Business
Dangote donates N.3bn Business school to University of Ibadan …Vows to raise entrepreneurs for nation building
Leading businessman and Chairman of Aliko Dangote Foundation, Alhaji Aliko Dangote has challenged the government to muster the will to provide critical infrastructure that will make the nation’s environment conducive to commerce and industry.
Dangote made this appeal while delivering the third Eminent Persons Business lecture and inauguration of the Aliko Dangote Complex, a N300 million naira ultra-modern building donated to the University of Ibadan, School of Business, at the Ajibode University extension, Ibadan.
He said his foundation will continue to prioritize education as a means of raising entrepreneurs that will change the face of the nation’s economy and lead to real growth and development.
He told his audience comprising of academia, students, royal fathers and businessmen that Nigeria has got the potential s to be among the most industrialized countries in the world and required only the right policies to propel the investors into taking the lead in industrialization efforts.
Delivering his paper titled “Industrialization – Backward Integration as a strategy for National Development: The Story of the Dangote Group”, Dangote whose lecture was delivered by Engr. Ahmed Mansur, the Group Executive Director of the Dangote Industries Limited, stated that for the nation to breakthrough industrially, the leadership and the people must have the political will, the courage and perseverance to succeed.
Dangote was of the opinion that backward integration is one of the fine policies of the government that has helped Nigeria’s economy and that he had led in this regard as a private sector operator, advising that the policy could be replicated in other sectors of the economy.
Highlighting the advantages of the backward integration, the business mogul stated that there would be increased control and efficiency as companies are better able to control quality and coordinate the delivery of raw materials or other supplies.
According to him, this level of control allows companies to increase their supply chain efficiency. Stock outs and over-stocking are better avoided, raw material supply is better managed, and delivery schedules can be better guaranteed.
He pointed out that going by his own experience as leading cement producer using backward integration, there will be cost control as costs can be better managed all along the production process.
Citing instances of countries that have used backward integration to climb the industrial ladder key sectors, Dangote said “Several countries have involved backward integration in some of their industries. Examples include Brazil, Ghana, Malaysia, Norway, and Russia. China and the United States of America probably have the most vertically integrated firms given their size and industrialization focus. This typically start with local content requirements for extractive industries and then includes consolidation across product value chains.
“Norway successfully managed the transition from a country with no direct capabilities in the oil and gas sector on the discovery of oil in the late 1960s to become a competitive producer of a variety of oil field services and equipment. Today, more than half of the capital inputs used in the sector are sourced locally, along with 80% of the sector’s operational and maintenance inputs..
“Similarly, oil and gas firms operating in Brazil were awarded more points when tendering for contracts if they demonstrated commitment to purchasing higher shares of goods and services from local Brazilian suppliers. Specific local content targets were set for onshore projects (70%) and offshore projects in shallow (51%) or deep (37%) water.”
For Nigeria, Dangote stated that using backward integration was not just full of bed of roses as Nigerian businesses face major challenges in developing backward integration.
These according to him include difficulties in obtaining adequate and reliable energy and power supply; lengthy, costly and politically sensitive processes of gaining access to land; poor-quality transportation infrastructure; the high cost of capital; long lead times before backward integration efforts yield rewards; sensitivity to external shocks and unforeseen costs;
“Inconsistency of policy implementation; lack of inter-sectoral policy coordination; inadequacy of knowledge and skills in the workforce; and lack of foreign exchange. Most of these challenges relate to the poor quality of the overall business enabling environment, rather than due to local content policies.”
Nevertheless, he argued that the policy had helped Nigeria in the cement sector pointing out that as at 2002 before the backward integration policy “local installed cement production capacity was about 3 million metric tons per annum (while actual production was under 2 million metric tons). Cement demand was approximately 9 million metric tonnes per annum and the supply gap was filled by cement imports. Imported cement accounted for over 70% of local cement consumption.
“Conservative estimates of the cement import bill as at 2002 placed it at between US$500 – US$600 million annually. More importantly, it essentially exported jobs to other countries and exposed the national economy to risk. Nigeria was one of the largest importers of cement in the world despite its huge limestone deposits. To build the nation’s capacity in the cement sector.”
