Business

Dangote Commits To Pan-African Investments

Published

4 weeks ago

May 2, 2023

Editor

Dangote Commits To Pan-African Investments

Africa’s foremost entrepreneur and President of the Dangote Group, Aliko Dangote has urged African countries to dismantle all economic barriers hindering free trade among the nations, in order to achieve sustainable growth and development across the continent.

The leading private sector player also expressed the irrevocable commitment of his Pan-African conglomerate, Dangote Industries Limited to solving some of the economic challenges faced by the African continent and her people. To realise this goal, the organisation has committed over 20 billion dollars on investments in several key sectors of the African economy.

Dangote who made this disclosure said the massive investments were meant to turn around Africa’s economic fortunes in the quest for sustained economic growth of the continent through free trade and economic integration.

Speaking in Lagos at the launch of a Special publication ‘The World Ahead 2023’ by the renowned media outfit, The Economist, Dangote, who was represented by the Group executive director/Group chief risk officer, Dangote Industries Limited, Dr. Adenike Fajemirokun, noted that the crucial task of building a sustainable future that guarantees equitable growth and prosperity for all, should not be the exclusive role of the public sector alone, but should also involve the private sector.

“Our massive investments of over 20 billion dollars across key industries, including Energy, Agriculture, and Infrastructure. Our recently commissioned 3Million Metric Tonnes’ Fertiliser Plant, expansions in cement production, and our soon-to-be commissioned 650,000 barrels per day world’s largest single-train refinery, are all set to empower farmers, foster backward integration, create thousands of jobs, eliminate our dependence on imported products, and improve our nation’s foreign exchange earnings significantly.

“We are also confronting environmental issues through our investment in alternative fuels, as well as unlocking enormous opportunities in the communities where we have our footprints, while ultimately ensuring that we keep delivering huge value to our shareholders.

“The multilayered issues that we face globally and across regions today, ranging from rising energy costs, food insecurity, supply-chain disruptions, access to quality healthcare, cybersecurity, inflation amongst others brought about by the pandemic or other human factors like the Russia-Ukraine war, call for an objective rethink of geopolitics and geo-economics, especially as they vastly affect policy execution and the ease of doing business in more vulnerable economies,” he stated.

Drawing the attention of the international audience to the need for all hands to be on deck towards lifting Africa above the various socio-economic challenges facing the member-countries, Dangote pointed out that the African population has been growing exponentially.

“Nigeria, for instance, is projected to be the world’s third largest population by 2050 surpassing the United States, only behind India and China, so the question of sustained economic growth has become increasingly critical and isn’t one for a single sector to tackle alone. To secure the future of our country and our continent we must forge strong public-private partnerships and dismantle regional barriers with vehicles like the African Continental Free Trade Agreement (AfCFTA).”

Dangote advised that “going forward, the overarching conversations, whether at global or regional levels, in emerging markets or in OECD countries, must be refocused towards exploring the specifics of our fast-changing world, in order to align public-private perspectives and identify areas for collaboration for the collective good of people, planet, and profit.”

He commended ‘The Economist’ for putting together the publication that was being launched, describing it as a rich body of work that offers useful data for all sectors to draw insights from and synthesize the same towards arriving at cutting-edge action points.

In his remarks, Lagos State Deputy Governor, Dr. Obafemi Hamzat described the publication as a valuable document for policymakers and strategic planners, and noted that its contents reaffirm part of the strategies the Lagos State government has executed to make Lagos assume its status as the preferred destination of choice for investors.

According to him, Lagos has just 0.4 per cent of the land mass of Nigeria but has 11 per cent of the country’s population, which explains why some of the challenges in Lagos are peculiar to the metropolis, disclosing that some of the strategies adopted by the state government are geared toward solving the challenges.

He said Lagos is Africa’s fastest growing economy and added that a key policy of the state government is to improve its investment profile by providing an enabling environment. Hamzat also noted that the state has invested billions of Naira in infrastructure and technology, citing the Lekki Deep Seaport as one of the enablers which has made Lagos to attract 60 per cent of the Foreign Direct Investment into Nigeria.

