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Tag: Alhaji Aliko Dangote

  • Dangote urges wealthy Nigerians to invest in Nigeria

    Dangote urges wealthy Nigerians to invest in Nigeria

    •Group plans largest deep sea port for Olokola

    President and Chief Executive, Dangote Industries Limited (DIL), Alhaji Aliko Dangote, has urged wealthy Nigerians to invest in the country as this is the only way to build the nation.

    Dangote, who has commenced the process to develop Nigeria’s biggest and deepest seaport in Olokola, Ogun State, noted that real growth and development cannot happen in any nation without significant investments.

    Africa’s richest man has already applied to begin work on a seaport near his fertilizer and oil refinery plants to make it easier to export goods — including liquefied natural gas — and support the rapid growth of his industrial empire.

    He criticised the tendency of African wealth being exported and stashed abroad, calling on the continent’s entrepreneurs and affluent individuals to invest at home. “It is only through such commitment that we can drive true development,” he added. In a chat with select media men, recently, Dangote said: “No nation develops without significant investments. I appeal to all wealthy Nigerians to look inward and invest here, in Nigeria, for the future of our unborn kids.

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     There is hardly any country without corruption, but the difference between there and here is that, in those other corrupt nations, they invest the stolen funds in their country and grow their economy rather than keeping it in foreign banks that will not in any way impact positively on the economy.”

    According to him, what Africa truly needs are bold, transformative projects capable of addressing its long-standing socio-economic challenges, particularly the creation of jobs for its growing population.

    Speaking of his decision to defy the odds in building the $20b billion refinery, he said he was determined to see Nigeria become self-sufficient in refined petroleum products and to serve as a catalyst for other African nations, despite numerous challenges and opposition.

    He explained that he undertook the ambitious project to secure energy independence for Nigeria and the wider African continent. He stressed that, except for Libya and Algeria, most African countries still rely heavily on imported refined petroleum products despite the continent’s abundant crude oil reserves.

    “Apart from Algeria and Libya, which are self-sufficient, virtually every other African country is an importer,” Dangote said, underscoring the urgent need for operational refineries on the continent. He also lamented that Africa had become a dumping ground for substandard petroleum products due to this overreliance on imports.

    Africa holds around 125 billion barrels in proven oil reserves, with significant contributions from Nigeria, Algeria, Angola, Egypt, and Libya, all of which rank among the world’s top 30 oil-producing nations.

    Dangote revealed that many had doubted the capacity of the Dangote Group to deliver such a massive project. Some even advised him to abandon it, citing the failures of several sovereign nations to complete similar undertakings.

    “People think building a refinery is like building a house,” he said. “But, as I always say, if I had known the scale of challenges we would face, I wouldn’t have started at all. We were fortunate as a group because we didn’t fully grasp what we were getting into, but we believed that nothing is impossible.”

    As the project progressed, the group faced a critical juncture: to halt and suffer the losses, or to forge ahead and succeed. “We had to keep pushing to ensure delivery,” Dangote said.

    He expressed hope that the refinery would inspire other African countries to enhance their refining capacities and invest in value-added industries, rather than continuing to export raw materials.

    Dangote further argued that true independence goes beyond politics because it also requires economic self-reliance and financial freedom for African citizens. He warned that continued import dependency would keep African nations trapped in poverty.

    Dangote’s plan “to build the biggest, deepest port in Olokola, south western Nigeria,” took wings after he sent in the paperwork for permission in late June, he said in an interview with Bloomberg in Lagos.

    The proposed Atlantic seaport in Olokola, Ogun state, lies about 100 kilometers by road from the billionaire’s fertilizer plant and petrochemicals refinery in Lagos. Dangote currently exports urea and fertilizer through an on-site jetty he built, that also receives heavy equipment for the refinery.

    Once completed, the port will link the conglomerate’s logistics and export operations and rival facilities in Lagos, Nigeria’s commercial capital, including the Chinese-funded Lekki Deep Sea Port opened in 2023.

    “It’s not that we want to do everything by ourselves, but I think doing this will encourage other entrepreneurs to come into it,” he said.

