The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.

In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.

During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.

The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.

Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.

According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.

Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”

On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.

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.. . .. . 

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 63^rd 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.