framework, we have a robust repertoire of sustainability policies that also helps to drive this initiative across our business. In terms of diversity as well, we have a mixed blend of diverse experiences and qualifications as well, which has made the board quite robust in driving this strategy across our business. As I had said earlier, our workforce is core to ensuring that strategies are driven across in terms of operational excellence and then creating long-term value. We operate a culture of transparency and equality, and we are quite aware that there is a notion that the cement industry is a male-dominated industry. But we have initiatives aimed at accelerating female representation across the workforce and not just on the board. We are highly committed to protecting our employees in terms of health and safety. Then to ensure adequate succession planning and developing a well-groomed and oiled talent pipeline for the future, we have various programs in place. We have the graduate training program for young graduates. We have the leadership development program, the Dangote Leadership Program, and this is a program for leaders within the organization. We have a management trainee program, and this is training as well for mid-management employees. Our technical teams are not left out. We build their capacity in collaboration with international standards as well as our OEMs as well. In a nutshell, we've been able to institutionalize and operationalize sustainability in our business. We do not see sustainability as a cost center. We actually see it as a risk management strategy that further aids to de-risk the business. Thank you very much. I'll hand over to the GMD. Thank you, Oyekemi. Apology for running slightly late. One request we have is, can we skip the Q&A? We will take it in the end. We have a short break and come back in 15 minutes as requested. Thank you very much. [Break] Good afternoon. Can we have assembled in the room, please? We are starting our next session. In view of giving more time for the Q&A, what we intend to do is we straightaway jump to financials. To take us through the financials, I will request my Group CFO, Dr. Gbenga, to come on the stage and run you through those data. Please, Mr. Gbenga. Thank you, sir. Thank you. Good afternoon, everyone. Okay, my name is Dr. Gbenga Fapohunda. I hope you can all hear me. Okay. My name is Dr. Gbenga Fapohunda. A little bit about myself, I joined the Dangote Group about six years ago, still counting. In terms of background, ex-KPMG Assurance, ex-PwC Financial Advisory, ex-CFO at British American Tobacco and ex-CFO at United Parcel Service. So I will take us to the finance numbers. Okay. The main message on this slide is that DCP's financial performance in the last three and a half years have been exceptional. I will take us through the reasons. The first one is for revenue growth. We had CAGR of about 36%, which is largely driven by two key factors. One is volume growth and two is price increase. These price increases are influenced by two factors, inflation and exchange rate devaluation. Taking us to the next point, which is adjusted EBITDA. EBITDA grew by 45%, largely driven by three factors. The first factor is revenue growth, the second factor is operational efficiency, and the third one is actually cost reduction initiatives. Taking us to the third point, which is an elevated 88% cash conversion ratio. I will take that from two perspectives. The first perspective is what are the key factors that have enabled us to deliver these outstanding numbers? The first one is our good cash flow. The second point is our good profitability margins. Now, the question is, these elevated good cash conversion ratios, what has it done for us as a business? It has done three things for us as a business. It has allowed us to continue to invest in our investment initiatives, one. It has helped us to give good returns to our shareholders. And three, it has helped us to keep good liquidity. Going to the third point, which is good EBITDA margin of 43%, quite outstanding. This is simple average for the last three years. Let me put a twist to it, an icing on the cake. As at December 2025, this 43% was actually 46%, and by H1 2026, this 43% average had gone to 47%. Coming back to our return on capital employed of 45%. This is largely driven by two key factors. One is a good profitability, and two is our good balance sheet discipline. Next slide. On this slide, the summary of it is DCP's proven track record of sustained growth over the last 10 years. I will start with the graph on the first left. This graph actually shows that volume grew from 21.9 million tons to 29 million tons over a 10-year period. I will bifurcate it into two eras. One era is a steep growth trajectory era, and the second one, I will speak to it later. You can see between 2019 and 2018, there was a steep growth, and this is largely driven by two factors. One factor is the expansion capacity we did at Okpella, 3 million tons. The second one was the expansion we did in Obajana, another 3 million tons. That is the first era of extreme growth. The second era is a moderated era where we had economic challenges globally. It was actually relatively flat from a volume perspective. Going to the column in the middle, you will see volume increase from $407 million to $3.1 billion. That has actually been driven by two key factors. One is volume. Two is price increases as a result of the elevation in inflation and exchange rates issues. Let us go back to EBITDA. EBITDA on a three-year average CAGR period, the EBITDA growth is actually higher than that of revenue. This is likely due to two key factors. The first one is good cost discipline, and the second point is good operational efficiency. That takes us to this slide. The main message on this slide is DCP's strong growth and margin expansions across different geographies. I would start with the tab on the first left. This tab shows that volume has grown from 27.3 million tons to 29 million tons. The key message on this is that it is largely being driven by Nigeria. You can see that Nigeria grew from 16.4 million tons to 18.4 million tons historically. However, Pan-Africa actually provides a good diversification opportunity. Even though Pan-Africa was relatively flat, you can see in 2026, there was a growth from 11 million tons to 11.8 million tons, representing 7% growth. In the middle column, we talk about revenue. Revenue grew from $1.4 billion to $3.1 billion, and this growth is actually represented 70% by