    The port marks the billionaire’s return to the same site where he had previously abandoned plans to build his giant refinery and fertilizer complex after wrangling with local authorities.

    The tensions have since been mended under a new administration.

    Dangote also plans to export liquefied gas from Lagos, a project that will involve constructing pipelines from Nigeria’s oil-rich Niger Delta, vice-president of the group Devakumar Edwin said in another interview.

    “We want to do a major project to bring more gas than what NLNG is doing today,” he said, referring to Nigeria LNG Ltd., a joint-venture between the government, Shell Plc, Eni SpA and TotalEnergies SE, which is currently the continent’s largest exporter of LNG. “We know where there is a lot of gas, so run a pipeline all through and then bring it to the shore.”

    Dangote already sources natural gas from the Niger Delta to supply his fertilizer plant, where it’s used as feedstock to produce hydrogen for ammonia — a key component in the production of the crop nutrient.

    The billionaire also plans to start distributing fuel to retailers in Nigeria from August, using a fleet of 4,000 gas-powered trucks, a move that has drawn criticism from some groups accusing him of attempting to monopolize the oil sector, which he has denied.

    Dangote, valued at $27.8 billion according to the Bloomberg Billionaires Index, also owns cement manufacturing and sugar plants in Africa.

  • Nigeria loses N36b annually to sugar smugglers – Dangote

    Nigeria’s business mogul and richest man in Africa, Alhaji Aliko Dangote has expressed outrage over the loss of over N36billion revenue annually due to the activities of sugar smugglers.

    The President of Dangote Group, who disclosed this during Dangote Sugar Refining Plc, Annual General Meeting (AGM) held in Lagos, noted that over 300,000 metric tons of sugar finds its way into the country through its porous borders.

    While regretting the harm unleashed on Nigerians by the nefarious activities of these illicit merchants, he pointed out that the smuggled sugar has no specifications, and does not meet the minimum standards requirements.

    He added that 2018 business year was challenging, explaining that the company’s performance was marred by negative activities like influx of smuggled sugar into the key markets nationwide coupled with the Apapa gridlock which continued to delay evacuation of products from the refinery.

    “Prior to the traffic jam at Apapa, the company could evacuate between 60 to 70 trucks out of the refinery, but since the traffic problem started, we can hardly evacuate up to 20 trucks out of the sugar refinery daily,” Dangote stressed.

    Commenting on the company’s performance, Dangote said a profit before tax of N34.6billion with a turnover of N150.4 billion for the 2018 financial year was posted, notwithstanding the challenges confronting the sector.

    He said that the company would revise its backward integration timeline to mitigate against the unforeseen challenges, adding that the first phase of the plan include the rehabilitation and expansion of the Savanna Sugar, the Lau/Tau project in Taraba State and the Tunga sugar project in Nasarawa State.

    He expressed that the company’s backward integration would be creating over 250,000 when completed.

    He said, “Savanna Sugar is the only company producing sugar from sugarcane grown in the country and had just ended its 2018/2019 crop season. “Rehabilitation of the land and its infrastructure for improved yield and output is still on-going.

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    “The first phase expansion of the Savanna Sugar capacity from the current 3,000TCD to 3,500TCD has been completed while the subsequent increase of production capacity to 6000TCD has commenced and is expected to be completed by 2020 “as well as the installation of the new 12,000TCD factory that will be fed with the increased cane supply.”

    Responding, the National Coordinator, Pragmatic Shareholders Association of Nigeria (PSAN) Mrs. Bisi Bakare, acknowledged that many quoted companies are struggling with the payment of dividends, but that Dangote Sugar is consistent in taking care of shareholders.

    She said; “Investors are always happy when they receive returns on their investments both as dividend and share price growth on the Nigerian Stock Exchange.”

    The founder, Independent Shareholders Association of Nigeria, Sir Sunny Nwosu reiterated the negative impact of Apapa wharf traffic on the company as it struggles to transport finished goods and raw materials to distributors and warehouses.

    He commended the board and management to have performed well against all odds.

