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CSR: Dangote Cement Signs 5-Year Community Development Agreement with Host Communities

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L-R, His Royal Majesity. (HRM) Oba Adio Kusoro,Olu of Ago Olowo, His Royal Majesity (HRM) Oba Lukman Kayode, (FCIM) Olu of Imasayi, Dangote Cement plc Ibese plant Director, Azad Nawabuddin, Dangote Cement Plc, Senior General manager, Head Community And Environment, Engr. Tukur Lawal, His Royal Majesity (HRM) Oba Daniel Salako, Aboro of Iboro Land, His Royal Majesity (HRM) Oba (Rev.) Matthew A. Ewedairo, Awujoko of Ijako Orile, at the Dangote Cement plc Ibese plant, Sign-Off Ceremony of Community Development Agreement (2022-2026) on Monday 4th July 2022, in Ibese plant Ogun state
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As a demonstration of its commitment to human capital and infrastructural development of its host communities, leading Cement manufacturer, Dangote Cement Plc has signed a new refined five-year Community Development Agreement (CDA) with its Ibese plant host communities.

In what was described as a novel idea, the decision to sign the agreement in full glare of the public, management of Dangote Cement, Ibese plant said the move was to underpin the fact that the company was irrevocably committed to the wellbeing of the residents in all the communities.

The Dangote Cement, Ibese Plant Director, Mr. Azad Nawabuddin explained that the signing of the CDA marked the beginning of a new dawn both for the Company and the host communities in the execution of the laid out social investment projects under the company’s Corporate Social Responsibilities (CSR) activities.

According to him, the CDA specifies Dangote Cement, Ibese Plant’s commitment to building infrastructural projects for the socio-economic development of the host communities which are well deserving. 

Said he: “We gather as key stakeholders in fulfilment of the provisions of section 116 of the Minerals and Mining Act 2007, and 193 of the Minerals and Mining Regulation 2011 of the Federal Republic of Nigeria.

“This occasion is a demonstration of our commitment to the development and overall well-being of our host communities and their people, as a responsible corporate entity. It also provides an opportunity to renew and refresh existing partnership between Dangote Cement and its major stakeholders in complementing the effort of the Government in nation building.

“Dangote Cement Plc, Ibese Plant signed the first Community Development Agreement with its host communities in 2013. This marked the beginning of concrete infrastructural and social supports in the areas of Employment, Education, Health, Training and Empowerment, Road, Potable Water, Electrification and so on, that have contributed immensely to improving the standard of living in our communities.

“The new CDA is an improvement as it is fashioned to surpass previous performance through positive impact on the various stakeholder groups, especially the vulnerable in our communities. In putting this together, we had applied all the lessons learnt during the implementation of the former and thoroughly engaged with the different stakeholder groups across the now seventeen (17) host communities, with the guidance of the Federal Ministry of Mines and Steel development.

“The document clearly states the consultative framework for engagements, grievance management and obligations of both the Plant and the host communities for mutual growth and development. It is clearly a path to define relationships, commitments, obligations and expectations with potential to address immediate concerns and future social issues that may arise in the course of the relationship between the Plant and our host communities, once all parties are committed to its full implementation.”

Nawabuddin then expressed the appreciation of the management to the royal fathers of the host communities who appended their signatures to the CDA, for the peace and tranquility in the communities which has helped the Company to operate unhindered though there were occasional disagreements but which were quickly resolved in the best interest of all parties.

The Plant Director, while promising that Dangote Cement is committed to the fulfilment of all its obligations as stated in the agreement, he requested the host communities to “keep your end of the bargain by supporting and collaborating with us to foster all round development. Be assured that we are always ready to listen, dialogue and resolve all concerns.”

One after another the traditional rulers and other communities’ leaders took turn to comment of the CDA, especially on the transparent nature of the drafting and the public signing and expressed their satisfaction with the fresh agreement that will accelerate socio-economic development of their domains.

Speaking at the ceremony, the Olu of Aga-Olowo, Oba Kayode Adio Kusoro expressed his community’s appreciation to the management of Dangote Cement for its warm reception and commitment to its CSR for the host communities.

While commending the company’s openness and transparency in the all-inclusive agreement signing process, the monarch, however, expressed the hope that the company will keep faith with the letters of the agreement.

In his own assessment of the event, the Olu of Imasayi, Oba Lukmon Olalekan Adeleke Kuoye, said that the signing of the new agreement was a clear departure from the past exercises as all the representatives of the host communities and stakeholders were involved in the review and signing of the fresh agreement.

