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Shareholders associations knock Kogi Govt, say action on Dangote Cement, dangerous for investment

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Dangote Refinery Receives Its Maiden Crude Cargo

Shareholders associations knock Kogi Govt, say action on Dangote Cement, dangerous for investment

 

 

 

 

 

 

Sahara Weekly Reports That Group of Shareholders Associations in Nigeria have urged the Federal Government to urgently intervene and prevail on the government of Kogi State to stop further harassment of investors in Kogi State.

 

 

Shareholders associations knock Kogi Govt, say action on Dangote Cement, dangerous for investment

 

 

 

 

They described as barbaric the use of thugs to embarrass investors, such as meted out on Dangote cement and other companies located in Kogi State, noting that such unsavory development will strongly discourage both local and foreign investments into the country.

 

 

 

 

 

 

 

 

 

It would be recalled that the Government of Kogi State last week, at the instance of the state governor, Yahaya Bello, invaded Dangote Cement, Obajana plant with over 500 armed members of the state’s security outfit, the Vigilantes, shot 27 staff and wounded several others.

 

 

 

 

 

 

 

 

 

 

 

President of the Association for the Advancement of the Rights of Shareholders, Dr. Umar Faruk, while speaking on the development criticized the State Government for being so insensitive to its populace, thousands of whom are depending on the Dangote Obajana plant for their means of livelihood. He said it is unfortunate that someone who has championed investment, worth billions of Naira into a state in Nigeria, is being treated this way.

 

 

 

 

 

 

 

 

 

 

 

He called on the Federal Government to, as a matter of urgency, caution the Governor of Kogi State to be more civilized and professional in its dealing with Investors in the State. According to him: “Why should the governor of a state in Nigeria, mobilize vigilantes to seal a publicly quoted company? The same Governor did the same thing to First Bank, making the bank close some of its branches in the state. Is that not executive rascality, using the state assembly to commit such an atrocious act?

 

 

 

 

 

 

 

 

 

 

 

“Federal Government should swing into action by protecting investors, else, the efforts being made to attract both foreign and local investors will come to naught. I hope the state realizes that Dangote Cement has foreign shareholders. What impression do you want these people to have of our government? I also urge the Federal Government to fish out those thugs, used by the State, for prosecution, to serve as a deterrent to others…This action will lead to loss of revenue, even for the Government, in terms of taxes, and erode the shareholder’s value.”

 

 

 

 

 

 

 

 

 

 

In the same vein, the founder of the Independent Shareholders Association of Nigeria (ISAN) and President of Boys Brigade Nigeria (BBN), Sir Sunny Nwosu said a reasonable state government would have gone to court against any publicly quoted company rather than resort to a barbaric and ruthless method of chasing workers with guns and cutlass in the civilized age.

 

 

 

 

 

 

 

 

 

 

 

“What the Kogi State Government did, honestly was very bad and disappointing. How can a state use vigilantes with guns and cutlasses against a company that is feeding thousands of its people? A reasonable government should have gone to Court and not taken laws into its hands.

 

 

 

 

 

 

 

 

 

 

 

“This action is bad and will smear the image of both the Federal and State government. It will also affect the ranking of ease of doing business in Nigeria. Kogi is blessed with so many natural resources, but with the attitude of this government, I doubt if any reasonable investor, either local or foreign, will want to do anything with the state anymore”

 

 

 

 

 

 

 

 

 

 

 

The President of, the Pragmatic Shareholders Association, Mrs. Bisi Bakare said: “As an investor, we are not happy about the way things are going. If the State has problems with Dangote Cement on tax issues or any issue at all, there are far better-civilized ways of handling it than sealing a factory that is contributing more than 30 percent of the cement Nigerians are consuming.

 

 

 

 

 

 

 

 

 

 

 

“The governor should realize that his position is transient and that the people of his state, whom he has deprived their means of livelihood will always remember him for bad! Can you imagine the number of people that will be out of jobs and the huge revenue loss to the government, the company, and us, the shareholders? The state, to me, has done a very grave mistake and the earlier the company is re-opened the better.”

 

 

 

 

 

 

 

 

 

 

 

Recalled that the Organised Private Sector (OPS) operators under the aegis of the National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) have lent its voice to the ongoing spat between Dangote Cement and Kogi state government which culminated into the closure of the Obajana plant of the Cement company. 

 

 

 

NACCIMA expressed regret that the issues between the company and the state over tax disputes ought not to have led to the sealing of the company but should have been resolved in a conciliatory and amicable atmosphere.

 

 

 

 

 

 

 

 

 

 

 

The body, in a statement signed by its Director-General, Olusola Obadimu, and issued in Lagos, said the state government should have trodden a path of caution and called for the immediate reopening of the factory for normal production activities to resume. 

 

 

 

 

 

 

 

 

 

 

 

Obama stated that NACCIMA’s position was based on some key considerations bordering on the impact of the factory’s closure on the economy and thousands of people whose means of livelihood depend on the production activities of the factory. 

 

 

 

 

 

 

 

 

 

 

 

“It is vital to note that it is a huge production plant that supplies key domestic input (cement) into the economy and employs hundreds of thousands of Nigerians, directly and indirectly. This is aside from its substantial budget for corporate social responsibility outside of taxes. 

 

 

 

 

 

 

 

 

 

 

 

“Shutting off the factory does not necessarily help the controversial issue of compliance on tax remittable to the Kogi state government. Rather a continuous operation of the plant would more likely facilitate a faster resolution of the dispute,” he said. 

 

 

 

 

 

 

 

 

 

 

 

The NACCIMA boss then urged that the factory be reopened as quickly as possible to enable it to continue its operation and fulfill its necessary responsibilities, not just on tax obligations, but also to keep the hundreds of thousands of Nigerians in its direct and indirect employment dutifully engaged; while sustaining its crucial services not just to the people and government of Kogi State but Nigeria in general.

 

 

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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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