Nigeria. However, there is an interesting side to it. You see Pan-Africa, it increased. The red one is Pan-Africa. The blue one is Nigeria. Pan-Africa at $613 million increased by 60% to $1 billion, even though volume was relatively flat. In terms of EBITDA margin, looking at the circle on top, our EBITDA margin as at 2023 was 40%. This increased and got elevated to 46% in 2025, and by H1 2026, this became 47%. This slide talks about DCP's growth-oriented program being fueled by our expansion plans. I will take it from two perspectives. On the left, historical. On the right, medium-term future. I would start with the historical. In 2023, our CapEx was $68 million, and this grew to $694 million. Overall, about 80% of this CapEx was actually expansion CapEx. In the future, in the medium term, we intend to spend $4.5 billion on CapEx, and over 80% of it will still be expansion CapEx. Despite this expansion, we are still able to maintain good liquidity and pay good shareholders return on this. Next slide. This slide talks about our cash generation and returns profile. I would want us to talk first about the table below, which talks about our return on capital employed. Return on capital employed doubled in 2023 from 33% to 68% in 2026. This is largely driven by the fact that the shareholder, DCP, which is the company, is creating extreme value for its shareholders. I will go to the table above it, which is our free cash flow. Free cash flow actually improved and improved by about 250% from 2023, $534 million to $1.3 million in 2026. Also, see the circle on top, which is our cash conversion ratio at an elevated level of about 89%. This is outstanding and fantastic. What this has been able to do for us is provide enough liquidity, enough cash flow for us to do two things. One, continue our investment initiatives. Two, provide good liquidity and good dividend to our shareholders. Before leaving this slide, I would like to talk about one thing. The table to the extreme right, you can see 2.5 years average payback period for brownfield. Why this is very, very important is over 80% of our CapEx in the medium term is going to be brownfield, and it comes with reduced payback period, and that implies reduced return on capital employed for the business. This slide talks about our dividend profile. I would start with the first one. Over the last 3.5 years, the business has been able to pay $1.2 billion as dividend to our shareholders. In fact, between 2024 and 2025, dividend increased by 50%. Also, in terms of what does it mean like in terms of outlook, we would get to that in the guidance section. Despite this good dividend profile, we are still able to invest in the future of the business and retain very good liquidity. This slide talks about our leverage and financing position. I would start with the very first one, which is our net debt. As at 2023, our net debt was $345 million. By H1 2026, this had improved to a net cash position of $142 million. Now, I go to our net leverage ratios. I would start with this net leverage of 0.6 times. The definition of this net leverage is actually net debt to EBITDA ratio. It was 0.6 times as at 2023. By 2025, it had improved to 0.3 times. By H1 2026, it had improved to negative 0.1 times, giving us significant leg room for the future expansion we want to do while returning good returns to our shareholders. Following the same trajectory, we have our interest coverage ratio. 2023 at 2.4 times. This improved in 2025 to 5.0 times, and by H1 2026, this became 8.1 times. Now, what does this table tell us? The summary of this table is just telling us what are the key drivers of our capital allocation, and they are on four fronts. The first one is maintaining our solid competitive advantage where we are. The second one is expansion CapEx, and the third one is making good returns to our shareholders, while the fourth one is about community investment and returning to our external environment. I would start with the first one, maintaining our current existing asset base. We have talked about a couple of interesting things which are competitive advantage, which I will try not to repeat because my colleagues have dealt on that. The first one is the CNG infrastructure. I refer to it as the CNG industry, was virtually built by DCP. We need to defend this competitive advantage. Number two is our five captive power plants. Everything was built not dependent on government, another competitive advantage which we need to defend and continue to work with. Our backbone, 10,000 trucks. No company in sub-Saharan Africa has that. I have checked. 10,000 trucks, which allows us to go into the nooks and crannies and deliver products to customers where our competitors cannot do that, we need to protect. Our huge reserves that last us for 80 years. Let me give you context about this. An average company, particularly in developed markets, have limestone reserves for about 30-40 years. We have for 80 years, 4.2 billion metric tons reserve. In terms of expansion, over the medium term, we intend to invest $4.5 billion in expansion, and we intend to increase capacity by 45%. In terms of shareholders' return, we have paid $1.2 billion as dividend to our shareholders in the last three and a half years. We actually increased dividend by 50% as well. In terms of return on capital employed, we are at 45%. This slide summarizes our competitive advantage, and I am not going to spend too much time on it because my colleagues have actually dealt with that. However, what I will try to do is I will bring out the finance implication of each of these and why you would see that we are getting premium margins ahead of competition. I will start with the very first one, huge limestone reserves, 80 years. That is where everything starts from to even be a cement company. Ahead of peers, industry average 30-40 years. Scale advantage. Where this ties to finance is my fixed cost pattern. If my competitor has 50% or a third of my capacity, my fixed cost pattern actually reduces by about 70%. So from a fixed cost pattern advantage, I have an advantage ahead of my competitors just because of scale. The second point is CNG and alternative fuel. Giving a background to this, about 50%, 55% of my cost is either energy and oilage. So between that, I have 60% of my cost. CNG cost, we found a way to reduce it by over 60%. We actually built the infrastructure in most of our markets. For alternative fuel as well, alternative fuel usage versus gas versus diesel is actually another 60%-70%. So taking the biggest cost component