Tag: Aliko Dangote
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Transit to knowledge-based economy – Dangote tasks Nigeria
Alhaji Aliko Dangote, Africa’s richest man and Chief Executive Officer of Dangote Group, has tasked Nigeria to move from resource-based economy to knowledge-based economic system.
Dangote made the recommendation in a pre-convocation lecture delivered as part of activities lined up for the 38th convocation of the Bayero University, Kano (BUK).
“Given the tremendous benefits that knowledge economy offers, it is vital that Nigeria makes the transition to knowledge-based economy.
“Countries like South Korea, India, China, and the Asian tigers at one time or the other took the decision to institutionalise knowledge economy and are today reaping the benefits.
“Ismail Radwan and Giulia Pellegrini in a World Bank publication, stated that harnessing knowledge for development is not a new concept as it has always been central to development and can mean the difference between poverty and wealth.
“They argued that knowledge economy is not just about establishing high-tech industries and creating an innovative and entrepreneurial culture.
“Simply adopting existing technologies widely available in developed countries can dramatically boost productivity and economic growth,” he said.
He was represented by the Group Executive Director of the Dangote conglomerate, Mansur Ahmed.
Dangote quoted the World Bank as stating that for Nigeria to make the transition to knowledge economy, it must pay attention to the business environment, education and skills, innovation systems and information communication infrastructure.
He said Nigeria needed a conducive business environment that provided incentive for the efficient use of existing knowledge.
“There are many government
research institutions and the existing knowledge gathered over the years can be put into use by firms.“Agricultural research institutes have produced new varieties of seeds, legumes and others that are being cultivated in small quantities
in their demonstration farms.” This is where the government should come in with incentives for firms that would make use of these new varieties.”
Government may decide to embark on phasing out of older low yielding specie of crops and provide incentives for those willing to plant the new ones in terms of subsidies, free fertiliser, and technical help from agriculture extension officers.
“Government through its agencies can help in insisting that firms and businesses apply existing knowledge in
their operations.” Nigerian government demonstrated this capacity in the auction and licencing of GSM operators. That singular move brought rapid changes to the communications sector and created millions of direct and indirect
jobs.“It also resulted in the transfer of existing technologies to Nigeria as the winners of the bids brought requisite skills and technologies to build their networks.
“Nigerian youths that are passionate about new technologies should be encouraged and supported to exploit their natural talents by expanding entrepreneurship facilities and hubs.
“There should be reforms in our educational system with more emphasis on skill development than paper qualification.
” Innovators, founders of businesses and creators should be invited to speak,” Dangote said.
Dignitaries who attended the pre-convocation lecture included the Deputy President of the Senate, Barau Jibrin and the Vice Chancellor of the University, Prof. Sagir Abbas.
More than 11,000 graduating students will receive degrees, while two distinguished personalities – the President of African Development Bank, Dr. Akinwunmi Adesina, and Sen Barau Jibrin, will be awarded honorary doctorate degrees at the Convocation on Saturday.
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UPDATE: What Tinubu discussed with Dangote, Elumelu, Soludo, others in tripartite meeting
President Bola Tinubu says the administration will continue to put in place measures to bring succour to Nigerians.
At a tripartite meeting with governors and business people in Abuja on Sunday, Tinubu said that all options would be explored to resolve the nation’s socio-economic challenges.
The President met with Governors Charles Soludo of Anambra and Dapo Abiodun of Ogun, Aliko Dangote, Abdulsamad Rabiu, Tony Elumelu and Mr Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria.
At the meeting, Tinubu said that government was ready to rub mind with all stakeholders to find lasting solutions to the current situation in the country.
”Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. Like I said, many times, the people of this country are only the people who we have to please.
”We are very much concerned from students to mothers and fathers, farmers, the traders and realising that everyone of us will have to fetch water from the same well.
”We’re looking for additional efforts that might help the downtrodden Nigerians and we will provide that hope and reassurance that economic recovery is on its way.
”We are not saying that we have all the answers. But we will not be blamed for not trying.”We assure Nigerians that we will do our best to get our marshal plans in place and fashion out the best economic future for this country,” he said.
