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Tag: Aliko Dangote

  • Top seven funds available for Nigerian SMEs

    Below are top seven funds that are available for Nigerian SMEs this year. The general criterion for accessing these funds is the capacity to present a bankable and viable business plan. The entrepreneur should be clear on where he wants to be in the near future, and must also be able to describe the market for his or her products. These are the seven funds:

    #1. BoI Funds

    If there is anywhere Nigerian entrepreneurs can get cheap or single-digit funds (often at nine percent lending rate), it’s from the Bank of Industry (BoI). This development finance institution (DFI) has been rated by many local and international agencies as one of the best managed banks in the world.

    The BoI has a number of funds that entrepreneurs of all levels can access. First is the Graduate Entrepreneurship Fund (GEF), which is meant for serving members of the National Youth Service Corps (NYSC). Candidates are allowed to submit their business ideas, which are then reviewed by a team of experts. The NYSC members whose ideas are marketable and bankable are then selected, trained for four weeks and then given between N500,000 and N2 million.

    There are also the Cottage Agro Processing (CAP) Fund for small and medium agro processors; Nolly Fund for players in the Nollywood industry, as well as Fashion Fund for designers and other players in the fashion value chain.

    In fact, the Bank has other matching and managed funds, including a fund for the automotive industry. Through 122 business development experts, entrepreneurs can access funds easily. It is also easy to access some of the Bank’s products through its website.

    The Bank has a N5 billion fund from Africa’s richest man Aliko Dangote to finance SMEs at a single digit rate.

    #2. Tony Elumelu Fund

    Tony Elumelu Foundation has earmarked $100 million for 10,000 African entrepreneurs, broken into tranches of $10 million for 1,000 entrepreneurs every year for ten years. This will continue to be available for another seven to eight years. If you are in agriculture, fashion and design, light manufacturing, ICT, and solid minerals, among others, then apply for the on-going Tony Elumemu Fund. You may be lucky to be one of 1,000 entrepreneurs to be shortlisted.

    #3. GroFin Fund

    GroFin, a development financier, has committed over $500 million to funding Nigerian micro, small and medium businesses (MSMEs) across the country.

    The firm has five different types of funds: the Aspire Nigeria Fund, the Growth Africa Fund, the Small Growing Business Fund, the Aspire Small Business Fund and the Aspire Growth Fund.

    The Aspire Nigeria Fund, the Growth Africa Fund and the Small Growing Business Fund cater for all parts of Nigeria except the Niger Delta. The Aspire Small Business Fund provides a minimum of $100,000 and a maximum of $1.5 million to SMEs in Nigeria. The Aspire Small Business Fund and the Aspire Growth Fund cater for the Niger Delta.

    The Aspire Small Business Fund provides between $10,000 and $100,000 to small business owners in the oil-rich region, while the Aspire Growth Fund frees between $100,000 and $3 million to businesses to stimulate growth in the area. GroFin provides its funds mostly for a maximum of six years.

    #4. Shell LiveWire

    The Shell Petroleum Development Company of Nigeria Limited has a number of funds for young entrepreneurs, including women.

    Through the programme, Shell provides support, access to training, guidance, and business mentorship to young entrepreneurs and potential entrepreneurs between the ages of 18 and 35.

    The programme operates mainly in the Niger Delta region and aims to inspire, encourage and support young people to start up their own businesses through the provision of finance and training for young entrepreneurs, according to Shell.

    #5. Lagos State Employment Trust Fund

    Lagos State has N25 billion to support SMEs. The fund is divided into two categories; micro and small businesses. Under the micro, businesses can access up to N500, 000 loans with an interest rate of five percent and a tenor of one year. For the small business category, businesses can get up to N5 million for a tenor of three years. The criteria for accessing the funds include: membership of a business organisation, which will recommend the business for the loan; Lagos State tax receipt for at least six months, and Lagos state residency card. This takes three weeks for processing.

    #6. Social Intervention Fund of FG

    This fund is for artisans and owners of micro businesses. The artisans of business owners can only access a maximum of N100, 000 at three percent interest rate on a year’s tenor. The criteria for accessing the fund include membership of a business organization.

    #7. Oxfam

    Oxfam has a number of funds for Nigerian entrepreneurs. Oxfam, an international confederation of charitable organisations focused on the alleviation of global poverty, recently disbursed €100 million to high-impact SMEs in Nigeria through Nextzon.