However, with government introducing the policy in 2002. “It restricted cement imports into Nigeria while the issuance of cement import licenses were tied to investments in local cement production capacity with strict monitoring to ensure compliance. Sector specific incentives for the cement industry, in addition to other more general incentives e.g. tax holidays, capital allowance etc. were also an important part of the policy.”
According to him, “the impact of the policy was felt within the first decade of its implementation as Nigeria became self-sufficient in cement production. Installed cement production capacity that has now grown from 3 million metric tons in 2002 to 44 million metric tons as at December 2017. The country has successfully transitioned from being a net importer to self-sufficiency and then to a net exporter since 2017.”
In his remark earlier, Vice-Chancellor of the University of Ibadan, Prof. Abel Idowu Olayinka thanked Alhaji Dangote for the building describing it as a legacy that would forever be cherished generation yet unborn and by the donation, Dangote has become the first largest individual donor to the university.
He explained that Dangote was to donate N250 million to the university but they prevailed on him to build the complex rather than giving money and that the decision has paid off for the university.
Governor Isiaka Ajimobi of Oyo state, who is the Guest of Honour on the occasion urged Nigerian youths to learn a big lesson from Dangote’s humble beginning but with hard work has become one of the greatest entrepreneur in Africa.
The Governor who was represented by the state Commissioner of Education, Prof. Joseph Adeniyi Olowofela, lamented that most youths of today do not cherish hard work but want to get rich quick which explained the increase in social vices in the country
“We need to shift the paradigm shift from the get rich quickly at all cost to hard work that leads to wealth”, he stated.
The Director of the University of Ibadan, School of Business, Prof. Nike Osofisan said the institution owed Alhaji Dangote a huge debt because the complex was more than a building.
She explained “the fully air conditioned complex has 9 lecture theatres, 10 lecturer offices, four Executive Director Offices, One Canteen, 250 KVA dedicated Transformer, and male and female conveniences”
L-R:
Oyo State Commissioner of Education, Prof. Joseph Adeniyi Olowofela, who represents the State governor, Pro-Chancellor, University of Ibadan, Waklek Joshua Mutka,
Member of Board of Trustees, Aliko Dangote Foundation, Halima Aliko Dangote,
Eng Ahmed Mansur, Executive director, Stakeholder, Management and Corporate Communications, Dangote Industries Limited, who represents the Chairman/Founder of Aliko Dangote Foundation,
MD/CEO, Aliko Dangote Foundation, Zouera Youssoufou, Director, Univeristy of Ibadan school of Business, Prof. Adenike Osofisan
at the unveiling ceremony of the N.3bn Aliko Dangote Business school, donated to the University of Ibadan Business school
L-R:
Vice Chancellor, University of Ibadan, Prof. Abel Olayinka,
Oyo State Commissioner of Education, Prof. Joseph Adeniyi Olowofela, who represents the State governor, Pro-Chancellor, University of Ibadan, Waklek Joshua Mutka,
Member of Board of Trustees, Aliko Dangote Foundation, Halima Aliko Dangote,
Eng Ahmed Mansur, Executive director, Stakeholder, Management and Corporate Communications, Dangote Industries Limited, who represents the Chairman/Founder of Aliko Dangote Foundation,
MD/CEO, Aliko Dangote Foundation, Zouera Youssoufou, Director, Univeristy of Ibadan school of Business, Prof. Adenike Osofisan
at the unveiling ceremony of the N.3bn Aliko Dangote Business school, donated to the University of Ibadan Business school
L-R: Eng Ahmed Mansur, Executive director, Stakeholder, Management and Corporate Communications, Dangote Industries Limited, who represents the Chairman/Founder of Aliko Dangote Foundation, Oyo State Commissioner of Education, Prof. Joseph Adeniyi Olowofela, who represents the State governor, Member of Board of Trustees, Aliko Dangote Foundation, Halima Aliko Dangote, MD/CEO, Aliko Dangote Foundation, Zouera Youssoufou, Vice Chancellor, University of Ibadan, Prof. Abel Olayinka, Prof. Murtala Sagagi, Dean Dangote Business School, Bayero University Kano, at the unveiling ceremony of the N.3bn Aliko Dangote Business school, donated to the University of Ibadan Business school
L-R: Eng Ahmed Mansur, Executive director, Stakeholder, Management and Corporate Communications, Dangote Industries Limited, who represents the Chairman/Founder of Aliko Dangote Foundation, Oyo State Commissioner of Education, Prof. Joseph Adeniyi Olowofela, who represents the State governor, Member of Board of Trustees, Aliko Dangote Foundation, Halima Aliko Dangote, MD/CEO, Aliko Dangote Foundation, Zouera Youssoufou, Vice Chancellor, University of Ibadan, Prof. Abel Olayinka at the unveiling ceremony of the N.3bn Aliko Dangote Business school, donated to the University of Ibadan Business school
Aliko Dangote Foundation, WEF Unveil 2026 YGL Aliko Dangote Fellows
…Spotlighting Africa’s Next Generation of Change Leaders
World Economic Forum (WEF) in partnership with the Aliko Dangote Foundation (ADF) has announced the 2026 cohort of the Young Global Leaders (YGL) Aliko Dangote Fellows, highlighting a new generation of African leaders committed to expanding opportunity and strengthening institutions across the African continent.