  • How North can tackle poverty, by Dangote

    THE North will continue to remain poor, except its state governments close the development gap between the North and the South, African richest man and Chairman of Dangote Group of Companies Alhaji Aliko Dangote has said.

    Dangote, who spoke at the fourth edition of the Kaduna Investment Summit (KadInvest 4.0) in Kaduna yesterday, berated Northern governors for doing little to end poverty in the area.

    According to him, “Nigeria is ranked at 157th out of 189 countries on the human development index. While the overall socio-economic condition in the country is a cause for concern, the regional disparities are in fact very alarming.

    “In the North Western and North Eastern parts of Nigeria, more than 60 per cent of the population lives in extreme poverty. It is instructive to know that the 19 Northern states, which accounts for over 54 per cent of Nigeria’s population and 70 per cent of its landmass, collectively generate only 21 per  cent of the total subnational IGR in the year 2017.

    “Northern Nigeria will continue to fall behind if the respective state governments do not move to close the development gap. And that is why we are always saying that, the biggest challenge that we have and what we have been praying for is to have 10 governors like Mallam Nasir El-Rufai to move the northern Nigeria forward.”

    Closing the gap requires multi years investment, and government will not be able to raise the require capital funding, only the private sector can raise the capital to fund the level of investment that this country needs. Therefore, government must create the conducive environment that will trigger a huge inflow of private capital into attractive sectors of the economy.

    Read also: UNICEF to Fed, state govts: recruit more female teachers in North

    Dangote said: “Private investment will create jobs and will ameliorate the twin problem of poverty and unemployment. As more people are gainfully employed, you will witness a very sharp decline in some of the disturbing social vices prevalent in our society, especially among the youths.”

    Urging other northern states to emulate Kaduna State Government in the investment drive, Dangote said aside the over $500 million investment that El-Rufai’s government has attracted to Kaduna, Dangote Group is partnering Peugeot of France and the state government to establish multi-billion naira automobile assembly.

    Dangote, who rolled out his group’s investment plans in the North and Nigeria, said with conducive atmosphere provided by the state governments, the private sector would address the country’s unemployment.

    El-Rufai said his government has attracted both local and international investments of over $500 million in the last three and half years.

    The governor said some of the investments are now a reality and hundreds of thousands of youth are benefiting from them.

    He added that the feat was possible because his government has been able to make the state an investors’ destination.

  • Burna Boy explores hustling in ‘Dangote’ video

    In his new single, ‘Dangote’, Burna Boy has focused his art to social narratives in the country.

    Using Alhaji Aliko Dangote, Africa’s richest man as a peg, the Afrofusion artiste addresses a number of the economic problems the youth in Nigeria face on a day-to-day basis and how they deal with it.

    In the video, some of the everyday happenings like commuting on public buses, hanging around street corners, and using laptops are portrayed.

    As Burna Boy sings about the hustle in true Fela style, one story segues to another, giving the link to Nigerian life. Also, aside the saxophone solos, scenes from Da New Afrika Shrine also feature towards the end of song, a tribute to Fela.

    Two things set apart this video, directed by Clarence Peters, from the others. Firstly, we see these stories told from the perspectives of the people living these lives, and we also see the consequences of their actions.

    Burna Boy is an Afro-fusion singer, songwriter and performing artiste signed to his record label Spaceship. Born Damini Ogulu in Port Harcourt, Rivers State to parents Samuel and Bosede Ogulu, he is the only son and eldest of three children.

    On January 26, 2018, he released his fourth album, titled ‘Outside’. The 13-track album was preceded by singles “Sekkle Down” ft. J Hus, “Koni Baje,” and “Heaven’s Gate” ft. Lily Allen which were accompanied with a music video. The “Outside” album debuted on Billboard’s Reggae Albums Chart at the Number 3 spot topping his debut album “L.I.F.E” which peaked at number 7 on August 31, 2013.  He performed his first concert in Lagos “Burna Live” which acclaimed great success featuring a lot of Nigerian and international appearances on stage; he also won four awards at the 2018 SoundCity MVP awards ceremony in December 2018. He opened up the year 2019 with the hit single “Killin Dem” in collaboration with Zlatan.