    Culled From Start-Up Digest

  • Dangote, Otedola, others meet Theresa May in Lagos

    British Prime Minister, Theresa May, has arrived at FMDQ Security Exchange building, Victoria Island, Lagos, for a meeting with the Nigerian business community.

    The prime minister, accompanied by members of her trade delegation, arrived the venue at 6.30 p.m. on Wednesday.

    Alhaji Aliko Dangote, Mr Femi Otedola and Mr Tony Elumelu, among others, had earlier assembled at the venue.

    The meeting, expected to last for 40 minutes, would provide an opportunity for forging more bilateral relations between Nigeria and the United Kingdom.

    May had earlier on Wednesday afternoon arrived the Murtala Muhammed Airport (MMA), Ikeja, in Lagos after meeting President Muhammadu Buhari in Abuja.

    Read Also: Buhari, Theresa May meet in Aso Rock

    She is billed to spend time with victims of modern slavery during her brief stay in the nation’s commercial hub.

    The prime minister’s visit to Lagos comes barely eight weeks after the French President, Mr Emmanuel Macron, visited the African Shrine in Ikeja, Lagos.

    Gov. Akinwunmi Ambode of Lagos State, accompanied by his deputy, among other state officials, received the prime minister at the airport.

    After the reception, May was driven out of the airport to attend to her engagements in the state.

    After May’s meeting with President Muhammadu Buhari in Abuja, Nigeria and Britain signed agreements on Defence and Security partnership, among others.

    May’s visit to Nigeria is part of her tour of three African countries.

  • Bribery Allegation: Kano Assembly exonerates Speaker

    Kano House of Assembly has exonerated its Speaker, Kabir Alhassan Rurum over allegation of receiving over N100 million from Africa richest man, Alhaji Aliko Dangote during the investigation of financial misappropriation leveled against the Emir Malam Muhammad Sanusi last year.

    This follows the adoption of a report submitted by the committee constituted by the house last year to investigate the allegation.

    Presenting the report to the house, the committee Chairman and member representing Bichi constituency, Alhaji Hamza Sule Bichi said the allegation was baseless and unfounded as the alleged giver of the bribe Alhaji Aliko Dangote denied the allegation.

    The Nation reports that the Speaker Kabiru Alhassan Rurum during the period of the allegation last year, resigned his position to give room for transparent and proper investigation.

    He later emerged   the deputy Speaker about two months ago after a crisis rocked the house which was resolved by Governor Abdullahi Umar Ganduje.

    Read Also: Kano okays N.9b for scholarship arrears

    The Ex-Speaker Yusuf Abdullahi Ata was subsequently impeached on 30th July 2018 with Kabiru Alhassan Rurum making a dramatic comeback as the new Speaker.

    However before receiving the committee report ,Kabiru Alhassan Rurum stepped  aside for the deputy Speaker Hamisu Ibrahim Cidari to preside over plenary.

    After receiving the report, the deputy Speaker  Hamisu Ibrahim Cidari  called for the adoption of the report which was unanimously adopted, that exonerated Kabiru Alhassan Rurum of any wrong doing.

     

  • Dangote seeks FG’s action against smuggling through Benin borders

    BUA to export 700,000 metric tons of cement annually

    President of Dangote group, Aliko Dangote on Friday urged the Federal Government to intensify actions against dumping of goods on Nigeria smuggled through the Republic of Benin.

    He spoke with State House correspondents after attending the Industrial Policy and Competiveness Advisory Council chaired by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja.

    He called for drastic action to halt smuggling which he said is likely to weaken Nigeria’s efforts at building strong manufacturing base.

    He said “The drastic action that should be taken is any action that will stop the Republic of Benin encouraging people to come and dump goods into Nigeria.

    “There are so many of them, it is to do with textiles, sugar, pasta, vegetable oil, arms and ammunition. Because, the smuggling really has gone out of control and we need to really do something.

    He noted that the challenge of smuggling was very very deep, adding that “the biggest issue and challenge for the economy and also for the manufacturing has to do with smuggling and I think unless we really take a very drastic action against the Republic of Benin, I don’t think we are really going to be successful”

    “You know we have to attack it from two fronts; one is stopping the Republic of Benin from promoting smuggling into Nigeria and two, to ensure we stop those who are patronizing the goods in the market, that is to stop people from selling smuggled goods.

    Dangote noted that this already has strong crippling effect on the “economy and not allowing us to create jobs”

    “It is allowing us to create more poverty because some of our business are shutting down. If you are shutting down you are creating more job loss rather than employing more people.” he added

    The Minister of Industry, Trade and Investment, Okechukwu Enelamah said that the government was working on addressing all issues affecting industrial development.

