Dangote’s Worth Drops By 32%

Dangote's Worth Drops By 32%Nigerian born Africa’s richest man, Mr Aliko Dangote, has lost 32% of his wealth.

Bloomberg reports that the president of the Dangote Group, lost 4.9 billion dollars in June, representing one-third of his wealth.

The decline resulted from the effect of falling oil prices and the devaluation of the naira, dragging the magnate’s ranking to 112 on world’s billionaires’ list.

With a total value of 10.4 billion dollars, Mr Dangote was the world’s 46th-richest person as at June 2016.

Aliko Dangote was also recently named as the second most powerful person on the African continent.

In the latest edition of its 74 world most powerful people, Forbes Magazine named billionaire Dangote along with 70 others including Russian President, Vladimir Putin; US President-Elect, Donald Trump; and German Chancellor, Angela Merkel.

Mr Dangote is listed as number 71 ahead of Trump, and the 68th most powerful in the world for this year.

The business mogul has constantly featured on the list since 2013 when he was listed as the only black African among 100 most powerful persons on the planet.

As of 2013, Dangote was the only African listed among the most powerful people in the world before the Egyptian president, Abdel El-Sisi recently featured on the list.

Aliko Dangote Among Forbes World’s Most Powerful

Dangote Among Forbes World’s Most PowerfulAfrica’s richest man and Nigerian-born head of the Dangote Group, Aliko Dangote, has been named as the second most powerful person on the continent.

In the latest edition of its 74 world most powerful people, Forbes Magazine named billionaire Dangote along with 70 others including Russian President, Vladimir Putin; US President-Elect, Donald Trump; and German Chancellor, Angela Merkel.

Mr Dangote is listed as number 71 ahead of Trump, and the 68th most powerful in the world for this year.

The business mogul has constantly featured on the list since 2013 when he was listed as the only black African among 100 most powerful persons on the planet.

As of 2013, Dangote was the only African listed among the most powerful people in the world before the Egyptian president, Abdel El-Sisi recently featured on the list.

 

ASUU, FG Are Beginning To Agree – Senate Committee

ASUU, JAMB Act, amendmentThe Senate says some agreement have been reached between the Nigerian government and the Academic Staff Union of Universities, ASUU on some of their issues except one which borders on the earned allowances of lecturers.

This was made known by the Senate committee set up by the Senate President Bukola Saraki to address the industrial crisis embarked on by ASUU.

The Chairman Senate Committee on Tertiary Education, Senator Jibrin Barau, spoke after a meeting that commenced about 12 noon and ended around 8PM.

He said that the academic union were going to make consultations with their members on the way forward and that the upper house was hopeful that they would return with good news.

ASUU embarked on the strike to protest the failure of the Federal Government to implement terms of the 2009 and 2013 agreements.

The ASUU Chairman for the University of Lagos, (UNILAG), Mr Adelaja Odukoya, explained the reasons for their decision to Channels Television.

He said the Federal Government had failed to deliver on its 2009 Agreement and 2013 MoU.

According to him, the government is owing over 800 billion Naira, funds which he said were meant to upgrade the university system, in attempts to make them globally competitive.

In a meeting of the Senate President with ASUU officials in Abuja, the Chairman of ASUU, University Of Uyo Chapter, Dr Aniekan Brown, told Channels Television that she was glad that the industrial action had enjoyed 100% compliance in line with the directive.

She also said that the strike was “informed by the inability of the federal government to honor the agreement reached with ASUU on a number of issues, which you already know.

“The most important, being that the public universities are still underfunded.”

President Muhammadu Buhari recently appealed to union of Nigerian university lecturers to give government more time to sort out the shortfalls in salary payment and other related issues affecting the education sector.

President Buhari made the plea at an event at the University of Ibadan.

Govt. Is Ready To Revamp Education Sector, Buhari Begs ASUU

Govt. Is Ready To Revamp Education Sector, Buhari Begs ASUUPresident Muhammadu Buhari has appealed to the Academic Staff Union of Universities (ASUU) to give government more time to sort out the shortfalls in salary payment and other related issues affecting the education sector.

President Buhari made the plea as the visitor at the grand finale of the 68th Founders’ Day and convocation ceremony of the University of Ibadan which took place at the International Conference Center, Ibadan.

Represented by the Director, Tertiary Education at the Federal Ministry of Education, Mrs. Fatimah Ahmad, President Buhari decried the standard of education which has left a vast majority of the people poorly educated.

Describing the trend as unhealthy and saddening, the President reiterated his administration’s commitment to revamping the sector.

