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Tag: Dangote

  • Dangote to create .2m jobs in agric

    Dangote to create .2m jobs in agric

    President of Dangote Group Aliko Dangote has announced plans to create over 200,000 jobs in the agric sector in the North between now and 2018.

    He said the Dangote Group has commenced rice production in Jigawa State, as part of the Federal Government’s desire to be self sufficient in rice production.

    “Dangote Group is working to increase the yield of rice per hectare from 1.4 to maximum two tons per hectare in Jigawa State.

    “ A Memorandum of Understanding (MoU) has been signed by the Dangote Group to produce rice in Jigawa on a rice value chain, from planting to retaining, the company will be cultivating 16,000 hectares, and as well as develop an out-grower scheme using the same technology, and the same arrangement to produce another 16,000 hectares” he said.

    The business mogul, who was speaking with some businessmen, who visited him in the spirit of the Eid-il-Fitri, said over dependence on oil to the detriment of other sectors took a toll on the economy. This, he said, was worsened with the crash of oil price in the international market.

    He said the nation would come out strong from the economic quagmire given the government’s diversification moves to reposition the country as a producing nation.

    Dangote, however, cautioned that the turnaround would not be automatic, saying: “It will take time, but surely better life will come. We just have to be patient and do our bit because government alone cannot do it.”

    According to him, the reality prevailing in the international oil market provides the best opportunity for the nation to diversify the economy, leveraging on agriculture.

    He advised governors to take advantage of the Federal Government’s diversification initiative.

    “I believe this is the best period to diversify our economy, rather than seeing the current happenings from a negative perspective

    “It was under this same kind of situation that countries, such as Brazil, transformed their economies, and today they have become leading economies in the world.

    “We are lucky that the glut only affects the oil sector, and does not affect commodities, which we have the capacity to export”, he noted.

    Dangote said since the North possessed vast potential in agriculture, the states should put more effort to transform the sector. China, which is the biggest economy today, cannot boast of the arable land Nigeria has.

    “In the South, we have good soil that produces most of the fruits we import, cocoa, palm oil are, before now, our mainstay in the South. What we need is for governments to make maximum use of the resources to address poverty, and unemployment, and putting in policies to attract foreign investors,” he said.

  • ‘Dangote refinery, others‘ll create 235,000 jobs’

    The refinery and fertiliser projects of Dangote Industries Limited is expected to create a minimum of 235,000 new jobs both direct and indirect, when it becomes operational in the first quarter of 2019.

    President of Dangote Group, Aliko Dangote who revealed this also stated that the projects will cost a minimum of $17billion.

    Meanwhile, Vice-President Yemi Osinbajo has assured the Management of Dangote Industries Limited (DIL) of the support of the Federal Government towards the completion of the projects.

    Osinbajo who spoke after the inspection of the projects last weekend, said: “Supporting what you are doing here is not a favour. It is not a favour that would be done to Dangote Group, but is an important part of our building up of the Nigerian economy. As a matter of fact, it is a crucial part of building the Nigerian econom. When people say somebody is building something, they are doing a refinery at Lekki, your concept of that, they way you visualise that, is a structure somewhere. May be a couple of warehouses or two. That’s how you visualise it.

    “And certainly, you don’t think they deserve all the noise and attention and certainly not the money they might have access to. But when you come to a place like this, you fully understand that this is not just only about building a refinery, it is about building an industrial hub, a modern industrial hub. That is an enormous undertaking. It’s a great thing that is being done here. And frankly, I think that we ought to give this place far more attention both as Federal Government and state government.”

    He assured that the Federal Government will do all within its powers to assist and encourage Dangote to realise his dream of building the biggest refinery and fertilizser companies in the world.

    “I am really excited and have been thoroughly educated today. I have always been interested in what the Dangote Group has been doing but I must say that I am much more committed to be a supporter of what you are doing here, and to see to it that in whatever way, shape or form we are able to contribute to this. I was telling the President yesterday afternoon that we would be coming here today, he said “yes, yes, yes, we need to encourage him. We need to encourage him.” I am sure he also felt like look, there’s a need to do something.”