    He said “We are working on the whole area of technology and how to deal with issues around MSMEs and financing, we are also working on issues that affect training and providing training particularly in the technology space and the sub-committee working on skills acquisition came up with their proposal which was adopted by the council that we need to provide more training in the technology and related areas to our people to create more jobs.

    “There was also a discussion around trading and addressing the issue around smuggling and robust discussion on that on how to make sure we address this problem area.” he said.

    Read Also: Dangote Cement leads equities to N8b gain

    Abdulsamad Rabiu, Chairman of BUA Cement disclosed that the recently commissioned cement plant is set to embark on export of 700,000 metric tones of cement annually.

    Vice President Yemi Osinbajo had commissioned the 1.5 million metric tons per annum plant

    He said “So we are actually very excited because as I keep saying these are the kinds of things we need to do using our local raw materials to develop our economy. So this plant is very unique, the location is very good because of its proximity to Niger Republic and Benin Republic which is only about 100 kilometers away from the border and that is going to generate a lot of foreign exchange for the country.

    He disclosed that BUA was producing high quality cement of about 55 mega pascal and is going to cater for the catchment area which is Sokoto, Zamfara, Kebbi and all the way to Kano and other areas within the North western part of Nigeria.

    “It is important to note that this is the single largest investment in the whole of north western part of the country and is generating over 2000 direct jobs and so we are very excited and we thank Mr. Vice President for making time to come and commission the plant.

    “We want to be able to cater for the market locally first before export, adding that “at about $120 price, it is quite tempting to export most of it, meaning that the price of cement in terms of export is higher than in Nigeria but we still believe that it is important for us to cater for the local market first.

    “We are looking at exporting between 500,000 to 700,000 tons annually, that is about 30 to 40 percent of the market depending on the season. As you know during the dry season the demand for cement in Nigeria is very very high. So during the dry season we intend to produce and sell everything within Nigeria but during the rainy season when the demand is low we export substantial part of what we produce.” he stated

  • ALIKO DANGOTE’s secret desire

    BILLIONAIRE businessman and Africa’s richest man, Aliko Dangote, is craving for a desire despite being very successful in his business dealings. The Kano State-born billionaire is shopping for a wife to spend the rest of his life with.

    61 years old, Dangote is blessed with looks and a fat wallet, although he is twice divorced with three children.  His first wife was selected for him in 1977; that was when he was 20 years old. He later got married to Mariya A D Muhammad Rufai, who he later divorced too. Dangote fell in love with Nafisat Yar’Adua, the young daughter of the late President Umaru Musa Yar’Adua. She, however, refused to marry him because she and his daughter were friends.

  • Dangote inaugurates 200 houses, school for widows in Borno

    The Aliko Dangote Foundation on Monday inaugurated 200 housing units and a school it constructed for widows among Internally Displaced Persons ( IDPs ) in Borno.

    Alhaji Aliko Dangote, Executive Chairman of the foundation said at the inauguration in Maiduguri that it was in fulfilment of a pledge he made two years ago.

    He disclosed that the foundation had so far expended over N7 billion in providing humanitarian assistance to those displaced by Boko Haram in the Northeast, and would provide N2 billion more.

    Dangote said: “You may recall in the last two years when I first paid a visit to the IDPs camp, I made a pledge of N2 billion on behalf of Dangote foundation.

    “The gesture was designed to support government to key into the reconstruction of houses that were destroyed and vandalised by Boko Haram.

    “It was the decision of the government that the donation should be given in materials and not cash.

    “It is against this backdrop and with consultation between the foundation and the state government that we provided building materials which included cement, aluminium roofing sheet, iron rode, ceiling as well as fabricated door and windows worth N1 billion to the stat government.

    “The 200 housing would provide accommodation to the IDPs in Borno. Each house is self contained built to house a family.

    Read Also: Aliko Dangote’s parting words to daughter

    “The state government had also provided skills acquisition kits to enable them become self reliant and enhance their livelihood.

    “The state government also built a school for the education of the children which was one of the key aspects that we needed to look into.”

    Dangote said that the foundation would release the second batch of N2 billion to continue with the construction of houses for vulnerable people.

    “I want to assure you that we will continue to do more until the IDPs are reintegrated back to the society and are able to resume their normal productive lives,” he said.

    He solicited for more donation by wealthy individuals towards the resettlement of the Boko Haram victims.

