The Nation Newspaper

Tag: Aliko Dangote

  • Dangote for president?

    Sir: People aspire for the office of president of a country for many reasons. I hear Aliko Dangote is being pressured by admirers to run for office of president. If I were him, I wouldn’t run, because he has a stature greater than that of a president. What does a Bill Gate need the presidency for? His platform extends far and above one provided by the US political scene. So also is Dangote. They both don’t need political offices to make money, for they are already rich. Power right?

    There are many reasons that make people seek political office. One of which is to serve humanity and solve pressing challenges, secondly to make history and have a good time and finally to steal.

    Ken Saro-Wiwa in one of his books categorized President Shehu Shagari’s government of the second republic amongst the worst in modern history. I wonder the performance metrics that he used to arrive at that and what he might have said, were he alive in this fourth republic. And so maybe Shagari wasn’t prepared for office but went to make history and have a good time. I have heard people say that there aren’t legacy projects that Nigerians can remember that government for.

    President Olusegun Obasanjo came to unify the country and to serve. He succeeded up to a point before he veered off, painfully. Today, some of the pangs of disunity that the nation suffers were planted by his actions and further entrenched by President Jonathan. But the quirks of Obasanjo notwithstanding, he never favoured any region above another and was not loyal to persons above national interests.

    President Umaru Musa Yar’Adua didn’t aspire to be president but his antecedent showed that he came to serve. I wish he lived longer. His death was a big disservice to this nation because his successor didn’t follow his agenda the way President Lyndon Johnson astutely followed the agenda of President J. F. Kennedy. There is today no justification for why we should be in a recession that was predicted in November 2014. Check the OPEC figures of Nigeria’s earnings in oil and gas during the administration of President Goodluck Jonathan without adding earnings in taxes and you would know that President Jonathan like President Shehu Shagari went to the presidency to make history and to have a good time. And he really had a good time.

    I voted for President Muhammadu Buhari because I saw him as a better alternative. A retired soldier who has history before him and could reform the system not change it. I never fell for the blarney of his party’s change mantra. It’s difficult to change a country without a clear-cut national philosophy. The president in my view came to serve. Regrettably, he hasn’t served well in my estimation but can do better. I hope he isn’t waiting to serve well in his second term, a return which is not guaranteed. He had better seek President Jonathan’s counsel on how not to wait for a second term to serve well. I refuse to judge him on the economy. Experts know that the straits we are in weren’t caused by him but he seems to be telling his lieutenants how to lead instead of showing them.

    Aliko Dangote has what it takes to give PMB a run for his money in the next general elections, should he decide to run. The drawback is that, the business tycoon doesn’t have the popular appeal with the masses in the north like PMB and may not be supported by the establishment.

    Dangote should be another John D. Rockefeller who was quoted to have said: “I believe the power to make money is a gift of God to be developed and used to the best of our ability for the good of mankind. Having been endowed with the gift I possess. I believe it is my duty to make money and still more money and to use the money I make for the good of my fellow man according to the dictates of my conscience.”

     

    • Simon Abah,

    Port Harcourt, Rivers State.

  • Osinbajo leads Dangote, others to Alaghodaro Investment Summit

    Osinbajo leads Dangote, others to Alaghodaro Investment Summit

    The Vice President, Professor Yemi Osinbajo, is to lead industry titans including Africa’s richest man and President of the Dangote Group, Aliko Dangote, to the maiden edition of Alaghodaro Investment Summit, to be hosted by the Edo State Government, in Benin City, beginning on November 10.

    The three-day summit with the theme: “Envisioning the Future,” will explore opportunities for local and foreign direct investments in Edo State by highlighting the state’s competitive advantage across various sectors.

    Also expected at the investment summit are local and international business leaders and investors, bankers, financiers, industry experts, policymakers, the diplomatic community and the academia.

    The summit will showcase the reform that the Obaseki-led government has carried out in critical sectors of the economy such as the Private Property Protection Law that has sanitised land acquisition and use, the planned development of 58 tourist sites across the state that will unlock the tourism potential of the state and the incentives for investment in the agricultural sector through public private partnership, amongst other sectors.