of my cost and tackling it gives me another advantage ahead of scale. Going to the next one, which is people and organization. This sounds like an HR point. But I will tell you where finance comes into it and where my competitive advantage and cost savings comes from that. Underneath this people and organization, we have what my colleagues and my MD have spoken about, which is query to customer. Underneath this is a process. We have mines, we have production, and we have logistics. What has happened to us is we have developed this competence in-house to be able to manage and do these activities ourselves, unlike competition, they either outsource either the mining or the logistics. By outsourcing, they have outsourced 15%-20% of the margins to third parties. We retain that in-house. So if you ask why do we have more healthy margins than our competition, that is one of it. The next point is pricing power. We would see a slide that shows that as inflation is rising, my average selling price is rising. The import of that is that I can successfully transfer, and I have done it consistently, transfer all these costs from inflation, from exchange rate devaluation back to the customers, and that is what you see as cost pass-through track record. I will talk about protection from imports, and this comes from two fronts. The first one is actually a written law. The second one is a structural advantage. I will start with the first one. In many countries in Africa, government has actually written a law to say, at this point, we have sufficient limestone to make ourselves self-sufficient. Consequently, I am banning imports outrightly, written documentation. So that protects us. But for some other markets, it is just a structural advantage whereby anybody importing clinker, importing limestone, whatever product into the country, even cement, structurally has a disadvantage, but from both a transport perspective, a cost perspective, and a tariff perspective. That is a structural protection that gives us in some of our markets. I have spoken about captive logistics, and I will talk about multi-fuel filling system. Where this comes to play and gives a superior margin to us versus competition is this. To run a cement plant, you need energy, which is about 50%, 40% of your cost. You can either use gas, you can use diesel, you can use LPFO, you can use alternative fuel or other sources of fuel. Our equipment actually tailored to actually use any of these sources. Let me tell you why it is a competitive advantage for us. Unlike our competitors, we actually have conditioned our machines to be able to use any of this. So at every point in time, we can always switch to the cheapest one. I will give you an example. Many years ago, AGO was the cheapest. We switched. Later, gas became the cheapest. We switched. Later, AF became the cheapest. We shifted. But our competitors, because they do not have this competence in terms of their machines' capacity, they cannot extract this value from the biggest cost item in their books. Because of time, I will move to the guidance section. I would start with the very first one on revenue. On revenue, 2025, we finished with NGN 4.3 trillion. From a guidance perspective, 2026, we expect a 25% increase, and we are on track to deliver that in 2026. Aspirationally, in the medium term, we expect this to go up to between NGN 11 trillion and NGN 11.5 trillion. Going to the next column of the table on the right is our adjusted EBITDA. We finished an adjusted EBITDA of NGN 2 trillion in 2025. We expect this to increase by our sustainable margins, which we spoke about earlier. In 2026, we are on course to deliver that. From a medium-term perspective into the future, there are two factors. The first one is our sustainable margin, and the second one is based on the improvement we are getting and the cost savings we are getting to get a middle digit single percentage increase on that to give us an expected figure in the medium term. Before leaving this slide, I would like to talk about something interesting, our Pan-African business. Our expectation is that our Pan-African business is going to deliver 20% of our EBITDA into the medium term. This slide talks about a couple of other expectations and guidances. I would start with depreciation and amortization. For depreciation and amortization, the expectation is actually for it to be a percentage of revenue. Our expectation is, as we deploy our CapEx, we expect this amount to go to 7%-9% as we approach the last two years of our medium term. Also, networking capital is supposed to follow that same trend. We expect it to be a percentage of revenue, and as we scale up sales due to our CapEx expansion, we expect it to be 7%-9% of sales of revenue going into our medium term. Coming to CapEx, the first thing is, as we all know, CapEx has been in our DNA. Coming from the slide I showed you, historical, over 80% has been expansion CapEx. Going into the future, 80% expansion CapEx. We intend to maintain this trajectory into the future. Our maintenance CapEx is expected to be about 3% of revenue, mainly driven by the fact that we have relatively newer plants than aged plants that is available in the industry. The most important part is our plans to spend $4.5 billion as CapEx into the medium term. But there's a catch. 50% of this CapEx spend, it's supposed to be in the last two years of the medium term. In terms of taxation, historically, how do you predict the future? You predict for future from the past. We have 34% tax rate, and we intend to keep that going into the future. This slide talks about our dividend policy and our leverage policy. I would start with the dividend policy. Historically, as you know, we've paid very healthy dividend. We are known to pay good dividend, and this is based on the strength of our cash flow without impeding our investment objectives. In terms of dividend policy, management and board actually has a policy going forward that we'll pay minimum of 80% of our profit after tax as dividend into the future. Coming to our leverage guidance, the most important point in our leverage guidance is that we'd operate comfortably below 1.5 times within the horizon period and within the medium term. However, despite that, we are going to ensure that we maintain our balance sheet discipline as we've always maintained it, and we intend to maintain that into the future. Thank you very much. We'll go to Q&A. Thank you. Good afternoon. How is the [app] to have Gbenga post-lunch? Okay, so now we go into the Q&A. Can we have