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

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  • 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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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