    According to the Chairman of Alaghodaro 2017 organising committee,  Asue Ighodalo: “The world over, governments are looking beyond oil to alternative revenue sources in order to ensure sustainable development, and we must also get creative and take action today for our future and the future of our children.”

    Ighodalo said that the key areas of focus at the three-day event would include Law and Order, Civil Service Reform, Agriculture, Manufacturing, Transportation, Forest Regeneration and Conservation, Education, Healthcare and Arts and Culture.

    He further said that Alaghodaro Summit, is part of the response of the Edo State Government, under the leadership of Mr. Godwin Obaseki, to the imminent threat of an oil-dependent economy.

  • NIRSAL disburses N66.36b in four years

    NIRSAL disburses N66.36b in four years

    * NABG tasks FG on innovative policies to support private sector

    The Chief Executive Officer, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Mr. Aliyu Hameed, has said the credit institution facilitated the disbursement of N66.36 billion since 2013 to support the agriculture sector.

    Hammed disclosed this at the Nigeria Agribusiness Group (NABG) 2017 Conference and Agriculture Expo, held yesterday in Abuja.

    He said the institution, which is solely owned by the Central Bank of Nigeria (CBN) was set up to ease the risk of credit lending to farmers, adding that despite the agricultural potentials in the country, the capital was a major challenge.

    He said Nigerians cannot eat potential but needed capital which comprises finance, capital equipment, human capital as well as technology to really drive the sector and achieve food sufficiency.

    His words: “In the last three and half years up to the moment, we have been able to catalase facilitate up to N66.36b in additional lending to the entire value-chain in agriculture and we paid up to N940 million directly as interest drawback to the borrowers account.

    “The interest drawback is a key support component. If you borrow money and you are able to pay back as at when due, in the NIRSAL model, you can come back every three months and we give you up to 40 percent rebate.”

    Hameed restated NIRSAL support to the rural farmers, mechanization suppliers and other members of the NABG to process their logistics and facilitate both local and foreign markets.

    He assured bankers and other investors of his commitment to de-risk investments in the agricultural value-chain.

    “Whatever happens to their money based on the level of guarantee we give, such an investor and financiers can come back to us and say there is a loss. We then pay you back whatever you lose based on our agreement so it will enable you to reinvest,” he added.

    Earlier, President of the NABG, Alhaji Sani Dangote described the conference as an opportunity to discuss issues affecting the sector and provide workable solutions, as well as develop new innovations that could boost agricultural productivity.

    He urged the stakeholders to put a stop to being over-dependent on the Federal Government, stressing that the private sector remains vital to repositioning the sector while the Federal government is expected to create a workable environment.

    “The government should listen to us and should come up with policies that will develop the sector. We should be able to influence their ideas to see the reality because we are the actual participants. We are the ones to get it done, the government is just the facilitator.”

    He appealed to stakeholders to develop innovative ideas that would make agriculture interesting to youths.

    Describing 70 percent of the population as youths, Dangote emphasized need to engage them in agro-allied activities. He agriculture should be treated as a serious business rather than a development programme.

    In his keynote address, Chief Executive of Dangote Groups, Chief Aliko Dangote, urged the federal government to focus on agriculture to achieve Nigeria’s food need.

    He decried situations where the nation remained a net importer of food despite the potential to locally grow those foods imported and still do exports.

    Dangote, who was represented by the Group’s Executive Director, Stakeholders Management and Corporate Communications, Mansur Ahmed, identified land acquisition as one of the major challenges confronting the sector.

    He listed others to include insecurity, poor market structure, finance, poor access to better farm inputs such as seeds, fertilizers etc.

    He urged the State Governments to reciprocate government seriousness on the agriculture sector to achieve holistic growth in the country.

