Tag Archives: INVESTMENTS

Dangote Group Expands Investments Into Agriculture, Mining

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The Dangote Group has expanded its investments into agriculture and mining, Mansur Ahmed, Executive Director, Corporate Communications of the group, said in Kano.

He said at a media forum in Kano that the aim was to beat the economic recession in the country.

According to him, “The group reviewed its business plan to develop its investment directive and commits a greater investment in agriculture and mining to diversify economy.”

The reason is to diversify into areas that are fundamental to consumers and other stakeholders.

Ahmed pointed out that the company planned to expand its sugar refinery to other states, adding that the company had already started acquiring land for the purpose.

“We are actually working towards providing enough sugar and wishing to eliminate the importation of sugar by the next five years.”

The spokesman announced that rice and milk production had already begun in Jigawa, although it wasn’t done directly by the company yet.

 He, however, stressed that the company had worked with about 800 farmers in Hadejia in Jigawa and planned to increase the number to about 2,000 farmers to begin commercial farming.Other areas that the company is venturing into are in the oil and gas sector.

The group would also venture into fertiliser production, petrochemicals and provision of gas pipeline and alternative energy supply.

Credit: dailytimes

Despite recession, Dangote vows to scale up investments in Nigeria, Africa

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In recognition of his immense contribution to human capital development in Africa through the establishment of businesses across the African continent, a United States of America-based Organization, Africa-America Institute (AAI) has honoured the President of Dangote Group, Aliko Dangote, with the “2016 African Business Leader Award.”

The business guru was named and presented the award at a colourful ceremony held on the side-line of the United Nations Congress held in New York city, United States alongside other prominent Africans like Stephen Hayes, President and CEO of the Corporate Council on Africa (CCA), who won the AAI ‘2016 U.S. Business Leader Award’; and Sunil Benimadhu, Executive Director of the Stock Exchange of Mauritius (SEM), who won the AAI ‘2016 Distinguished Alumnus Award.’

Dangote said he was humbled by the award considering the pedigree of the award which celebrates African achievement at the global stage and promised that he would not be deterred by the current economic challenges in Nigeria but would intensify the expansion of his businesses across Africa.

At the award Gala themed “Education: The Key to Africa’s Economic Growth,”, Dangote expressed delight that the Institute brought education in Africa to the front burner., noting “I have always been passionate about education because I believe it is a weapon of liberation.

Drawing a reference from a Nelson Mandela quote that: “Education is the most powerful weapon which you can use to change the world.”, the Chairman of Dangote Cement, global, said he identified himself with laudable initiatives that seek to promote educational growth and development, particularly in Africa.

“As a matter of fact, I am a founding member of the Gordon Brown-led Global Business Coalition for Education. Education is also one of the cardinal areas that the Aliko Dangote Foundation focuses on.

“I believe quality and affordable education will address the immense social and economic inequalities that often breed discontent in many parts of Africa. I also believe education will strengthen the human capital that will drive Africa’s development in the 21st Century.

“I am happy to note that AAI has been contributing to Africa’s development, through training and education, since it was founded 63 years ago. This award is coming at a time the Dangote Group is rapidly expanding its footprints across Africa, and into new sectors.

“Last year alone, we commenced cement operations in Ethiopia, Zambia, Cameroon, South Africa, Senegal and Tanzania. By 2019, we will have operations in 18 countries with a total capacity of nearly 80MMTPA, thus making us the largest cement producer in Africa and the 6th largest in the world.

“Over the next few years, we will be investing nearly $20billion in projects ranging from a petroleum refinery, petrochemicals, fertiliser, gas pipeline, and backward integration in sugar and rice production.

“These projects will create over 250,000 jobs and provide foreign exchange earnings and savings of $16 billion for the country and help diversify our economy. Central to this developmental trajectory is the need for capacity building and ramping up of the quality of skills of a fast growing African workforce.

