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I have finally found my purpose — Olanrewaju Daramola

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I have finally found my purpose — Olanrewaju Daramola

 

Food insecurity is a major issue across communities in Nigeria and even across the world. Community food banks helps to alleviate hunger, build a healthier community, subdue economic hardship and bring people together.

 

 

 

 

This core tenets demonstrates the social responsibility and fundamental goal of the Daramola Dynasty Food Bank Initiative. As a Non Governmental Organization founded by Engr. Olanrewaju Daramola, the goal of the initiative is to demonstrate an holistic approach towards supporting those in need and fostering inclusion.

 

 

 

 

On 12th of August 2023, the People of Remo North LGA in Ogun State enjoyed the first relief of many other structured engagements to reach back to the people.

 

 

 

 

 

The foundation affirmed her commitment to develop more impactful programs for widows, youths, students and nursing mothers in the nearest future.

 

 

 

 

The Daramola Dynasty Food Bank Initiative in its effort to address food insecurity caused by the recent economic crisis set out to feed 2000 families in Remo North Local Government through food donations and cash gift at Daramola’s residence in Isara-Remo.

 

 

 

 

 

Engr. Olanrewaju Daramola, being an indigene of Isara, reiterated that “as we grapple with the inconveniences while trying to build a stronger viable economy, it has become expedient to contribute our quota towards making a difference. This initiative is a step for my family and I to extend our little contribution back to our community at this period of economic hardship”

 

 

 

 

He said in qoute “Everyday, it breaks my heart pondering on how people survive this harsh economic realities. Our aim is simply to show some love and give back to our community by cushioning the effect of subsidy, one of the major problems that have to be dealt with is hunger, be rest assured this initiative will not stop here but will be extended to medical outreach, educational scholarships and vocational programmes”.

Beyond the extent of his benevolent impact, Ola Daramola is an adept structural engineer and innovator in Africa’s fintech space. He is a key player in the finance and asset management space in Nigeria with business arms in retail credit, corporate lending and cross border payment settlement servicing over 100,000 customers across 52 countries.
In relation to his structural expertise, he has several government capital-projects as well as private infrastructural construction to his credit.

Present at the program were Hon. Adebiyi Adeleye, Chief Mrs. Yemisi Daramola, Hon. Leke Kuye and other notable dignitaries.

The mother of the convener, Mrs. Yemisi Daramola in her address expressed gratitude to the community leaders for the support and thanked her son for the initiative. She emphasized that the Daramola Dynasty Food Initiative will continue to reach out to everyone”.

Sir Adebiyi Adeleye KJW, In his goodwill message stated the convener had a good parental upbringing and also had a heart filled with the people’s well-being. He further encouraged everyone to reach out to one another assuring them a better tomorrow.
He revealed that ‘’the growth of the community determines the betterment of the state as a whole’’

It was not an understatement afterall as Engr. Daramola’s commitment to support his local community during tough times is truly inspiring.

The Beneficiaries of the initiative could not hide their joyous feelings as they expressed profound gratitude to Engr. Daramola for the kind gesture extended to them in this present economic hardship, they prayed may Almighty God continue to be his source of guidance, grant him good health and abundant wealth.

Engr. Daramola’s in his words “Do not thank me yet, as this is just the beginning, as I have finally found my purpose” he said.

 

I have finally found my purpose — Olanrewaju Daramola

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2023: Dangote Cement increases shareholder’s dividend by 50%, to N30 per share

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Dangote Cement Trucks Wrongfully Intercepted In Adamawa

2023: Dangote Cement increases shareholder’s dividend by 50%, to N30 per share

sales from African subsidiaries rose by 12.7%

 

 

 

In line with the promise of Chairman, Dangote Cement, Aliko Dangote at the company’s 2022 Annual General Meeting (AGM), of an enhanced return on Investments to all the shareholders and other stakeholders in Dangote Cement, Plc, the company’s Management for the year ended December 31, 2023, has proposed an increase in the dividend payout to the shareholders, by 50 percent, to N30 per share.