    Other personalities present were Director General, Federal Institute of Industrial Research (FIIRO), Prof. Mrs Gloria Elemo, Deputy Regional Economic Counselor, Mr. Francis Widmer.

  • Afreximbank introduces $300m equity offering to Nigerian investors

    Afreximbank introduces $300m equity offering to Nigerian investors

    The African Export-Import Bank (Afreximbank) on Thursday in Lagos met with leading Nigerian investors to push for strong participation in the bank’s $300 million equity offering.

    Dr Benedict Oramah, the President of Afreximbank, told the investors that the equity offering would be issued through depository receipts backed by its Class “D” shares for new and old investors in the bank.

    The News Agency of Nigeria reports that Class “D” shareholders can be any investor.

    Oramah said that the aim was to generate between $100 million and $300 million as part of the bank’s target to mobilise up to $1 billion to boost African trade over the next five years.

    He told investors that the issuance of the receipts was to enhance the bank’s capitalisation so as to significantly narrow the trade financing gap in Africa, currently estimated at $120 billion annually.

    He said that the receipts would be listed on the Stock Exchange of Mauritius and managed by SBM Asset Managers as lead arranger.

    According to him, the issuance also represents an opportunity for Afreximbank to diversify its shareholder base by enabling investors in Africa and beyond who have not yet invested in the bank to do so.

    He said that Afreximbank had consistently delivered development impact in its member countries including Nigeria where virtually every banking institution had benefited from its support.

    Kee Chong Li Kwong Wing, the Chairman of SBM Group, said that the decision to use Mauritius was due to the country’s highly developed financial services system and its experience in similar investment drives.

    Li said that as part of its support for the Afreximbank depository receipts issue, the government of Mauritius planned to grant permanent residency to investors putting in up to $500,000 into the offer.

    According to him, the minimum investment amount is $30,000.

    Those present at the event include Aliko Dangote, President of the Dangote Group, Gov. Godwin Obaseki of Edo, former Gov. Donald Duke of Cross River; a representative of  Oba of Lagos and many others.

    Afreximbank’s shareholders are a four-tier mix of public and private entities with Class “A”, consisting of African states, African central banks and African public institutions.

    Class “B” is made up of African financial institutions and African private investors, Class “C” shareholders are non-African investors’ mostly international banks and export credit agencies.

    Afreximbank is a foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

    The bank was established in October 1993 by African governments, African private and institutional investors as well as non-African investors.

    Its two basic constitutive documents are the Establishment Agreement which gives it the status of an international organisation, and the Charter which governs its corporate structure and operations.

    Since 1994, it has approved more than $51 billion in credit facilities for African businesses including about $10.3 billion in 2016.

    Afreximbank had total assets of $11.7 billion as at Dec. 31, 2016 and is rated BBB+ (GCR), Baa1 (Moody’s) and BBB- (Fitch).

    The Bank has its headquarters in Cairo.

  • Wenger will go if I buy Arsenal, says Dangote

    Wenger will go if I buy Arsenal, says Dangote

    Nigerian billionaire Aliko Dangote plans to sack Arsene Wenger if his long-promised takeover of Arsenal is ever successful.

    Africa’s richest man, valued at £10billion by Forbes earlier this year, has publically expressed his desire to take over at the Emirates for several years and saw an initial bid to join Arsenal’s hierarchy collapse in 2010.

    In an interview with Bloomberg Dangote once more affirmed his desire to invest in the north London side once he completes a major oil refinery project in the Nigerian capital of Lagos.

    And any successful bid from the 60-year-old could spell doom for Wenger.

    “The first thing I would change is the coach,” Dangote said. “He has done a good job, but someone else should also try his luck.”

    It is not the first occasion in which Dangote has promised major upheaval at the Emirates, making similar comments about Wenger in May 2015.

    The Arsenal manager would fear no such challenge from current majority shareholder Stan Kroenke, with whom he agreed a two year contract extension at the end of last season.

    Kroenke insisted in May that he was a “committed, long-term investor” in Arsenal after his company had rejected a £1billion takeover bid from Alisher Usmanov, who owns a 30 per cent stake in the club.