Mrs Ahmad added that government was in dialogue with the affected unions and would continue to explore means of amicable resolutions.

A total of 442 graduates bagged doctorate degrees in various fields while three eminent Nigerians including business mogul, Aliko Dangote; writer and poet, Prof. Niyi Osundare and Ibadan businessman, Bode Amao were conferred with honorary degrees of the prestigious institution.

Dangote Acquires Gas Plant In Netherlands

aliko dangoteNigerian billionaire, Aliko Dangote, has acquired a gas processing plant, Twister BV in Netherlands.

According to a statement released by Dangote Industries Limited, the acquisition is part of the company’s strategies to meet Nigeria’s gas shortfall.

The company added that Twister BV offers robust solutions in natural gas processing and separation to the upstream and midstream oil and gas sectors.

Twister’s separation capabilities were built to ease production and streamline processes to capitalize on high-yield gas processing for maximizing revenues.

The president of Dangote Industries Limited, Mr. Dangote said, “this is an important acquisition for us, Twister’s cutting-edge gas processing technology is fundamental to delivering our strategy to unlock about three billion cubic feet per day of gas in order to meet Nigeria’s gas needs.”

On his part, Twister’s CEO, John Young, said: “We are delighted in the confidence DIL and First E&P have shown in Twister to be their core provider of gas separation solutions. After a very thorough due diligence, our technology has been recognized as a key enabler to reduce gas project costs, which is crucial in this current environment.

Twister BV was a subsidiary of Shell Technology Ventures Fund 1 before its acquisition by Dangote and its partner, First E&P.

IDPs Situation; A Blessing In Disguise To Nigeria – Sen Tejuosho

Sen_TejuoshoThe Chairman Senate Committee on Health, Sen. Lanre Tejuosho on Tuesday said the situation of Internally Displaced Persons (IDPs) in Adamawa, Borno and Yobe States is a blessing in disguise for Nigeria.

Speaking on Sunrise Daily, he noted that  “before the IDP issue started, Nigeria was losing 1, 200 children daily due to malnutrition. That is about 36, 000 children dying every month.

“If you go to all the federal hospitals, the pediatric wards, you will see malnourished children all over. It is from there you get the statistics with United Nations and Federal Ministry of Health”, he said.

He further maintained that “what is happening in Adamawa, Borno and Yobe is just a blessing in disguise for us to actually do what is right for malnutrition in this country”, adding that malnutrition is responsible for 53 per cent of deaths of children under the age of five.

Despite this chilling statistics, he lamented the low income being budgeted for tackling malnutrition in the country, revealing that “a meagre N2.4 million” was allocated for nutrition purposes in the 2016 budget “that was not properly done” due to time.

Sen Tejuosho said malnutrition reduces the immunity of a child, which will make the child vulnerable to other diseases, adding that “a malnourished child will die earlier on a simple case of pneumonia”

He insisted that malnutrition is the “real thing to tackle to ensure that any human being is not vulnerable to such diseases”.

He proposed the composition of a Nutrition Department in the proposed 10, 000 Primary Health Centres, “to be introduced in the next two years”, as a way of curbing the menace.

The United Nations has warned that some 50,000 children could starve to death this year if nothing is done.

However, the Federal Government has expressed readiness to welcome a global partnership that would ensure a concerted and focused international response to the humanitarian crisis arising from the insurgency in the northeast.

Over two million persons have been displaced in the northeast, a fallout of the over six years of insurgency by a terrorist group, Boko Haram.

“It is very important that you chose to come and offer some partnership. This is great and we are pleased…Partnership is certainly the way to go,” the Vice President Yemi Osinbajo said on Monday, while receiving members of the ONE campaign led by the international rock star, Bono, and Africa’s richest man, Mr Aliko Dangote.

He said no matter how prepared a country could be, handling the kind of crisis in the northeast with over two million displaced people including children, as a single country “would be irresponsible”.

“A global partnership to address the situation should be coordinated and more focussed on what is required to be done, for instance, in addressing the issue of malnourished children and not attempting to do too much things at once,” he told the gathering.

Earlier, the Irish born artist, Bono, said he had visited some of the IDPs.

“We want to be useful to you,” he said, explaining that what he saw in the region was “deeply disturbing”, he maintained.

‘ONE’ Begins ‘Make Naija Stronger’ Campaign

BonoInternational rock star from the Irish band U2 Paul David Hewson,  popularly known as Bono is back in Nigeria for the second time.

The front-man, whose band has earned critical acclaim over its 40 years of making rock music, is visiting not for musical endeavors, but to promote his non-partisan advocacy group ONE Campaign.

