Business News
CSR: Dangote Cement Signs 5-Year Community Development Agreement with Host Communities
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.
Shareholders of Zenith Bank Plc, at the 33rd Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Wednesday, 8 May 2024, approved the proposed final dividend payment of NGN3.50 per share, bringing the total dividend for the 2023 financial year to NGN4.00 per share, with a total value of NGN125.
59 billion, which is the highest dividend payout by any bank.In his opening statement at the Annual General Meeting, Dr.
Jim Ovia, Founder and Chairman of Zenith Bank Plc, thanked the shareholders for their unflinching support and loyalty to the Zenith brand which has been instrumental to the bank’s consistent superior performance.The Group Managing Director/Chief Executive Officer, Dr.
Ebenezer Onyeagwu, thanked the Founder and Chairman, Jim Ovia, for his mentorship, which has been instrumental to his success in the last five years as CEO, and for providing the pedestal for the bank’s continued superior performance.“As I prepare to pass the baton to Dame (Dr) Adaora Umeoji, OON, I am confident in the bank’s trajectory under her leadership. I would like to express my profound gratitude to our Founder and Chairman, Dr Jim Ovia and to the board, shareholders, customers, and staff for their steadfast support throughout my tenure. I earnestly request that you extend the same level of support to my successor. It has been a remarkable journey, and I am immensely proud of what we have accomplished together. As I commence the mandatory regulatory cooling-off period, I am filled with optimism for Zenith Bank’s future, assured that we are on the path to even greater success” he said.
Speaking on the dividend payout, Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, expressed her delight in the exceptional performance of the bank, as evidenced by the numerous awards received during the 2023 financial year. She remarked, “We shareholders are very pleased today to receive a final dividend of N3.50 kobo from Zenith Bank. Following an interim dividend of 50 kobo paid last December, the total dividend for the 2023 Annual General Meeting amounts to N4.00— the highest in the banking sector to date. We truly appreciate this and are optimistic that the transition to a Holding Company will bring even greater returns. Zenith Bank’s numerous accolades this year clearly position it as the leading bank in the country. We anticipate that the 2024 AGM, marking the first year as a Holding Company, will be even more promising for Zenith.”
At the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), expressed his gratitude to the Chairman for facilitating a seamless succession plan. He stated, “The bank has performed exceptionally well, particularly in terms of succession planning. It’s encouraging to see the new Managing Director promoted from within, reinforcing our belief in the bank’s leadership development. This internal promotion strategy motivates our staff, giving them confidence that they can aspire to the highest levels within the bank.”
Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders. He noted, “The bank’s rapid growth can be attributed to the diligent oversight by our Founder, who is also a core investor and actively monitors all operations. This growth is further supported by our adherence to strict corporate governance principles. The bank’s performance metrics are clearly delineated and managed by dedicated committees, ensuring accountability and responsiveness. As a stakeholder, I am very pleased with their performance and attentive response to any concerns raised.”
In spite of challenging macroeconomic conditions coupled with economic headwinds, Zenith Bank Group achieved a remarkable triple-digit growth of 125% in gross earnings, from NGN945.6 billion in the previous year to NGN2.132 trillion in 2023. This was driven by a 112% YoY growth in interest income and a 141% YoY growth in non-interest income. Customer deposits grew by 69%, reflecting the bank’s market leadership and customers’ trust. Operating expenses grew by 32% YoY. Total assets rose by 66%, largely due to growth in total deposits and the revaluation of foreign currency deposits
In 2024, Zenith Bank Group plans to expand its reach following its restructuring into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria, for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023, being listed in the World Finance Top 100 Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.
Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS
The Greater Port Harcourt City 2024 Management Retreat, with the theme, “Transiting to New Smart Cities; The Beginning” which held from April 26 – 27, 2024 at the Swiss International Hotel, Mabisel, Port Harcourt brought together a diverse group of government officials, stakeholders, industry experts, and leaders of thought to deliberate on key issues related to the sustainable development and growth of Greater Port Harcourt City.
The retreat was flagged-off by the Governor of Rivers State, Sir Siminilayi Fubara, ably represented by the Deputy Governor, Prof (Mrs) Ngozi Nma Odu who assured the Greater Port Harcourt City Development Authority (GPHCDA) management that the Governor has a keen interest in seeing that the vision of creating the Greater Port Harcourt City is fully realized during his tenure.
He emphasized his commitment to support the authority towards the achievement of the vision for the good of the people of Rivers State and truly make Greater Port Harcourt City a model for other states to emulate, calling on the management to seize the moment and lay the ground work for a city that is prosperous, liveable and futuristic.
In his address, the acting Sole Administrator TPL (Dr) Tonte Davies highlighted the road map and action plan, which the GPHCDA is undertaking towards achieving the vision of creating new smart cities and in the context of the outlined drive, the recent ground-breaking for the ongoing 20,000 low income housing units is a recognised cardinal move that points to the start of a major implementation activity which will enhance this focus.