    The offer valued Arsenal at £2bn and Dangote is convinced he could tempt Kroenke and Usmanov into selling up.

    “If they get the right offer, I’m sure they would walk away,” he said. “Someone will give them an offer that will make them seriously consider walking away.

    “And when we finish the refinery, I think we will be in a position to do that.”

    Dangote, an Arsenal fan since the mid-1980s, had been in talks with then-shareholder Lady Nina Bracewell-Smith about a deal seven years ago but saw a deal fall apart.

    The commodities tycoon is worth nearly £4bn more than Kroenke though his wealth has been eclipsed by Usmanov in recent years

  • Femi Otedola, Aliko Dangote’s inseparable bond

    It would seem that Africa’s richest man, Aliko Dangote and his billionaire friend, Femi Otedola, are inseparable. While business interests have been known to turn the best of friends into the fiercest rivals, it is not so with the billionaire buddies. If anything, their business interests seem to have strengthened their friendship.

    Like two alpha males hobnobbing in a pride of champions, Dangote and Otedola strut in virtual lockstep, secure in the knowledge that they have got each other’s back. This makes it virtually impossible for anyone to sow seeds of discord between the duo. In each other, they have found shoulders they can rely on as they seek to take their business empires to higher levels.

    The pair are never shy to make a public show of their friendship. These days, Dangote hardly attends a social function without Otedola in tow. The most recent case was the wedding of Hon. Abike Dabiri’s son to Governor Ibikunle Amosun’s daughter, last Saturday. Dangote and Otedola arrived at the occasion together. They also departed together at the end of the event.

  • Kano Assembly Speaker resigns, Atta takes over

    Kano Assembly Speaker resigns, Atta takes over

    The Speaker, Kano State House of Assembly, Alhaji Kabiru Rurum, has resigned amidst allegation of collecting money to scuttle investigation on the Emir of Kano, Muhammad Sanusi II.

    Rurum resigned in a letter read at plenary by the Deputy Speaker, Ibrahim Chidariof who presided over the sitting on Monday.

    The former speaker was alleged to have collected N100 million from business mogul Aliko Dangote but failed to share the money to the members.

    He had earlier at a news briefing before the assembly went on Sallah recess, denied the allegation and threatened to sue an online media group that first published the report.

    The deputy speaker, who read the letter, said Rurum resigned to protect his image due to allegations bordering on corruption leveled against him by some of the members.

    The News Agency of Nigeria (NAN) reports that shortly after the letter was read and accepted, the lawmakers elected the Majority Leader of the Assembly, Alhaji Abdullahi Atta as the new Speaker.

    Atta, who represents Fagge constituency, was nominated for the position by Babangida Yakudima and Zubairu Mamuda and the nomination was unanimously accepted by the members including Rurum who was at the sitting.

  • Aliko Dangote, Abdulsamad Rabiu bury the hatchet

    Aliko Dangote, Abdulsamad Rabiu bury the hatchet

    The strength of friendship is not determined by how close people are when the going is good. The depth of it does not also depend on how long they have known each other. When quarrels ensue and pride intervenes, when comradeship goes missing and trust threatens to disappear, that is when we get the true measure of a friendship.

    Africa’s richest man Aliko Dangote and his equally wealthy friend Abdulsamad Rabiu have both passed the test in flying colours. Dangote, the famous billionaire, and Rabiu, the silent billionaire, have been friends for years. And over the years, the two northerners have crossed the threshold of normal friendship to become true comrades in soul and spirit. But for a while, rancour and bitterness ensued from some conflicts of interest, leading many to speculate that they had gone their separate ways.

    But like life itself, solid friendship is full of surprises. While supporters of the Chairman of BUA Group and Dangote were fighting themselves in defence of their idols, the two men at the centre of it had apparently reconciled in private, realising that nothing is as precious as friends that are closer than brothers. It was not until the birthday gig held by Femi Otedola in honour of Dangote’s 60th birthday that it became clear to the public that Rabiu and Aliko had mended fences.