The proposed increase in dividend is subject to ratification by the shareholders at the forthcoming, AGM. Proposing a dividend of N30 per share at a period when many firms are declaring losses is an indication of the resilience of Dangote Cement and the prospects it holds for investors.

A breakdown of the results indicated that Africa’s largest cement manufacturer recorded improvement in all performance measurement indicators with group revenue rising by 36.4 percent to ₦2,208.1 billion while Profit after tax (PAT) was up by 19.2 percent to ₦455.6 billion. Earnings per share went up by 18.8 percent at ₦26.47.

Dangote Cement is garnering more market share across the continent with pan-Africa volumes going up by 12.7 percent to 11.3Mt.

Group Managing Director, Dangote Cement, Arvind Pathak speaking on the results said “This positive full-year outcome is a combination of the strength in the diversity of our operations across Africa and our sustained drive to contain cost amidst an accelerating inflationary environment. The Group achieved double-digit growth in revenue at ₦2,208.1 billion, while Group EBITDA reached a record high, increasing 25.1 percent to ₦886.0 billion.

Despite the challenging macroeconomic conditions, 2023 was yet another testament to the effectiveness of our diversification strategy. Our diverse operations acted as a cushion, providing resilience to country-specific risks. Pan-African volumes were up 12.7 percent and now account for 41.2 percent of Group volume. Consequently, pan-African revenue increased by a record 123.2 percent to ₦925.9 billion, while EBITDA surged by over four-fold to ₦263.7 billion.”

He added, “In response to the heightened inflationary environment, we implemented new and innovative business strategies that helped to drive up revenues, contain costs, and protect margins. These initiatives included fuel mix optimisation, propelling the use of alternative fuels to replace more expensive fossil fuels. We also began the phased transition from diesel power trucks to full Compressed Natural Gas (CNG) trucks.

Looking ahead, following the commissioning of our 0.45Mta grinding plant in Takoradi, we are focusing on our “export to import” strategy in West and Central Africa, while concurrently optimising assets in Eastern Africa. Our strategy remains centered on enhancing our value proposition through the production of high-quality cement and delivering sustainable value to our stakeholders.”

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Harvard Business School Launches Tony Elumelu Foundation Case Study

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Tony Elumelu in Global Academic Limelight as the Tony Elumelu Foundation Case Study becomes part of Harvard’s Curriculum 

Harvard Business School Launches Tony Elumelu Foundation Case Study

 

 

 

Spotlights Role of African Philanthropy in Transforming the Development Agenda in Africa

 

 

At a time of renewed geopolitical interest in Africa, and an increasing questioning of traditional development finance models, Harvard Business School today released a case study examining the role and impact of the Tony Elumelu Foundation (TEF), and its unique approach to catalysing entrepreneurship in Africa.

 

 

Harvard Business School Launches Tony Elumelu Foundation Case Study

The Foundation, Africa’s leading funder of young entrepreneurs, has pioneered an innovative approach to seeding, capacitising and networking young entrepreneurs across Africa. Drawing directly from Tony Elumelu’s entrepreneurial journey, his acknowledgement that luck and chance played an important role in his success, the Foundation democratises luck, spreads opportunity, in a sector agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa. The Foundation is a direct expression of Elumelu’s philosophy of Africapitalism, that the private sector must play a pivotal role in Africa’s development, and that investment must seek social, as well as economic returns.

The case study, the first of its kind focused on African philanthropy, was launched today, Thursday, February 29, 2024, before a class of graduate students at Harvard Business School and explored the Foundation’s unique approaches and transformative initiatives, showcasing how the strategic philanthropy offered by TEF, is driving positive change and elevating countries and communities.

The case study recognises challenges the Foundation faces, and its responses, as it developed its mission, since founding in 2010. The track record is impressive, with over 20,000 entrepreneurs funded, over a million connected digitally and the development of an impact assessment capacity. TEF has disbursed over USD$100 million, reaching every African country. The Foundation is increasingly developing a partnership-based approach, working with institutions such as the EU, US agencies, the UNDP, the ICRC, the Ikea Foundation, and others to develop bespoke programmes focused on fragile states, female entrepreneurs and sustainability initiatives.

