Business
‘How i will alleviate poverty in Nigeria’ – Black Fragrance Foundation Founder, Emmanuel Akapo reveals
The Founder of Black Fragrance Foundation, Mr Emmanuel Akapo on Wednesday, 4th of July, 2018 during the grand opening of the foundation revealed how alleviate poverty in Nigeria, strengthen the education system of the country among others.
Undisputedly, Nigeria is a country plagued with wide-spread poverty and poor access to quality education; further worsen by a government that is not doing enough to address these issues efficiently.
Change doesn’t just emerge, it is ignited by someone and Black fragrance has taken it upon itself to make a change happen in the country through the foundation.
The founder made it known that Black Fragrance’s vision is to contribute significantly to the global effort to end poverty in Africa, and to secure a brighter future for children through access to quality and inclusive education. According to UNESCO, Nigeria has 15 million children between ages 5 – 15 who are out of school. He noted that this is an alarming figure and Black Fragrance Foundation is rising up to the challenge
While speaking on Black Fragrance interventions he highlighted several measures that have been designed to achieve their goal.
‘’Lack of quality education and poverty are a time bomb and we want to contribute significantly towards abating these challenges in Nigeria though not through the usual aids and handouts approach, but through a social entrepreneurship model. We run as a social enterprise that seeks to foster sustainable development in Nigeria through entrepreneurial and social innovations that improve access to education, strengthen the creative economy, and develop enterprise. We will create goods and services in the creative industries and plough back a huge chunk of our profits into empowering the underserved in our society”
He disclosed that Black Fragrance’s education program is centered around improving access to, and improving the quality of basic education. He explained further why this is such a big necessity in Nigeria. Basic Primary Education is provided largely by the government; however, many Government funded schools in Nigeria have practically collapsed over the years because of poor funding, leaving children from poor homes with no option than to receive their education in such poor facilities or roam the streets. He made reference to a country like Rwanda where private schools are shutting down because Government Schools got empowered and revamped. But it is a pride in Nigeria to send your kids to private schools
He also revealed that as a means of economic empowerment, the foundation has established a design academy known as “Black Fragrance School of Design” and a design company by the name “Black Fragrance Designs International”. He gave his reason for choosing to work in the creative industries as being the most under-exploited sector of the Nigerian economy. He revealed that the world’s most successful economies have over the last decade leveraged on digital technology to create exponential growth and development in their creative industries. UK creative industries generate £91.8 billion a year amounting to 3.5% of their GDP, while those of the US generate $729.6 billion, amounting to 4.2% of their GDP.
In Nigeria, despite receiving very little support, the creative sector is one of the fastest growing and most prospective sectors of the economy. According to the national accounts, in the first quarter of 2017 alone, the creative industry grew by 12%, contributing 1.2% to the country’s GDP; generating revenue of $5.915 billion.
The objective of Black Fragrance Creative Economy Support Program is to create sustainable creative businesses which will grow and lead to job creation. This will in turn contribute to the diversification and growth of the economy and lead to poverty reduction.
“This is the reason we set up the design school; to help meet the needs of upcoming and aspiring designers by empowering them with the technical and business skills they need to thrive in the creative industry. Courses offered in the school include; Fashion Design, Shoe and Bag Making, Cake Design, Interior & Event Décor, Photography, Web Design, Games and Mobile App Design, etc. Our vision goes beyond providing training, to further grooming, mentoring and supporting our graduates to become successful entrepreneurs. Our coaches at Black Fragrance are successful and renowned designers in their own rights who have chosen to share their passion, skills and experiences with students in an organised academic institution. The School shares same facility with its twin company – Black Fragrance Designs International – a design-oriented, innovative company that provides cutting-edge products and services in clothing, shoes and bags, interior and event decor, photography, web and graphics design, animations and beauty crafts. Our drive is to create and grow sustainable employments and trade in the creative sector. This gives our students the privilege to learn first-hand from professional designers who work in our design production company. At the completion of their training, we will assist our graduates in developing their business ideas, packaging a business plan and provide them with guides and links to access micro-credits and grants. We intend to give out 100 scholarships yearly to indigent but talented youth, while those who can afford to pay a tuition fee will be charged.”
Black Fragrance has also signed MOU with some of Europe’s biggest creative design institutions, where our students can proceed to further their education to various degree levels.
Speaking on how to get the funds to run the foundation, he revealed that Black Fragrance will be selling goods and services in the creative industry and a major part of the profit realized will be invested into the social course of improving access to quality education for children in underserved communities.
About choosing which communities to serve, he made it known that a committee has been set up whose job is to research and provide the foundation with relevant data to assist in determining which communities are of top priorities. He also hinted that he won’t be focusing on Lagos alone but will over time be covering many communities in the North of Nigeria and other regions, where children are most deprived of quality basic education.
Black Fragrance Foundation opened two offices simultaneously in Lagos: the head office is at Sanya-Ijesha by Oshodi-Apapa Express way, while the other is at Eleganza Gardens, Lekki.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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