    Kano-born Rabiu strolled into the occasion and chatted excitedly with the celebrant. They even took pictures together, leaving their mutual friends who had expected a standoff with pleasant surprise. In the time they spent together, the two men were like brother-birds making up for lost time.

  • How Dangote made my happiest day as minister – Adesina

    How Dangote made my happiest day as minister – Adesina

    President of the African Development Bank (AfDB), Dr Akinwunmi Adesina has recalled his happiest day while serving as Minister of Agriculture in Nigeria.

    Speaking at the Mo Ibrahim Forum in Morocco over the weekend, Adesina said it was the day billionaire businessman, Aliko Dangote decided to invest $300 million into producing and processing rice in the country.

    “I remember when I was minister of Agriculture in Nigeria. Aliko Dangote was there, and he was our biggest importer at the time, and he and I used to have all the time to dialogue,” Adesina who served in former President Goodluck Jonathan cabinet said.

    “One day, I was in my office, about 10 O’clock, Aliko walks in, Ngozi was minister of finance. Aliko bangs on my door and said ‘minister I came to see you’, and I said ‘what are we going to disagree on this time?’

    “He said no, I have actually looked at the policies, and the policies you put in place for import substitution are very right policies. So, I have changed my business model from being an importer to being a local producer.

    “I said what exactly are you going to do. He said I will put in $300 million into producing and processing rice in Nigeria. I said yippee! I went home, I told my wife, my best day as minister.

    “He comes back three months after that, he says I have changed my mind, I said ‘what in the world happened?’ He said no, I have changed my mind from $300 million to a billion dollars.

    “If they continue that policy, he would probably be the single largest producer of rice in the world, in about four years. The reason why I was so excited about that is that agriculture is cool, agriculture is a business…agriculture pays,” Adesina said.

    Adesina said Africa must focus on agriculture to drive growth and create jobs on the continent.

    A tripartite agreement put together by the Dangote Rice limited to create jobs for 16,000 outgrower rice farmers in Sokoto was recently signed with the Sokoto State government and rice growers in the country after which he launched the rice outgrowers scheme in Sokoto.

    Dangote , the Chairman of Dangote Rice Limited, said he was moved to go into rice cultivation because of the genuine interest of the Federal government to revive agriculture as the mainstay of the economy, and reduce importation of foods that could be produced locally.

    He lamented that Nigeria consumes 6.5 Mtn of rice which costs the nation over 2 billion dollars annually pointing out that it is heartening that the government now has policy direction that encourages private sector’s active participation in agriculture.

    He disclosed then that “In the next three years we want to produce one million tons of quality rice and make it available and affordable to the people. We hope to do 150, 000 ha and when we are done, Nigeria will not have anything to do with importation of rice.

    “Dangote Rice outgrowers scheme is committed to creating significant number of jobs, increasing the incomes of smallholders farmers and ensuring food security in the country by providing high quality seeds, fertilizers and agro-chemicals as well as technical assistance on best agricultural practice to farmers.

    “This Scheme will help to diversify the economy, alleviate poverty and reduce the nation’s import bill. The scheme has been designed as a one stop solution for the rice value chain,” Dangote stated.

  • At 60, Aliko Dangote promises to spread prosperity

    At 60, Aliko Dangote promises to spread prosperity

    •Businessman to list refinery, all other companies on Exchange
    •Capital market chiefs hail African pride