Also speaking, the Regional Executive and Managing Director of Ecobank Nigeria Limited, Mr. Mobolaji Lawal hailed the Economist special launch, as it provides an opportunity for knowledge sharing for the government and private sector to explore emerging opportunities in the digital space.

“If we get it right, it will stimulate growth and drive transformation and ensure economic growth,” the Ecobank boss stressed.

Business

Fidelity Bank MD, Nneka Onyeali-Ikpe Gets National Award

Published

12 hours ago

May 31, 2023

Editor

Fidelity Bank was Titled Best SME Bank in Nigeria at the 2022 Global Banking & Finance Awards

Fidelity Bank MD, Nneka Onyeali-Ikpe Gets National Award

The Chief Executive Officer of Fidelity Bank PLC, Nneka Onyeali-Ikpe, has been listed amongst the recipients of the 2023 national awards.

NaijaNews reports that according to the 2023 national awards list released by the Federal Government last weekend, Onyeali-Ikpe would be conferred with the award of the Officer of the Order of the Niger, OON.

The list also includes prominent names such as Emeka Anyaoku, First Lady, Oluremi Tinubu, Co-Founder of Tony Elumelu Foundation, Dr. Awele Elumelu; President of Transcorp Group, and Dr. Owen Omogiafo among others.

Also, former Governor of Osun, Bisi Akande; Olusegun Osoba; Mamman Daura, and Central Bank Governor, Godwin Emefiele, among others received Commander of the Order of the Federal Republic.

The OON award comes to join a list of recognitions Onyeali-Ikpe has received recently. It would be recalled that she bagged the awards of the Banker of the Year 2022 at the Champion Newspapers’ Awards of the Year 2022 earlier in May, the Banker of the Year 2022 at the 14th Leadership Annual Conference and Awards in January 2023 as well as the Best Banking CEO Nigeria 2023 in the 2023 Global Banking & Finance Awards in April 2023.

She was also recognized as one of the top 10 female finalists in the Africa.com Definitive List of Women Chief Executive Officers (CEOs).

Onyeali-Ikpe joined Fidelity Bank as an Executive Director in 2015 and was appointed Managing Director/CEO of the Bank in January 2021.

Following her appointment, Onyeali-Ikpe became the first female MD/CEO in the history of the bank and one out of six other female CEOs in the industry.

Under Onyeali-Ikpe’s watch, Fidelity Bank grew its PBT from N25.22 billion in 2021 to N53.68 billion in 2022.

Furthermore, she guided the bank to obtain the approval of the Central Bank of Nigeria to expand its operations to the United Kingdom.

Business

Zenith Bank Wins ‘Best Corporate Governance Financial Services’ in Africa Award for the Fourth Consecutive Time

Published

13 hours ago

May 31, 2023

Editor

Zenith Bank Wins ‘Best Corporate Governance Financial Services’ in Africa Award for the Fourth Consecutive Time

For the fourth consecutive year, Zenith Bank Plc has been named the Best Corporate Governance ‘Financial Services’ Africa 2023 by the Ethical Boardroom. The award, which was published in the Spring 2023 edition of The Ethical Boardroom magazine, is in recognition of the bank’s adherence to global best practices and institutionalization of corporate governance, setting an industry-wide example of best practices in that field.

Speaking on the recognition, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said: “I am extremely pleased that Zenith Bank has been awarded the Ethical Boardroom Corporate Governance award as a regional governance champion for the fourth year running. No doubt, the bank’s board has pioneered the exemplary governance culture for which we are now renowned.

“Indeed, this recognition reflects our steadfast commitment, discipline and high ethos in the conduct of our business and dedication to the principles of good corporate governance. This award will motivate us to strengthen this culture internally and advocate for good governance at every forum”.

He dedicated the award to the Founder and Group Chairman of the bank Jim Ovia, for providing the template for an enduring and very successful institution; the Board for their vision and outstanding leadership; the staff for their dedication and commitment; and the bank’s customers for their unwavering loyalty to the brand.

Ethical Boardroom is a trailblazing and leading international magazine that delivers in-depth coverage and critically-astute analysis of global corporate governance issues to help boards stay ahead of the governance curve.

