Business

Dangote’s Multi-million Naira UI Business School Ready Soon

Published

7 years ago

January 22, 2018

Dangote’s Multi-million Naira UI Business School Ready Soon

Foremost entrepreneur, Aliko Dangote, has promised that the N250 million University of Ibadan Business School he is constructing will soon be ready for inauguration.

The business mogul is also constructing same type of project in the Bayero University Kano (BUK) and would be ready for hand over to the university management anytime from now.

The UI project being undertaken by the Aliko Dangote Foundation was sequel to a pledge made by the business mogul last year during the convocation ceremony by the university when he was conferred honorary doctorate degree along with some other eminent Nigerians.

The University of Ibadan management later requested that the pledged funds be used to construct the building complex within the premises of the Business School under Professor Nike Oshofisan as the Director.

The university management has equally decided that the building, when completed, would be named ‘Aliko Dangote Complex’.

The Chief Executive of the Aliko Dangote Foundation, Zouera Youssoufou, explained that all efforts are being geared towards timely completion of the project saying “construction is currently on-going and the project will be delivered to the university in February 2018.”

This venture, is part of a N2 billion investment by the Aliko Dangote Foundation, across various institutions, in support of tertiary education in Nigeria.

Youssoufou stated that the projects are in line with the foundation’s mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities.

On the Bayero Business School, the Foundation boss explained that on commencement, the business school will be only the third accredited business school in the country and the first in the North, others being University of Lagos Business School and University of Ibadan Business School.

She disclosed that the UI and BUK projects are complementary to the Foundation’s other tertiary education support projects such as the Ahmadu Bello University, Zaria “where we are currently constructing 10 units of students’ dormitories and we expect that it would be ready by March.

“We have constructed and delivered students’ dormitories in this University, Crescent University, Abeokuta; We have constructed and delivered units of students’ dormitories and provided power generating set to Kano University of Science and Technology, Wudil and now we are in University of Ibadan.

Presently, the Foundation is involved in N10 billion micro grants to women in all 774 local governments across the federation in a bid to ameliorate widespread poverty in Nigeria by empowering the women and the vulnerable in the society.

The fund disbursement is meant to enable recipients to meet immediate family and livelihood needs by providing a one-time grant to start up enterprises that will boost their economic and consumption activities and help reduce their vulnerability.

The fund has been disbursed in some states such as Lagos, Kogi, Jigawa, Kano and a host of others while Nasarawa, Niger and Osun States are being primed for the next round disbursement.

Dangote stated that the grants which commenced disbursement in a 2011, were intended as a cash transfer intervention – the Dangote Micro-grants Programme- to provide cash transfers to select poor and vulnerable Nigerians.

He said: “Our Programme provides a one-off grant that enables recipients to grow or start a small business, invest in productive assets, improve the health of their families, and/or take on new activities that reduce their vulnerability and enhance their economic standing.

Up Next

PTAD to Continue Verification of Federal Retirees

Don't Miss

Mass killings May Scare Investors, Says NLC

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Comments

Business

Presidency Proposes NIMASA AND NPA Charge in Naira to Strengthen Currency

Published

17 hours ago

September 27, 2024

Yetunde Olugbenga

On Wednesday, the federal government of Nigeria proposed the implementation of the Naira for transactions to reduce pressure on the foreign exchange (FX) market and to strengthen the Naira against foreign currencies.

This proposal was declared by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, who spoke on Wednesday during a press briefing at the state house in Abuja.

It could be recalled that Naira has significantly depreciated from N471.67 per USD to N1667.42 per USD in the official market as of Wednesday. Therefore, as part of the government’s effort to reduce the demand for dollars, the federal government reiterated that on October 1, the sale of crude oil in Naira to the Dangote refinery, and other local refineries would commence.

According to Onanuga, the federal government will implement policies that would force the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) to transact in Naira.

“The second one has to do with the operating laws guiding NIMASA and Nigerian Port Authority (NPA). The amendment under that in the economic stabilisation bills is that all their fees, charges, levies, fines, and other monies accruing to them and payable to those agencies will now be paid in Naira at the applicable exchange rate.” He said.

He added that this is part of the economic stabilisation bills (ESBs) to be presented by President Bola Tinubu to the national assembly.

“Hitherto, those agencies were charging in dollars but now collect it in Naira. This government wants to put a lot of emphasis on our national currency instead of everything being dollarised in our economy.”

Merger and Acquisition

Flour Mills Receives Regulatory Approval for Minority Shareholder Buyout

Published

2 days ago

September 26, 2024

Bassey Marshall

The Flour Mills of Nigeria Plc (FMN) has perfected plans to buy out minority shareholders to focus on strengthening its position as the future of African food businesses.

Boye Olusanya, the group managing director, stated that the company has received approval from the Nigerian Exchange Limited (NGX) and the Securities and Exchange Commission (SEC) to proceed with the purchase.

FMN disclosed on Tuesday that the buyout would be executed through a scheme of arrangement, supervised by relevant regulatory bodies.

According to Olusanya, this move aligns with FMN’s goal to become the leading Pan-African food business, improving its ability to innovate and grow, while focusing on long-term value for stakeholders.

He said the buyout would enhance FMN’s operational efficiency and decision-making agility.

The company plans to apply to the Federal High Court for approval to convene a shareholders’ meeting, where the resolution to buy out minority shareholders will be discussed.

Olusanya said the resolution would pass if at least 75% of shareholders, either in person or by proxy, approve it at the Court-Ordered Meeting (COM). FMN’s board has already recommended the offer to shareholders, citing the buyout’s potential advantages for innovation and sustainable growth.

Business

Weeks After Losing $1.1 Billion, BUA Announces Expansion

Published

2 days ago

September 25, 2024

Bassey Marshall

The Chairman and Chief Executive Officer of BUA Foods Plc, Abdul Samad Rabiu, has revealed plans to expand the pasta production unit of the company.

Investors King gathered that the planned expansion comes weeks after Nigeria’s second richest man experienced a $1.1 billion decline in his net worth in 90 days.

The depreciation in Rabiu’s wealth was largely attributed to the depreciation of the naira and fluctuations in equity values.

However, after signing an agreement with FAVA (Italy), one of the world’s leading pasta equipment manufacturing companies, BUA Foods renewed its planned expansion.

Rabiu announced the expansion in a statement signed on Wednesday by BUA Foods Director of Marketing and Corporate Communications, Adewunmi Desalu.

According to him, the planned expansion is aimed at assisting the government in battling the ongoing food shortage in the country.

He noted that the expansion will give room for growth, adding that the company will be able to introduce new innovations.

The statement read, “Our manufacturing capacity expansion will continue to enable us to extend the boundaries of what we can produce and deliver, supporting our nation’s development by providing solutions to ongoing food shortages.”

“In addition to producing more pasta, we’ll be able to introduce new innovations to support mixed volume growth, while consistently delivering the unrivalled product quality our customers expect.

“The additional 100,000 tonnes of grain storage capacity will enable us to meet the growing demand for our products while strengthening the backbone of our food processing operations by ensuring a reliable and consistent supply of raw materials.”