Soludo also said that the meeting allowed for cross fertilisation of ideas on the state of the economy and the way forward, adding that every Nigerian need to contribute to its growth.
”We have all the potentials and we have all that it takes to make Nigeria ride through these turbulent times and put the economy back on a sustainable growth.
”I think there is unity of purpose, determination, the sense of patriotism and determination by all to make it happen and by the special grace of God, it’s now the execution, execution execution,” he said.
The governor of Ogun said that all governors have resolved to join hands with the President to provide the necessary intervention to cushion the effect of the administration’s reforms.
Dapo assured Nigerians that government at all tiers would not leave them alone in this trying period, adding that better times are in the offering shortly.
”In my state and in other states, we are bringing in rice, we’re bringing food items and we’re selling at rates that can be obtained before the downslide of the Naira.”
Dangote, after the meeting, also disclosed that the committee deliberated on issues concerning the economy, food security, security and job creation.
He expressed the confidence that Nigeria and Nigerians have the potential to be great once again, adding that the nation is on the path of transformation.
Rabiu, who is the Chairman of the BUA Group, said that the meeting dwelt on issues about the foreign exchange rate and how to bring it down.
”We discussed on how to bring the foreign exchange rate down because we all know that what is happening as regards the foreign exchange is artificial, it is manipulative and thank God the CBN is doing quite a lot.”
Elumelu, Chairman of Heirs Holdings, said that the various discussions and solutions would reshape the country, alleviate poverty, create employment and put food on the tables of Nigerians.
Ajayi-Kadir of the Manufacturing Association of Nigerian, said that the private sector was looking forward to the implementation of the decisions taken at the meeting.
”The issues surrounding foreign exchange, insecurity and general operating environment were discussed and we received the assurances of Mr. President that very soon we are going to start to see some major changes.
”I think in the advisory committee that has been formed, the private sector will play a very significant role, and Nigerians, going forward should be hopeful that we are having solutions to the challenges that we have,” he said.
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Economic Crisis: Tinubu holds emergency meeting with Dangote, Otedola, other top Nigerian business moguls
President Bola Ahmed Tinubu, in response to the escalating economic challenges facing Nigerians, convened a high-profile meeting on Sunday at the Presidential Villa in Abuja, featuring key figures from the organised private sector.
Among the prominent attendees were Alhaji Aliko Dangote, President of Dangote Group; Tony Elumelu, Chairman of Heirs Holdings and Transcorp Plc; Abdulsamad Rabiu, Chairman of BUA Group; Wale Tinubu, and other influential members of the private sector.
On Friday, FMDQ data showed that the naira depreciated to N1,665.50 per US dollar from N1571.31 on Thursday.
Meanwhile, the Central Bank of Nigeria announced draft guidelines in a sweeping policy intervention for BDCs, including a ban on street trading and a fresh per capita share requirement for registration.
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How Wigwe hosted me, Dangote before death took him – Billionaire, Otedola
Billionaire Femi Otedola has disclosed that the late Group Chief Executive Officer of Access Holdings, Herbert Wigwe hosted him and Africa’s richest man, Aliko Dangote in his newly built Lagos home before death took him.
TheNewsGuru.com (TNG) reports Otedola to have said Wigwe and his wife, Chizoba hosted him and Dangote to a dinner two weeks ago, adding that the legacy of the Access Holdings GCEO will live on forever.
Wigwe died in a helicopter crash in California, US along with Chizoba and their son, Chizi, and Abimbola Ogunbanjo, the former Group Chairman of Nigeria Exchange.
“I am shocked and saddened to hear of the loss of a banking genius Herbert Wigwe, his dear wife Chizoba and first son Chizi.
“Exactly two weeks ago Herbie and his wife hosted myself and Aliko to dinner at his newly built home in Lagos.
“I will cherish and fondly remember my memories of time spent together with him over the years.
“Herbie, we will all miss you. Your legacy will live on forever.
“My heartfelt condolences go out to his children Tochi, Hannah and David. I pray God comforts them during this tragic time.
“May the souls of the departed rest in perfect peace,” Otedola wrote on his official X account.