“Despite the current economic challenges, we will continue to scale up the value of our investments not only in Nigeria but also across the entire continent, because we believe in Nigeria’s and Africa’s potential. We believe that it is only by sustained massive investments in infrastructure across the continent, supported with access to education, that Africa can reach its full potential.

“This award will further encourage us to redouble our efforts as we work towards promoting Africa’s economic renaissance. We are grateful to the organisers for recognising our modest efforts to transform Africa”, he stated.

Founded in 1953, The Africa-America Institute (AAI) is a premier U.S.-based international organization dedicated to strengthening human capacity of Africans and promoting the continent’s development through higher education and skills training, convening activities, program implementation and management.

Its primary model is to identify capacity-building projects and coordinate the programmatic, financial administration and evaluation necessary to deliver high-impact results.

Ambode Gives Land To German Firm Investing $75M In Lagos

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ays Investment Confirms Nigeria’ll Come Out Of Recession.

Firm To Create 15,200 Direct Employment, Train 800 Annually The Lagos State Governor, Mr. Akinwunmi Ambode, on Thursday, demonstrated his commitment to attract foreign investors into the State by approving land for the establishment of a training centre in Lagos where architects, civil engineers and craftsmen will be trained on modern trends and technologies in the construction sector.

Governor Ambode, who gave the approval when he received a delegation from The Knauf Group, which is a German firm currently establishing a $75miilion building/construction tools manufacturing factory in Lagos, said the approval for the land became imperative in view of the need to encourage investors to continue to invest in Lagos.

The Knauf Group is one of the world’s leading manufacturers of modern insulation materials, dry lining systems, plasters and accessories, thermal insulation composite systems, paints, floor screed, floor systems, and construction equipment and tools.

The delegation was led by a member of the Management Committee of the firm, Isabel Knauf and Consular General of German Embassy in Lagos, Mr. Ingo Herbert. Governor Ambode, who recalled the last time Herbert visited the Lagos House about eleven months ago, said his administration has remained focused to the promise of upholding judicial and security sector reforms, as well as creating a friendly environment for investment to thrive.

He said the massive investment by The Knauf Group in Lagos was a pointer to the fact that investors were still willing to invest in Nigeria despite the economic recession, and that the country will come out of the economic doldrums even stronger.

“I must commend the German government and The Knauf Group for showing something important to all Nigerians that beyond the economic recession, their total believe in our economy is unshaken because it is not enough for any investor to come into an area where they have never invested before and months after, the parameters for investment are not really looking good, but you stuck in there and beyond the fact that you have gone to procure land, you also have an established office within the last eleven months and you are already pumping in money into what you want to do.

“This is a great pointer to the fact that you believe in the Lagos economy and also believe in the future of Nigeria and I like to encourage other investors to emulate what your firm and government is doing in Lagos and as they show interest, we will not hesitate to give them the necessary support,” the Governor said.

Governor Ambode said The Knauf Group specifically deserved to be commended for not just investing in Nigeria, but also bringing the German vocational expertise on an area of construction that was hitherto not in existence in Nigeria into Lagos.

Besides, the Governor said he was excited about the fact that the firm was not just establishing a factory here in Lagos, but also a training centre where Nigerians will be trained, adding that he would stop at nothing to encourage investors such as The Knauf Group.

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Earlier, Isabel Knauf said the team was at the Lagos House to brief Governor Ambode on the progress made so far since the project started in September 2015. She said the firm has 23 training centres all over the world training about 14,000 people annually, and that they would like to build the same training centre in Lagos where architects, civil engineers and craftsmen would be trained on how to technically install their products.

She said upon completion of the factory, the firm would create 25,000 direct employment, adding that the training centre will cost about two million Euros to establish, while at least 800 Nigerians will be trained annually in the first phase. Knauf, however, solicited the support of the State Government in land space for the training centre and permit issues, a request which was instantly granted by the Governor.

Dangote visits Benin Crown Prince, promises more investments in Edo

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Alhaji Aliko Dangote, who said he was in the palace to commiserate with him on the demise of the late Oba, as well as congratulate him on his forthcoming coronation as the new Oba of Benin, also promised to bring more investment to the state.

