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Dangote Cement Marks Host Community Day

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. . . Ibese Plant Awards Scholarships, Empowers Youths, Women, Farmers

Dangote Cement Plc, Ibese Plant, has marked its 2023 Host Community Day with four multi-million Naira empowerment schemes targeted at youths, women, farmers and students.

These were detailed a statement electronically transmitted to Biztellers by the Corporate Communications Department of the Dangote Group on Thursday.

It stated, “At the well-attended event witnessed by leading traditional rulers, women and youth leaders from the host communities, 103 indigent and brilliant secondary and tertiary institution students across the 17 host communities were given scholarship awards and another set of 30 youths trained on shoe and bag-making were presented to the delight of the royal fathers.

“In the same vein, the management of Dangote Cement Ibese presented 60 Weeding Machines procured for farmers to help them clear their farms with ease, given that the communities are majorly agrarian and crop planting has been their means of livelihood.

“Not less than 50 women selected from the host communities were also empowered with deep freezers to help them cope with the prevailing economic challenge in the country.

“Same number of women were also gifted with ultra-modern grinding machines during the celebration of the maiden edition of the Community Day last year.

“Recall that the Cement Company had earlier intervened in a prolonged outage in some of the communities by procuring cables and other materials needed for the restoration of electricity to the affected communities.”

Plant Director, Ibese, Azad Nawabuddin noted that the company had stepped up its social interventions, given the prevailing challenging situation across the world.

According to him, businesses and families across the world and in Nigeria have been confronted with socio-economic challenges in the year 2023, pointing out that a lot has happened to test the peoples’ and organisations’ resilience and innovation, but that Dangote Cement has been able to weather the storm and remained afloat mainly due to the unalloyed supports received from the host communities.

He said, “The challenges notwithstanding, we are able to continue the upward trajectory in the delivery of our socio-economic development promises, in reciprocation and in line with our commitment to improving the overall wellbeing of our people. We have stepped up our social interventions in our host communities according to their needs and we will not shy away from making the people happy.”

According to Nawabuddin, Dangote Cement’s commitment to the well-being and development of its people through intentional empowerment programmes remain unwavering, adding that the management would continue to get better in its stride to fulfill the pact it has with the host communities and to complement the efforts of the Government in improving the standard of living of the people.

Reeling out some social investments carried out during the year, the Plant Director said “this year, we embarked on 23 social investment projects and revamp of ten non-functional CSR projects across the 17 host communities, in line with the thematic focus of DCP’s Social Investments i.e. Education, Health, Infrastructure and Empowerment, and we have so far recorded remarkable progress in their implementations.”

He described the scholarship programme as the oldest of the Corporate Social Responsibility (CSR) by the plant and added that the scheme, which started with 28 students, has grown to cover 103 tertiary institution students and 17 secondary school students on annual basis.

Noting that the selected students enjoy scholarship up to graduation stage, after which the concerned communities supply replacements, he disclosed that a total of 989 Scholarships have been awarded under the scheme to date with many testaments to the positive impacts on the various communities.

On youth empowerment, the Dangote Cement boss said youths are regarded as a very critical stakeholder group in every society, but expressed regret that it has become impracticable for governments and businesses to meet the employment demand of all the youths.

“Therefore, as a responsible organisation, Dangote Cement, Ibese annually trains and empowers Youths across the host communities in marketable trade areas, with various implementing partners since 2019,” Nawabuddin added.

According to him, “Host community Youths had been empowered in vocations such as Catering and Event Management, Acutherapy, Tailoring and Fashion designing, and Domestic Electrification in the previous years and that this year, no fewer than 30 youths selected from the 17 host communities are being trained on Shoe and Bag-making, with the Industrial Training Fund as the implementing partner.”

On empowerment of the farmers, Nawabuddin stated that the farmers need support to take advantage of the available large span of arable land and that was why Dangote Cement Ibese procured 60 Weeding Machines for the farmer beneficiaries, “as it is becoming increasingly difficult to source labour from the neighbouring Benin Republic as was the usual practice.”

According to him, the farmers have undergone one-day training on the usage and basic maintenance of the tool. The Implementing partner, Equinox, which is also locally sourced to promote local content, also offered to train specially two of the beneficiaries on the repair to guarantee sustainability.

On the decision to empower women, he said explained that Dangote Cement management recognised the important role women play in building families and by extension, the society; thus the company provided a platform for regular engagement with women representatives of the Host Communities tagged ‘Women Assembly’.

“This year, the Company reached out to assess the needs of the Women in our host communities and came up with the request for Chest Freezers to help our people start new businesses and expand existing ones. It is our joy that the proposal has now come to fruition. Fifty (50) lucky women have deep freezers to enhance their businesses”, Nawabuddin stated.

In his goodwill message, the Aboro of Ibeseland, Oba Rotimi Oluwaseyi Mulero thanked the management of Dangote Cement, Ibese Plant for its gesture in impacting their host communities positively, noting that the people are happy and the company should not relent in its social interventions.

While describing the social performance profile of the company as very impressive, the royal father stated that with what Dangote Cement has been doing for the people, it beholves on the community leaders and all the residents to reciprocate and ensure peace reigns for the good of all so that the company can do more.

Oba Mulero said, “much as the people and community leaders are lauding the company for the giant strides in the host communities, I am also enjoining them not rest on their oars. we are still asking for more because all these projects can never be too much for the people. Also, we want the management to consider someone from the host communities to be appointed into management position.

