Business

Effective stakeholders’ management key to business success-Dangote boss

Published

4 years ago

February 21, 2021

Effective stakeholders’ management key to business success-Dangote boss

The Group Managing Director of Dangote Industries Limited, Olakunle Alake has hinged the success of business organizations on the adoption and implementation of effective stakeholders’ management strategies.

Speaking on ‘Stakeholder Management: The CEO’s Role’, at the Global CEO-Africa Programme, a collaboration by the Lagos Business school, IESE Business School, Barcelona, and Strathmore University, Nairobi on weekend Alake identified effective management of all stakeholders as a critical factor to achieving an organization’s aims on the global business landscape.

He urged CEOs who are determined to succeed to as a matter of urgency identify stakeholders who are critical to the success of the organization and start engaging them.

Alake listed these stakeholders to include: owners/investors, government officials, regulatory bodies, consumers, staff, distributors, and host communities.

The Dangote Group helmsman, while tasking the CEOs, said, “Put together a team to handle stakeholder relations; the team should include people with adequate international exposure and people with local exposure. Also, determine and know what the critical stakeholders want; and, more importantly, know what they do not want. Most importantly, you must be seen to align with local policies and the country’s aspirations. This builds a healthy relationship as well as provides a feedback mechanism. It also provides market intelligence. Also, constantly interact with your stakeholders,” he said.

He defined stakeholder management as the process of organizing, monitoring, managing, and improving relationships with people who have a vested interest in the business or organization. “Stakeholders have vested interest in the organizations as they depend on them to fulfill their personal goals. Staff depends on business organizations for their wages; suppliers for businesses and contracts; communities for life-changing projects, and government agencies for taxes and revenues”, he added.

Alake stated that an effective stakeholder management strategy helps develop and maintain relationships with all parties, mitigate risks, align business goals and eliminate delays. “Activities of stakeholders, whether as staff, government functionaries, tax authorities, regulatory bodies, customers, distributors or suppliers have a lot of impact on the organization.”

“Their activities can promote and sustain the organization. In the same manner, their activities can pull down the organization. For example, if an organization is having a running battle with the tax authorities, some sections of the media may pick the story that the organization is avoiding tax. Civil Society organizations may decide to picket the organization and cause a loss in customer base,” he said.

Explaining how the Dangote Group has been able to manage both internal and external stakeholders across Africa, Alake explained that the company consistently interfaces with stakeholders across diverse cultural backgrounds in all its areas of operation.

He disclosed that the company has operations in Congo, Ethiopia, Zambia, Tanzania, Cameroon, Senegal, South Africa, Ghana, and Sierra Leone. “Construction is ongoing in several other countries. We have adopted strategies to enable us to manage the diversity in regulation, labor, regulation, tax regime, and legal system across all our areas of operation”, he added.

He advised CEOs to expect diversity in regulations in their effort to manage stakeholders. “We have seen that stakeholders in different countries have expectations of what the Group should do or offer but the expectations differ from country to country. Hence, the approach to meeting expectations in each country is different and tailor-made for the country. We relate with stakeholders in the countries where we operate and try to meet their expectations.”

“For example, the expectations of a stakeholder in the Dangote Sugar fields of Numan differs from the expectation of a stakeholder in Dangote Cement, Ndola, Zambia. We have a multi-cultural workforce, with our staff drawn from all over the world. Our multicultural workforce

is our strength. The issue of employment is very sensitive. Some countries insist on locals and certain ratios for employment. We are sensitive to these issues and fast-track the development of locals to bridge the skills gap. In all, we have been able to effectively manage all our stakeholders in all our areas of operation.”

Speaking further, he explained: “As a conglomerate, we have drawn lessons from operating in countries and subject to different legal and social/cultural jurisdictions. We have had experiences where some Francophone countries insist on using paper bagging for cement products, while in some other countries, they allow for use of polymer bags.

“In several countries, there are weighbridges and additional cost for heavy trucks. Also, several countries insist on transporting a percentage of heavy cargo by rail, or penalties are incurred if this is breached. In Ethiopia, a cross-section of the stakeholders (youths) are insisting on ownership of mineral resources in their community and want companies to pay them for raw materials extracted. Also, land tenure system differs, with the government, traditional rulers and individuals in control in different countries.”

He, therefore, charged the CEOs to play the role of balancing all expectations/interests of the various stakeholders in other to achieve a win-win situation.

Alake concluded the discussion by commending the collaborative effort of the three great institutions for using the CEOs’ forum to bring together talents and experts who have firsthand experience of navigating through the continent’s business terrain to share their experience.

Business

Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

Published

1 hour ago

December 23, 2024

Sahara Weekly

General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

… Nigerians praise Dangote-MRS partnership

MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide. This follows an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

In response, MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance. The company has also called on Nigerians to report any outlets that fail to adhere to the new price structure.

“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: [email protected],” the company stated in a release.

Emphasising the eco-friendly nature of its products, MRS Oil added, *“We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”*

Checks by our correspondents yesterday confirmed that the new price had been implemented at all MRS Oil and Gas retail outlets nationwide.

In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.

Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Express way, could not hide her joy as her husband filled up their car.

“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”

Commercial bus driver Adio Ajibade described the price reduction as a great relief, especially during the festive season.

“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.

A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

According to Dr. Akanni, “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”

Business

FIRS ANNOUNCES AN ONGOING RECRUITMENT

Published

4 hours ago

December 23, 2024

Sahara Weekly

FIRS ANNOUNCES AN ONGOING RECRUITMENT.

The Federal Inland Revenue Service (FIRS) has rolled out an exciting opportunity for experienced professionals to join its team.

In a public notice via its X handle, the agency announced job openings for positions like Assistant Manager, Deputy Manager, and Assistant Director in fields such as Tax, Public Relations, Legal, ICT, and Risk Management.

Interested candidates are encouraged to review the eligibility criteria and apply via the official portal at careers.firs.gov.ng before January 11, 2025. This recruitment drive is aimed at bolstering public service efforts and maximizing national development.

Business

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

Published

22 hours ago

December 22, 2024

Sahara Weekly

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.