the questions for us, which I'll be assisted by my team. Depending upon the subject, they'll help me out with the answers. Can we first start with the questions in the room? Hi, good afternoon. Elodie Rall from JP Morgan. Thanks a lot for your very exhaustive presentation. It was very detailed and helpful. Maybe I will ask, first of all, about a little bit of color about the regulatory environment in Nigeria to start with. We have read sometimes about some price fixing allegation, some of antitrust, maybe issues that if you can help us a little bit understanding the country risk there in term of regulatory risk, and pricing in particular. That is the first question. Can you repeat that question? Can you repeat that question? You want me to repeat the question? Maybe I will come there. Just the regulatory environment in Nigeria. We sometime, we have read articles lately about price fixing allegation, so maybe if you can give us a bit of color about that. Thank you. A very good question, I think. Good you raise this. You have to understand that we are operating in an emerging market. In the emerging market, we have some of these things coming up, especially when the elections are near, and we are in for a major election during the year. Having said that, we have received a letter, and we have been cooperating with the government, and whatever required information has been furnished. As of now, there is no further development on the subject. Okay, thank you for that. Maybe my second question is about how you think about pricing. I think you mentioned earlier that pricing has come down in Nigeria because you help making cement more affordable for your customers. But at the same time, we heard from the CFO that pricing is a function of cost, or at least it is a pass-through. So can you help us understand how pricing dynamics work, generally, and how you see that going in the future, evolving? Fine. I think again, very good. Let me compliment you on that. The only difference is there is an issue regarding the timings that we are talking. We are comparing a statement which was made for the era before the local production was adequate enough to meet the requirement. Wherein there was a shortage, there was import of the cement. What Dr. Gbenga was mentioning of the era when we had sufficient cement production, we had multiple players in the country. In this environment, as is true for any environment, the pricing is basically a function of multiple factor. There is no one singular factor. Primarily, it is a supply-demand equation in the market. It also depends upon affordability of the customer. It also depends upon how is the competitiveness in the market, the cost of production, the dollar parity that you have, suppose it is dollar dependent, and a sort of inflation. There is no one single formula that we work it out. What we focus is on that we create margin. Not banking our horses on price, we look at what we can do to reduce our cost. So we have a very extensive cost reduction program. We are seeing that every way what we emphasized was on the cost. We have been bringing efficiency in everything that we do. Once we have done that, then we have insulated ourselves practically from such matters. Thank you. Can I ask also about the recent divestment of Holcim as a Nigerian asset to Huaxin. Is that something that could potentially change the dynamics in term of the competitive environment in your view? As in principle, we try to focus more on what is within our control. We have very little or apparently no control on what our other players in the market do. Having said that, we had a competitor in the name of Holcim, now it is some other Huaxin. For us, all competitors are alike, and we try to look at it, we do it internally. Thank you. Hi, everyone. Thank you for a great presentation. As a follow-up question to pricing, if we take a very simplistic view across the next year or two on the expected capacity expansion that you mentioned, we could say that ultimately supply is going up, demand will grow at a steady pace. We should see some downward pressure, at least in Nigeria, given the strong capacity expansion that we are forecasting there. Our growth predominantly will come from volume. That is, we are expanding. We are going to around 80 million tons capacity. We are adding 25 million tons capacity. Predominantly, it is going to come from the growth. It is going to come from the volume. As far as the price are concerned, as I explained to you, one of our indexes that we monitor is on the dollar parity. Though it is not entirely quickly resettable, currency depreciates, and you go and increase the price. It takes time for some stability to come in the market. You will see changes on account of that. If you look at it over a historical trend in the dollar terms, there is practically some amount of narrow band in which we operate. Understood. Thank you. We will continue to have dollar parity and as far as the inflation correction. Thank you. One of the slide mentioned you guys are seeing yourself as a consolidator in the space. Where do you see the biggest potential opportunity in terms of M&A outside of Nigeria? If you could tell us a bit more about the structure of the market, fragmented and potential, basically. Thank you. If you look at the first step that DCP took in the cement business was through an acquisition, that was the Benue Cement. We have been always open, and we keep on evaluating the various options which comes to us. Primarily, we have some compulsorily, you may say, a funneling process, and any acquisition proposal or merger proposal comes through has to fulfill those requirements. As we talked about in a different point of time, it should be able to have a potential for scale. It should have potential to bring in efficiencies, the cost to serve the market. Unfortunately, no such opportunity came forward, but this is nothing unusual. You are only seeing one program. Every strategy document that we prepare, in DCP, we have a system in which we prepare a strategy every year. We have a rolling plan in which we always keep a provision or window open for merger and acquisition. There is no definitive target. It has to make a business sense with our asset footprint that we have. It should make sense that we are sub-Saharan players, focused primarily on that, least cost to serve. If we get an opportunity, we are open. Thank you. Thank you. Ami Ga lla from UBS. A few questions from me as well. The first one was on the retail and non-retail mix in the business as it