NEWS
Dangote Hails IBB: ‘You’re The Architect Of Private Sector In Nigeria’
. . . Donates N8bn to Presidential Library, Pledges N2bn Annually Until Completion
The President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, has praised former Head of State, Gen. Ibrahim Badamasi Babangida, popularly known as IBB, for implementing policies that liberated the private sector in Nigeria during his regime.
Dangote made the statement on Thursday during the unveiling of the book “A Journey in Service”, the autobiography of the former Head of State.
Biztellers reports that the event also served as a fundraiser for the IBB Presidential Library.
In support, Africa’s wealthiest man donated N8 billion to the IBB Presidential Library, which would be paid at a rate of N2 billion annually over the four-year period allocated for the project’s completion.
He further pledged that if the project extends beyond this timeframe, he would continue to donate N2 billion annually until it is fully completed.
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Dangote, who is the largest employer of labour after the government, commended Babangida for his transformative policies that encouraged Nigerian investors to play prominent roles in the economy.
He particularly highlighted the abolition of import licences, which helped stimulate domestic industries. These reforms, among others, ensured that Nigeria now has more private sector involvement than any other country in Africa.
This shift, he said, led to a contribution of 85 percent of Nigeria’s GDP from the private sector, while the government contributes just 15 percent.
In his words, “Your Excellency, I would like to express my sincere gratitude for all you have done for Nigeria. Many may not realise that you were the architect of the private sector in Nigeria. Anyone in the private sector who has achieved prominence today owes it to you, as you provided us with the necessary licences. In the past, we used to struggle to obtain licences through intermediaries, including Indians.”
Dangote called to mind, how Gen Babangida’s policies facilitated the growth of Nigerian businesses, enabling them to thrive. “Your Excellency, in 1986, you abolished the requirements for import licences, and it was because of that decision that we were able to reach the highest levels of growth. I recall a day when you granted almost 30 of us banking licences. You also instructed five Nigerians to pay N1 million each for oil blocs.
“Your Excellency, I could continue to list all the reforms you introduced that liberated the private sector, which is why Nigeria has more private sector involvement than any other country in Africa. It is only in Nigeria where government contribution to GDP is a mere 15%, with the remainder being driven by the private sector,” he added.
He expressed optimism that future Nigerian leaders will adopt similar policies for the betterment of the country. “I want to thank you once again, and I am confident that future leaders will continue to follow your example, working closely with the private sector.”
On his contribution to the IBB Presidential Library project, Dangote said, “Your Excellency, based on what I have observed, I believe this project will require at least four years to complete. I would like to contribute N2 billion each year for the next four years, amounting to N8 billion in total.
“Should the project extend beyond four years; I will continue to contribute N2 billion annually.”
Other prominent Nigerians also pledged contributions to the library’s construction.
The Chief Launcher and Founder of BUA Group, Abdul Samad Rabiu, donated N5 billion, while the co-Chief Launcher and Founder of the TY Danjuma Foundation, Theophilus Yakubu Danjuma, donated N3 billion.
Former President Olusegun Obasanjo, who chaired the event, remarked that by writing his memoir, Gen Babangida had not only contributed to making history but also to documenting it. However, he cautioned the former military Head of State to expect varied reactions to the book, including good, bad, and ugly ones.
Former President Goodluck Jonathan also praised Gen Babangida for the launch of his memoir and stated that Nigeria’s history would be incomplete without the story of the former Head of State.
During the book’s review, former Vice President Yemi Osinbajo quoted Babangida as saying that late Moshood Abiola, who contested the 1993 presidential election on the platform of the Social Democratic Party (SDP), won the election.
However, Gen Babangida described the annulment of the election as the most difficult decision of his life.
“There was no doubt in my mind; MKO Abiola won the election. He satisfied all the requirements,” Gen Babangida was quoted as saying.
The former military leader noted that while the annulment of the election remained a defining moment in his career, he took solace in the fact that former President Muhammadu Buhari posthumously honoured Abiola with the Grand Commander of the Federal Republic title, a recognition reserved for Nigerian presidents.
The Transmission Company of Nigeria (TCN) has commenced the final phase of restoration works on the 330kV Kainji–Birnin Kebbi Transmission Line following the recent collapse of Tower T367 along the line corridor.
TCN, in an update issued on Wednesday, said significant progress had been recorded at the affected location in Yauri, where restoration activities are ongoing.
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According to the company, the collapsed transmission tower has now been completely dismantled and decommissioned, while the conductors and skywire have been properly aligned and prepared for the next stage of the restoration process.
TCN also disclosed that an Emergency Restoration System (ERS) tower has been moved to the site and is ready for installation.
The company said the installation would be followed by cable stringing and other associated works towards the restoration of the affected transmission line.