The campaign seeks to help fight extreme poverty in Africa and has successfully run campaigns including with some top Nigerian artistes including D’banj, Omotola Jalade-Ekehinde, Waje and other notable entertainers.

With ONE’s activities in Nigeria going a notch higher with this campaign, it also welcomes Africa’s richest man, Aliko Dangote on its board in Nigeria.

Mr. Dangote joins other world celebrities including Bill Gates on the board of the group, which has about 7 million members worldwide, with more than a third of that membership coming from Nigeria.

The Make Naija Stronger campaign seeks to raise public awareness and pressure political leaders to support policies and programmes that are saving lives and improving futures.

Bill Gates, Dangote Appraise Progress In Polio Eradication

Polio Eradication, Bill gates, DangoteThe Bill and Melinda Gates Foundation and Dangote Foundation have met with the Yobe State government to appraise progress of routine immunization in the state.

Co-Chair of the Bill and Melinda Gates Foundation, Mr Bill Gates, the Chairman of the Dangote Foundation, Aliko Dangote and Yobe State Government met on Wednesday to appraise the progress made in the fight against polio and other eight child killer diseases in Yobe State.

The meeting was joined through video feed by Mr Bill Gates and Aliko Dangote both in the United States and Yobe State government in Damaturu, the state capital.

The video feed meeting had in attendance various developmental partners who pledged to give their all in the fight against the nine child killer diseases.

The meeting observed that 15 local governments out of the 17 in Yobe State were effectively covered during the period under review.

It was stated that the remaining local governments; Gujba and Gulani had suffered insurgency greatly and needed to be covered.

Bill and Melinda Gates Foundation, Dangote and Yobe State had signed a Memorandum of Understanding (MoU) in January on strengthening routine immunisation in the security threatened North East state of Nigeria.

The Yobe State Governor, Ibrahim Gaidam, informed the meeting that his administration was committed to the MoU to ensure that the nine child killer diseases are eradicated from the state and Nigeria in general.

He said that the state would ensure full coverage of the ongoing support for the routine immunisation programme through community engagement, particularly the use of traditional rulers.

Mr Bill Gates and Aliko Dangote commended the Yobe State government for the remarkable progress made despite insurgency.

They urged the state government to work towards meeting the 2017 targets of countering all the nine child killer diseases.

Dangote pledged to partner the Yobe State government in the reconstruction of the 22 health facilities destroyed in Gujba and Gulani LGAs of the state by the Boko Haram militants.

Dangote Set To Launch Nigeria’s First Private Refinery

DangoteAfrica’s richest man, Aliko Dangote, plans to launch Nigeria’s first private crude oil refinery by 2019 while almost doubling his cement production on the continent by adding plants in eight countries as he shrugs off a regional economic downturn.

Dangote told Reuters the $12 billion refinery would have a capacity of 650,000 barrels a day, cornering the market in Africa’s most populous country, where fuel shortages are a perennial problem.

Until recently, Nigeria was Africa’s biggest crude oil producer but it imports 80% of its fuel because poor maintenance means its four refineries never reach full output.

Its current daily consumption is 260,000 barrels, according to the International Energy Agency.

A slump in commodity prices has hammered Nigeria’s economy – along with many others on the continent – and raised the cost of borrowing but Dangote, whose business empire stretches from cement to flour and pasta, is pushing hard into oil and gas.

“It will be ready in the first quarter of 2019,” the billionaire founder of Dangote Cement said of the refinery. “Mechanical completion will be end of 2018 but we will start producing in 2019.”

Dangote said the plant, which will include a $2 billion fertilizer unit, was being funded through “loans, export credit agencies and our own equity”.

Some $3.25 billion had come from local and foreign banks, while the central bank had also chipped in. The IFC, the private sector arm of the World Bank, has lent $150 million.

Dangote also has plans for a gas pipeline through West Africa. Nigeria has the world’s ninth largest proven gas reserves, at 187 trillion cubic feet (tcf), but loses half of it to flaring and re-injection.

Despite the new focus on oil and gas, the business magnate said he planned to build cement plants in Cameroon, Ethiopia, Kenya, Mali, Niger, Nigeria, Senegal and Zambia by 2018. Another plant will open in Congo Republic by September, he added.

A cement plant in Ivory Coast would triple output to 3 million tonnes, up from an initial target of 1 million, he said, while two new plants in Nigeria would add 6 million tonnes annually.

“As at now, what we have in operation is almost about 45 million tonnes, so we have just another 40 million tonnes to go,” he said, affirming an Africa-wide production target of 85 million tonnes a year by 2018.