  • Dangote is world’s 64th richest

    President, Dangote Group, Alhaji Aliko Dangote has significantly moved up in the world billionaires’ list, as he emerged 64th richest person in the world, with an estimated networth of $16.6 billion, as against his previous ranking of 103rd in the world.

    Dangote, who remains the richest man in Africa for the eigth year running, was the only Nigerian on the list of the top 500 billionaires, as released by Bloomberg in its yearly billionaires list.

    Jeff Bezos, CEO, Amazon, remains the richest in the world with $136 billion in his kitty, while Bill Gates and Warren Buffett followed as second and third respectively with $98.4 billion and $83 billion on the world billionaires chart, which is dominated by North Americans.

    Dangote’s estimated worth in the latest Bloomberg ranking far outstrips an earlier ranking by the Forbes Magazine, another elite publication which placed his fortune at $10.8billion in the 2019 Forbes Africa’s Billionaires’ list released in January, although he retained the rank as the richest African for the eigth consecutive year in the latter ranking.

    There are only five Africans on the Bloomberg list of the world’s top 500 billionaires, with Dangote topping the group. The other four Africans included Nicky Oppenheimer of South Africa, who was ranked No. 216 with an estimated worth of $7.05 billion; Johann Rupert of South Africa (ranked No. 225 with an estimated worth of $6.92billion) and Natie Kash of South Africa (ranked No. 263 with an estimated worth of $6.10billion). The fifth and last African on the list of 500 HNW individuals was Naguib Sawiris of Egypt, ranked No. 331 with an estimated fortune of $5.12billion.

  • Forbes: Dangote’s wealth dips by $2b, Adenuga‘s up by $3.9b

    President, Dangote Group, Alhaji Aliko Dangote retained his Africa’s richest man position for the eighth consecutive time though his wealth dipped by $2 billion from $12.2 billion in January 2018 to $10 billion this year, Forbes’ Africa Billionaires List released yesterday showed.

    The Chairman of Globacom with interests in oil exploration and real estate, Dr Mike Adenuga Jnr  moved up to be Africa’s second richest man.

    The United States (U.S.) magazine said Adenuga’s net worth increased tremendously from $5.3 billion to $9.2 billion because he provided more detailed information about his assets.

    Also, the Chief Executive Officer of BUA Group, Alhaji Abdulsamad Rabiu, featured on the list for the first time since 2015.

    The merger between Rabiu’s Kalambaina Cement firm with Cement Company of Northern Nigeria, which he controlled, in December 2018 was formally consummated in Sokoto earlier this week. He now owns 97 per cent of the entity.

    Kalambaina, which operates a new cement production facility, started selling cement in mid-last year just as Rabiu’s OBU Cement has expanded its operations, adding a new production line.

    Mrs Folorunsho Alakija, whose net worth dropped to $1.1 billion from $1.3 billion, was ranked 19th. She is vice chair, Famfa Oil, an indigenous oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset. Famfa Oil’s partners include Chevron and Petrobras.

    Alakija’s first company was a fashion label whose customers included the wife of former military President Ibrahim Babangida.

    The Federal Government awarded Alakija’s company an oil prospecting license in 1993, which was later converted to an oil mining lease.

    Alakija’s ranking was in a tie with South African banker, Michiel Le Roux.

    Forbes blamed plunging stock values and weaker currencies for the shrinking in the billionaires club in Africa.

    It said: “Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago.

    “Four people fell off Forbes’ annual list of the continent’s richest since last year while one returned to the ranks after a four-year absence. All but four members of the list have smaller fortunes than a year ago.”

    In a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco- two. Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe.

  • Dangote opens business school in UI

    The School of Business donated to the University of Ibadan (UI) by  the chairman of Dangote Group, Alhaji Aliko Dangote, has been commissioned and named Aliko Dangote Complex.

    The building was opened after third Eminent Person Business Lecture held at Trenchard Hall.