    Africa’s richest man Aliko Dangote marked his Diamond Jubilee yesterday, beating the closing gong for the N17 trillion Nigerian stock market. He promised to continue sharing his wealth with Nigerians.
    At a colourful ceremony attended by corporate titans and key stakeholders in the capital market, a visibly emotional Dangote said he would continue to forge ahead with the battle to diversify the economy and spread prosperity.
    Dangote’s companies, including Dangote Cement, Dangote Sugar Refinery, Dangote Flour Mills and Nascon Allied Industries, are all listed on the Nigerian Stock Exchange (NSE). Altogether, the four companies accounted for N2.923 trillion at the close of the market yesterday, representing one-third of the N8.87 trillion total market capitalisation of quoted equities. Dangote Cement is the largest listed company, with market value of N2.805 trillion, 31.6 per cent of total equities value of N8.867 trillion.
    ”We will continue to diversify the economy, working with the government to spread prosperity to Nigerians,” Dangote said.
    He promised to ensure listing of his companies at the Stock Exchange to give opportunities to Nigerians and other investors to be part of his wealth.
    “Very soon, we will start having our Annual General Meeting (AGM) in stadium, not halls, due to the large shareholders we will be targeting. We will be having up to two million shareholders in the next 10 years,” Dangote said.
    The Dangote Group is involved in many high profile projects, including an oil refinery and petrochemical complex at the Lekki and Free Trade Zone (LFTZ) Lagos; agricultural projects and a fertiliser plant.
    “What we are building today is more than 100 times bigger than where we are; this is what we are seeing in the next 10 years,” Dangote said.
    He praised the stock market community for its “tremendous” support to the Dangote Group, stressing that the group will increase its investment in the capital market.
    “The support has been very tremendous. The hard work is not mine alone, it is for all of us and I truly appreciate what the capital market community has done,” Dangote said.
    Capital market chiefs praised Dangote for his immense contributions to the market, Nigerian economy and Africa.
    Chartered Institute of Stockbrokers (CIS) President Oluwaseyi Abe said Dangote had continuously demonstrated his love and belief in Africa.
    “Alhaji Dangote is a true African man; he has demonstrated his belief in Nigeria and entire African continent by the way he has structured his businesses,” Abe, whose institute regulates stockbroking, said.
    NSE Chief Executive Officer (CEO) Oscar Onyema described Dangote as a Nigerian and African pride, who has made significant contributions to the capital market in many ways.
    He said the Exchange continued to benefit from Dangote’s wealth of experience as an important stakeholder in the capital market.   Dangote had served as second vice president, first vice president and president of the Council. He is an ex-officio member.
    President, Association of Stockbroking Houses of Nigeria (ASHON), Mr. Patrick Ezeagu, drew inspiration from Dangote’s humble beginning and utmost humility even as the richest man in Africa, describing Dangote as a man favoured by God.
    “We consider ourselves lucky in Nigeria to have a man like Dangote; he is not only an asset to Nigeria, but entire Africa and the black race,” Ezeagu said.
    He noted that in spite of his vast wealth and influence, Dangote remained an epitome of humility, who is widely accessible to all, personally and materially.
    Ezeagu pointed out Dangote’s famed philanthropic activities that have helped to lift many out of poverty and redefine communities, including his immense support to the internally displaced persons (IDPs).
    “We pray God will continue to guide him,” Ezeagu said.
    Doyen of stockbrokers and former president of ASHON Rasheed Yussuf said Dangote’s decision to celebrate his birthday with the capital market community was a testimony to the mutually beneficially relationship which has been evolving over the years between Dangote, stockbrokers and the capital market.
    “I was the chairman of ASHON when Dangote became the president of the council of NSE; it was the most challenging period for the capital market. On one hand, the NSE was faced with a serious management succession crisis while, on the other hand, the market had to contend with the ravaging margin loans crisis. Dangote worked tirelessly with the Association of Stockbroking Houses of Nigeria (ASHON), leveraging on his numerous contacts to make presentation to the various levels of government functionality, Central Bank of Nigeria (CBN), among others, culminating in the setting up of Asset Management Corporation of Nigeria (AMCON) and eventual resolution of the margin loan problems. If the margin loan crisis had not been resolved the way it was, the collateral damage on the capital market operators and the market would have been so profound,” Yussuf recalled.
    He also noted that as a strong promoter of local content development in Nigeria, Dangote took the pioneering step of listing most of his companies on the floor of the NSE, thus substantially deepening the market.