Connect with us

Business

Dangote women empowerment program reaches N4.3billion in disbursement

Published

on

SIX YEARS ON: DANGOTE IS STILL THE “MOST ADMIRED BRAND” IN AFRICA

Dangote women empowerment program reaches N4.3billion in disbursement

 

 

 

 

 

 

 

 

 

 

SaharaWeeklyNG Reports That The Aliko Dangote Foundation (ADF) has doled out a whooping N4.2billion as part of its unconditional Micro Grant Programme for empowering women in the rural areas across the country.

 

 

 

 

Dangote women empowerment program reaches N4.3billion in disbursement

 

 

 

 

 

Speaking at the flag-off of its one-off unconditional Micro-grants Programme Tuesday in Bauchi, the Chairman of the Aliko Dangote Foundation empowered twenty thousand vulnerable women across the 20 Local Government Areas of the State.

 

 

 

 

 

 

 

 

Dangote who was represented by the company’s Group Executive Director Government and Strategic Relations, Mansur Ahmed said so far over four hundred thousand poor women have benefited from the program in the country.

 

 

 

 

 

 

 

He said in Bauchi State, N200million is currently being disbursed to vulnerable women across the 20 Local Government Areas.

 

 

 

 

 

 

According to Africa’s top philanthropist, the unconditional micro-grant is aimed at supporting the government effort’s in empowering poor families in the State.

 

 

 

 

 

 

He said the Foundation had earmarked N10billion to be disbursed to vulnerable women across the 774 Local Government Areas in the country.

 

 

 

 

 

 

Dangote said states that have also benefitted from the scheme include: Lagos, Kano, Jigawa, Kogi, Adamawa, Borno, Yobe, Niger, Nasarawa, Sokoto, Katsina, and Kwara state.

 

 

 

 

 

 

 

He added that the next states to benefit from the programme are: Osun, Edo, Ogun, Rivers, Anambra, and Ebonyi state respectively.

 

 

 

 

 

 

 

“The Micro-grants program is one component of the Economic Empowerment pillar of the Aliko Dangote Foundation. It provides disadvantaged and vulnerable women with a one-off, unconditional N10,000,00 cash transfer to boost their household income generation. This we believe will help reduce their vulnerability and meet their livelihood needs,” he added. 

 

 

 

 

 

 

 

He said it is gratifying to note that majority of women who benefitted from the scheme have been able to grow the seed capital.

 

 

 

 

 

 

 

While thanking Aliko Dangote Foundation for coming to assist the vulnerable women in  Bauchi State,  Governor Senator Bala Abdulkadir Muhammad said he was very elated with ADF’s intervention across the country and especially in his state.

 

 

 

 

 

 

He expressed optimism that the intervention will support the lives and livelihoods of women, children, and families in Bauchi State.

 

 

 

 

 

 

 

According to him: “Aliko Dangote is a beacon of hope for the Bauchi people. He has been creating not only business institutions at the highest levels but also touching lives at the lowest level. He seems to understand Nigeria more than some of us who are politicians. He’s supporting our mothers who will help put food on our tables and train their children in schools.

 

 

 

 

 

 

 

“We’ve just named the school of nursing and midwifery after him. This is to mark his huge contribution to our societies in Bauchi.”

 

 

 

 

 

 

 

“We are also using this opportunity to inform him that he should come and invest in Bauchi. We have the highest deposit of limestone in the country. We have the largest arable land and the largest forest. Bauchi is also very peaceful and secured.”

 

 

 

 

 

 

 

The Governor also presented a book to the Aliko Dangote Foundation.

 

 

 

 

 

 

The book was written over 100 years ago by Sheik Uthman Danfodio and titled: The Principle of Leadership.

 

 

 

 

 

 

Speaking also, the Speaker, State House of Assembly Rt Hon Abubakar Y. Suleiman described the intervention as huge saying it would go a long way in supporting the poverty alleviation stride of the state government.

 

 

 

 

 

 

 

He said the state will continue to collaborate with the state in the area of economic empowerment of womenfolk.

 

 

 

 

 

 

Commending the foundation, First Lady and wife to the Governor Mrs. Aisha Bala Muhammad said the intervention will help lift families from economic problems, even as she urged the women to invest it wisely.

 

 

 

 

 

 

Speaking, one of the beneficiaries Amina Musa, 50, said she would start a micro business and use the profit to support her family.

 

 

 

 

 

 

Another beneficiary Jumai Rabiu, 47, described the intervention as huge and timely, adding that she will use the money judiciously and employ others too.

Continue Reading
Advertisement

Business

Data breach: FG slams N400m fine on four banks, others

Published

on

Data breach: FG slams N400m fine on four banks, others

The Nigeria Data Protection Commission has said more than 1000 financial institutions, schools, insurance companies, and consultancy firms are currently undergoing investigations for various degrees of breaches of citizens’ data.

 

 

 

This was as the commission’s National Commissioner, Vincent Olatunji, revealed that four major banks and three other institutions faced sanctions and incurred fines totalling N400m for infractions relating to breaches of citizens’ data.

