Business
Economic Hardship: Dangote Foundation Succors Ogun Host Communities With 40,000 Bags Of Rice
The Aliko Dangote Foundation (ADF)’s N15 billion National Food Intervention programme has landed in Yewa land, Ogun State with 40,000 bags of rice.
It was gathered that this was distributed among the 17 host communities of the Dangote Cement, Ibese plant, along with Itori, Igbogila, and Ilaro.
According to sources at ADF, beneficiaries in Ibese and Araromi were accredited and received one bag each at the palace of Aboro of Ibeseland, Oba Rotimi Mulero.
The source added that Ijebu-Igbo, the host communities to Dangote Granite Mines would soon receive their allocation as the rice for the area has been delivered in preparation for distribution.
Recall that Chairman, ADF and President of Dangote Group, Aliko Dangote, launched the food intervention programme in Kano in March, promising that the Foundation will distribute over one million 10kg bags across the 774 local government areas of the 36 states and Federal Capital Territory, FCT in Nigeria at a cost of about N15 billion.
The Aboro of Ibeseland expressed gratitude on behalf of his communities to the Foundation for its benevolence in distributing rice at this time of economic challenge, saying the gesture would benefit many households where staple food like rice has become scarce.
He likened Dangote’s initiative to Operation Feed the Nation (OFN), introduced by the military government of Chief Olusegun Obasanjo over 46 years ago to revitalize agriculture and ensure food availability for all Nigerians.
Oba Mulero stated, “we are grateful to Alhaji Aliko Dangote. The rice gift is very impressive given the current situation in the country. We really appreciate him. What he has done can be likened to Operation Feed the Nation of those days. That is what I will call it. He has done well to decide to feed the people. Everybody is vulnerable now in this country.”
He continued, “What Alhaji Dangote is doing is worthy of emulation by other well-meaning Nigerians. When food is out of the problem equation, the equation is easy to solve. We are using this opportunity to thank him for this gesture. You can see the way my people are happily receiving it. We pray to God to continue to uplift him.”
The Aboro of Ibese commended Dangote for his job creation efforts through investments. He said the rice distribution to the people of Ibese is like the icing on the cake as the Cement Plant sited in the community has absorbed some of the host communities’ indigenes and that the food palliative would go a long way to cushion the effect of the economic hardship.
He pledged the support of the people to the Dangote Cement, Ibese plant to ensure the company operates in an atmosphere of peace and tranquillity so that the company can continue to benefit the host communities.
One of the beneficiaries, Odunfa Ayodele Adams, an indigene of Ibese on behalf of others expressed appreciation to the ADF. He said it was the first time such a programme would be brought to the Ibese community and prayed to God to give Alhaji Dangote long life to do more for the society.
It would be recalled that Alhaji Dangote while speaking during the flag-off ceremony of the programme explained that the initiative is a crucial step towards alleviating the ongoing economic challenges faced by the country.
He also emphasized the importance of compassion and generosity, stressing that all stakeholders must play a part in supporting the government to alleviate hunger in the land.
“Our distribution of rice symbolizes our commitment to upholding the values of compassion and solidarity, which are at the core of our humanity. ADF has decided to spearhead the food intervention programme,” he said.
On the modalities for distribution of the rice, Dangote said: “the modalities for the programme involve collaboration with state and local governments as well as local community partners to ensure effective delivery of the rice to the most vulnerable across the country, regardless of state, tribe, gender, religion, politics, or other attributes, “he added.
In her own remark then, the Chief Executive Officer of the ADF, Zouera Youssoufou said the rice distribution is in addition to the Foundation’s daily bread relief programme, that is producing and distributing over 32,000 family-size loaves of bread across Kano and Lagos States every day since 2020 following the outbreak of COVID-19 pandemic.
She said: “It is noteworthy that Dangote’s efforts in nutrition strengthening in Nigeria extend well beyond the foundation’s food relief programmes and nutrition activities. The Dangote Group has been actively investing in food fortification across the Nigerian food industry, with its iodized salt, vitamin A fortified sugar, while researches are on-going into micronutrient fortification of staples like rice, wheat, and bouillon cubes”.
Access Bank Ghana Plc held its 16th Annual General Meeting (AGM) at its head office, marking a year of exceptional performance and growth.
The Board Chairperson of Access Bank (Ghana) Plc, Ama S. Bawuah, presented the financial statements, highlighting the Bank’s impressive performance despite the challenging macroeconomic environment.
Access Bank Ghana’s total assets grew to 22.3 percent, from GHS 10.057 billion to GHS 12.30 billion, while operating income increased by 40 per cent from GHS1.150 billion to GHS 1.613 billion. The Bank’s Loans and Advances rose by 42.81 percent.
Bawuah said, “In 2023, Ghana’s economy was characterised by macroeconomic instability, escalating inflation, and dwindling investor confidence stemming from both domestic imbalances and external pressures. Against the backdrop of global and national economic uncertainties, I am pleased to share that your bank successfully applied valuable insights and industry best practices to achieve substantial growth across key areas in the past year.
“These achievements underscore our steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming our pledge to serve you with excellence and integrity.” Access Bank’s commitment to expansion, innovation, and customer convenience was also showcased, with the implementation of several digital products and services such as the virtual relationship management (VRM) tool to augment customer service support.