    Earlier, Babagana Umara, the Commissioner of Rehabilitation, Reconstruction and Resettlement, disclosed that the building materials provided by Dangote foundation were for the construction of 1,000 housing units for widows.

    Umara said after the conclusion of the first phase of the reconstruction, the government utilised the remaining materials for the rehabilitation of public structures in Bama, Gwoza, Askira Uba and Konduga local government areas.

    “A school with a block of  ten classrooms and library with well-equipped facilities as well as clinic was also built in order to support the livelihood and health needs of the people.”

    The commissioner announced that the beneficiaries would be supported with irrigation kits, poultry facilities and  fish ponds to boost their means of livelihood.

    In his remark, Gov. Kashim Shettima commended the foundation for its humanitarian assistance, adding that Dangote presented the highest individual contribution and intervention to the IDPs.

    He said that in two years ago, the foundation had donated 100 trailer loads of food and nonfood items to Boko Haram victims.

    The governor noted that Zuwaira, Dangote’s daughter had also visited the state more than 20 times in support of the IDPs.

    Hajiya Yabawa Kolo, Chairperson of SEMA, said those that got the houses were among the most vulnerable persons across the 27 local government areas of the state.

    “The beneficiaries cut across all faith, most of them lost their spouses and were left with a lot of children to take care of,” she said.

    One of the beneficiaries, Esther Kachallah, whose husband was killed by Boko Haram insurgents four years ago in Monguno thanked the foundation for providing them with a home.

    “We get support from church where I sweep to make some money to feed the kids, I thank God I now have a house to call my own,” she said.

    NAN

     

  • Osinbajo lauds Dangote over 150 vehicle donation to Police

    The Vice President of Nigeria, Prof.  Yemi Osinbajo has praised the Chairman of Aliko Dangote Foundation over the donation of 150 operational vehicles to the Nigeria Police Force.

    The Vice President said the vehicles donated would help combat the spate of crime in the country.

    Osinbajo while expressing  Federal Government’s appreciation to Dangote described him as a rare entrepreneur who has done so much to grow the economy of Nigeria.

    He said the Government needs people like Aliko to join hands with it to grow the economy and also provide jobs for the Youth.

    He said: “There have been a lot of talks on private-public partnership, but as we can see Alhaji Dangote is walking the talk.

    “Government’s role is to provide the enabling environment while the private sector should take advantage of the opportunities that abounds in the country to grow and develop the economy.

    “The donation of 150 cars to the Nigerian Police Force is laudable and we thank Aliko Dangote Foundation for this rare gesture, that is characteristic of the person of Aliko Dangote.

    Read Also: No basis to compare APC with PDP, says Osinbajo

    “He has shown over the years to be an entrepreneur with a difference, a man that gives so much to the poor”

    Describing the donation as the single largest donation of cars by any private individual in the country, Osibanjo urged other Nigerians to join hands with the Federal Government to effectively secure the country as well as develop the economy.

    Speaking during the formal handover, the Chairman of the Foundation,  Aliko Dangote explained that the donation was imperative considering how essential security was to the economy.

    He also said the donation was aimed at strengthening the Nigeria Police.

    He said: “We are gathered here today to mark the formal handover of a total number of 150 GAC saloon cars to the Nigeria Police Force in order to help boost their operational efficiency.

    “I am told that today marks the single biggest number of operational vehicles ever donated to the law enforcement agency by a private organisation.

    “Considering the challenges government faces in meeting the entire needs of the populace for necessities like health, education and security, various Public Private Partnerships (PPP) initiatives have been developed.”

    The Foundation, according to Dangote has been active in the four areas of health, education, economic empowerment and disaster relief, adding that it has  expended upwards to N10 billion annually.

    While calling on other corporate organizations to rise up to the challenge of helping the security agencies in the country, Dangote stated that his Foundation made a N50 million donation to the Lagos State Security Trust Fund, and built the Police Intelligence Hostel Complex in Kwara State, all of which are part of the collaborations by the Foundation.

    “Today, we are deepening our intervention in security with the donation of these 150 fully kitted operational vehicles to the Police Force. These vehicles will support the Nigeria Police Force in surveillance, crime prevention and promote law and order.”

    Dangote promised that his foundation may consider donating another batch of vehicles to the Force depending on how well the ones donated are maintained.

    Also commenting, the Inspector-General of Police, Ibrahim  Idris promised that the cars will be well utilized for the purpose for which they were donated.

    He urged Nigerians to go about their business lawfully, noting that the Police Force is well equipped more than ever before to fight crime across the country.