sits today. Is there differences in profitability between those two channels of customers that you look at? When you think about the medium-term targets you set, is there an assumption that you're making in terms of how these markets kind of mature over time? See, the ratio that you directly asked a question of our customer and retail market. Being Dangote Cement, for the attributes that we possess, and what we are looking for is the brand equity and the premium product that we give. Our preference is to lean towards the retail market. Having said that, we are also a responsible corporate citizen. We know the infrastructure, the development. That is the corporate sector. Unfortunately, in this area in which you operate, relatively, the percentage of that is small, but we enjoy a very high percentage of market share as far as the corporate sector is concerned, but magnitude-wise, it is small. To give you a straight answer, let's say if I give example of Nigeria, it would be around 16%- 84%. What we see significant differences, and that stems from, again, when we are talking of generational buildup, and we are best equipped. With our infrastructure of silos that we have and the bulk cement capacity, plus the variability of the cement that we possess, we are the best positioned to serve the infrastructure upbeat. Over the last two, three years, we have seen the phenomenal growth in this infrastructure segment that is commercial. We expect this segment to grow faster, and we are well equipped to meet that requirement. Thanks. The second question I had was on the export markets. You are also obviously deploying more infrastructure to enable exports across the region. Which of the export markets do you think is untapped, potentially where you really see a bigger opportunity for you in the short term? Have I heard you correctly saying that which are the market that we are targeting for exports? No. In terms of the additional infrastructure that you are laying down, you probably have a targeted sort of penetration that you want to make in the incremental on the back of the investments. As we do it in a normal, any strategy document, there is a GDP growth and there are some established multipliers for the market to grow. We do forecast in the various market what is likely to be the total pie of the cement market. Then knowing our capability and competitiveness to be able to supply, we work out a revised target and we accordingly work as per that. Obviously in this segment, the ones which are in the market, which is closer to our own area of operations, are better equipped to serve. Maybe last question from me is, I think in the initial slides, you talked about not just cement, but the opportunities to expand to RMC as well as to other building materials. Can you touch a little more on that? Is that sort of when you look within that medium term, is there sort of explicit areas where you would be developing? I think good question you raised that point because some of the things are covered in the part, and we compressed it so that we can meet the timeline and do the Q&A. A, we see a great improvement, as I said, in the infrastructure segment or the commercial segment, for which capacity-wise, we are equipped to deliver that. But extension of that would be some of these areas that we are talking of readymix, et cetera. To incubate this concept and to get the in-house expertise, we have plenty of in-house projects and mega projects which go on. So readymix operation, we have already tried and put something in place in those projects. Now, with this tried and tested and refined business model, we have to just roll it out. So I would say it is more nearer than in the midterm basis. Hi, thanks very much for the time this afternoon. It is Ben Rada Martin from Goldman Sachs. My first question was on, I guess, some of the points you have made today around margin advantage, your business versus some of your peers talking about channel and technology. Is there any way that you could quantify how big you think that advantage is for your business relative to your peers? I do not know if it is a basis point on margin or maybe a dollar per ton advantage that you think you have versus the industry. As we said, very good question that you asked related to the market, which is very USP for the Dangote Cement. We do anything, and we obviously try to cross check with what is that the benefit that it yields. Now, what thing cumulatively related in all the sales and distribution and the product quality leads is the brand equity. Brand equity would vary from a market- to- market, again, as we said. Basically, it will also do competitiveness, what is the supply demand, what is the type of product demand. To answer your question in a very simplistic number will be difficult. We can only say it is quite a handsome premium brand that you get compared to our competitors. Cool. No, that makes a lot of sense. Maybe just on the export strategy, it is interesting to hear about the 10 million ton target that you have. Could you break that down by some of the key markets that you hope to grow as a percentage of that 10 million tons? Which are, I guess, the key countries that you expect to be part of that 10 million number? Fine. Very good. This 10 million is the total export that we talk of. Basically, 8- 10, to say that. What we have planned is this includes cement, it includes clinker market. In clinker, there are again two segments we have. One is the in-house requirement, and second is the external customers. We have a new house requirement in the terms of like we have got Ghana, we have put up a grinding unit, we have got Ivory Coast, we have got Cameroon, so on and so forth. If you look into our 80 MTPA plan, there are some more coming in, like Sierra Leone getting converted from a bulk terminal. Some of the capacity expansions in the country, for example, Cameroon, when it expands, it will consume more of clinker. Senegal, also there's a plan given it grows, we'll not correspondingly increase clinker, we'll take this. A whole lot of things are there. A very sizable percentage of it could be around 60% would come from our in-house thing, which ultimately leads to the market and thereafter from there. The balance 40 million is a mixture of third party customers and from the cement market that we have. Cement market predominantly is the market with all the adjoining countries in wherever it is. For example, Zambia, we go to DRS, Congo, we go to some other countries, we go to Senegal, some other countries. For