 

Dangote To Build Obajana-Kabba Road In Exchange Of Company’s 30 % Income Tax

DangoteThe Federal Executive Council has approved a proposal for Dangote Group to construct Lokoja-Obajana-Ilorin Road in return, Dangote will hold back 30 percent of his company’s income tax for some years.

‎The Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed this to State House correspondents at the end of the FEC meeting presided over by President Muhammadu Buhari.

The Minister said the purpose is to drive infrastructural development in the country.

According to the Minister, the proposal by one of the subsidiaries of Dangote Group, a construction company, for the construction of a section of Lokoja-Obajana-Kabba-Ilorin, specifically the section between Obajana-Kabba Road using cement, is a demonstration of how the government will continue to build going forward in order to reduce maintenance on the roads in exchange for some tax remissions.

We Must Offer Incentives To Attract Global Investors – Buhari

Global Investors, “To attract global investors, one must offer attractive incentives”. These were the words of the President of Nigeria, Muhammadu Buhari, at the opening ceremony of the 2016 Katsina State Economic and Investment Summit, holding in the state capital, Katsina.

President Buhari commended the Katsina State Governor for taking the bold step towards building a more vibrant economy, assuring him that the effort would be rewarding in the end.

He also promised support to any state with laudable plans for economic growth as the Katsina State Governor unveiled his strategy to move the state forward.

The Governor, Aminu Masari had said in his welcome address that the essence of the event was to stimulate local investment and attract foreign direct investment to the manufacturing sector.

President Buhari acknowledged that this plan is capable of creating jobs as “employment is the quickest way to escape poverty” but “every player must do his best, including the federal government”.

“For global players, some of whom I am pleased to see represented here to take the deep plunge, they must be offered attractive incentives.

“Liberal set of tax incentives, infrastructural support, faster and shorter government responses to business requests; these generous offers are the minimum required to attract critical investor who is quoted in every country and region of the world,” he said.

President Buhari recalled his pre-election promise to end poverty by ending corruption, growing the economy and creating jobs in Nigeria.

“I hold myself to these promises. It is in this context that today’s summit takes on an additional significance,” he stated.

“The APC-led government of my home state has strongly embraced this vision by assembling the world to be part of this summit.”

Agriculture Is A Lifetime Opportunity For Nigeria – Aliko Dangote

Aliko DangoteNigeria’s leading industrialist and President of Dangote Group, Mr Aliko Dangote, has again challenged the country to further explore agriculture as this is its surest way to break free from economic challenges.

He was speaking on Tuesday at the opening ceremony of the Katsina State Economic and Investment Summit with the theme ‘Unlocking Investment Potentials for Sustainable Development’.

Mr Dangote explained that “Brazil has 350 billion dollar in reserves of which 80% of that money is contributed by Agriculture”.

“I think it’s a lifetime opportunity which God has given to us by repositioning things while oil has gone down. It is not a curse, it is for us to diversify the economy. We have been relying on oil and I think oil very unreliable.

“When you look at it, despite the downturn of various economic activities in the whole world, the only things that have actually not gone down are agricultural products.

“Rice, wheat, sugar have not gone down in price, so we should make sure that we use this opportunity which God has given us – arable land.

“Both us and Brazil, we have the same quality of land and Brazil today are number one in sugar, soybean, poultry and in a lot of things. So I think we should copy that.”

He said that the decision to open up Katsina State to investors was long overdue as the state has been behind other states economically. He commended the State Governor for the initiative.

“I think the only way for Katsina State to catch up is to concentrate on Agriculture,” he added.

He, however, emphasized the need to create an enabling environment for investment as being the most effective way to attract investors.

He said, “Investors normally do not need to be told. You don’t need to invite anybody, if they see a conducive environment for investment, they will actually gate-crash even if they are not invited.”

He went on to enumerate five steps that need to be taken for potential investors to see an enabling environment.

“One is to identify the sectors of the economy where the state has a comparative advantage, and develop information and data which will enable investors evaluate opportunities in these sectors.

“Publish clear legal and regulatory terms and clear incentives to guarantee profitability for investors.

“Provide an incumbent land and reasonable supporting infrastructure and let investors do the rest.

“Ensure that all your officials buy in to the vision, (because) nothing will discourage investors more than uncooperative and hostile public officials.

“The final piece of advice is to start with your local investors or those who are already here with you. If they are happy and making good (revenue), they will definitely invest more and the foreigners will cue in.

“You don’t need anybody to come and bring in foreign direct investment (FDI). FDI always follows local direct investment,” he said.