    Representative of Alhaji Dangote, Mr Ahmed Mansour, delivered a keynote lecture titled: A case for backward integration, in which he urged people to return to agriculture. He harped on the need for Nigerians to embrace agriculture, noting that food business remained lucrative all time and seasons.

    Mansour said the business world was in need of professionals versed in “clear knowledge of management principle”.

    He said: “The modern business world is in need of pediatrician, engineer and managers, because today’s business thrives when people with clear knowledge of management principle play key role. We hope the Business School produces great entrepreneur that will make wave in world of business.”

    Halima Dangote, a Member Board of Trustees, Aliko Dangote Foundation Board, urged members of the audience to work hard and never to nurture fear of failure.

    She said: “It took Dangote 30 years to build a solid brand beyond the shore of Nigeria. He had failed many times but he never took his eyes off the ball. But, it is not all about failure, it is more about moving forward after you fail. You should never take your eyes off the ball. Starting small is also part of the game.”

    The Director of the UI School of Business, Prof Adenike Osofisan, disclosed that the construction of the building was done by Nigerians, saying the school did not engage foreigners in the construction of the Business School.

    The Vice-Chancellor (VC), Prof Idowu Olayinka, disclosed that over N200 million was spent on the complex through the support of the Dangote Foundation.

    Dignitaries at the event included Oyo State Governor Abiola Ajimobi, represented by Commissioner for Education, Science and Technology, Prof Adeniyi Olowofela; Pro-Chancellor and Chairman Council, Nde Waklek Joshua Mukta,; Chief Executive Officer of Aliko Dangote Foundation, Zouera Youssoufou, and  Deans of faculties, among others.

  • Stock Exchange lauds Dangote

    The Nigerian Stock Exchange (NSE) yesterday commended Alhaji Aliko Dangote for his efforts and advocacy for an improved and better capital market.

    Speaking during the visit of the management of Dangote Cement to the Exchange in Lagos, Chief Executive Officer, Nigerian Stock Exchange (NSE) Plc, Mr Oscar Onyema said Dangote Cement as the largest listed company on the Exchange and with other listed companies from the Dangote Group such as Dangote Sugar Refinery, Dangote Flour and NASCON Allied Industries, have important influence on the stock market.

    He commended Dangote Cement for its adherence to best corporate governance practices, urging for more partnerships between the Exchange and the Dangote Group.

    Welcoming the Group Managing Director of Dangote Cement, Engr. Joe Makoju and his management team to the special sounding of the closing gong on the trading floor of the NSE, Onyema congratulated Makoju on his confirmation as the substantive Chief Executive of Dangote Cement.

    He described Makoju as a proper and fit person for the role of the chief executive of the largest listed company given his level of experience and years of exposure in the manufacturing sector.

    He noted that Makoju’s tenure as the helmsman of Dangote Cement has started yielding the expected results as increased investors’ confidence has resulted in good performance of the stock.

    “The performance of the stock is very good and is fallout of the resilience, expertise and diligence of the management team. It is listed on the premium board,” Onyema said.

    Makoju in his response described it as an honour and privilege to be invited to participate and sound the closing gong noting that there exists a special relationship between Dangote Group and the NSE as Aliko Dangote was a former president of the Council of the Exchange.

    He said that Dangote Cement has grown from a national company to a continental one operating in several countries across Africa.

    The doyen of Stockbrokers, Mr. Sam Ndata, on behalf of other stockbrokers congratulated Makoju and described him as a tested hand in the cement sector.

    “There is no doubt that Dangote Cement will do well with you at the helm of affairs,” Makoju said.

  • I want to be Africa’s biggest philanthropist – Dangote

    Africa’s richest man and Chairman of Dangote Group, Alhaji Aliko Dangote, has said that he would  like to be known as the biggest philanthropist on the continent.

    Dangote stated this on Wednesday in Lafia while disbursing N130 million micro grant to 13,000 vulnerable and less privileged women in Nasarawa State.

    “I do not only want to be known as Africa’s richest man but the biggest philanthropist in Africa. I will continue to use my resources and my voice to help shape a better Nigeria and Africa as a whole,” he said.

