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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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Nigerian Artists’ Spotify Revenue Surges by 2,500% in Seven Years

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Nigerian musicians have experienced a shift in their fortunes on the global streaming platform Spotify with revenue surging by a 2,500% over the past seven years.

This meteoric rise shows the growing importance of digital platforms in propelling the country’s vibrant music industry onto the international stage.

According to Spotify’s annual report titled “Loud & Clear,” Nigerian artists collectively earned N25 billion from the platform in 2023 alone.

This figure represents a doubling of earnings compared to the previous year and a jaw-dropping increase of 2,500% since 2017.

The report further highlights the widening reach and impact of Nigerian music, revealing that more artists than ever before are now reaping rewards from their streaming activity.

In 2023, three times as many Nigerian artists earned over N10 million compared to 2018, reflecting the growing appetite for Nigerian music both at home and abroad.

Jocelyne Muhutu-Remy, Spotify’s managing director for Sub-Saharan Africa, hailed the growth in royalties earned by Nigerian artists on the platform as a testament to their talent, creativity, and global appeal.

She emphasized Spotify’s commitment to supporting African creators and pledged to continue investing in Nigerian artists to sustain this momentum.

Despite these gains, Nigerian artists’ earnings on Spotify still represent only a fraction of the platform’s total payout.

In 2023, Spotify paid out $9 billion in royalties globally with Nigerian artists accounting for a modest share of approximately $28.65 million.

A recent analysis revealed that South Africa remains the dominant force in Africa’s music streaming landscape, commanding a substantial portion of the region’s total music revenue.

However, Nigeria’s rapid ascent signals a shifting dynamic with the country’s music industry poised for even greater prominence on the global stage.

The International Federation of the Phonographic Industry (IFPI) corroborated this trend in its 2024 report, identifying the Sub-Saharan African market as the world’s fastest-growing music revenue market.

The report attributed this growth to the surge in paid streaming services, which contributed significantly to the region’s overall music revenue.

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Naira Depreciation Pushes Import Duty Costs Up by 23%

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Amidst the ongoing economic turbulence in Nigeria, the depreciation of the Naira has inflicted a significant blow to businesses and importers.

The latest casualty is the surge in import duty costs which have skyrocketed by 23% due to the weakening of the national currency against the United States dollar.

The cost of clearing imports has surged to N1,412.573/$ as of May 8, an increase from the year-to-date low of N1,150.16/$ recorded on April 23.

This sudden spike in import duty costs reflects a 48% surge compared to the rate recorded in January.

The surge in import duty costs comes as a result of the fluctuation in the exchange rate between the Naira and the US dollar.

While the Naira experienced a brief rally in April, providing some relief to importers, the recent depreciation has erased those gains and compounded the financial strain on businesses.

Jonathan Nicole, former president of the Shippers Association of Lagos State, voiced concerns over the destabilizing effect of the fluctuating import duty rates on importers.

He criticized the lack of consistency in Nigeria’s economic policies and said there is a need for stability to attract investments and foster economic growth.

In response to the escalating import duty costs, stakeholders in the business community have called for urgent intervention to mitigate the adverse impact on businesses.

The surge in import duty costs poses a significant challenge to manufacturers and importers, particularly those who had already incurred expenses in anticipation of stable exchange rates.

As the cost of doing business continues to rise, there are growing concerns about the long-term viability of businesses and the potential impact on Nigeria’s economy.

With the economic landscape fraught with uncertainties, stakeholders are urging the government and regulatory authorities to implement measures aimed at stabilizing the currency and creating a conducive environment for businesses to thrive.

Failure to address these challenges could further exacerbate the economic woes facing Nigeria, jeopardizing its path to recovery and growth.

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Ebenezer Olufowose Takes Helm at First Bank of Nigeria Limited as Chairman

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First Bank of Nigeria Limited has announced the appointment of Mr. Ebenezer Olufowose as its new Chairman.

This significant change follows the completion of the tenure of Mr. Tunde Hassan-Odukale, in accordance with the Central Bank of Nigeria’s Corporate Governance Guidelines, which mandates a maximum of twelve years for a Non-Executive Director.

Mr. Olufowose, a seasoned veteran in the financial services industry, brings over 36 years of experience to his new role.

He assumes the position of Chairman with a wealth of expertise garnered from his diverse background in Corporate Finance, Project Finance, and Investment Banking.

Prior to his appointment as Chairman, Mr. Olufowose served as a Non-Executive Director on the Board of First Bank of Nigeria Limited, a position he held since April 29, 2021.

He is also the Group Managing Director of First Ally Capital Limited, a reputable investment banking firm headquartered in Lagos.

His impressive career trajectory includes pivotal roles at Access Bank Plc and Citibank Nigeria, where he played instrumental roles in leading and executing corporate finance and investment banking transactions.

He spearheaded Citigroup’s origination, structuring, and execution of various high-profile deals in Nigeria.

Mr. Olufowose commenced his banking journey in 1985 at NAL Merchant Bank Plc (NAL), where he honed his skills in Corporate Planning and Finance.

Armed with a first-class honours degree in Economics from the University of Lagos and an MA in International Economics from the University of Sussex, England, Mr. Olufowose has continuously pursued excellence in his field.

Throughout his career, he has actively participated in numerous management and leadership training programs at esteemed institutions such as the Institute of Management Development in Switzerland, Harvard Business School in Boston, USA, and INSEAD in Singapore.

Also, he is an alumnus of the Harvard Business School and the Lagos Business School, further solidifying his reputation as a seasoned professional in the banking sector.

Mr. Olufowose’s commitment to professional development is evident in his affiliations with prestigious bodies such as the Chartered Institute of Bankers of Nigeria, where he holds an Honorary Senior Membership, and the Institute of Credit Administration and the Association of Investment Advisers and Portfolio Managers, where he is recognized as a Fellow.

As he assumes his new role as Chairman of First Bank of Nigeria Limited, Mr. Olufowose is poised to lead the institution with integrity, vision, and a steadfast commitment to excellence.

With his extensive experience and proven track record, he is well-positioned to guide the bank through its next phase of growth and reinforce its position as a leading financial institution in Nigeria.

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