The Bank also established priority desks to cater to a specific demographic and facilitate the smooth running of business in those areas. These include the Chinese, German, Lebanese, French, and Turkish desks.
Managing Director, Access Bank Ghana Plc, Olumide Olatunji, reiterated the Bank’s resilience and stability.
“Despite the prevailing uncertainties, Access Bank maintained a robust performance across key financial metrics, a testament to our prudent financial management and unwavering dedication to our mission.
“We observed substantial growth in deposits, surging from GHS7.399 billion to GHS9.130 billion, marking a notable 23 percent increase,” Olatunji said.
He added that the Bank achieved a remarkable turnaround by resuming tax remittances to the government. This reversal from a negative contribution of GHS102 million to an impressive 509 percent increase to GHS419 million underscores our commitment to fiscal responsibility and sustained growth.
Concurrently, shareholders’ funds experienced substantial growth, from GHS1.014 billion to GHS1.403 billion, attributed to the transformative strategies implemented in the Bank’s business management practice.
Olatunji thanked shareholders for their support and emphasised the Bank’s commitment to excellence and customer satisfaction.
“We are proud of our achievements and recognise the trust our customers and shareholders have placed in us. We will continue to innovate, expand our reach, and support Ghana’s economic growth,” he noted.
The General Secretary of the shareholders, Sampson Ashong, praised the Bank’s performance and initiatives citing its resilience and growth potential.
In his words, “I am thoroughly impressed with the bank’s commitment to sustainability initiatives and employee capacity building. The dedication to creating a positive impact on the environment and society, while investing in the growth and development of their staff is truly commendable. This is evidence that Access Bank is not just focused on financial returns, but also on making a positive difference in the world.”
Consequently, the shareholders approved all resolutions on the agenda, which included among other things, also saw the re-election of the members of the Board of Directors and one retirement.
The event was a celebration of the Bank’s dedication to its stakeholders and its contribution to Ghana’s financial landscape. As Access Bank Ghana continues to grow and expand its operations, it remains committed to promoting financial inclusion and supporting the country’s economic development.
Since 2009, Access Bank Ghana has demonstrated a strong commitment to sustainable business practices driving profitable, sustainable growth that is environmentally responsible and socially relevant.
These have contributed to the Bank being recognised with various awards in 2023. These include the 2023 Best Bank by Euromoney Awards, Best Retail Bank by Global Brands Awards, Best Digital Bank in Ghana by Digital Banker Africa Awards; and Best SME Banking and Best Bank for CSR by Euromoney Awards.
Retail Supermarkets Nigeria Limited, the operator of Shoprite Mall, has announced the closure of its Wuse Zone 5 outlet in Abuja, effective June 30, 2024.
In a statement signed by CEO Dr. Folakemi Fadahunsi, the company cited Nigeria’s challenging business environment as the primary reason for the closure.
The statement reads “After a thorough evaluation of the store’s financial situation and the current business climate, we have decided to close our Wuse store in Novare Wuse Central Mall. We believe this is the best course of action for our organization’s long-term growth.”
The company also informed vendors that their services would no longer be required at the Novare Wuse Central Mall and assured them that financial records would be reviewed over the next 60 days to settle any outstanding balances.
It stated “Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we will no longer require your services for the Novare Wuse Central Mall Store. Please note that all existing service contracts will also terminate for the store.
“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days. We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule,
Business
Nigeria set to boost Naira value and foreign reserve with local gold production, as Tinubu receives gold bar
IN a significant move to strengthen Nigeria’s economy, President Bola Tinubu received a symbolic gold bar on Sunday from the Minister of Solid Minerals Development, Dele Alake.
This gesture marks the commencement of the National Gold Purchase Program (NGPP), aimed at boosting the naira’s value and enhancing the country’s foreign reserves.
Minister Alake expressed gratitude to President Tinubu for his support of reforms in the solid minerals sector.
He highlighted that the NGPP, which involves sourcing gold from artisanal and small-scale miners and refining it to meet the London Bullion Market Association’s Good Delivery Standard, will substantially contribute to Nigeria’s economic stability.
Alake stated “This initiative will significantly increase our foreign reserves and strengthen the naira. The refined gold will be supplied to the Central Bank of Nigeria, marking a crucial step in our economic strategy.”
The presentation also underscored the first commercial transaction under the NGPP, establishing a centralized gold purchasing system that integrates small-scale miners, cooperatives, and production units across the nation.
This program is expected to provide a structured market for gold, fostering economic growth and stability.
He said, “The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Program’s effectiveness. It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in United States Dollars, such as gold, is a viable strategy. This transaction has also underscored the potential of the National Gold Purchase Program to enhance fiscal and monetary stability.”
Alake added that the initial commercial transaction under the program resulted in a +US$5 million boost in Nigeria’s foreign reserve assets.
The transaction involved refining over 70 kilograms of gold to meet the London Bullion Market quality standard and aggregating locally mined gold, thereby infusing approximately NGN6 billion into the rural economy.
President Tinubu expressed appreciation for the Ministry’s accomplishment in advancing the government’s goal of economic diversification by acknowledging and displaying the symbolic gold bar
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