Dangote Foundation Gets N765bn Endowment, Donates N120m School

Economic DiversificationAliko Dangote, chief executive officer of Dangote Group.
  • Dangote Foundation Gets N765bn Endowment, Donates N120m School

Following the endowment of the Dangote Foundation to the tune of $1.25bn (N765bn) by the President, Dangote Group, Aliko Dangote, the foundation has unveiled a new identity and is now known and to be called the Aliko Dangote Foundation.

The endowment would be for the period of 10 years, the group announced in Lagos on Sunday.

It stated that the foundation, which was previously focused on projects such as construction of boreholes and the Kano Feeding Programme, had widened its focus to include health, education, economic empowerment and disaster relief.

According to the Managing Director/Chief Executive Officer, Aliko Dangote Foundation, Ms. Zouera Youssoufou, the $1.25bn endowment has made it the biggest foundation in sub-Saharan Africa.

Meanwhile, the foundation has donated a well-equipped secondary school valued at N120m to the Nawair-Ud-Deen Society of Nigeria in Lagos.

Speaking at the inauguration and handing over of the Nawair-Ud-Deen Comprehensive College building on Saturday, Dangote said the foundation started in 1993 with the principle of ‘to whom much is given, much is expected’ and looking at the less privileged ones had compelled it to provide some relief.

He stated that apart from donating the school building, the foundation would also be sponsoring 250 indigent students yearly, would provide a soundproof generator to ensure constant supply of electricity and furniture for both the teachers and students.

“I have already authorised my foundation to come up with a strategic plan to implement a scholarship programme for deserving less privileged children in this community,” Dangote added.

He pointed out that over the past five years, the foundation have actually spent well over N4bn in the areas building of classrooms , scholarship programme, upgrading infrastructure across various universities, and behavioural change communication programme targeted at girls and women, among others.

The Chairman, Nawair-Ud-Deen Society of Nigeria, Lagos chapter, Alhaji Ola Yussuff, commended Dangote for the donation, adding that the business mogul solely undertook the construction of the college building.

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Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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