Nigeria, the biggest way is we go to Benin and Togo and Ghana. There's a multiplicity. To give a breakup of it may not be possible at this stage. No problem. Thank you very much. Thank you. Another question from me, Amin Ouachi from UBS. If I look at the EBITDA margins profile between Nigerian operations and Pan-African, there is quite a big difference there. A quick calculation shows me around 20% EBITDA margin in Pan-African operation. Do you see a path for it to converge towards the group level? Yeah. I think good that you asked this question because I have been asked this question many time. Okay. We have to understand the holistic picture of our operations. Each of the operations that we have, you have to also look from the lens, what is the type of operation? What is the maturity stage at which each of those operations is? Okay. Now, comparing with Nigeria would not be a fair comparison, because Nigeria has been there from 2007 and gradually has been growing. Whereas some of the other units we have installed, which have matured, now we are expanding now. There's a different phase, and it's a heterogeneous mixture of assets. There's something which is the bulk terminal. Bulk terminal cannot have a EBITDA percentage same as what you can get in an integrated unit. You have something grinding unit, which again, will not be the same. If you look at it, the best way to look at and the way we assess and the board assesses, is we compare with the international benchmark of the norms for the integrated unit, grinding unit and the bulk terminal. I can tell you that all our operating units are well ahead of whatever the international norm for the EBITDA margins for these categories. Slowly, as they mature, as we expand, see like we have gone from, let's say 3 million to 35 million in Nigeria, which gives us a very wide range. There is a complementary market, there are the synergies, the cost of operation comes down. Our EBITDA is predominantly focused on being the lowest cost producer and having a volumes. The individual countries may not have that sufficient volumes and the sufficient sort of reach to be able to achieve that. It is only a matter of time when we will see, for the model that we adopted in Nigeria is being replicated elsewhere. Thank you very much. Thank you. And you have approximately 60% market share in Nigeria, if I understood correctly. How should we think about this going forward in the next two, three years, closer to 80%? What is that? The market share in Nigeria. 60% now, how do we think about it? DCP as a group, we have been able to maintain or increase our capacity market share. Now, this comes from our strength of having a diversification of assets, least cost to producer, the reach out to the customers, et cetera. So talking specifically, we have been able to grow, and we have seen competitiveness changing, landscape changing from countries to country. But that has not deterred us from attaining our rightful market share. Our gateway is in each of the countries where we operate. We look at our capacity share, and we have to have a market share which in excess to that. And I am happy to inform at most of the locations, we are there. So we have, over the period of time, been able to maintain or grow. There's nowhere where we have. Being a low-cost producer, we will be the last man standing if that situation arise. Understood. Very clear. Thank you. We have a question here? Hello. Thank you for taking my question. I just wondered if you could talk a little bit about the structures that you're considering for the listing and also the timeline, if October is still sort of roughly the period you're looking at? Thank you very much for this question. It would be a common question for many of us in this room and the call. Please understand, this is a work in progress. We have taken some initial steps of having early look, reaching out to the various analysts and institutions. In this queue of activities, today's presentation is one of them. In this process, we have engaged some of our advisors, some bankers. They are better equipped to guide you on what could be the timeline, looking into the various aspects, when we will have it, and what is the further process for that. One immediate next step is we are having an investor presentation on 29th. Thank you. Charles Spencer from Mangrove. Dr. Oyelola mentioned possible LC3, so the Limestone Calcined Clay Cements. Just wondering the extent to which you have the necessary clay deposits, because with the significantly lower temperature processing, ultimately, in volume can be a higher margin, lower cost to produce product. I would love to think about what your timeline for that is please, and equally how you might think once you are producing it, about pricing it versus the Portland product please. Thank you very much for this question, letting me clarify. We are a very responsible corporate citizen and sitting on a platform with the audience like all of you. We would not be putting up something in the domain which we are not confident of doing it. Raw material, obviously, if you have seen in all our presentations, runs through our DNA. You can be sure of we have, but there are certain things which we like to call at the appropriate time details. For LC3 cement, the time has not yet come. We will share with you as and when we decide. Thank you. Can we take the audio ones? Operator, any questions from the virtual audience? Thank you. Please raise your hand to ask a question if you have joined us on Zoom. We will just pause here for a moment to allow attendees the chance to register. From Temitope Wilson of Leadway. The first topic is Itori Apapa logistics and export strategy. I understand that Itori plant is strategically positioned to support the company's export strategy and serve underserved markets, particularly in the surrounding regions. As part of this strategy, what proportion of cement transported from Itori to Apapa is expected to move by road versus rail? Also, should we expect additional infrastructure or logistics related to CapEx to support these volumes as the export strategy scales up? Thank you for this question. I think it clarifies some of the things. We were to present a case study on the Itori. Itori is 100% export-oriented unit. The first phase of the Itori would give us around 6 million tons of capacity. Today, as we said in our presentation, we have already touched 3 million. We expect our target next year could be approximately 5 million. In this 5 million, predominantly it is clinker and that to