Business
CSR: Dangote Awards Scholarships To 473 Students
Joy and elation enveloped the Idotun Community Junior High School, a suburb of Lekki, when Dangote Petroleum Refinery & Petrochemicals, in partnership with Dangote Fertilisers Limited, awarded scholarships to 473 students from 10 secondary schools and 7 tertiary institutions.
Biztellers reports that in addition, the companies donated 804 tables and chairs to secondary schools in their host communities of Ibeju-Lekki.
Consequently, students, parents, teachers, and community leaders expressed their immense joy as the scholarship certificates were presented to the beneficiaries, alongside educational materials, including textbooks and notebooks, as part of the 5th Edition of the Dangote Scholarship Award Programme.
Group Vice President of Oil & Gas at Dangote Industries Limited, Devakumar Edwin, remarked that the event symbolised a shared vision—a partnership between Dangote Industries and the host communities, designed to build a foundation for sustained growth, one that is rooted in education, innovation, and opportunity.
He further emphasised that the initiative is not merely a celebration of achievements but a reaffirmation of the group’s commitment to nurturing potential, empowering communities, and shaping a brighter future for the leaders of tomorrow.
“Education, as we all know, is the passport to the future. At Dangote, we believe that education is not just a privilege but a right that every child deserves. This belief has fueled our dedication to supporting students and schools in our host communities since the year 2019 when we launched the Scholarship Award Programme as a key pillar of our Community Development Plan, with year-on-year progress,” he said.
Praising the students for their academic dedication, which he acknowledged has resulted in remarkable growth over the years, Mr. Edwin highlighted the impressive year-on-year progress—from 56 students in 2019 to 450 beneficiaries in 2024. He stated that the company is deeply inspired by their determination and is confident that the resources provided will empower them to realise their dreams.
ALSO READ: EDO: SUBEB Chair, 6 Commissioners, Board Chairs Take Oath Of office
He also noted that the decision to donate the 804 tables and chairs to schools was part of the company’s broader commitment to enhancing the learning environment. This gesture, he emphasised, is a testament to the company’s dedication to ensuring that every child has access to a conducive environment for learning, where they can grow, dream, and thrive.
“To the scholars here today, you are at the heart of our initiatives. Your dreams, aspirations, and hard work inspire us to continue making a difference. As you embark on your academic journeys, remember that the support you receive today is a seed sown in fertile ground. Nurture it with dedication, perseverance, and a spirit of excellence, and it will yield remarkable fruits in your future.
“I would like to extend my heartfelt gratitude to our community leaders, dedicated school administrators who work tirelessly to ensure the success of these initiatives. Your partnership and support are invaluable, and we are honored to work alongside you in empowering the next generation,” he added.
The Managing Director of Dangote Industries Free Zone Development Company (DIFZDC), Olayinka Akande, urged the beneficiaries to uphold excellence, which he identified as one of the core values of Dangote Industries Limited. Emphasising the importance of dedication and diligence, he encouraged the students to aim high, noting that with such attributes, some of them could rise to become governors, ministers, captains of industry, or even the next ‘Edwin’ in the future.
The Head of Social Performance at Dangote Petroleum & Petrochemicals, Ogunleye Mojisola, highlighted that the education intervention is one of the four pillars of the Community Development Plan, which was jointly designed with the community. Reflecting on the scheme’s success since its inception in 2019, Ogunleye expressed gratitude to the management for consistently providing the necessary resources to sustain the programme.
“The increase in the number of beneficiaries each year is a clear indication that the initiative is fulfilling its purpose, motivating students to study hard and achieve academic excellence,” she remarked.
The Aro of Lekki Kingdom, Chief Adewale Salami, who represented the Oni of Lekki, conveyed his appreciation for the intervention, affirming that the company is helping to shape the future of the community. He also expressed the kingdom’s continued support for Dangote Industries Limited.
The Chairman of the Lekki Coastal Area Development Association, Alhaji Wasiu Ayeola, praised the founder and Chief Executive of Dangote Industries Limited, Aliko Dangote, for transforming what was once a hunting ground of rabbits and lizards into a multibillion-dollar investment that benefits not only the local community and Lagos but also Nigeria and the world. He emphasised that education is the most effective way to shape the future of the community.
Several beneficiaries, including Atibere Peter from Lagos State University, Dauda Omolara from Community Senior High School, Magbon Segun, and Ganiu Ayomide from Community Senior High School, Akodo, among others, expressed their heartfelt gratitude. They noted that the scholarship and support would motivate them to study harder and alleviate the financial burden on their parents and guardians.
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
ALSO READ: BREAKING: Again, Dangote Cuts Petrol Price To N835 per Litre
In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.
The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.
READ ALSO: JUST IN: Vatican Discloses Cause Of Pope Francis’ Death
The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.
Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.
Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.
“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.
Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.
The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.
Klaus Schwab, the founder of the World Economic Forum (WEF), announced his resignation from the board on Monday, marking a significant moment in the organization’s history.
Schwab, who has been at the helm of the WEF for over five decades, confirmed he was stepping down from his position as Chair and leaving the Board of Trustees with immediate effect.
“I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said, noting that the decision comes as he approaches his 88th year.
READ MORE: NNPC Ltd Opens Retail Outlet In Bauchi
His resignation follows his stepping down as executive chairman in 2024, when former Norwegian foreign minister Borge Brende took over the day-to-day operations.
In response, WEF appointed Vice Chairman Peter Brabeck-Letmathe as interim chairman while a search committee was formed to find a permanent successor.
The WEF board lauded Schwab’s immense contributions, acknowledging his “outstanding achievements” over his 55-year leadership tenure.
“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” the WEF stated.
“Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration.”
Schwab, originally from Ravensburg, Germany, founded the precursor to the WEF, the European Management Forum, in 1971.
The first meeting drew fewer than 500 participants, but over the years, Schwab expanded the gathering into a prestigious platform that now attracts thousands of influential figures.
The Davos summit has become synonymous with global power brokers, offering opportunities for high-level networking, discussion, and collaboration on issues affecting the world.
Under Schwab’s leadership, the WEF grew to include regional meetings and established centers dedicated to pressing global topics such as cybersecurity, climate change, and financial systems.
The organization continues to uphold its mission of “improving the state of the world” by fostering dialogue and cooperation.
However, the WEF and Schwab have not been without their critics. Many argue that the forum has become a venue for corporate elites to exert influence over governments, with the term “Davos Man” often used to describe the affluent attendees.
Schwab has also faced the ire of conspiracy theorists, particularly following his promotion of the “Great Reset” following the COVID-19 pandemic.
These theorists have spread misinformation, alleging that Schwab and the WEF are part of a global elite aiming to control the world, with even Elon Musk weighing in on social media, claiming Schwab “wants to be emperor of Earth.”
JUST IN: Okpebholo Summons Town Hall Meeting To Address Security Challenges
APC Sets N5m Nomination Fee For Chairmanship Aspirants In Lagos LG Polls
Marketers In Anguish, As Dangote, NNPC Ltd War Drag Price To N880/litre
Gold Prices Hit Historic $3,500 Amid Trump Tariffs, Fed Tensions
JUST IN: Vatican Discloses Cause Of Pope Francis’ Death