    Earlier Dangote told the Vice-President that the $12 billion refinery would have a capacity of 650,000 barrels a day. He assured that there will be market for the refined products because even in Africa, only three countries have functional refineries with others importing from abroad.

  • Dangote: we lost N50b to ‘flexible exchange’ policy

    Dangote: we lost N50b to ‘flexible exchange’ policy

    Dangote Group President Aliko Dangote said at the weekend that his company lost N50 billion to the flexible foreign exchange policy.

    The Central Bank of Nigeria (CBN) last week scrapped the dual exchange rate policy, creating a single window for the trade in naira.

    Dangote spoke when Vice President Yemi Osinbajo toured the project sites of Dangote Fertiliser and Dangote Refinery in Lekki, Lagos.

    Dangote said the $161 million his companies bought during that period from the CBN merely reflected the size of his business and did not represent preferential treatment.

    “We have been badly affected like any other company,” he said, arguing that operational costs totalled $100 million each month due to recurring expenses, such as the purchase of parts for cement production and running a fleet of 9,000 trucks.

    “When you are talking about 20 billion dollars worth of projects, what is 161 million? One-hundred-and-sixty-one million dollars is what I need in just six weeks,” he said.

    “This week (last week), the Central Bank removed the peg that has held the naira at the official rate of 197 for the last 16 months, leading to a 30 per cent devaluation as the currency traded freely on the interbank market.”

    Dangote said the decline had pushed up costs. “This devaluation alone, we have lost over 50 billion naira ($176 million),” he said.

    “The gas, which is our main source of power, is priced in dollars. If there is 40 per cent devaluation, your price will go up by 40 per cent. Every single aspect of the production will go up by that percentage,” he said.

    To Osinbajo, the Dangote Fertiliser and Petrochemical projects are capable of assisting in the government’s drive to reduce poverty through generation of foreign exchange.

    He said it was also in line with the Federal Government’s immediate objective of diversifying the economic base of the country as a result of the plummeting of the price of oil, the country’s sole foreign exchange earner.

    Osinbajo was accompanied during the working visit to the Dangote Refinery, Petrochemicals and fertilisers, reputed to be the biggest in Africa when completed, by Lagos State Governor Akinwunmi Ambode, Ministers of Finance (Mrs Kemi Adeosun); Power, Works and Housing (Babatunde Fashola); Solid Minerals Development (Kayode Fayemi) and others. He was amazed at the size of the projects and reiterated the government’s preparedness to provide an enabling environment for businesses to thrive.

    Dangote said the diversification of Nigeria’s economy was long overdue and that one sector that the government can focuses on is agriculture.

    He said his investment in fertilizer production was a sure way the diversification into agriculture could succeed because according to him, it will amount to little if focus is directed to agriculture and fertilisers would be imported.

    “By the time we complete this project, there will be opportunity to take on agriculture and say bye to poverty, because there will be jobs, no sector has more job potential than agriculture,” Dangote added.

    Dangote told the Vice-President that the $12 billion refinery would have a capacity of 650,000 barrels a day. According to him, there will be market for the refined products because only three African countries – South Africa, Egypt and Cote D Ivoire – have functioning refineries.

    On the project, he said: “Mechanical completion will be end of 2018 but we will start producing in 2019.”

    The refinery, petrochemicals and fertiliser in one spot according to Dangote, is the single largest stream in the world. “This site is the biggest site in the world, the refinery is the biggest single refinery in the world, the petrochemicals is 13 times bigger than Eleme petrochemicals while the fertiliser plant will be 10 times bigger than former National Fertiliser company. The project, with the  $2 billion fertiliser unit  was the funded through loans, export credit agencies and our own equity, Dangote said.

