Business
Effective stakeholders’ management key to business success-Dangote boss
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.
*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.
UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.
In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.
Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.
We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.
Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.
Thank you.
Business
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”
Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.
The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.
This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.
Speaking on the collaboration, the Laffmattazz team stated:
“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”
As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.
With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.
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About Laffmattazz
Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.
Business
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.
Now, FirstBank is making homeownership more attractive.
FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.
You are one quick decision away from being a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.
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