our own sister companies. Those clinker would be moved via road from Itori to Apapa, wherein we have the adequate infrastructure. Whatever little augmentation is required, we are doing that, so no additional CapEx will be required for that. Itori will also be used to supply the clinker requirement to the neighboring countries such as Benin and Togo to a certain extent. These two together will just consume the whole capacity of Itori. In the next phase of Itori, we will plan for additional clinker. Therein comes in the additional cement production, which will be required to meet the requirement of the export cement. Thank you. The next question is on Kenya East Africa expansion. Kenya recently reiterated its 17.5% levy on imported clinker. Given this development, is Kenya market where Dangote Cement is looking to establish a stronger foothold? I understand Dangote subsidiary in Kenya may not be currently operational. Could management provide some color on its plans for Kenya and the broader East African market? Maybe some portion of your question I lost it, but if I understood correctly, it is all related to Kenya, right? Yes. Okay. Specifically, across East African market plans, on plans for the East African market. Okay. There are two different questions that you're asking. You're asking for specifically to Kenya and second is the other parts of the East Africa. Yes. Kenya, right now in our business plan, which we have presented for 80 million ton, Kenya is not figuring in that. So in this period, that is the medium term. We do not emphasize to have a plant in Kenya. But as I said during my discussion or presentation on the raw material status that we got access to most of the countries where there's a large quantity of limestone and good quality. In which Kenya is the one piece which is missing. So our endeavor will always be to try and see if we can get a suitable opportunity to have a footprint there. But again, it has to meet all the criteria that we want, huge reserves, quality, close to the market, and we will be on lookout for it. But as of now, there are no plans. On the East Africa, if you look into our plan, we have got expansion plans for Ethiopia. Ethiopia market is one where we have done well. We are already selling the maximum quantity that we can produce from there. That is where we have planned our expansion in Ethiopia. Besides Ethiopia, we also are taking up an optimization job in Tanzania. Here again, we have not reached the maximum capacity utilization, but we are at almost around 85%-90%. This is a very low cost modification, wherein by incremental cost, we'll be increasing the capacity by 16%. So this is onto our radar that we want to do right now in the currently East Africa. Philosophy in the next phase of 80 million ton, that is 25 million ton expansion, is to press all possible levers which can give us this goal of 80 million ton. Predominantly working on the ground field expansion, which you saw is a payback period of 2.5 years. CapEx is low. Those are the countries where we have been selling almost 100%. We are also having new countries where we want to make an entry, which is Zimbabwe and Botswana. Other places are existing locations. We consider Itori as an existing location because hardly any distance from Ibese, which is around 18-20 kilometers. Thank you. We will take just three more questions from the Q&A, then any final ones from the room. The three questions from the Q&A. Firstly, from Onome Oworiole, how will the CapEx plans be funded? Any equity or debt raise involved? As per the current business plan we have, maybe I will request my colleague, Mr. Gbenga, to speak more on that. What is the 80 million ton, we have a definitive funding planning, and Mr. Gbenga will tell you the more details. Hello. Okay. Basically, we intend to fund this CapEx expansion from two key sources while leaving an opportunity for a third one. The first one is our strong operating cash flow, which you can see it is very strong. That is what we need to use to finance that. The second one is we have very good supplier credit systems, whereby we take on engagement and pay subsequently. So this makes this project very easy to fund, and we can conserve cash. The third one is our low leverage. As at now, 0.1 times is really negative, is actually very healthy, which provides additional leg room for any funding. Our strong cash flow is the first and primary fund I want to use to expand. Thank you. Second question, how does the current political situation in your core markets affect DCP's capabilities to achieve its projected numbers? Thank you for this question, but slightly, I am trying to understand. The politics in any part of the country, any point of time, will continue to exist unless he has got some specific location where is a increased political activity of this. I do not want to assume what he is trying to ask, so I will prefer if we can have a clarification on that. Thank you. Well, no clarification as of yet, but we will look out for it. Last question from Dotun Oyeleke. Mention was made of intentions to produce LC3 cement to cut production costs and improve margins. What is your strategy and what are your sales projections considering the general reluctance or resistance of several governments or regulatory bodies in Africa to adopt LC3? LC3, again, is something similar to CNG, I would say. What you are talking of. It has got all the angles it possesses, multidimensional, what CNG is, and that is why it is a very focus area for DCP. What it does is it improves the clinker factor, whereby the decarbonization program will get a boost. It increases the capacity by having a clinker ratio, the same kiln can produce more cement. So it increases your capacity of the plant without incurring, I would say, almost around 45% of the CapEx. You get a same capacity as what you would get by 100% plant. The third thing is a significant cost reduction. Give you a magnitude, may not be as lucrative as CNG, but the cost of production of LC3 would be around 55% of that of the clinker. It presses the same levers or different levers in one way, cost reduction, CO2, and volumetric increase. Seeing this attractiveness, we are on lookout and we are in the process, as I answered. It is still on the blueprint, and the sooner that we finalize some roadmap, the same will be shared. Hi. Thanks for the presentation. Max Hayes from Cavendish. We have discussed a bit about the margins of the Pan-African business. I just wanted to see if we could get a bit more color on how you are going