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Lagos NUJ Honours Dangote as highest private employer in Nigeria

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Lagos NUJ Honours Dangote as highest private employer in Nigeria

 commends Group for critical infrastructure provision

 

It was a night of accolades for Africa’s foremost business conglomerate, Dangote Industries Limited, (DIL), as journalists in Lagos State conferred an award of excellence on the Group for its outstanding contributions to the economic development of Nigeria and Africa in general.

 

 

 

 

The award, according to the journalists, was because of Dangote’s aggressive employment generation drive, which has seen thousands of able youths, gainfully employed in the Group as well as the commitment to provision of critical infrastructure.

 

Lagos NUJ Honours Dangote as highest private employer in Nigeria

 

 

This award presentation was during the Gala/Awards Nite marking the end of the 2023 Press Week of the Nigeria Union of Journalists (NUJ) Lagos State Council, where some corporate organisations and certain individuals were also recognised for their contributions to society.

 

 

 

The NUJ award for Dangote Group came barely a week after the conglomerate emerged as Nigeria’s Most Valuable Brand for the sixth consecutive year, an achievement that was announced by the brand and marketing firm, TOP 50 BRANDS NIGERIA, as part of its comprehensive 2023 Top Brands perception assessment.

Dangote Cement Plc, a subsidiary of DIL, is the leading producer of Cement in the country and employs more than 65,000 direct workers and over 100,000 indirect workers, across all its Plants.

The journalists specifically lauded Dangote Group over the leading roles played by the Company regarding backward integration in the cement and sugar industries with continuous expansion of its operations, both within and outside the country, which has transformed the nation from being import-dependent to self-sufficiency and thereby creating the much-needed jobs for the employable youths.

Chairman of Lagos State Council of NUJ, Mr. Adeleye Ajayi, in his address of welcome said the Council set aside the Gala Nite as an occasion for his Council administration to reflect on its major landmarks, roll out the drums, and celebrate excellence by recognising those individuals and organisations who have made the journey eventful for the Council over the year.

As parts of the landmarks recorded in the last three years, the Council boss enumerated some of the achievements including the successful completion of the building of the new Council secretariat complex, training of journalists, and allocation of lands to the subscribers to the Council estate project at Abaren in Ogun state.

Mr. Ajayi also disclosed that the Council was almost completing the process of establishing a community radio station for the Council, adding that the NUJ is awaiting the issuance of a radio license by the Nigeria Broadcasting Commission (NBC).

Of note, according to him, is the renaming of the popular NUJ Light House in Victoria Island to Lateef Kayode Jakande (LKJ) House in honour of one of the founding fathers of Journalism in Nigeria and former governor of Lagos state who passed on recently.

Giving a goodwill message, an accomplished award-winning Journalist, now the Queen of Apomu-land, Her Majesty Olori Janet Afolabi, commended the Ajayi-led administration for its achievements so far and urged it not to rest on its oars.

She decried the plight of media practitioners in the present-day economic crunch and insecurity but charged them not to succumb to the temptation of sacrificing the ethics of the profession.

Describing the roles of journalists in society as indispensable, the Olori advised Journalists to report more on the happenings at the grassroots as many people at that level are suffering and their plight needs to be reported to elicit positive response from appropriate quarters.

In the category of awards for organisation were the Dangote Group, Airtel Networks Nigeria Limited, and Nigerian Breweries Plc., while individuals conferred with awards included Senator Mukhail Abiru, of Lagos East senatorial district, Adewale Adedeji, of Ifako-Ijaiye Constituency 01, Lagos State House of Assembly and Mr. Fola Adeyemi, former Permanent Secretary, Ministry of Information and Strategy, Lagos State.

Other recipients were Mr. Kehinde Bamigbetan, former Commissioner for Information and Strategy, Lagos State, and Prof. Hussaini Ibrahim, Director General, Raw Materials Research and Development Council, RMRDC.

Speaking on behalf of Corporate Organisation award recipients, Mr. Francis Awowole-Browne of the Dangote Group said the corporate bodies cherished the award and it will serve as the required catalyst to continue to deliver goods and services that will ultimately transform the country’s economy.

He thanked the NUJ for the honour, describing the award as a call to better partnership with members of the pen profession in the task of building a better Nigeria that can hold its own in the comity of nations.

According to him: The Dangote Group has continued to garner global recognition through its expansion into other countries. These accomplishments, he said were a clear demonstration of the Group’s resolve to be the number one in Africa in meeting the needs of the people.

The event was attended by the South West leaders of the NUJ, ably led by the Vice President, B Zone, Mrs. Ronke Samo.