 

 

 

Olatunji revealed this on Tuesday during an interactive session with journalists to mark the first anniversary of the signing into law of the Nigeria Data Protection Commission Act by President Bola Tinubu in Abuja.

 

 

On June 12, 2023, Tinubu assented to the data protection bill to advance privacy rights and other fundamental freedoms both in cyberspace and in analogue transactions.

 

 

The legislation allows Nigerians to seek redress from any form of data breach stipulating that citizens’ data is “processed in a fair, lawful and accountable manner”.

 

 

 

Recalling with nostalgia, the national commissioner stated, “As of this time last year, we were so unsure if the president would assent to the bill, what if the president didn’t sign it, what would have happened? The bill was passed by the ninth Assembly and usually, when a new government comes in, they want to jettison all that the former government did before it got there. More importantly, it was a new government. I was apprehensive, everyone was worried but I kept faith in God even though I was not sure too and on the 12th of June last year, the president signed it.”

 

 

 

Speaking further, Olatunji emphasised that the nation’s data ecosystem has surpassed a value of N10bn due to the multiplier effect of assenting to the bill.

 

 

 

He stressed the commission’s commitment to safeguarding citizens’ data by global best standards and practices, deeming it essential for ensuring its safety, security, and protection.

The national commissioner said, “Cumulatively, we have had over 1,000 reports of data breaches between when we started and now. The figure is low because of the low level of awareness among Nigerians.

Out of the 1,000 cases, about 400 of them are digital revenue companies that we call loan sharks but the main ones we have conducted investigations in the education sector, financial institutions, real estate, insurance, consulting, and schools and as of today, we have finalised four major investigations and some have paid their remediation fees. In the law, we can fine companies depending on the nature of the breach, impact on the subject and level of cooperation and we got N400m from remediation fees.”

 

 

He added that ongoing investigations were being conducted concerning data infractions.

Olatunji also highlighted that the activities of the NDPC have led to increased levels of compliance with the Nigeria Data Protection Act in both the private and public sectors.

“When we started, the levels of compliance within the private sector was about 49 per cent while the public sector was 4 per cent. But today, private sector compliance is above 55, while the public sector has reached 15 per cent “, Olatunji said.

The NDPC boss also announced that Nigeria is now at the forefront of the activities of the Global Data Assembly and has impacted the data ecosystem on the national economy as nations like Kenya, Ghana, China, Singapore, and Malaysia, among others.

 

 

 

“The Data Protection Act 2023 is a major milestone for Nigeria. Mr President laid our apprehension to rest when he signed the Act on June 12, 2023. It was a major turnaround for the industry. Now the data ecosystem is beyond everybody because it is a global phenomenon due to the impact of technology.

“In terms of jobs and wealth creation, promotion of tourism, perception and attraction of foreign direct investments into Nigeria, we have taken a leapfrog and even overtaken some countries.

“And that’s why Nigeria was given the hosting right for 2024 All African Data Protection Commission’s and Institutions. About 30 countries would be here next year for the event,” Olatunji said.

He said the commission had concluded arrangements to train 10,000 public servants in responsible data management, while about 1,000 data protection officers and processors including journalists would undergo training by the NDPC.

To check the activities of digital loan platforms, Olatunji said the NDPC collaborated with CBN, ICPC, EFCC, and other regulatory authorities, lamenting that most of the illegal digital loan platforms had no known or traceable addresses.

He, however, emphasised that ongoing efforts would focus on raising awareness among vulnerable Nigerians who fall prey to loan sharks due to lack of knowledge. He noted that the nation’s large population and vast landmass pose challenges to fully clamping down on the activities of digital loan sharks, as many operate from isolated or remote areas without identifiable addresses.

 

 

 

Continue Reading

Business

GTCO Notice Of Proposed Offering

Published

on

GTCO Notice Of Proposed Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE

OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY

JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL

 

 

LAGOS, Nigeria, June 11, 2024.

 

This notice is issued in reliance on Rule 283 of the Rules & Regulations of the Securities & Exchange Commission, Nigeria.

This notice does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offer, solicitation or offer to buy, or any sale of securities will be made only by a prospectus duly registered by the Securities and Exchange Commission, Nigeria (SEC) in accordance with the provisions of the Investments and Securities Act, No. 29, 2007 (the Act) and the rules and regulations of the SEC made pursuant to the Act (the SEC Rules).

 

NOTICE OF PROPOSED OFFERING

 

Guaranty Trust Holding Company Plc (GTCOPLC) has filed a preliminary “red herring” prospectus (Red Herring Prospectus) with the SEC in connection with a proposed offering for subscription of ordinary shares of 50 kobo each in its share capital (the Ordinary Shares) to raise gross proceeds of up to N500 Billion (the Proposed Offering). The number of Ordinary Shares to be offered and the price range for the Proposed Offering have not yet been determined.