“Our engineers and technical personnel remain actively engaged at the site and are working hard to ensure a quick completion and restoration of the line.”
TCN said it remained committed to restoring normal bulk transmission as soon as possible and appealed to electricity consumers and other stakeholders affected by the incident for patience and understanding.
“TCN appreciates the patience and understanding of electricity consumers and other stakeholders affected by the incident and assures the public that every effort is being made to restore the line and consequently, normal bulk transmission as soon as possible.”
The National Union of Edible Oil Tanker Drivers of Nigeria (NUEOTDN) has suspended its planned nationwide strike scheduled to begin Wednesday following Federal Government intervention in its dispute with operators in the edible oil industry.
The last-minute suspension averted a potential disruption in the transportation and distribution of edible oil across the country, with the union directing members to maintain normal operations while negotiations continue.
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NUEOTDN President, Ilias Aperun, announced the decision in a statement dated September 22, saying interventions by President Bola Tinubu and the Department of State Services (DSS) had opened discussions towards resolving the issues that prompted the planned industrial action.
“The planned industrial action scheduled to commence today, 23rd September 2026, has been suspended.”
Aperun said the union decided to give the government intervention time to produce results in the interest of economic stability and protection of the edible oil supply chain.
“In the interest of peace, national economic stability and the protection of the edible oil supply chain, the Union has decided to suspend the planned action and give room for the ongoing government intervention,” he said.
The union consequently directed its members and other stakeholders to halt preparations for the strike and continue normal operations pending further directives.
Aperun said discussions aimed at resolving the dispute were already underway, adding that the union remained committed to protecting the welfare and legitimate interests of its members without jeopardising the supply of edible oil.
“The NUEOTDN remains committed to the protection of the public health of the masses, welfare and legitimate interests of its comrades, while also supporting a peaceful and sustainable resolution of the issues at stake,” he said.
He urged stakeholders in the industry to cooperate with the ongoing negotiations, saying constructive engagement remained necessary to resolve the issues raised by the tanker drivers.
The union expressed appreciation to the Federal Government for its intervention and urged members to remain calm while awaiting the outcome of the discussions.
Aperun said further developments would be communicated as negotiations progressed.
President Bola Ahmed Tinubu has welcomed the construction of a $12 million Abuja Centre for Entrepreneurship, saying the facility will strengthen Nigeria’s Micro, Small and Medium Enterprises (MSME) ecosystem and create more opportunities for businesses to grow and generate jobs.
The President made this known in a statement issued on Wednesday by his Special Adviser on Information and Strategy, Bayo Onanuga.
The Abuja Centre for Entrepreneurship (ACE) is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja, with funding from the Republic of Korea through the Korea International Cooperation Agency (KOICA).
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The project is being implemented in partnership with the Federal Government through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the United Nations Development Programme (UNDP).
The centre will provide workspaces, digital facilities, training, incubation and enterprise support for aspiring entrepreneurs, start-ups and existing businesses.
According to the statement, the facility has an initial target of supporting 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.
About $5.9 million of the investment will be allocated to construction, while $6.1 million will fund equipment and programmes designed to support entrepreneurs and businesses.
Tinubu said the centre would help establish, strengthen and grow businesses.
“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country.
“Many entrepreneurs already have the ideas and the determination to succeed. What they often need is better access to facilities, technology, training and the support that can help their businesses grow.
“This Centre will provide more of that support and strengthen the ecosystem around them,” he said.
The centre is expected to serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja.
It is also expected to contribute to strengthening the wider entrepreneurship and MSME ecosystem across Northern Nigeria.
The President said the Federal Government would continue to expand the conditions that allow small businesses to grow and compete.
“We want more Nigerians to be able to start businesses, grow them and employ others.
“We also want existing small businesses to have better access to the tools and support they need to become stronger and more productive.
“That is important for jobs, incomes and the wider economy,” Tinubu said.
He added that the project complements the administration’s wider investments in digital skills, entrepreneurship, enterprise development and support for MSMEs.
The centre has also been designed to accommodate women and persons with disabilities. It will include accessible facilities and crèche services for women with young children.
While construction is ongoing, SMEDAN, KOICA and UNDP will work with universities, incubators, financial institutions, private-sector organisations and entrepreneur networks to build a wider support system around the centre.
The partners will also identify businesses that can benefit from the centre’s programmes.
Tinubu thanked the South Korean government for the $12 million investment and commended KOICA, UNDP and SMEDAN for advancing the project to the construction stage.
He said Nigeria would continue to welcome investments and partnerships that strengthen local businesses, deepen enterprise development and create more jobs.
“Our economy will be stronger when more Nigerian businesses can start, survive and grow.
“We must keep building the support around them and opening more opportunities for enterprise across the country,” the President said.
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