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Dangote pledges to ease economic burden in Kano
The President of Dangote Conglomerate, Alhaji Aliko Dangote, has pledged to support social policies and human development initiatives of government, targeted to ameliorate the economic burden on the people of Kano State.
Dangote made the pledge when he met with Gov. Abba Yusuf at Government House on Friday.
He acknowledged that common man could hardly survive the present state of inflation in the nation.
Specifically, Dangote promised to support Kano to improve health, education and empowerment of less privileged struggling to live.
“We are here first of all to congratulate you on your victory at the Supreme Court. I want to assure you of our support throughout your administration, maybe not only four years but eight years.
“Kano is home even though the Master of Ceremony addressed me as the richest black man but you can address me as Kano indigene.
”I am your subject and you can always call on me for cooperation to see how do we develop Kano.
“And going forward, we really need to see how we can develop areas of health, education, empowerment; how do we assist the government because government cannot do it alone,” he said.
“I want to assure you that we would continue to support you not because I am from Kano but because I know your intentions are good.
“You have the mandate of the people and I know that it is very difficult for any human being to clap with the two hands now. For now you will be the right hand, and we would be your left hand, together we shall clap.
“So be rest assured that we would support you and support your administration and we want to tell you that we would continue to pray for your success because your success is ours.
”I am sorry for coming this late because I supposed to have been here before now but I am been travelling a lot.
“Not that we took the government for granted because I really want to have enough time to come and tell you that we believe in your administration and we are ready to support you.”
Earlier, Gov. Yusuf solicited support of the business mogul for the establishment of independent power plant to revive the ailing industries and boost the economic strength of the state.
Similarly, the governor told Dangote that Kano direly needed establishment of sickle cell hospital to provide free medication for patients.
Besides, the governor pleaded with the business tycoon for the completion of the gigantic projects initiated by Dangote Foundation which included accident and emergency ward, surgical and theatre complex and maternity/paediatric building in the Murtala Muhammad Specialist Hospital.
He noted that as a proud indigene of the state, Alhaji Dangote was capable and willing to execute as many projects as possible.
“That is why I am using the opportunity to solicit and appeal for a lot from him to the people of the state.”
In the area of infrastructure development, the governor expressed the need for Dangote to assist in the provision of modern roads construction, housing, community development as well as human capital development, among others.
He expressed appreciation for the kind gesture of Aliko Dangote in the area of education and health care development, especially in the eradication of poliomyelitis.
Yusuf gave the assurance that whatever form of support given, it would be judiciously used.
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Dangote Refinery reveals when products will be available for Nigerians
Dangote Petroleum Refinery has started the production of diesel and aviation fuel, and the products will be in the market before the end of the month.
TheNewsGuru.com (TNG) reports the 650,000 barrels capacity Dangote Refinery, the world’s largest single-train refinery located in Lekki, Lagos, commenced production on Friday morning.
Mr Anthony Chiejina, Dangote Group Head of Corporate Communications, confirms: “The refinery started production after receiving six million barrels of crude oil from the Nigerian National Petroleum Company Ltd”.
It was gathered that the Dangote Petroleum Refinery commenced production with the refining of diesel and aviation fuel.
In a statement on Friday in Lagos, Mr Chiejina quoted the President of Dangote Group, Alhaji Aliko Dangote, to have elatedly thanked President Bola Ahmed Tinubu for his support, encouragement and thoughtful advice towards the actualisation of the project.
Dangote also thanked the Nigerian National Petroleum Company Ltd., the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerians for their support and belief in the historic project.
According to him, “We thank President Tinubu for his support and for making our dream come true.
“This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to details.
“His intervention at various stages cleared all impediments, thereby accelerating the actualisation of the project.
“We also thank the NNPCL, NUPRC and NMDPRA for their support.
“These organisations have been our dependable partners in this historic journey.
“We also thank Nigerians for their belief and support in this project,” he said.
Dangote said: “We have started the production of diesel and aviation fuel, and the products will be in the market before the end of the month.
“This is a big day for Nigeria. We are delighted to have reached this significant milestone.
“This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects.
“This is a game changer for our country, and I am very fulfilled with the actualisation of this project.