Zenith Bank has been generally adjudged a Corporate Governance compliant bank by the Nigerian Exchange (NGX) hence it’s listing on the Premium Board of the Exchange. The bank continues to sustain this reputation and reappraise its processes to ensure that its business conforms to the highest global standards at all times.

The bank’s track record of excellent performances has continued to earn it numerous awards including being recognized as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year awards 2020 and 2022.

State of the States: Lagos

Business

FirstBank Donates Modern Healthcare Centre To Lagos Community

Published

2 days ago

May 29, 2023

Editor

FirstBank Donates Modern Healthcare Centre To Lagos Community

The commissioned Primary Healthcare Centre sponsored by FirstBank to the Ijeododo Community, Lagos.

…Over 10,000 residents to benefit from new primary healthcare centre

L-R: Hon. Ayodele Thomas, Vice Chairman, Iba Local Council Development Area; High Chief Jelili Ododo, Baale of Ijeododo land; Mrs. Tolani Oshodi, Permanent Secretary, Office of Secretary to the State Government/Cabinet Office; Mrs. Folasade Jaji, Secretary to the State Government and representative of the Governor of Lagos State; Mr. Seyi Oyefeso representing the CEO of FirstBank; Dr. Ibrahim Mustapha, Permanent Secretary, Lagos State Primary Healthcare Board at the commissioning of the Primary Healthcare Centre sponsored by FirstBank to the Ijeododo Community, Lagos.

In a bid to boost healthcare delivery to thousands of residents, the Lagos State Government has built and unveiled a new Primary Healthcare Centre (PHC) in Ije-Ododo Community, Iba Local Council Development Area (LCDA), under the Ojo Council Area of the state.

The facility, which has been under construction since 2021 in partnership with First Bank of Nigeria Limited, was unveiled in the community in an opening ceremony attended by the Lagos State Governor, Babajide Olusola Sanwo-Olu, representatives of the state government, the state Primary Health Care Board, community leaders, as well as traditional rulers of Iba, Ije-Ododo and Ijagemo, among others.

In his welcome address, the governor, who was represented by Secretary to the State Government (SSG), Mrs. Folashade Sherifat Jaji, said the opening of the health facility under the SSG’s One Community At A Time (OCAAT) initiative, formed part of activities to herald the inauguration of his second term in office on Monday, May 29, 2023.

Maintaining that the attention being paid to the healthcare sector was deliberate to ensure a healthier populace, he said the state government under his watch would deploy more resources to the health sector for easier access to health services, especially in underserved communities.

He enjoined members of the community to take full advantage of the health benefits that will be provided in the facility and charged them to take ownership and protect the assets and the facility at all times.

Speaking, Permanent Secretary, Primary Healthcare Board, Dr. Ibrahim Mustapha, commended First Bank of Nigeria Limited and the contractor for completing the project within the stipulated time frame, but also requested more assistance to make the facility functional by providing equipment and other necessary medical gadgets.

On his part, Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan, who was represented by Mr. Seyi Oyefeso, expressed satisfaction at the successful completion of the project, adding that it was gratifying to know that no fewer than 10,000 residents of Ije-Ododo and neighbouring communities will have access to primary healthcare services in the facility.

He said as a responsible corporate social organisation, the bank’s intervention in the primary healthcare sector aligned with its Corporate Social Responsibility (CSR) approach anchored on citizenship, impact management, strategic education, as well as the health and welfare of the immediate and remote communities of Lagos State and other parts of the country.

In his words: “The completion and opening of the primary healthcare centre is to ensure that Ije-Ododo community will become healthier and wealthier since health is wealth.”

In his goodwill message, the Baale of Ije-Ododo, Dr. Abu Jelili Ododo, who spoke in company of the Oba of Iba and Baale of Ijagemo, applauded Governor Sanwo-Olu for the timely completion of the healthcare centre and appealed for the construction of the Ijegun-Ije-Ododo-Abule-Ado road to link the Badagry Expressway, adding that it was high time the Ije-Ododo Community was provided with a motorable road to ease the sufferings of residents.

Responding to the request for the road, Jaji assured that the Lagos State government under Sanwo-Olu was poised to build the road but that the project suffered some setback due to agitations by some members of the community over the location of the project, adding however, that as soon as the governor settles down for his second tenure, construction work will begin on the road.

By Edu Abade