    He also assured that the Police Force will not disappoint Nigerians in the provision of adequate security across the country.

  • We’re happy with peace, stability in The Gambia – Buhari

    President Muhammadu Buhari says the successful transition in the Republic of The Gambia, and the ongoing peace process in that country gives greater hope of harmonious co-existence and development on the African continent.

    The president stated this when he received a Letter of Credence from the High Commissioner of the Republic of The Gambia to Nigeria, Mr Amadou Taal, at the Presidential Villa, Abuja.

    President Buhari said all the interventions by ECOWAS to ensure a stable and economically vibrant economy in the country was worth the effort, considering the country’s position and value.

    “I will like to congratulate your government for trying to stabilize the situation in your country. I am very pleased that the peace process is going well, and things are getting normal.

    Read Also: Buhari directs NNPC, oil firms to release fund for Ogoni clean-up

    “I am very pleased also that Nigeria’s role in stabilizing the country is appreciated.

    “We look forward to improved bi-lateral relations,’’ he said.

    In his remarks, the High Commissioner of The Gambia lauded the efforts of President Buhari in the restoration of political stability in his country.

    He said: “The Gambians are proud of you as a person, Mr President, and this great country for all the wonderful work you have done for our country. Your intervention made all the difference.

    “We are proud that your intervention brought peace and stability to The Gambia. Our President has very high regard for you, and he sends his warm greetings.’’

    President Buhari, who also received a Letter of Credence from the Ambassador of the Republic of Congo to Nigeria, Mr Jacques Obindza, said the bilateral relations with the country needed more attention, especially in economic terms.

    The Congolese ambassador said he would work hard to strengthen economic relations between both countries.

    He noted that some Nigerian industrialists like Alhaji Aliko Dangote and notable banks in Nigeria had already set up businesses in his country.

  • Kagame, Dangote still committed to Arsenal

     

    If there is one thing Rwandan President Paul kagame and Africa’s richest man Aliko Dangote have in common, it is their love for English Premier League side Arsenal.

    The two Africans have never hidden their love for the Emirates Stadium landlords who unfortunately have been finding it difficult to win trophies for a long time.

    While some fans of the Gunners have since withdrawn their support citing the club’s inability to win trophies, both men have religiously remained with the club.

    It is public knowledge that Dangote made spirited effort in the past to buy at least 16% stake in the 132 year old club which has not materialised. He had hinted amidst that widely reported bid then that he would ensure a turnaround of the club if the bid scales through.

    The turnaround equally included showing French man Arsene Wenger who is finally leaving the club after 22 years the door.  It is not known yet whether the Nigerian business mogul will be re-submitting a bid in future with Wenger now out of the club. Despite the club’s unimpressive run however, the 61 year old business mogul reportedly remains a die-hard lover of the club.

    President Kagame on his part declared that he is still a committed fan of the club.

    Taking to his twitter handle@PaulKagame, after the club crashed out of Europa on Thursday, the President regretted that Wenger was leaving on a low.

    “My take on my beloved Club Arsenal- a very good one at the game and a very good coach like a.Wenger, this should not have been the kind of ending of an era. The coach is leaving and club trophy-less it was long coming! I am still a committed fan going forward :). Blame the owners” he submitted

    He however expressed hope that the Gunners can return to their rightful place as top contenders in the round leather game.

    “All the best to all involved! We still need Arsenal to go back where it belongs- up there among the best in the game!” the President added

  • Dangote wins varsity’s top corporate award

    President of Dangote Group Aliko Dangote has said he will prioritise Universal Health care Coverage (UHC).

    He spoke at the Ahmadu Bello University (ABU), Zaria, Kaduna State, at the weekend, when he was conferred with the university’s top Corporate Award.

    Dangote was honoured following the contributions of his conglomerate to the educational sector, National President of the Alumni Association Prof. Ahmed Tijani Mora said.

    Mora said the interventions of the Aliko Dangote Foundation in education had been unprecedented, especially on scholarship.

    Dangote, who was represented by the Executive Director, Stakeholders Management and Corporate Communication Ahmed Mansur, said the award would spur them to scale up its intervention in all sectors.

    He promised that Dangote Group will continue to ensure that the educational sector gets to its rightful place in Nigeria.

    Dangote, through the foundation’s Chief Executive, Ms Zouera Youssoufou, said the Foundation will continue to work with governments and civil society organisations for the development of impactful health sector programmes in Nigeria and Africa as a whole.