  • Dangote’s Lekki refinery, gas, petrochemical plants to gulp $17b

    Dangote’s Lekki refinery, gas, petrochemical plants to gulp $17b

    • Osinbajo hails ‘incredible’ project

    Vice President Yemi Osinbajo yesterday described the Dangote Refinery and Petrochemicals as an incredible industrial undertaking.

    He spoke during a tour of facilities at the site at Ibeju-Lekki in Lagos.

    Osinbajo, who described the projects as ambitious, noted that the gas pipeline on completion will do about three billion standard cubic feet per day.

    According to the Vice President, the subsea gas pipeline was a strategic and very important aspect of the project and will run from Bonny through OgedegbeOlokola in Ogun State to Lekki.

    He said: “Dangote Refinery is the largest undertaking in Nigeria, which is meant to refine 650,000 barrels of oil per day. By all projections, it is the largest in the world.

    “The refinery will start producing in the first quarter of 2019. I think the subsea pipeline is expected to take off in 2018. It is a very important aspect of the project.

    “It will boost our power supply tremendously. Certainly, for me, that is one of the most important projects that could be done in this country. It will be a major boost for industries.”

    Asked how the government intends to secure the pipelines from vandals, Osinbajo, who was accompanied on the visit by the Ministers Of Power, Works and Housing,Babatunde Fashola; Solid Minerals, Dr. Kayode Fayemi; Finance, Mrs. Kemi Adeosun and Industry, Investment and Trade, Okechukwu Enelamah, assured that they will be fortified because they will be laid deep in the seas.

    “It is not the type of pipeline anybody can go to and vandalise because of the way it has been devised,” said Osinbajo.

    President DangoteGroups, Alhaji AlikoDangote said an estimated $17 billion was required to complete the Refinery, Fertiliser and Petrochemicals plants in Ibeju-Lekki, Lagos.

    In an interactive session with journalists after the visit of Osinbajo, Dangote said the refinery will cost $12 billion, the fertiliser plant two billion dollars and the subsea pipeline will gulp three billion dollars.

    Dangote, who stated that $100 million was paid the state government for the site measuring over 3000 hectares of land, added that they have spent $420million to sandfill the swampy areas.

    He denied allegations of hostilities with the host communities, insisting that well thought out Corporate Social Responsibility (CSR) projects have been factored into the refinery.

    Setting the records straight, Dangote denied receiving Foreign Exchange (FOREX) from the Central Bank of Nigeria (CBN), explaining the conglomerate only got $173 million from the apex bank, which was interest- on loan taken by Dangote Industries, a holding company for the financing of the refinery.

    “We are putting in 65

    He also disclosed upon completion, the gas plant will generate 12,000 Mega Watts of electricity, more than what the nation requires, adding that the excess will be exported to neighbouring countries.

    On the benefits of the projects, he said it would increase Forex earnings, reduce importation, create jobs and also reduce the price of petrol, among others.

    Lagos State governor Akinwunmi Ambodenoted that the Dangote Group’s decision to embark on four significant projects will have great multiplier effects on growth and economy of Nigeria.

    Ambode said: “What this tells us is that Lagos is on an expansive growth both on the east and west sides of Lagos.

    “There is nothing we can do as a government than to commend Alhaji AlikoDangote and thoroughly support him.”

  • Dangote’s example

    Dangote’s example

    •The billionaire’s donation to the IDPs should galvanise our rich into empathy

    It was a humanitarian gesture that helped to highlight the needs of the people displaced by the Boko Haram insurgency in Borno State as well as the need to help them. It was particularly remarkable because the support came from private pockets and not from the public purse.

    When on May 9 the President of Dangote Group, Aliko Dangote, made a donation of N2 billion to internally displaced persons (IDPs), he also made a powerful statement by his example. Apart from being the single largest donation by an individual, what Dangote gave reflected his appreciation of the enormity of the humanitarian crisis caused by terrorism.

    This exemplary humanitarian response was reinforced by Dangote’s presence. It was a demonstration of empathy that communicated the humanity of Nigeria’s and Africa’s richest man. He was touring IDP camps in Dalori and Bakassi in Maiduguri, the Borno State capital, when he announced his relief package which he said would be delivered through the Dangote Foundation.