to achieve the single digit margin growth for the group, as those profits grow as well. Could I understand that question better? We discussed the Pan-African business having lower margins, and I know the group goal is mid-single digit growth. Just wondering as that business grows as part of the mix, how you are going to get that margin growth as well. Okay. As I said, it's a very good question and it's something which I partly answered what you've asked in the earlier question you read. I wouldn't really call it a low margin. Sorry for taking that exception. Because, as I said, the benchmark has to be seen to say whether low or high. As I clarified, if you look at the international benchmark with most of the countries, let's say we take India, China, other major producers, where you have an EBITDA margin, the performance of many of the Pan-Africa is far, far better than that. Having said that, our endeavor is always to improve further. Now, if I've understood your question, how do we intend to do that? Unlike Nigeria, wherein we grew every year rapidly. Let me take as an example of Ethiopia to explain to you. We are almost selling the 100% capacity, but we have not grown there. So there's a very little potential to have a headroom whereby the revenue increasing from sales, which was there in Nigeria, which progressively will come. With additional headroom for capacity, what it does is it reduces the fixed cost, it reduces all the market cost, all the transmit cost, which will take a very significant dip. Your administrative staff, your channels management cost, because same channel we do that. Okay. You would be, again, increasing the. If it depends upon whether you're doing the same location or different, brownfield location, the CapEx cost will be much lower. If we have borrowed it, then the interest charges will be less, et cetera, will be more. We will be having more dominance in the market in which we like to operate. By doing that, you would be able to in a position to command more premium. If we have selected a place, which you should have confidence by this time what we have presented, close to a very high demand center, what it would mean is, again, we'll have an occasion to get some premium product on. All put together, the journey is the same. To reduce that, increase volume, increase this, have a buying power, reduce the cost, transportation cost, like in Ethiopia. Though the Ethiopia has got the, in our whole bunch of operations, has got the least electrical cost. Whole country is working on renewable sources. They and Ghana are the two countries which are 100% on renewable energy. With that energy cost, the electric vehicles makes a perfect sense. Fortunately, our location is very close to Addis, and Addis is within the reach of electric vehicle of a size. So all the same templates, only it has to be refitted into a new location, new location challenges, opportunities, and our journey would be moving towards higher and higher margin. Great. Thank you. Just one more question on sort of the cash conversion and sort of how you are going to maintain a high level of that. Is just as you invest in inventory, sort of how you are going to keep that high percentage? I will request my colleague, Mr. Gbenga, to help me out with this question. So just looking at your cash conversion and sort of keeping that at a high level, how do you expect to do that with just this sort of planned investment for the inventory? Okay, thank you for that. So basically, if I can rephrase your question or ask your question, is our cash conversion ratios are high, how do we intend to maintain it? Okay. Basically, part of the reason why our cash conversion ratios are high is partly because a big chunk of our customers are cash customers as well. Okay? So we collect cash upfront, coupled with the fact that we have decided as a business to do what you call suppliers credit as well, which actually helps us with delayed payments and collecting cash upfront. So we intend to maintain that model and roll it out across our Pan-African business. As the GMD said, we intend to replicate all these competitive advantages in Nigeria to other Pan-African businesses, which have started already. Right. Thank you. Thank you, Dr. Gbenga. I may add that majority of our sales are on the cash. If we have to give you some guidance, there is quite a significant amount of advance that we get from our sales. Any other question? Hi, Michael Johnson from Cavendish. Thanks very much for the presentation. Very impressive. Just on the CapEx, should be quite a simple one. Very impressive in the brownfield sites, that two and a half year payback, greenfield at four. Can you just talk a bit more historic and also forward-looking, what we expect that number to be if we expect it to stay at two and a half and four years respectively, or there is wiggle room either on the downside but also on the up as well? Thank you very much. Good question, and thank you for appreciating what we have said. If you look into our roadmap for going up to 80 million ton, as I said, I consider Itori also a sense of brownfield very close to my Abeokuta plant. So majority of the investments are in the brownfield, and that is by design. Some of the reasons which I answered to him, we want to grow Pan-Africa so that we get advantage of the scale which Nigeria enjoys. We also operate, try to increase the capacity because this reduces my CapEx cost to execute the project because you have already acquired the land. You have stretched the power lines to bring power to your factory. You have got the water. So the speed to control or time to control or execute the project is very less. All this adds to a very significant reduction in our CapEx and whereby we get this impressive payback period. Thank you again. Just one last question, please. This is, Mr. Aliko said earlier, I believe that around 10% of company will be sold to outside investors in the listing. I just wondered if that is around this portion that you are looking at or if that remains the same, if at all you have an update now. Thank you. No, I would still like to wait for my advisers and the banks to come back to me after all the due diligence and what the projections usually they make. Before commenting on what you have asked, it could be either way, but that could be some just a guidance value I would suggest. What is the firm number, we will still wait from our advisers and the bankers. Thank you. None? Thank you very much. Thank you all of you for your patient hearing. Thank you very much.