    Dangote said he started the foundation in 1993 to improve the lives of the less fortunate and make a positive difference in the growth of Nigeria.

    He said the four major goals of the foundation were health and nutrition, education, economic empowerment and disaster relief.

    He explained that the grant scheme was one of the components of the economic empowerment programme of the foundation.

    Dangote said it was aimed at providing disadvantaged and vulnerable women in the country with a one-off unconditional N10, 000 cash transfer to boost their household income generation.

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    ” This we believe will help their vulnerability and meet their livelihood needs,” he added .

    He explained that the programme, which was launched a few years ago, was targeted at a minimum of 1,000 women in each of the 774 local government areas across the country.

    “It is estimated that we would spend about N10 billion with some states with a large population getting a little bit more.

    “We at Aliko Dangote foundation are happy to continue providing support to the most vulnerable and deserving members of the society across the country,” he said.

  • Dangote, Aig-Imoukhuede seek African Union-Private sector collaboration on health

    Africa’s richest man and Chairman of Dangote Foundation, Alhaji Aliko Dangote and the immediate past President of the Nigerian Stock Exchange, who is also the Chairman of Coronation Capital and co-chair of Global Business Coalition on Health, GBCHealth, Aigboje Aig-Imoukhuede have advised that public-private sector collaboration will improve the health sector across Africa.

    At the Africa Business and Investment Forum, a high-level public-private sector dialogue, which was a side event at the recently concluded Assembly of Heads of States and Government of the African Union meeting in Addis Ababa, the two business leaders were seen to be taking bold steps to champion improvements in the health sector across Africa and at the global level.

    Aig-Imoukhuede, who praised the government for taking the private sector seriously said “this is the first time the Africa Union will be engaging the private sector in its work as a partner to further the objectives of the union”.  Calling for collaboration between government and private sector, Aig-Imoukhuede stated that there is a need to leverage the power and resources of the business community for positive impact on global health challenges, and perhaps use the platform to give birth to an ‘African Davos’, which will take place after the AU summit every year and foster collaboration between private sector enablers and public sector drivers. He stated further that “Great things happen when enablers and drivers collaborate”,

    Alhaji Dangote had identified the missing gap in African development as “the need for Africa as a continent to come together”. He added that “the only way to move Africa forward is to think big, dream big and do big things together”. To this end, Dangote Foundation and GBCHealth are catalysing an African Business coalition for health, ABCHealth which will support African business efforts to fight poverty and improve health in Africa, providing a neutral platform to incubate partnerships, drive investments in health and spotlight African business leaders and their work on health.

    “There is strong appetite from African corporates, business leaders, donors and development partners for investing in innovative and scalable health system while the state of the health sector across the continent is characterised by suboptimal outcomes (infectious diseases, malnutrition), poor quality health system, fragmented health market, limited innovation and absence of protection against financial risks for citizens” that is the paradox of the African health sector, said Aig-Imoukhuede.

    In closing his speech, Aig-Imoukhuede urged the private sector to “see health issues not just as doing good, but as a real competitive market, and thus should be at the centre of our economic agenda”, adding that there is a strong rationale for the private sector to play a role in shaping health markets in Africa because good health is good business, therefore investing in health is both a business and social imperative”.

    Dangote and Aig-Imoukhuede are both recognised for their generosity in advancing global and national healthcare, and most importantly for their readiness to apply their intellect and formidable network to address these issues at a regional level. At the country level, both of them are founding conveners of the Private Sector Health Alliance of Nigeria (PSHAN), which has been mobilising the private sector, across a coordinated platform, to advance health outcomes and unlock the market potential within the health sector in Nigeria.

    This forum has led to a planned collaboration between ABCHealth, African Union (AU) and United Nations Economic Commission for Africa (UNECA to convene an African private sector summit to broker private sector commitments to health across Africa on the margins of the African Union summit next year. This will serve to set up an African-led business coalition that mobilises a core group of private sector champions to offer their capabilities, resources and expertise, through a coordinated platform, to advance health outcomes and shape health markets.