    Dangote said: “This is not the first time I am coming here and it will not be the last. So far, we have expended about N1.2 billion in efforts to alleviate the suffering of IDPs across Borno, Adamawa and Yobe states. The first major challenge is the physiological needs of these people, and food, nutrition rank right on top of that ladder. So we will first make serious effort to ensure that hunger is eliminated from the IDP camps and thereafter, we will begin to make effort to create jobs and boost entrepreneurship.” He added: “The effort to create jobs and boost enterprise in this case will not be about making money or returning investment, rather it will be primarily to create opportunities for the people.”

    This is a welcome expression of Corporate Social Responsibility (CSR), and it should be emulated by the country’s big private-sector players.  It is noteworthy that recent statistics by the United Nations High Commission for Refugees (UNHCR) put the IDP population in the country’s Northeast at 2.2 million. According to UNHCR’s Representative to Nigeria, Ms Angele Dikongue- Atangana, who gave the figures at its yearly stakeholders’ briefing in Abuja in November last year, “The number is increasing specifically because regaining control of the territory by the military opened further access for the humanitarian officials so they can count many more IDPs, be they old IDPs or very recent ones.” To a large extent, the IDPs in question are products of acts of terrorism by the Islamist terror group Boko Haram, which has tormented the country since 2009.

    It is hoped that Dangote’s action would galvanise others into action, especially considering the picture of inaction painted by no less a person than the Chairman of Northern Traditional Rulers Council and Sultan of Sokoto, Alhaji Sa’ad Abubakar III, who had observed that funds raised for the sake of the IDPs had not reached them. At the opening of the council’s second general assembly in Kaduna in November last year, the Sultan said: “When we go into closed session, we will discuss that thorny issue of displaced persons, mostly in the Northeast. It is a very sad situation; people are suffering. Billions and billions of naira have been collected or put aside for their welfare… It is important that this money be disbursed immediately via the governors.”

    The Sultan added: “We want the governors to take the issue more seriously; take it up with Mr. President and ensure the release of the funds because I was part of the team when this money was collected for the IDPs during the last government. They should find out where that money is and disburse it immediately.”

    This background helps to further underline the value of Dangote’s charity. The innocent people, who are not only displaced, but also distressed, deserve help.

    Ultimately, giving back to society, which is the essence of CSR, is a desirable social action. Dangote’s example should serve as a wake-up call.

  • Nigeria loses $1b yearly to bad roads, says Dangote

    Nigeria loses $1b yearly to bad roads, says Dangote

    Nigeria is losing about $1 billion yearly to the poor condition of roads, Alhaji Aliko Dangote, said at the weekend.

    Dangote, who spoke during the handing over of a 25 kilometer concrete road at Itori, Ibeshe, Ogun State constructed in collaboration with AG Construction Company Limited, urged  government to review existing methods  of road constructing in the country.

    He pointed out that construction of concrete roads was a more viable alternative to asphalt laid roads, adding that concrete roads were about 20 per cent cheaper than conventional asphalt roads and that they were easier to maintain and lmore durable..

    He stressed that cement which constitutes the raw materials for the construction of concrete roads was locally available compared to bitumen which is imported, especially now that there is greater need for foreign exchange control.

    He said: “Roads play an important role in the social and economic development of any nation. I am happy today to announce that in another CSR initiative, we are reconstructing the Ijora Apapa Wharf Road in Lagos State, using cement concrete. I am sure those of you that are familiar with the road will appreciate just how critical it is to the evacuation of goods from Apapa Port.

    “The assistance of government is required to enable us to complete the engineering design and preliminary works for the early take off of the construction of this road. Within the next 18 months, we expect to complete the project and bring succor to Lagosians.”

    Dangote said the concrete road inaugurated in Ogun State, was just one out of the several corporate social responsibility (CSR) initiatives that has been put in place for the firm’s host communities.

