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Dangote Builds N2bn Village for IDPs in North-East

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Aliko Dangote - Investors King
  • Dangote Builds N2bn Village for IDPs in North-East

The Aliko Dangote Foundation on Monday inaugurated the Dangote Village built for the Internally Displaced Persons in Maiduguri, the Borno State capital.

The Dangote Village is a self-sufficient set of 200 housing units worth N2bn, with school, hospital, irrigation farms and poultry farms, among others, to enable the occupants to eke out a livelihood, according to a statement made available to our correspondent by the ADF on Monday.

Dangote also gave each of the beneficiaries N100,000 to start a new life.

Speaking during the inauguration, the Chairman, Aliko Dangote Foundation, Aliko Dangote, said about N7bn had been donated by the foundation to support displaced persons affected by the Boko Haram crisis in the North-East.

Aside the N100,000 given to each of the IDP beneficiaries, Dangote also pledged that the foundation would take care of teachers’ emolument for five years and share in the burden of the ongoing educational revolution launched by the Borno State Governor, Kashim Shettima.

Dangote commended the governor for running the state efficiently and paying workers’ salaries despite the security challenges in the state.

Shettima said the intervention by the Aliko Dangote Foundation was unprecedented and gargantuan by a single organisation, describing the foundation as the fourth arm of government in the state.

The governor described the Dangote Group as the single largest employer of labour outside the government in Nigeria.

“In every clime and in every dispensation, there are three layers of government: the executive, the legislature and the judiciary. I dare to add that the fourth layer in Borno State is the Aliko Dangote Foundation. For the past seven years, the foundation has been consistent and hearkening to the yearnings and aspirations of the people of the state,” the governor added.

He said the Dangote Village provided by the foundation, though very massive, was a tip of the iceberg compared to what the ADF had done to support humanitarian relief in the troubled North-East region.

“When Aliko Dangote came in 2016, he quickly pledged N2bn. We requested that half of the money should be used to supply building materials and lo and behold, within the span of two weeks, all the materials were ready,” he added.

The governor stated that it was the support from the foundation that enabled most of the displaced and malnourished victims of Boko Haram insurgency to survive.

According to him, it is crucial to acknowledge the generosity of Dangote. He said as far as he was concerned, Dangote was the world’s biggest philanthropist.

Shettima said that most of the beneficiaries were widows and children, adding, “We call it Dangote Village, because it is a self-sustaining community with its own schools, clinics, mosques and means of livelihood.”

The Chairman, Committee for Reconstruction, Rehabilitation and Resettlement, Prof Baba Umara, said 95 per cent of the beneficiaries were widows whose husbands were killed by the Boko Haram terrorists.

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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Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

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Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

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Business

South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus

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Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

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Appointments

Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director

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Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

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