“The refinery has so far received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore.
“The first crude delivery was done on Dec. 12, 2023, and the 6th cargo was delivered on Jan. 8, 2024,” he added.
He said that the refinery can load 2,900 trucks a day at its truck-loading gantries.
He added that the products from the refinery will conform to Euro V specifications.
Dangote boss said that the refinery design complies with the World Bank, US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms. State-of-the-art technology.
“I must extend our sincere appreciation to our Bankers and financiers, both local and offshore, who demonstrated a great deal of patience, in seeing us through many difficult times.
“In the same vein, we thank the Government of Lagos State, under the leadership of Babajide Sanwo-Olu, who has been incredibly proactive in ensuring that the many challenges we encountered in the course of executing this project were quickly resolved.
“I thank him immensely. I also sincerely thank our host communities and their traditional leaders for their sustained patience, forbearance, and admirable willingness to work with us to find amicable and win-win resolutions to the many issues we have had to deal with as the construction of this huge facility progressed.
“Our staff have also contributed so immensely to the success of this project. I thank them profusely,” Dangote added.
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BREAKING: Dangote Refinery officially begins production
Dangote Refinery started production on Friday morning as a gas flare stack was seen at the refinery located in the Lekki Free Zone, Lagos State.
TheNewsGuru.com (TNG) reports the Dangote Refinery started production after receiving one million barrels of Agbami crude via MT ALMI SUN recently.
The one million barrels of Agbami crude received was the last cargo to complete the initial scheduled 6 million barrels consignment to be delivered to the facility for commencement of production of refined petroleum products.
Initial processing capacity is expected to reach 350,000 barrel per day (bpd) at the 650,000 bpd integrated refinery, with the aim of ramping up to full capacity by the end of the year.
ALSO READ || Dangote Refinery reveals when products will be available for Nigerians
According to information available on the company’s website, the refinery will meet 100% of the Nigerian requirement of all refined products and also have a surplus of each of these products for export.
Details shortly…
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Emefiele: EFCC reportedly storms Dangote’s head office over FX transaction
The Economic and Financial Crimes Commission (EFCC) have reportedly stormed the head office of Dangote Group where they are currently probing forex allocation to the company during the tenure of Godwin Emefiele as Governor of the Central Bank of Nigeria.
Workers at the office reportedly confirmed the development to The Cable on Wednesday.
According to the unamend workers who were quoted by the news outlet, The EFCC officials are conducting a search on forex allocations to the company during the tenure of Godwin Emefiele as governor of the Central Bank of Nigeria (CBN).
The EFCC spokesman, Dele Oyewale is was unreachable for comment on the matter as at the time of filing this report.
The Cable quoted an employee of Dangote saying the EFCC operatives demanded for documents relating to forex allocation.
“They asked for documents on forex transactions with the CBN,” the employee said.
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South African billionaire displaces Dangote as African richest man
South African business mogul, Johann Rupert and family have emerged as the richest man in Africa, dislodging Aliko Dangote as the continent’s wealthiest man in a list released by Forbes Magazine.
Similarly, Nigerian billionaires; Rabiu Abdulsamad and Mike Adenuga have also lost their spots in the billionaire rankings released by the financial magazine
In the list, the Forbes Daily billionaires ranking platform, which tracks daily changes to the net worth of the most high-net-worth individuals across the world revealed that Aliko Dangote moved down to second position as his wealth decreased from $13.5b in 2023 to $9.5b in the start of 2024.
In the list, there were significant declines in the wealth of the billionaires. The wealth of Nigeria’s Mike Adenuga, moved him to the tenth position, while Patrice Motsepe who was in the top ten in 2023 didn’t make the top ten richest men in 2024. Additionally, no woman made the top ten richest list at the start of the year.
The declines in the wealth of these individuals are pointers to the economic challenges across African countries. The devaluation of the Naira and other economic issues can be attributed to the decrease of Dangote’s wealth.
In the 2024 rankings, Johann Rupert & Family’s wealth went from $10.7b down to $10.3b to emerge Africa’s richest man with the decrease of the wealth of long-time African richest Aliko Dangote which went from $13.5b to $9.5b.