    “I therefore encourage you all to join us as we strive to find ‘home-made’ solutions to the various challenges that we face as a nation,” he stated.

    The Minister of Power, Works and Housing,  Babatunde Fashola, in his remarks at the event, stressed government’s to alleviating the sufferings of Nigerians   byfast-tracking infrastructural development.

    He said government would soon commence an aggressive road construction and maintenance programme across the country.

    His words: “I want to use this medium to assure Nigerians that the present challenges being experienced, especially in the power and road sectors of the economy will soon be a thing of the past. We are working round the clock to deliver lasting solutions to the challenges in these sectors.”

    Fashola praised the unwavering commitment of Dangote towards the industrialisation of the country, saying it is historic in the sense that this is the first time a road of this size will be constructed in Nigeria using cement concrete.

    He said countries that have achieved self-sufficiency in cement production have found it expedient to adopt the construction of concrete roads because they are cheaper, more durable and environmental friendly. I believe Nigeria should not be an exception; we must move with the times, Fashola stated.

    He said government would continue to encourage indigenous firms to compete with international construction firms to build quality roads at affordable cost in order to consolidate and extend national road networks, saying  that would enable the government to actualise its cardinal objectives of job creation and economic empowerment of Nigerians.

    Ogun State governor,  Senator Ibikunle Amosu, said the road would ease vehicular movement and promote economic activities within the state.

    He said his administration would continue to provide enabling environment for Dangote and other investors to thrive in the state, adding that industrialisation remained the only way to rejuvenate the country’s ailing economy.

  • Amosun, Dangote, Amaechi, others celebrate Heyden Oil boss Dapo Abiodun

    A scrutiny of the accomplishments of the chairman of Heyden Oil, Dapo Abiodun, could cause one to think that he has a genie that grants his every wish. As the roar of a lion commands respect from equals and causes the weak to shrink in trepidation, so does Dapo command the respect in the social, political and business sectors.

    Abiodun is known not only for his accomplishments in the business world but also for his philanthropic acts; a combination that duly earned him the national honour of MON from the Federal Government of Nigeria and interminable accolades from his peers and even his business rivals.

    He clocked 56 last Sunday, and like bees are drawn to honey, dignitaries trooped to his home to celebrate him the best way they could. It was a casual gathering, yet it was sophisticated and classy just as the celebrant wanted it to be. Friends, business associates and family members of the oil magnate deserted the humdrum of their daily lives to celebrate their own.

    Dapo was more than elated as he glowed with appreciation for everything that fate has thrown his way and hard work has earned him. Although it was meant to be a low key party, it went way beyond expectations as his home was filled with the presence of who is who in the high society. Friends and foes alike stormed his new mansion and had undiluted fun.

    The elaborate event was witnessed by top politicians, respected monarchs, society big wigs and captains of industry, including the Ogun State governor, Ibikunle Amosun; Transport Minister Hon. Rotimi Amaechi; House of Reps leader Hon. Femi Gbajabiamila and renowned businessman Alhaji Aliko Dangote.

    There were also Willie and Nkiru Anumudu; Bayo Abdul; Capt. Francis Ogboro; Lanre Ogunlesi; Muyiwa Bakare; Sammie Omai; Tunde Ayeni; Eyimofe Atake; Biola Akinola; Anslem Tanbasi; Niyi Adebayo; Prince Bolu Akin Olugbade; Otunba Gbenga Daniel; Otunba Bimbo Ashiru and Ronke Ademiluyi. Other dignitaries at the event included Nigeria’s powerbrokers, oil magnates, bank chiefs, and industry titans with stakes across the country’s business sectors.

  • Dangote Trust scheme empowers Amuwo Odofin women

    Dangote Trust scheme empowers Amuwo Odofin women

    The Dangote Trust Fund Micro Grant Scheme for Women kicked off yesterday in Amuwo Odofin Local Government Area of Lagos State.