The Fellowship serves as a critical bridge between Africa’s emerging changemakers and the global Young Global Leaders network, fostering collaboration, knowledge exchange, and sustainable development. The YGL Aliko Dangote Fellowship supports high-impact African leaders by enabling their full participation in the Forum of Young Global Leaders (YGL) programme and broader WEF activities.
WEF said the 2026 YGL Aliko Dangote Fellows represent diverse professional backgrounds spanning healthcare, technology, entrepreneurship, and advocacy across sub-Saharan Africa. The newly selected fellows are Dr. Esperance Luvindao; Charlot Magayi, Founder of Mukuru Clean Stoves; Rewa Udoji, Founder of Cranstoun; Dr. Stephen Modise; Dr. Musa Kika; Hatim Eltayeb; Kemi Lala Akindoju; and Vimbai Masiyiwa.
With a strong emphasis on empowering women leaders, the Fellowship is designed to support Africans shaping solutions to pressing social and economic challenges while strengthening leadership capacity across key sectors.
Over the past 14 years, the Aliko Dangote Foundation–powered Fellowship has supported more than 130 young African leaders, providing access to Davos meetings, executive education opportunities, and influential peer networks that amplify African voices on the global stage.
Commenting on the announcement, Fatima Aliko Dangote, Trustee of the Aliko Dangote Foundation and Group Executive Director, Oil & Gas, Dangote Industries Limited, described the 2026 fellows as “leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms.”
She added: “Africa’s future will be defined by the strength of its people. When the right leaders—especially women—are empowered and given a global voice, they do not just lead; they reshape what is possible. That is why we invest in people: because it is the surest path to lasting global prosperity, stability, and self-determination. The 2026 cohort embodies this vision.”
According to her: the 2026 YGL Aliko Dangote Fellows represent that future leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms while helping define a world whose future will be shaped by the continent.
She explained that the idea behind the YGL Aliko Dangote Fellowship is to cultivate, empower, and support exceptional African leaders under 40, ensuring they have the resources to participate in the World Economic Forum (WEF)’s Young Global Leaders (YGL) community. It specifically aims to accelerate their impact on the continent and globally.
Details of the new fellows in the announcement indicated that; Hatim Eltayeb, is the Chief Executive Officer of African Leadership Academy, strengthening one of the continent’s most important leadership institutions; Dr Esperance Luvindao, Namibia’s Minister of Health and Social Services, combining clinical experience with digital health and grassroots innovation; Charlot Magayi, the Kenyan founder of Mukuru Clean Stoves, linking clean energy, public health and livelihoods; Dr Stephen Modise, Botswana’s Minister of Health, bringing a data-driven approach to public health reform.