He said that with the kind of weather and natural resources in the state, Edo could be made an employment hub for job seekers.

He added that the. state was so blessed and creating jobs would not be a difficult task.

He expressed delight that the prince would be crowned as the new Oba of Benin on Sept. 26, saying that the late Oba served the people of Edo in particular and the country well.

He added that “I have no doubt that with you as the next Oba, Benin will be taken to the next level.

“I also know that your experience as an Ambassador will be brought to bare.”

He assured the monarch of his continued support to the kingdom.

Responding, the crown prince said he was delighted to receive Dangote in his palace.

He gave assurance that he would do all it takes to justify the confidence reposed in him by the people.

He said “when God gives an assignment, He provides the means and resources by which the assignment will
be accomplished.”

He appealed to Dangote to always represent the state before the Federal Government, noting that “I know you always have a way of attacking any government in power, please always help actualise state’s request before the Federal Government.”

He also appealed to Dangote to help support and promote tourism in the state.

According to him, he has a passion to promote tourism in the state so as to create employment for the unemployed through the establishment of a finery.

He urged the business mogul to support the initiative to make Gelegele, a coastal community in the state, a Free Trade Zone.

Earlier, Gov. Adams Oshiomhole, who accompanied Dangote on the visit, said that the business tycoon was in the palace to commiserate with the royal household, in addition to congratulating the monarch on his forthcoming coronation.

Oprah Winfrey Makes $70M in One Day: Find Out How!

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Weight Watchers is undoubtedly one of Oprah Winfrey’s favorite things now. After announcing on Monday, Oct. 19, that she is investing in the diet company, its stock increased substantially and made her a ton of money — $70 million to be exact.
“I believe in the @weightwatchers program so much I decided to invest, join the Board, and partner in #wwfamily evolution,” the media mogul, 61, tweeted earlier in the day.

Investors apparently have faith in her golden touch as well. After the news was announced, Forbes reported that the stock price surged from nearly $7 to just shy of $14. According to Weight Watchers, the Selma actress had purchased a 10 percent stake in the company — 6.4 million shares, according
to USA Today — to rake in the tens of millions in one day.

While her single-day earnings may be a giant sum to most, according to Forbes, it’s not much compared to her estimated worth of $3 billion.
In addition to owning stocks in the company and being a board member, Winfrey is now also an adviser, and has joined as a member. According to Weight Watchers, the Oscar-nominated star will be sharing her experiences and thoughts about participating in the program.

As for why she’s signing up with the company? “Weight Watchers has given me the tools to begin to make the lasting shift that I and so many of us who are struggling with weight have longed for,” Winfrey, who has long been outspoken about her struggles with weight, said in a statement. “I believe in the program so much I decided to invest in the company and partner in its evolution.”

Source: USmagazine

Many Nigerian investments done with dirty money –Ribadu

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Former Chairman of the Economic and Financial Crimes Commission, Mr. Nuhu Ribadu, on Wednesday alleged that a lot of investments being done in the country were from funds earned through illegal activities.

He also identified illicit financial activities such as terrorism financing and money laundering as a major challenge affecting the country’s quest for development.

Ribadu spoke in Abuja at the 2nd Anti-money laundering/combating financial terrorism stakeholders’ consultative workshop organised by the Association of Certified Anti-Money Laundering Specialist.

He said Nigeria had yet to maximise its potential owing to terrorism financing and other money laundering activities, noting that the trend was making the country to lose huge funds.

He said. “Everything that is wrong about Nigeria has to do with dirty money. If you can follow it, get it back and punish these people, then you have cured the problem of Nigeria.

“When I look around, I see a lot of investments done with dirty money. Government needs help in identifying and arresting these people. Though it may seem like a daunting task, with professionals like ACAMS, Nigeria is poised to achieve this.”

Ribadu said there was a need for collaboration between relevant stakeholders to fight money laundering and curb terrorism financing.

