Business
Dangote Cement Marks Host Community Day
. . . 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.
Business
Savannah Energy Provides Unaudited FY 2024 Trading Updates
Savannah Energy has shared a trading update on its Nigerian operations and other markets in Africa, including up-to-date cash collections in its Nigerian business.
According to the update, made available on Thursday in Lagos, its gross production in Nigeria averaged 23.1 Kboepd for FY 2024, broadly in line with the prior year’s 23.6 Kboepd, of which 88% was gas (FY 2023: 91%).
On the update, CEO of Savannah Energy, Andrew Knott, said, “I am pleased to provide a FY trading update which demonstrates the continued progress we have made in 2024, a year which saw the highest level of cash collections ever recorded by our Nigerian business. 2025 is expected to be an exciting year for our Company: we have a large planned operational programme in Nigeria which is anticipated to enhance both our oil and gas production levels and capacity; we intend to progress our R3 East oil development project in Niger; we continue to pursue key acquisitions in the upstream oil and gas space; and we continue to seek to build our power business.
“Fundamentally, Savannah remains unequivocally an “AND” company, seeking to deliver strong performance both for the short AND long term across multiple fronts, and pursuing growth opportunities in both the hydrocarbon AND power sectors.”
The update It also shows that it generated a Total Income of US$393.6 million in 2024, compared to FY 2023’s US$289.8 million. This consists of Total Revenues of US$258.7 million and Other operating income of US$134.9 million.
The report also shows that Savannah’s FY 2024 Total Revenues were ahead of the previously issued financial guidance of greater than US$245 million, while FY 2024 financial guidance is reiterated for Operating expenses plus administrative expenses at ‘up to US$75 million’. The company expects its FY 2024 capital expenditure to come in lower than planned (previously guided at ‘up to US$50 million’) due to the phasing of spend.
ALSO READ: CSR: Dangote Awards Scholarships To 473 Students
According to the update, Savannah’s cash collections in 2024 amounted to US$248.5 million, a slight increase from the US$206 million it received in 2023. The report further shows that its cash balances as at 31 December 2024 stood at US$32.6 million, compared to the 31 December 2023 figure of US$107.0 million.
The report shows that the company’s midstream subsidiary, Accugas Limited, had as at 31 December 2024 drawn down on its NGN332 billion of the NGN Transitional Facility, with the resulting funds being converted to US$, which, along with cash held, was used to partially prepay the existing Accugas US$ Facility, leaving a balance as at 31 December 2024 of approximately US$212.3 million.
The report also provided new updates on Accugas’ US$45 million Uquo Central Processing Facility (“Uquo CPF”) compression project in Nigeria, noting that its commissioning which will enable the expansion of gas production in the medium term is well underway.
The report highlighted the progress being made in the procurement process of long lead equipment in Nigeria for a potential two-well drilling campaign on the Uquo Field in H2 2025, with an additional gas development well expected to add up to 80 MMscfpd of supplemental production capacity and a potential exploration well targeting an Unrisked Gross gas initially in place (“GIIP”) of 154 Bscf (25.7 MMboe) of incremental gas resources.
The update shows that progress is also being made in the planned Savannah acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited, whose principal asset is a 49% non-operated interest in the Stubb Creek oil and gas field (“Stubb Creek”), with regulatory approval and completion being targeted in Q1 2025. Following the completion of the acquisition, Savannah intends to commence an expansion programme which is anticipated to increase Stubb Creek gross production from an average of 2.7 Kbopd in 2024 to approximately 4.7 Kbopd.
In Niger, Savannah continues to seek to progress its 35 MMstb (Gross 2C Resources) R3 East oil development in South-East Niger, while it continues to push for a potential alternative transaction structure to acquire a material stake in producing oil and gas assets in South Sudan as previously announced on 20 December 2024.
On the renewable energy front, the update shows that Savannah has up to 696 MW of renewable energy projects currently in motion, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon. A firm believer in Africa’s transition to renewable energy, Savannah continues to target a portfolio of up to 2 GW+ of power projects in motion by the end of 2026.
Business
Nigeria Can Achieve 5.5% GDP Growth – NESG
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
Business
CBN Approves Release Of Nigerian FX Code
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
Erica Peterson
December 15, 2023 at 5:07 pm
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