Business

Dangote Cement, Major Contributor to Senegal’s Economic Devt, says Envoy

Published

4 years ago

May 5, 2021

Dangote Cement Trucks Wrongfully Intercepted In Adamawa

Dangote Cement, Major Contributor to Senegal’s Economic Devt, says Envoy

Dangote Cement Plc’s huge investment has been described as one of the major contributors to the development of the Senegalese economy. Besides, the Cement plant located in Pout, 60 kilometres away from Dakar, has greatly assisted in strengthening the business relationship between Senegal and Nigeria.

Dangote Cement Senegal currently holds a capacity of 1.5 million tonnes per year, producing higher quality cement to meet the country’s demand as well exporting to neighbouring countries around Senegal.

Charge D’Affaires, Embassy of Nigeria, Senegal, Mr. A.K Zanna, who spoke on the contributions of Dangote Cement’s investment in Senegal at his office in Dakar recently, called on Dangote and other interested investors to explore the investment opportunities available in the Senegalese Salt Mining and Real Estate industry.

According to him, Dangote’s Cement investment in Senegal is contributing significantly to the country’s Gross Domestic Product (GDP), through its export revenue from neighbouring countries and social investments in the country. “I think the company has done a lot in strengthening the existing relationship between Nigeria and Senegal,” he added.

Zanna stated, “As one of the biggest foreign investors in the Senegalese economy, Dangote Cement is contributing significantly to the country’s economic development. We are proud to associate with the company as a Nigerian brand. The company has done a lot in Senegal since its establishment in 2015. It has created huge employment for the Senegalese; it has created both direct and indirect employment opportunities for many people in Senegal.

He said Dangote Cement is contributing significantly to the relationship between Nigeria and Senegal. “Unfortunately, most of the trade relations between Nigeria and Senegal are in the informal sector. However, with the ways things are going, there is going to be improvement in economic activities between both countries. Already, we have two Nigerian banks operating in Senegal. And Many Nigerian companies have signified interests in investing in the Senegalese economy. This will further improve the business relationship between the two countries,” he said.

The Envoy also commended the company for contributing to the well- being of its host and surrounding communities in Pout, Senegal. “Dangote is involved in corporate social responsibilities programmes. The company has done a lot for the communities where it is located. The company’s community development in Senegal is assisting the government’s responsibilities to its citizens.

“I know that the company has built maternity clinics, health centres, schools, awarded scholarships to students, and created avenue for poverty eradication in the country. The company is also fully involved in women empowerment. Dangote Cement’s Corporate Social Responsibility (CSR) programmes are having direct positive impact on the host communities. So, by extension, the company is shouldering some of the responsibilities of the Senegalese government.”

He also urged investors from Nigeria to invest in Senegalese Real Estate industry. “Senegal is becoming a vibrant economy and the country building a new city at Diaminadio. There is opportunity for investment in real estate in the Senegalese economy. Apart from that, maybe by 2023, Senegal will start production of crude oil and many opportunities will be available for Nigerians with technical expertise in the oil sector.

Country Manager, Dangote Cement, Senegal, Luk Haelterman attributed the success of the company in Senegal in the past five years to the company’s investment in quality production and introduction of what is commonly referred to as the ‘Senegallisation’ Policy.

According to him, the company’s introduction of 42.5-degree brand of cement to the major market in Senegal upon entry has enabled the company gain the desired market share in the country.

He stated, “The success of Dangote Cement is coming from quality planning based merely on the improvement on the quality of cement to 42.5R that was not available everywhere and certainly not to everybody at affordable price in Senegal. Introducing this into the market was a guarantee for us to gain the market share that we needed.

“Secondly, without any doubt, is the creation of a very good team spirit and passionate involvement in aiming at continuous improvement towards excellence. When we entered the market, it was characterised by 32.5-grade cement. We supplied 42.5-grade cement at affordable price. Putting up quality gave us a chance to enter the market.”

Luk also disclosed that Dangote Cement Senegal has developed a culture of supporting local employees and prioritising local hiring, which allows local country employees have the necessary knowledge, experience, and support to take up key roles within the company.

He said the policy aims to gradually reduce the number of expatriates employed by the business by enhancing the skills and capacity of Senegalese employees to take up leadership positions.

“We have ensured that our image has been aligned with two key principles from day one: maintaining high quality, and taking a local approach in everything that we do,” he said.