He stated that what the communities owe Dangote Cement is continuous collaboration to ensure the Company operates in a an environment devoid of crisis which he promised the royal fathers would work towards

In his own remark, the Aboro of Iboroland, Oba Daniel Abayomi Salako expressed his satisfaction with the fresh agreement which he considered to be better and more inclusive that the previous ones. Said he, “This CDA is good for us all. Though the fresh agreement is limited to the existing seventeen host communities and cannot cover the entire Yewaland for now but it is subject to future amendments that will conceive legacy projects for the benefits of the people of Yewaland”.

The monarch reiterated the fact that Dangote Cement, Ibese, at the moment carries out its CSR in line with the Nigerian standard limiting its community development activities to the host communities.

While appealing to Yewa communities not captured in the current 5-year agreement to be patient with the company, Oba Abayomi was full of gratitude to the cement company for keeping faith with its Corporate Social Responsibilities to the host communities.

The Awijako of Ijako Orile, Oba Rev. Mathew Alabi Ewedairo, in his own comment, expressed the fact that the signed document was intended to accelerate socio-economic development of the host communities and that he has unflinching trust and confidence in the management of Dangote Cement Plc, Ibese to live up to their promises as contained in the agreement.

With the signing of the fresh agreement, each of the host communities will, within the next five years, (2022-2026) be entitled to specific projects that will add value to the lives and livelihood of their people.

The ceremony, which held at the Ibese plant of the company also had in attendance , Head Community Affairs and Environment, Dangote Cement, Engr. Tukur Lawal; the representatives of the Minister of Mines, Mr. Raphael Abdulai; and Ogun State Government, Chairman of Yewa-North Local Government Area, Hon. Ogunyomi Oluwole; the traditional rulers & baales of the host communities of Ibese, Iboro, Imasayi, Aga-Olowo, Onigbedu and Ijoko-Orile, etc, as well as members of the Joint Consultative Committee, women and youth leaders.

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Tinubu Congratulates Dangote on World Bank Appointment

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By Jennifer Enuma, Abuja

President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.

In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.

The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.

Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.

“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.

The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.

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Business Analysis

Nigeria Customs Generates over N1.75trn Revenue in 2025

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By Joel Oladele, Abuja

The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.

The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.

According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.

“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.

I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.

He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.

The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.

Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.

 “I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.

“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase  compared  to  the  same  period  in  2024,  where  we  collected N1,347,705,251,658.31.

“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.

In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.

He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.

“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.

Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.

Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.

Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.

“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.

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BUSINESS

NSIA Net Assets Hit N4.35trn in 2024

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By Tony Obiechina Abuja

The Nigeria Sovereign Investment Authority (NSIA) yesterday disclosed that its net assets grew from N156bn in 2013 to N4.35 trillion in 2024.

Similarly, the Authority has remained profitable for 12 consecutive years, leading to cumulative retained earnings of N3.

74 trillion in 2024.

Managing Director and Chief Executive Officer of NSIA, Aminu Umar- Sadiq made these disclosures at a media engagement in Abuja, highlighting its audited financial results for the 2024 fiscal year.

According to him, the results underscored the resilience of the authority’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices, despite a challenging global macroeconomic and geopolitical environment.

Total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, increased from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of

NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.

In addition, Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, reached N1.89 trillion in 2024, reflecting a 59 per cent increase from N1.18 trillion in 2023.

Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to N407.9 billion in 2024 compared to N164.7 billion in 2023, supported by robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and Exchange-Traded Funds (ETFs).

Umar-Sadiq said the authority’s outstanding financial performance in 2024 reflected the “strength of our strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement.”

He said, “By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns but also created value for our stakeholders

“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact and ensuring long-term prosperity for current and future generations of Nigerians.”

The CEO reaffirmed the authority’s commitment to managing the country’s SWF, and delivering the mandates enshrined in the NSIA Act.

He said NSIA remained poised to continually create long-term value for its stakeholders by delivering excellent risk-adjusted financial results, developing a healthy and well-diversified portfolio of assets and large-scale infrastructure projects, and enhancing the desired social outcomes.

He noted that NSIA was committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.

“In adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties,” he said.

He pointed out that in the year under review, a new board, led by Olusegun Ogunsanya as Chairman, was appointed by President Bola Tinubu, in accordance with the provisions of the NSIA Act.

The new board will provide strategic direction and oversight, in addition to playing a pivotal role in critical decision making.

He remarked that under the guidance of the Board, the Authority will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.

“NSIA prides itself an investment institution of the federation established to manage funds in excess of budgeted oil revenues and its mission is to play a pivotal role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of the county’s infrastructure, and providing stabilisation support in times of economic misadventure,” he added.

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