Tony Elumelu, who spoke at Harvard said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth unemployment and insecurity. Through the intervention of the Foundation, we are transforming our young people, giving them hope. Collectively, all of us can resolve the challenges that we have on the continent.

It is wonderful to have had the opportunity to work with HBS, to spotlight our successes, acknowledge the challenges that we have at times faced, and provide the opportunity to spread our experience, for the benefit of others.”

The Harvard Business School session provided an opportunity to engage in a meaningful discussion on the role of philanthropy in shaping sustainable and inclusive economies. As the world grapples with complex challenges around demographics, climate and sustainability, the Tony Elumelu Foundation model offers a fascinating model of how strategic philanthropy can be a driving force for positive change.

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Tony Elumelu in Global Academic Limelight as the Tony Elumelu Foundation Case Study becomes part of Harvard’s Curriculum

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Tony Elumelu in Global Academic Limelight as the Tony Elumelu Foundation Case Study becomes part of Harvard’s Curriculum 

Tony Elumelu in Global Academic Limelight as the Tony Elumelu Foundation Case Study becomes part of Harvard’s Curriculum

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That In an unprecedented move, the Harvard Business School, the graduate business school of Harvard University, is set to cast the spotlight on the Tony Elumelu Foundation (TEF), recognising the Foundation’s extraordinary philanthropic achievement in a ground-breaking case study.

 

 

 

 

 

 

 

 

 

Tony Elumelu in Global Academic Limelight as the Tony Elumelu Foundation Case Study becomes part of Harvard’s Curriculum 

 

 

 

 

 

 

 

 

The case study, first of its kind on any philanthropic organisation in Africa, is to be launched on Thursday, February 29, 2024, before a class of graduate students in Boston, Massachusetts and will explore the Foundation’s unique approaches and transformative initiatives, showcasing how strategic philanthropy offered by TEF is driving positive change and elevating countries and communities.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This move by Harvard underscores the Foundation’s pivotal role in empowering young African entrepreneurs across all 54 African countries and places the Foundation at the forefront of global discussions on transformative and catalytic philanthropy, acknowledging its significant contributions towards fostering entrepreneurship in Africa.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In addition to delving into the foundation’s innovative approaches and the resultant impact it has garnered over the years, the event will also feature an exclusive acknowledgment of the Founder of TEF, Tony Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Tony Elumelu Foundation is the leading philanthropy, empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing inclusive economic empowerment.

 

Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to 20,000 young African women and men, who have collectively created over 400,000 direct and indirect jobs.

 

Tony Elumelu who spoke on the impact of TEF on the African youth said, “TEF is creating economic hope and opportunity for African Entrepreneurs. We know that entrepreneurship is the antidote to poverty, youth unemployment and insecurity. Through the intervention of the Tony Elumelu Foundation, we are encouraging our young people, giving them hope through the seed capital we provide, capacitising them through the training and mentoring we provide and setting them up to create businesses that will succeed and create even more jobs. Collectively we are fixing the challenges that we have on the continent.

 

Continuing, he said, “the Tony Elumelu Foundation was set up to create more successful African business leaders. We want to replicate our own success and create entrepreneurs who will build more prosperity on the continent and for the continent. It’s all about transforming our society and making sure that we leave the society better than we met it. It is not about the money that we have in our bank accounts, it is about the legacy that we make and the impact we create. Prosperity for all is what will create the security, harmony and peace that we need.”

 

The Harvard Business School session will provide a platform for thought leaders, scholars, and business enthusiasts to engage in a meaningful discussion on the role of philanthropy in shaping sustainable and inclusive economies. As the world grapples with complex challenges, the Tony Elumelu Foundation stands as a beacon of hope, showcasing how strategic philanthropy can be a driving force for positive change.

 

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