He also listed achievements like the completed phase 1 storm water canal retention, the 500,000liters capacity water project, the installed 11kva switch-gear panel, and 3kva electricity power substation amongst other ongoing infrastructural projects. Dr Davies happily informed the meeting of the introduction of a digital solution to streamline physical planning regulations and documentation to facilitate business transactions and enhance express approvals, which promotes the ease of doing business in that regard.
The Executive Secretary, Nigerian Content Development Management Board, Engr. Omatsola Felix Ogbe, represented by Mr Olubisi Okunola, Manager Strategy, presented a paper on “Transformation and Reorganisation of a 21st Century Organisation; The NCDMB Experience.” He took the participants through the transformative journey of the board, which placed them as one of the most productive public sector organisations in the country. He stated that the board has transformed the oil and gas sector with strategic partnerships, which has enhanced local participation in the industry to about 70% in the past few years.
Also an international investor from Gambia and CEO of RIV/TAF, Mustapha Njie, presented a paper on affordable housing Initiative and promised the timely completion of the ongoing TAF City 20,000 housing units project, a pet project of Gov Sim Fubara. He gave participants strategic insight on the keys to successful project implementation and project delivery and stated that the RIV-TAF project has recorded remarkable progress with *about* 400 housing units *at various stages of completion within three months of its flagoff.*
The lead paper presenter, renowned Town Planner Kazeem Sanusi tasked the management of the Greater Port Harcourt City Development Authority to stand out in their responsibilities emphasizing that the most beautiful aspect of planning is inclusiveness, utilizing the power of crucial discussions and team work. He stated that the GPHCDA stands on the threshold of history to transform the new city into a model smart city just like Dubai was transformed in the past few decades.
He urged the participants to be committed to fostering partnerships and *collaborations* to drive sustainable development in Greater Port Harcourt City, including engaging with private sector stakeholders, civil society organizations, and international partners to implement the sustainable development practices and initiatives in the new city.
In his closing remarks the Administrator, Greater Port Harcourt City, TPL (Dr) Tonte Davies promised a commitment to the comprehensive action plan outlining key priorities, initiatives and timelines for implementing the ideas and recommendations generated during the retreat. He further declared that the just concluded Greater Port Harcourt City Management retreat has set the stage for a new chapter in the city’s development journey, noting that the vision, passion and commitment of Governor Sim Fubara and the enthusiasm and shared vision of all participants has laid a strong foundation for the sustainable growth and prosperity of Greater Port Harcourt City and the state at large.
The Lead Consultant Mr Ono K. Akpe of Red Sapphire Ltd , Abuja, who led a team of seasoned facilitators engaged the participants for the two days at the retreat with cutting edge intellectual discourse to broaden knowledge in various aspects of management covering work ethics, organizational culture, entrepreneurship, team building, infrastructural development, innovation and mind-set change, re-branding and marketing smart cities.
By Tony Obiechina, Abuja
The African Export-Import Bank (Afreximbank) has announced the successful completion of a first-of-its-kind India-focussed club deal for US$282.00 million.
Initiated for the exclusive participation of Indian lenders, and arranged by Bank of Africa UK PLC, the primary syndicated club deal saw participation from Indian lenders through their overseas branches and subsidiaries in the Dubai International Financial Centre in the United Arab Emirates, Singapore and Mauritius.
The facility, which was backed by six participating banks and financial institutions, including five that joined as first-time lenders to Afreximbank, helping the Bank achieve its objective of diversifying its funding sources, carries a three-year tenor.
At a commemorative event held in Dubai, U.A.E., to mark the conclusion of the deal, Haytham ElMaayergi, Executive Vice President at Afreximbank, said that the conclusion of the initiative represented a major milestone for the Bank as it sought to fulfil the key objectives of its funding programme.
Highlighting the importance of investing in, and for, Africa, Mr. ElMaayergi said: “this facility will help Afreximbank to continue to play a major role in the development of intra-African trade and trade between Africa and the rest of the world, particularly with India.
It is a testament to the rapid growth in Africa’s economic relationship with India and is evidence of Afreximbank’s growing ability to harness resources into Africa and to fund trade finance related investments that would have a positive impact on trade between Africa and India.”
Chandi Mwenebungu, Director and Group Treasurer of Afreximbank, reviewing the Bank’s vision for Africa, said that its funding objectives included achieving the diversification of its liability book by geography, investor type and tenor.
Also addressing guests at the event were Said Adren, CEO of Bank of Africa UK PLC, who thanked the lenders for their participation, and Zineb Tamtaoui, General Manager of Bank of Africa, Dubai Branch, who expressed appreciation for the opportunity to put together “a landmark deal that would be a stepping stone to many India-focused club deals going forward.”
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