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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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Business

JUST IN: NDIC Boosts Deposit Insurance For Banks

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The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.

NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.

The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.

Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.

 

 

More to follow.. . .. . 

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Shareholders Pass Key Resolutions At NGX’s 63rd AGM

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Popoola Commends Access Holdings on Nigeria’s Growth Story

The 63rd Annual General Meeting (AGM) of the Nigerian Exchange Group Plc (NGX Group), held at the Nigerian Exchange Group House on Monday, April 29, 2024.

During the gathering, the Group concluded on ordinary and special business matters, while also unveiling plans to embark on a comprehensive digital transformation strategy to expand its business operations in line with its overarching strategy.

The meeting’s agenda, approved by the Board of Directors, included the declaration of a final dividend, ratifying the appointment of Temi Popoola as the Group Managing Director/Chief Executive Officer of NGX Group, presenting financial statements to shareholders, re-electing non-executive directors retiring by rotation, authorizing, and disclosing remuneration, among other undertakings.

Notably, the NGX Group, subject to regulatory approval, discussed its authorization on a rights issue to raise capital of up to N10 billion with a subjoined resolution to increase its share capital to sufficiently accommodate the rights issue.

All resolutions were approved by shareholders just as appointment and reelections of directors were ratified.

Following substantial authorization across its agenda, the NGX Group introduced plans to propel the markets with a digital transformation journey that includes an online platform for public offers and deep investments in its technology stack amongst others.

The platform will provide a smarter and efficient way for Issuers to raise capital and enhances the subscription process and operational workflow of POs in the capital market including initial public offerings (IPOs), rights issues and other public offers.

On the development, the Group Chairman, NGX Group, Umaru Kwairanga said, “I am particularly grateful to our shareholders for their assent to the critical business we conducted today. As the Board oversees the strategic direction and gives management the necessary support and guidance, we believe that the coming year will be a better one in terms of value created for our shareholders.

“NGX Group is positioned to capitalize on opportunities amid the positive and forward-looking reforms by the government and our stakeholders should rest assured we will deliver excellently.”

On his part, Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola, said, “As we complete our 63rd AGM, I extend my sincere gratitude to our shareholders, customers, employees, regulators, and directors for their steadfast support. In a year that underscored NGX Group’s strategic agility and operational excellence, we witnessed growth stemming from our dynamic revenue streams. We are optimistic and well-positioned to forge a future marked by success, resilience, and prosperity.

Addressing the digital transformation agenda, Popoola stated, “The future of our business and the capital markets hinges on technology. That is why we are driving this digital transformation journey across our subsidiaries through the Group. NGX Group’s digital transformation will democratize access to public issuances for every Nigerian with a mobile phone, supporting capital-raising efforts for companies. Additionally, we aim to commercialize our technology solutions and expand our footprint across Africa”.

Key insights and proceedings from the NGX’s AGM can be accessed via the live recording available on NGX Group’s website at www.ngxgroup.com.

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NCDMB Receives N450m Interim Dividend From Waltersmith Modular Refinery

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. . . Firm Declares N4.5bn Dividend For 2023

The Nigerian Content Development and Monitoring Board (NCDMB) has announced that it had received an interim dividend payment of N450 million out the N1.5bn declared by the Waltersmith Refinery and Petrochemical Company Limited.

The NCDMB made the disclosure on Monday, adding that the payment represented NCDMB’s 30% share in the company for the year ended 2023.

Recall that the NCDMB had in July 2018 invested $10m to acquire 30% stake in the 5000 barrels-per-day (bpd) modular refinery project located at Ibigwe, Imo State, to support the Federal Government’s policy on modular refinery, stimulate investment and create employment opportunities.

Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary, NCDMB, Engr. Felix Omotsola Ogbe confirmed that a total dividend of N4.5bn had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM).

The company reported a total profit of N23.6bn as profit after tax for the same year.

The Executive Secretary hinted that NCDMB expects to receive additional 30 percent of the outstanding N3bn dividend after the AGM is convened later this year.

He added that the receipt of this interim dividend payment was a testament to the strong performance and profitability of Waltersmith Refinery and Petrochemical Company Limited.

He said, “The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future.”

He affirmed that the company was upscaling the refinery capacity from 5000 bpd to 10,000bpd and the expansion project was already 44 percent completed and on time to be commissioned by early 2025.

The NCDMB’s investment in the Waltersmith project was also geared to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors and deepen Nigerian Content in the oil and gas industry. It was the first third-party investment embarked by the Board, and it provided proof of concept and paved the way for other successful investments by the Board.

Two weeks ago, NCDMB received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.

The cheque was presented by the Chairman of the company, Engr. Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa State, where he was received by the Executive Secretary, Engr. Felix Omatsola Ogbe and other members of the Board’s management.

Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company and it culminated in the construction and commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta State, Niger Delta, Nigeria.

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