              

 PURPOSE

The net proceeds of the Proposed Offering will be used for (i) the growth and expansion of the GTCOPLC Group’s businesses. Such planned growth and expansion will be effected through investments in technology infrastructure to fortify existing operations, the establishment of new subsidiaries and selective acquisitions of non-banking businesses; and (ii) the recapitalisation of Guaranty Trust Bank Limited.
    

TARGET INVESTORS

The Proposed Offering is structured as an institutional offering targeted at eligible investors and a retail offering within Nigeria (the Nigerian Tranche) and a private placing to persons reasonably believed to be qualified institutional buyers outside Nigeria (the International Tranche).
LISTING AND ADMISSION

TO TRADING

 

An application will be filed for the approval of the Board of the Nigerian Exchange Limited (NGX) with respect to the listing and admission to trading of the Ordinary Shares on the NGX Official List.
ANTICIPATED TIMING OF THE PROPOSED OFFERING The Proposed Offering is anticipated to open by July, 2024.

The filing of the Red Herring Prospectus was undertaken with a concurrent filing of a preliminary universal shelf registration statement. The universal shelf registration will permit GTCOPLC to establish a multi-currency securities issuance programme (the Programme) to issue various types of securities, or any combination of such securities, in one or more offerings, from time to time, to raise proceeds in an aggregate amount of up to U.S.$750 million (or equivalent amount in Nigerian Naira) in the Nigerian/international capital markets during the validity period of the Programme.

 

The Proposed Offering is expected to be the first issuance under the Programme.

 

This notice does not constitute an offer of securities for sale in the United States or to U.S. persons (“U.S. persons”), as such term is defined in Regulation S promulgated under the United States Securities Act of 1933, as amended, (the U.S. Securities Act). The Ordinary Shares being offered have not been, nor will be, registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements.

 

About the Issuer

 

Guaranty Trust Holding Company Plc is the ultimate holding company of the GTCOPLC Group.

 

The GTCOPLC Group is one of the largest financial services organisations in Africa. Headquartered in Lagos, Nigeria, the Issuer maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom. Within these regions, the operating entities provide a comprehensive range of commercial banking and related financial services to millions of retail, institutional, private banking and wealth management customers, in addition to asset management, pension fund administration and payment technology businesses.

 

For further information, please contact:

 

Investor Relations:

ir@gtcoplc.com, +234 2012714580

 

Continue Reading

Business

At Labule, we are committed to raising the standards of our local delicacies- Binta Adisa, MD, Roots Foods Limited

Published

on

At Labule, we are committed to raising the standards of our local delicacies- Binta Adisa, MD, Roots Foods Limited

 

 

The Managing Director/ Chief Chef, Roots Foods Limited, the parent company of Labule Restaurants, Binta Adisa, has reiterated the commitment of the company to maintaining the quality of local delicacies offered to its customers.
Adisa disclosed this during the official opening of a new Labule Restaurant in Ikorodu on Saturday, June 8, 2024. The opening of the Ikorodu outlet will make it the fourth outlet established since its inception ten years ago.

 

At Labule, we are committed to raising the standards of our local delicacies- Binta Adisa, MD, Roots Foods Limited

 

While declaring the restaurant open, the Ayangburen of Ikorodu, His Royal Majesty, Oba Abdulkabir Shotobi commended the management of Roots Foods Limited for choosing to build such an enterprise in Ikorodu saying that not only would it contribute to job creation but also boost the economic prosperity of the environ. While offering prayers at the occasion, Oba Shotobi noted that the arrival of the restaurant in Ikorodu provides an opportunity for every Nigerian to identify with their roots.
On her part, the Managing Director, Roots Foods Limited, explained further that the decision to open another outlet in Ikorodu comes as a result of increased demand for local delicacies by residents, and also offers an opportunity to cater to the diversity of culture domiciled in the axis.

 

 

 

She stated that the Labule brand, which has existed for a decade, has remained true to itself by promoting Nigerian identity and culture. Reminiscing on the journey thus far, she stressed that her passion to see the business succeed has continued to be the driving force amidst business challenges.

 

 

 

 

“For us, one major thing that kept us going is the passion that I have for food and the business generally. I am someone who loves to eat and cook. It gives me joy when I see people eat and they are happy. Besides, the loyalty of our customers has also been of great help. It would interest you to know that some customers have been with us for 10 years. We also appreciate our team of dedicated staff who have been there for us. One key thing that has also contributed is my background in accounting, which helped a great deal in running the business well.

 

 

 

 

Notwithstanding, we have had challenges such as finance, manpower, and some of the issues associated with the volatile nature of the Nigerian economy,” she said.

 

 

 

Asked about the projection for the next decade, she disclosed that plans are already in the works to open outlets in other cities in Nigeria with the contemplation to expand footprints abroad thereafter.

 

 

 

 

The event also attracted other dignitaries from all walks of life including His Royal Majesty, the Adeboruwa of Igbogbo, Oba Abdulsemiu Orimadegun Kasali, Baale of Ojogbe, Oluakyode Olomo and Muslim clerics among other guests.

Continue Reading

Cover Of The Week

Trending