    The empowerment programme was held at the council’s secretariat in Festac Town with thousands of women smiling home with various sums of money.

    The scheme was designed to enhance the income-generating capacity of the beneficiaries through seed grants of N10,000 and other accessories.

    Commenting on the scheme, the Lagos State Government said: “We shall ensure that the micro-grant is administered to benefit the targeted disadvantaged and vulnerable members of our community, especially the widows and other special interest persons.

    “The real essence of wealth is to improve the standard of living of people around us.

    “True wealth is measured not by the property one acquires but by the ability to positively affect the society and lift up less privileged people.”

    To the beneficiaries, the government said: “The seed grants you will receive have been provided to enable you engage in petty commercial activities and cottage businesses that will put food on the table for your families and not a largesse that should be spent frivolously.”

    The scheme is implemented in partnership with the state government to make it all-inclusive.

    The beneficiaries would be given Airtel mobile phones besides the N10,000.

    It was learnt that payments would be made electronically via a mobile money platform and beneficiaries could redeem their cash immediately through PAGA, the payment solution.

  • Dangote gives N400m grant to disabled, others

    Dangote gives N400m grant to disabled, others

    The Dangote Foundation yesterday disbursed N400 million micro grants to 40,000 indigent women in Lagos State to cushion the effect of the economic downturn.

    It is part of the grassroots poverty alleviation strategy of the Foundation created by Africa’s richest man, Alhaji Aliko Dangote in 1993.

    The Foundation is spending N10 billion on the project, six states have so far benefited.

    The empowerment programme, meant to complement the efforts of the government at all levels, is targeted at vulnerable women and youths, with a one-off N10, 000 cash transfer to boost household income generation.

    Already, 256,500 women in Kano, Jigawa, Kogi, Adamawa, Borno, and Yobe have benefited from the scheme that is expected to go round the 774 local government areas nationwide.

    The beneficiaries in Lagos are also to be given hand held mobile devices through Airtel telecommunication; disbursement is via electronic transfer.

    The programme, according to Dangote, is to cover at least 1000 women in each of the 774 local governments.

    The number of beneficiaries in Lagos has been doubled in each local government in order to reach a larger population of women.

    “We have chosen to partner with states to support women because in Nigeria, as in other developing countries, they bear the burden of poverty. And it is through their economic activities from the home, the market place or the farmlands that they keep the family, the community going and meeting basic needs.

    “Our research at Dangote Foundation shows that just a little push can help establish, sustain or grow several types of economic activities by our women. We believe these small grants will improve the women’s businesses and the wellbeing of their families and communities.

    “This is one of the goals of Dangote Foundation’s Community Development Services”, he said.

    Lagos State Governor Akinwunmi Ambode urged other wealthy Nigerians to emulate Dangote, saying: “Alhaji Dangote’s decision to share his wealth with the people is an indication of his love for the people. He has decided to support our programme of regeneration in Lagos state, we are grateful to Dangote Foundation.”

    “This empowerment programme will cover all deserving in the 20 local governments and 37 LCDAs in the state. We will ensure that nobody is denied this grant not minding the political or religious leaning. We will continue to give the required environment to make business thrive in Lagos.”

    Commissioner for Women Affairs and Poverty Alleviation (WAPA) Mrs. Lola Akande said the 16 Skills Acquisition Centres established by the government are helping in reducing poverty, particularly among women.

     “The Dangote Micro grant scheme is to boost household income generation of disadvantaged women in Lagos State so as to reduce vulnerability and meet their immediate needs in order to put it into useful ventures so that they could be self-reliant”.

  • Dangote contributes 53% mineral sector revenue

    Dangote contributes 53% mineral sector revenue

    The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday said Dangote Industries Limited generates more mineral resource revenue for the Federal Government than the rest of the nation put together.

    In its reports unveiled yesterday, Dangote Cement was responsible for 53 per cent of the government revenue, that is, N15.9 billion of the total N33.86 billion accrued that year to the Federal Government.