He called for the building of a strong anti-graft institution to spearhead the fight against money laundering, adding that the restructuring of the banking sector had helped to restore confidence in the Nigerian economy.

He said, “In 2003, Nigeria was on the blacklist of most developed countries especially the US for money laundering.”

Source : Punch

President Buhari Brought N2.7 Trn Investments From US Visit – Presidency

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An estimated N2.7 trillion ($13.6 billion) worth of direct investment is part of the immediate benefits accruing from President Muhammadu Buhari’s recent state visit to the United States, the Presidency claimed yesterday.
The presidency also affirmed that the visit cost the Nigerian treasury less than N220 million contrary to assertions in some sections of the media. It further explained that President Buhari’s son, Yusuf, did not receive any estacode for the trip even as it contended that great savings were made by members of the delegation against previous visits.
The five governors who were in the delegation, the presidency said, paid their way while permanent secretaries and other senior government officials only received their entitlements.
File: US President Barack Obama speaks with Nigerian President Muhammadu Buhari during a meeting in the Oval Office of the White House in Washington, DC, July 20, 2015. Obama welcomes Nigeria’s freshly elected president after the country’s first ever democratic transition. AFP
File: US President Barack Obama speaks with Nigerian President Muhammadu Buhari during a meeting in the Oval Office of the White House in Washington, DC, July 20, 2015. Obama welcomes Nigeria’s freshly elected president after the country’s first ever democratic transition. AFP
The presidency’s explanations followed news reports in some sections of the media that the visit was wasteful, cost N2.2 billion and was not in anyway beneficial.
In a statement, yesterday, Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said besides the economic benefits, plans were already in motion to lift hindrances to the flow of military support for Nigeria’s war against insurgents in the North-East.
Some immediate benefits
According to him, “some of the more immediate benefits of the President’s trip to the US include: the proposed $2.1 billion fund from the World Bank for the re-development of the northeast battered by Boko Haram; $5 billion from US investors in Nigeria’s agriculture sector; $1.5 billion investment in the Nigerian’s health sector; and another $5 billion investment from the US in our country’s power sector.
“Also, as things stand, the embargo on weapons sales to Nigeria is in the process of being removed. The trip to the US by President Buhari was definitely very successful and beneficial to Nigeria. Only those rabidly determined to find faults unnecessarily will cook up falsehood in a futile effort to rake up murk where none exists.
“It is very sad that in this age of free-flowing information and in this era of change, a media organisation would make itself available as a vehicle to peddle a lie of such low and ignominious quality.
“Contrary to the newspaper’s assertions, the total cost of the trip to the Nigerian taxpayer was at the most minimal, in line with the policy of this administration to cut waste and extravagance.
Buhari’s son didn’t receive estacode, govs paid their way
“In point of fact, the total amount expended on the trip by the office of the President amounted to nothing near 10 per cent of the speculated figure.
“Owing to the free accommodation provided by the host government, all the personal staff who accompanied the President on the trip received reduced allowances.
“His son, Yusuf, received neither allowances nor estacode. The five governors on the trip each paid their way. Permanent Secretaries who travelled on the delegation did so in accordance with extant rules and none of them exceeded their estacode entitlements.
“Apart from the Nigerian pilot’s mischievous mathematics, it is shortsighted and misleading of the newspaper to have claimed that President Buhari’s trip to the US achieved nothing.
“Nigerian-US relations had suffered severely over the past few years. That relationship has now been reset. The benefits of this symbiotic relationship will become more and more evident as the Buhari administration continues to tackle the challenges of corruption, security and the economy.”

Arsenal Aside, Aliko Dangote To Also Start Cement Factory In Asia

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Aliko Dangote has expressed his desire to start a Cement empire in faraway Asia. According to the richest man in Africa, the project will commence in 30 months’ time. It has received 90 percent of the regulatory approvals needed to start construction in the south Asian nation.

‘’It’s going to be one of the first factories for us to build outside our comfort zone, outside Africa,’’ Dangote said, during a Tuesday interview at his Lagos office.