“In all, Dangote Cement has done excellently well, last year we were here when grinding machines were given to our women. Today, it is freezers, the youths and the farmers are not left out. Scholarship for the indigent students, what can we say than pray to God to continue to help Dangote Cement grow more so that they can do more.”

In the same vein, the Ogun State Commissioner for Trade and Investments, Adebola Sofela, who was represented by the Permanent Secretary of the Ministry, Dr. Olu Aikulola, commended Dangote Cement for the various interventions in form of empowerment of the people, describing the gesture as a kind of relief to the state government.

Of note, according to him, is the conflict resolution mechanism of the company, which he said has been very effective. He advised the management to sustain it while describing the Chairman of the Company, Aliko Dangote as the most progressive entrepreneur in the country.

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FG Reiterates Commitment To Utilise Gas For Economic Growth, Prosperity

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. . . Tinubu Lauds NNPC Ltd, Partners Over Three Commissioned Gas Projects

In line with its renewed hope agenda, the Federal Government has reiterated determination to utilize Nigeria’s abundant gas resources towards revamping her industrial growth and kick-starting economic prosperity.

Biztellers reports that President Bola Ahmed Tinubu made the assertion while commissioning three critical gas infrastructure projects executed by the NNPC Limited and its partners in Ohaji-Egbema, in Imo State and Kwale, in Delta States, on Wednesday.

The three projects commissioned include the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects.

He said, “It is pleasing that approximately, 500MMscf of gas in aggregate would be supplied to the domestic market from these two Gas Processing Plants, which represents over 25% incremental growth in gas supply.

“In practical terms, this translates into more gas to the Power Sector, Gas-Based Industries, and other critical segments of the economy.”

The President pointed out that from the onset, his administration was clear of its intention to leverage on the virtually unlimited capacity of gas to deepen domestic gas utilization, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.

He said aside the Presidential Compressed Natural Gas (CNG) Initiative which is aimed at moving Nigerians away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Executive Orders.

While congratulating the projects partners (NNPC Limited, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy for the successful implementation of the three projects, Tinubu particularly charged the NNPC Limited to, as the national energy company of choice, sustain its relentless efforts and record more successes in the energy sector for the benefit of all Nigerians.

President Tinubu described the commissioning as a highly significant milestone for Nigeria as it demonstrates his administration’s efforts to accelerate the development of critical gas infrastructure geared at enhancing the supply of energy to boost industrial growth and create employment opportunities.

He said the projects were fully in line with the Federal Government’s Decade of Gas initiative, and his administration’s quest to grow value from the Nation’s abundant gas assets while concurrently eliminating gas flaring and accelerating industrialization.

“I wish to assure the citizenry that these are just the beginning, as the federal government is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realization of gas fueled prosperity in our country.

“Consequently, I wish to assure investors in the energy space that this is an investment enabling government and we will not relent in facilitating the ease of doing business,” the President noted.

Earlier in his address, the Minister of State for Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo highlighted the efforts of his ministry to continue to champion the utilisation of gas as a transition fuel as Nigeria moves towards achieving clean energy efficiency and security by 2060.

Ekpo commended the President for his leadership and support towards the success of the three projects.

In his remarks, the GCEO NNPC, Mele Kyari described the commissioning as a demonstration of Mr. President’s commitment and support to grow the domestic utilization of natural gas for power generation, as feedstock for gas-based industries and overall rapid industrialization of Nigeria on the back of the enormous gas resources in the country.

Kyari assured that as part of its mandate, NNPC Ltd remains committed to maintaining energy security by executing more strategic gas projects for the benefit of Nigeria.

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FG Lists N4.214bn April Savings Bonds On NGX

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DMO Commemorates Listings of Eurobonds, Sukuk on NGX

The Nigerian Government has listed her April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited (NGX) platform.

This was disclosed in the market bulletin signed by the Head, Issuers Regulation Department of NGX, Godstime Iwenekhai.

According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”

Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046%, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046%.

The bonds are backed by the full faith and credit of the FGN and charged upon the general assets of Nigeria, according to the debt office.

FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.

The retail savings bond product was introduced by the DMO on behalf of the FGN in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.

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JUST IN: Nigeria’s Inflation Soars To 33.69%

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Nigeria’s inflation rate surged to 33.69% in April 2024, up from 33.20% in March, according to the latest data from the National Bureau of Statistics (NBS).

The Consumer Price Index (CPI) report, released Wednesday, shows a 0.49 percentage point rise within a month.

Year-on-year, the inflation rate has surged by 11.47 percentage points, compared to 22.22% in April 2023, highlighting the ongoing economic challenges and rising costs for consumers.

The report reads “In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 head line inflation rate which was 33.20%.

“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.

This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%).

“This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of in crease in the average price level in March 2024.”

Prices of food and basic commodities have surged dramatically in recent weeks, as Nigerians grapple with a soaring cost of living and one of the nation’s most severe economic crises.

The crisis has been intensified by the government’s removal of petrol subsidies and the unification of forex windows.

The naira, which had appreciated against the dollar in April, has since plummeted from about N1,100/$1 to roughly N1,500/$1.

Following the latest inflation report from the National Bureau of Statistics (NBS), the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is anticipated to review the country’s interest rate, currently set at 24.75%.

 

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