Other dignitaries in attendance included Deputy-Comptroller, Nigeria Customs Service, Haniel Hadison; General Manager, Radio Lagos/Eko FM, Mr. Jide Lawal; General Manager, Lagos Traffic Radio, Mr. Eyitayo Akanle; and Olori Adesola Kosoko, General Manager, Lagos Television, including Elders and Leaders of the Union amongst others.

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ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024  

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Zenith Bank Enhances E-Channel Services for Customers

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

 

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

 

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

 

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

 

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

 

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

 

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

 

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

 

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

 

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

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IPMAN: Setting the Record Straight

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Fueling Uncertainty: Investigating Nigeria's Subsidy Removal And Dangote Refinery Debacle* By Sylvester Audu

IPMAN: Setting the Record Straight

 

The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to purchase refined petroleum products.

IPMAN: Setting the Record Straight

Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.

The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us. In the same vein, NNPCL has neither approved, nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.

We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea. We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members.

Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu. Conducting business through public speculation is counterproductive and unpatriotic.

In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda.

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Dangote embarks on mega environmental restoration project, plants 10,000 Mangrove trees

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Dangote Officials, Refiners Tackle Marketers Over Imported PMS

Dangote embarks on mega environmental restoration project, plants 10,000 Mangrove trees

 

To enhance its environmental sustainability initiatives in line with global best practices, Dangote Industries Limited (DIL), has embarked on a restoration project of planting 10,000 mangrove trees across coastal states in Nigeria.

 

The project, in partnership with Eco-Restoration Foundation, kickstarted at Akodo-Ise, Ibeju-Lekki, Lagos, was aimed at minimising the global effects of climate change, by promoting restoration, conservation and protection of mangrove trees across Nigeria.

 

In his remarks at the event, the DIL Vice-President, Oil and Gas, Mr. Devakumar Edwin revealed that “one of the primary reasons of the Dangote Group is to ensure that Nigeria keeps providing employment and lifting the people out of poverty through sustainability projects.

 

“We are also committed to creating good climate scenarios where people can live long and their livelihoods cannot be taken away from them. Apart from absorbing more carbon from the atmosphere than other tree species, Mangrove Forests serve as vital buffers against coastal erosion, and are critical for preserving marine biodiversity and supporting millions of coastal dwellers whose livelihoods depend on healthy mangrove forests,” he said.

 

Speaking after the flag-off of the tree planting exercise, the Group Chief HSSE and Sustainability, Dangote Industries Limited, Mr. James Adenuga, expressed excitement at the importance of this partnership and its alignment with the organisation’s focus on the sustainable development of Nigeria and Africa, with long term carbon offset targets.

 

“Environmental sustainability is one of the seven Sustainability Pillars of the Dangote Group, and preservation of the environment is one of our core priorities wherever we operate. We are glad to embark on this project”, Adenuga added.

 

Speaking earlier during the tree planting exercise, a trustee of Eco-Restoration Foundation, Prince David Omaghomi, stated that the foundation “was more than thrilled to welcome Dangote Group as our largest corporate partner of the Eco-Park Mangrove Sanctuary & Research Centre to date.

 

He explained further that Nigeria has lost 60 per cent of the mangrove population, adding that Nigeria coastal line is at risk of going underwater in years to come if nothing is done.

 

“This project is meant to promote mangrove restoration, conservation, and protection. Nigeria has lost 60 per cent of its mangrove forests. More ocean acidification will be expected in Nigeria due to climate change and rising sea level. In the next 100 years, the coastal lines in Nigeria will be covered by water. The great blue wall will run across the coast of Nigeria by using mangroves.

 

“We are happy to receive the Dangote Group here and with their brand being blue they are the blue Big Brother of Africa. Their (Dangote’s) pledge to plant 10,000 mangroves in phases over the next few months, underscores their commitment to environmental stewardship and resilience building along Nigeria’s coasts.

 

“With their continued support, we are confident that this project will spark a wave of community-based restoration activities all along Nigeria’s coastline, in line with our persistent calls for the commencement of the ‘Great Blue Wall of Africa’ built of mangrove forests – as a natural defense against rising sea levels and climate change.

 

“Without immediate action, our multi-billion-dollar industrial complexes, Sea Ports, Oil & Gas facilities, Tourism and entire Blue Economy will be exposed to the relentless advance of ocean acidification in the coming decades,” he observed.

 

The tree planting exercise, which drew volunteer staff from Dangote Head Office, Falomo Ikoyi, Dangote Fertiliser Limited, Dangote Refinery and Petrochemicals, and other units, drew widespread commendation from the Onise of Akodo-Ise, Oba Ganiu Adebowale Adegbesan, senior officials of the Lagos State Government, and members of the Akodo-Ise community, Ibeju-Lekki, Lagos.

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