Dr Musa Kika, Executive Director of the Institute for Human Rights and Development in Africa, using law to defend constitutionalism and civic space; Rewa Udoji, the Nigerian artist and finance professional whose work bridges culture, capital and women’s economic literacy; Kemi Lala Akindoju, the Nigerian producer and actor helping reshape the creative economy through talent development, financing and more grounded storytelling; and Ms Vimbai Masiyiwa, co-founder and Chief Executive Officer of Batoka Africa, building a model of tourism rooted in sustainability, community ownership and women’s empowerment. Together, they reflect the range of leadership the fellowship is designed to support public leaders, entrepreneurs, institution-builders and cultural actors already shaping systems in very different ways.
It would be recalled that Aliko Dangote YGL Fellowship has supported more than 90 Fellows from over 25 African countries, thus enabling full participation in the World Economic Forum’s Young Global Leaders programme through access to convenings, executive education, peer networks and global platforms.
Over that period, Fellows have taken part in more than 400 engagements across Annual Meetings, regional summits and learning modules, contributing to debates on finance, climate, health, technology and governance.
Norwegian Sovereign Wealth Fund Eyes Partnership with Dangote Group on Africa Investments
The President/Chief Executive of Dangote Group, Aliko Dangote has held a high-level meeting with Nicolai Tangen, the Chief Executive Officer of Norges Bank Investment Management, the world’s largest sovereign wealth fund manager, overseeing assets valued at approximately $1.9 trillion.
At the meeting, the Norwegian investment institution expressed strong interest in partnering with Dangote Group to expand its footprint across the African continent, with a focus on strategic sectors including power, energy, renewables, agriculture, fertiliser and cement.
Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, one of the world’s leading fertiliser and agricultural companies, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.
The engagement shows growing global investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation.
For Dangote Group, the potential partnership represents a significant opportunity to deepen its investments across key sectors critical to Africa’s development, particularly in energy transition, food security and industrial capacity expansion.
The Norwegian sovereign wealth fund, widely regarded as a benchmark for global institutional investment, has in recent years shown increased interest in emerging markets, with Africa seen as a frontier for long-term value creation.
The collaboration between the fund and Dangote Group could unlock substantial capital flows into critical infrastructure and industrial projects, further accelerating economic growth and regional integration across the continent.
Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage
Leading financial institution, Fidelity Bank Plc, through the Fidelity Helping Hands Programme (FHHP), has funded critical support for the JKS Special Needs Academy in Abuja to ensure continued shelter and care for vulnerable children.
The intervention was facilitated by a group of the bank’s newly recruited employees known as Team Valorem, as part of their induction activities. Through the FHHP, employees are empowered to actively contribute to social development by dedicating their time, resources and skills to impactful projects. Projects executed under the initiative are employee-driven, with teams encouraged to identify causes, contribute fifty percent of the project funding, while the bank matches the contribution.
Speaking during the outreach, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, highlighted that the initiative aligns with the Bank’s CSR pillars focused on health & social welfare, and youth empowerment.
“This intervention reflects our belief that building a better society is a shared responsibility. Through the Fidelity Helping Hands Programme, we empower our employees to actively contribute to meaningful social causes. The funding provided will secure the orphanage’s accommodation for an additional year, ensuring a stable and safe environment for the children. This support guarantees that these children continue to have a place they can call home,” Nwagboh remarked.
He also commended caregivers at the facility for their dedication and called for increased focus on empowerment and skill development for children with special needs.
“Beyond providing basic needs, we must provide these children with opportunities to develop skills and become self-reliant. Everyone, regardless of their physical or socio-economic status, has a role to play in the society,” he said.
In her response, Director of JKS Special Needs Academy, Mrs. Nifemi Ajileye, expressed deep appreciation to Fidelity Bank and its staff for the timely intervention.
“We are truly grateful to Fidelity Bank for this support. It will significantly improve the welfare of the children under our care and help us sustain our operations,” she said.
Ajileye highlighted the high cost of caring for children with disabilities, stating that, “Many of the children require continuous medical attention and therapy, which are quite expensive. Support like this helps us bridge critical gaps and continue delivering quality care. This support from Fidelity Bank is timely and it means the world to us and to these children. It will help us continue our work and secure a better future for them,” she added, while calling for sustained support from other organisations.
As an institution with a heart for people, Fidelity Bank continues to demonstrate its commitment to social responsibility by driving inclusive growth and social impact through initiatives that empower communities and improve lives across Nigeria.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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