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Fidelity Bank Supports Improved Maternal Health in Lagos

Published

9 hours ago

January 9, 2025

Sahara Weekly

Fidelity Bank Supports Improved Maternal Health in Lagos

Leading Financial Institution, Fidelity Bank Plc, has donated maternity kits to 30 pregnant women at Mushin Primary Health Centre (PHC), Lagos.

The donation, organized by the Great Minds Inductees Class, was made possible through the Fidelity Helping Hands Program (FHHP), a Corporate Social Responsibility (CSR) initiative by Fidelity Bank Plc aimed at promoting staff involvement in community development.

Through the FHHP, staff across the bank’s business locations identify projects that benefit their immediate community and gather funds to implement them. The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.

Speaking at the handing over ceremony, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, noted that, “The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery.”

Nwagboh noted that, “Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths. In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria. This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation.”

Appreciating the bank’s gesture, the Medical and Health Officer for Mushin Local Government Area, Dr. Kayode Odufuwa, noted that, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”

“On behalf of the Chairman of Mushin LGA, Mr. Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this center. We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.

On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs. Bolanle Odunlami, poured encomiums on Fidelity Bank for their generosity while noting that, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful,”.

One of the beneficiaries, Mrs. Mary Olusanya, expressed her heartfelt appreciation for the bank’s support. “I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom, as well as on digital banking channels. The bank has won multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Business

EXPANDING FOOTPRINT – NIGERIA’S FIRSTBANK SETS SIGHTS ON ETHIOPIA, ANGOLA, CAMEROON

Published

12 hours ago

January 9, 2025

Sahara Weekly

EXPANDING FOOTPRINT – NIGERIA’S FIRSTBANK SETS SIGHTS ON ETHIOPIA, ANGOLA, CAMEROON

Building on its long-standing presence in sub-Saharan Africa, First Bank of Nigeria Limited is gearing up for its next growth phase as financial systems across the continent open up to new opportunities.

More than a decade after an acquisition spree that boosted its footprint in sub-Saharan Africa, First Bank of Nigeria Limited is looking to expand into several other countries, including Ethiopia, Angola and Cameroon.

“There are a number of large economies with large banking pools that are of interest to us because their financial markets are opening up,” Deputy Managing Director, Ini Ebong told The Africa Report in December on the sidelines of the Africa Financial Industry Summit (AFIS).

“So, you look at countries like Ethiopia and Angola. In francophone West Africa, we want to expand our presence in places like Côte d’Ivoire and Cameroon. The market opportunity is there, and we seek to continue to exploit it,” said Ebong.

Ethiopia, Africa’s second most populous country, is poised to partially open its banking sector to foreign banks following a vote by lawmakers in December. The new banking law, passed by a majority in parliament, allows foreign banks to open subsidiaries in Ethiopia. Foreign firms will only be allowed to own 49% of shares, according to the Ethiopian news magazine Addis Standard.

Speaking during a panel session at AFIS, Ethiopia’s central bank governor Mamo Mihretu said the country had been working on the legislation that would finally open the banking sector to foreign competition over the past one year.

After the ratification of the legislation by the parliament, the largest economy in East Africa is “open for business” for any banks looking to come into the country, according to Mihretu.

Previously the executive director in charge of treasury and international banking before his appointment in June 2024, Ebong said that there are growing opportunities in markets across the continent with the expansion of financial systems similar to “what we saw in the early 2000s in some of the larger African markets”. “We believe it is an opportune time to take part in the phase of growth that we see,” said Ebong.

‘Strong franchise’

FirstBank, which has been operating in Nigeria for 130 years, began establishing subsidiaries in other African markets in 2011, when it acquired Banque International de Credit, one of the leading banks in Democratic Republic of Congo.

In November 2013, it snapped up the subsidiaries of International Commercial Bank Financial Group Holdings AG (ICBFGH) in The Gambia, Sierra Leone, Ghana and Guinea. It went ahead to purchase ICB Senegal the following year, completing its acquisition of West African assets and operations of ICBFGH.

FirstBank also has a subsidiary in the United Kingdom with branches in London and Paris, France, as well as a representative office in Beijing, China. Its parent company FBNHoldings saw its pretax profit for the first nine months of 2024 soar to N610.86bn ($395m) from N267.88bn in the corresponding period a year earlier.

Fitch Ratings said in July last year that FirstBank, Nigeria’s third-largest lender, represented 10.7% of banking system assets at the end of 2023. “Its strong franchise supports a stable funding profile and low funding costs. Revenue diversification is significant, with non-interest income typically exceeding 40% of operating income,” it said.

Culled from The Africa Report

Business

ABRIDGED PROFILE OF CHINEDU NSOFOR (CEO, WORKWIS GROUP)

Published

3 days ago

January 7, 2025

Sahara Weekly

ABRIDGED PROFILE OF CHINEDU NSOFOR (CEO, WORKWIS GROUP)

Chinedu Nsofor is a Professional Social Worker, a Seasoned Technocrat, an International Development Expert, a Change Agent, a Media Guru/Wikipedian, and a Versatile Project Management Expert with a passion for developing and implementing programs and initiatives that touch lives and impact different segments of society, focusing on bringing about massive change, especially in Africa.

He holds an M.Sc. in Social Work, specializing in Industrial Social Welfare from the Ladoke Akintola University of Science and Technology, Ogbomosho, Oyo State, and a B.Sc. in Social Work from the University of Nigeria, Nsukka.

As a Media Guru/Wikipedian, he is the Founder/CEO of WORKWIS Media Ltd., a leading and reputable media outfit in Nigeria and Africa.

As an International Development Expert, he is currently the Country Director of Rapid Heal Nigeria, a leading wound and skincare treatment company with its global headquarters in Malaysia. Prior to assuming this role, he served as the Country Programs Director (Nigeria) and Africa Director of Asia Pacific Sports International, a reputable sports business and management firm headquartered in Malaysia, with branches in Singapore and other Asian countries.

As a versatile Project Management Expert, Chinedu has coordinated over 50 impactful programs at national, regional, and state levels in Nigeria, touching the lives of over 50,000 Nigerians. Some of these include:

Coordinator of the IMOFINTECH Program for 5,000 Imo youths, organized by the Imo State Government in partnership with Iwuanyanwu Foundation (October–December 2019).

Program Coordinator of safety training for ambulance drivers in Southeast Nigeria during COVID-19 (2021).

Coordinator of the Central Bank of Nigeria-Southeast Entrepreneurship Development Centre’s Program, Owerri Study Centre (2018).

Program Coordinator of the maiden edition of the Inter-secondary School Debate Competition for all secondary schools in Abuja (2018), organized by the Federal Road Safety Corps in partnership with Iwuanyanwu National Ambulance Foundation.

Coordinator of the 2017 Accident-Free Ember Month Program of the Federal Road Safety Corps (Owerri Safety Command) and Iwuanyanwu National Ambulance Foundation.

Program Coordinator of the Imo State and Ebonyi State Free Automobile Training Program, organized by Innoson Kiara Academy in partnership with Iwuanyanwu Foundation and the governments of Imo and Ebonyi States (2021).

Coordinator of the Free Physiotherapy Treatment Intervention Program for arthritis, neck pain, back pain, and waist pain patients in Ikeduru LGA, Imo State (December 3–4, 2021).

Co-coordinator of the Chartered Institute of Personnel Management Program, Abuja Study Centre (April–December 2015).

Co-coordinator of the 20-day NAPSAS/National Power Training Institute Program in Abuja (May 2015).

Co-coordinator of the National Power Training Institute of Nigeria (NAPTIN)/SURE-P TVET training for graduate engineers in Lagos (February–March 2015).

Coordinator of the second edition of the seven-day “Work While in School Conference” at UNN, attended by about 3,000 students, organized by the Work While in School Foundation in partnership with the Institute of African Studies, UNN.

Project Coordinator of the Global Impact Show organized by Great Minds International and powered by the Faculty of Social Sciences, UNN (2012).

As a student leader/Igwe of the Faculty of Social Sciences, UNN, he organized the Faculty’s New Yam Festival in 2010, an event attended by the Senior Special Assistant to the President on Special Duties and other national dignitaries.

Coordinator of the first “Work While in School Conference” at UNN (2011) for over 4,000 third-year students, organized by the Work While in School Foundation in collaboration with the Centre for Entrepreneurship and Development Research, UNN. This program is recorded as the largest student entrepreneurship conference in the history of UNN.

Coordinator of the seven-day African Education and ICT Conference, organized by WORKWIS Foundation and the Institute of African Studies, UNN (March 2010). The conference secured a renewal of the ₦5 million annual scholarship grant from the Dr. Sam Onyishi Foundation and attracted a ₦50 million donation to the university. Over 5,000 UNN students from seven faculties were trained in various skills.

Chinedu Nsofor is a man of integrity and deep spirituality, with a steadfast commitment to excellence in all his operations. His words are his bond, and his contributions consistently bring positive transformation to society.