Why I Regret Not Buying Arsenal – Dangote 

Alhaji Aliko Dangote, has expressed his regret over not to purchase Arsenal Football Club when it was valued at approximately $2 billion.

Our Priority Is To Eradicate Youth Unemployment -Dangote

Dangote Group’s Executive Director, Commercial Operations, Hajia Fatima Aliko-Dangote, has reiterated the company’s determination to eradicate the high youth unemployment in the country. She said, it is only when youths are positively engaged, that the high insecurity problems in the country will fade away. Fatima, who made this disclosure at the just concluded Lagos International Trade Fair during the “Dangote Day”, said since inception, the desire of the President of Dangote Group, Aliko Dangote, was to assist the three tiers of government in the country, in eradicating poverty, and the best way for Dangote Group to do this, will be to contribute to eradicating youth unemployment in the country. Noting that Dangote is the highest employer of labour in Nigeria, outside the Federal Government, she said, the priority of the Group is to create more employment opportunities for the teeming Nigerian youths and make them breadwinners of their respective families. According to her: “The desire of our President, Aliko Dangote, is to ensure that Nigerian youths are ably employed, because it is only when this happens, that they can also contribute their own quota to the growth and development of the county. And once the youths are also positively engaged, the security challenges of the country will abate.” Fatima, further said the Group is passionate about deepening the Nigerian economy through industrialisation, job creation, provision and rehabilitation of essential infrastructure, and the welfare of the citizens.  According to her, “It is the desire to promote industrialisation that informs our decision to become strategic partners with all the major Chambers of Commerce across the nation.”  She also said: “Our investment decisions at Dangote Group, are focused on creating values for all stakeholders. We have invested in several projects which are meant to create jobs and enhance the rapid industrialisation of the Nigerian economy. Dangote Cement Plc remains the continent’s foremost cement producer, with operations in 10 African countries. “The activities of the cement company through its multiplier effect, provide direct and indirect employment to millions of people across Africa. Through its corporate social responsibility (CSR) interventions, Dangote Cement has touched the lives of thousands of people in host communities across Africa. The company has built schools, hospitals & clinics, roads, markets, and vocational training centres in host communities.”, she stated. Reacting to what Fatima Aliko Dangote said, Dr Micheal Olawale-Cole, President of the Lagos Chamber of Commerce and Industry (LCCI), said Dangote Group has created jobs more than any known private sector operators in the Country. He said the foremost indigenous conglomerate has contributed significantly to providing solutions to the problems of unemployment and by extension, to reducing the poverty levels among Nigerians. He said the decision of the company to venture into oil and gas would permanently put an end to the issue of petroleum scarcity in Nigeria and contribute substantially to the GDP and the overall economic growth and development of Nigeria. According to him, Dangote Group has been at the forefront of job creation even as its products and services have touched the lives of millions of people across the African continent and beyond.   He then enjoined other corporate bodies to toe the line of Dangote in assisting the Government, through the provision of infrastructure, even if it must be through a tax credit scheme, introduced by the Federal Government.

Dangote Celebrates Africa’s Young Global Leaders

President of Dangote Group, Aliko Dangote has hailed the Forum of Young Global Leaders describing it as a platform to develop the next generation of African leaders.  According to Dangote, the philosophy of Forum of Young Global Leaders aligned with his vision for a continent whose people are healthier, better educated, and more empowered through enhanced opportunities for social change through strategic investments that improve health and wellbeing, promote quality education and broaden empowerment opportunities for individuals and communities.  The Young Global Leaders programme is an accelerator for a dynamic community of exceptional young people from all over the world with the vision, courage, and influence to drive positive change in the world.  Dangote, who said this at the YGL Africa fellowship meeting in Lekki, Lagos said the essence of his partnership with the Forum is to engage young African leaders from small and medium enterprises (SMEs) and non-business entities who might otherwise not be able to participate in the Forum’s Young Global Leaders Community.  The fellowship covers the cost of their participation at World Economic Forum and YGL-led events for 6 years for each Fellow. Now in its 12th year, the Aliko Dangote (WEF Africa YGL) Fellows continue to represent the continent on the global stage and give back to their communities in a multiplicity of impactful ways. Following the partnership with Dangote 12 years ago, the programme has included 15-20 young leaders from sub-Saharan Africa following a rigorous selection process. At any one time, the African YGL Community consists of around eighty active members, 75 per cent of whom are eligible for the Dangote Fellowship. Speaking at the event, the Executive Director Dangote Industries, Fatima Aliko Dangote, expressed pride at the diversity and high proportion of female fellows in the 2023 Cohort, where the nine chosen YGLs represent the media/arts/entertainment, technology & innovation, health, and government sectors. Managing Director/CEO of the Aliko Dangote Foundation (ADF), Zouera Youssoufou, thanked the billionaire businessman for his continuous support of the YGLs, and assured him that his investment is not in vain, as the young global leaders are achieving exploits in their respective fields and living up to the expectations of being true African future leaders. He encouraged them to put in their best in their various fields and not be discouraged when setbacks occur, because those are to be expected. He encouraged them to continue raising their ambition for our continent because “Nothing is Impossible”. Aliko Dangote YGL Alum and Executive Director ofa African Youth Initiative Network, Victor Ochen from Uganda, commended Dangote for the aggressive investment noting that the project is a reflection of his faith in the continent. He further commended the billionaire businessman for his generosity in providing financial means for him to participate in forum events he otherwise would have been unable to do. He said, “I am so happy with what Dangote is doing in Nigeria and Africa as a whole. This is a man that is investing in the youth through his foundation and employing tens of thousands of Africans, in his various plants. I am so humbled to be here, and to learn from the expertise of this man whom God has blessed our continent with…I thank Dangote for his generosity, which has provided many young African leaders, regardless of the country, the much-needed financial means to participate in YGL events. Without the support of ADF, our active participation would not have been possible.”

Naira Devaluation: Dangote, 8 others take N113.63bn hit

Dangote Cement led eight other companies on the NGX in foreign exchange losses recording a significant foreign exchange loss of N113.63 billion, representing a 179.47 per cent year-on-year increase, the highest in the past five years as a result of the devaluation of the Naira. The Naira went from N465/$ at the end of May 2023 to N756/$ in June 2023, resulting in a net exchange loss of N116.1 billion on third-party loans and payables within the Nigerian entities. While some companies experienced significant declines in some performance indicators, others performed relatively better. A review of the financial performance of Berger Paints, Beta Glass, BUA Cement, CAP, Dangote Cement, MEYER, Notore, and WAPC, reveals that among these companies, Dangote Cement, Notore, and BUA Cement, reported a combined foreign exchange losses of -N129.811 billion, while Beta Glass, CAP, and WAPCO reported an aggregate foreign exchange gain of N3.49 billion. However, when considering the cumulative impact of foreign exchange fluctuations, it led to an overall reduction of 8.19 per cent in their total pre-tax profit, which amounted to N372.573 billion in the first half of 2023 Dangote Cement led in foreign exchange losses recording a significant foreign exchange loss of N113.63 billion, representing a 179.47 per cent year-on-year increase, the highest in the past five years. According to the first half of 2023 financial notes, the net exchange loss on foreign-denominated transactions was primarily attributed to the sharp devaluation of the Nigerian Naira in June 2023. These losses had a direct effect on the decline in pre-tax profit, which decreased from N264.89 billion to N239.86 billion during the reviewed period. Notore also reported a substantial foreign exchange loss of N14.05 billion in the first half of 2023. Coupled with low revenue and a significant increase in finance costs, this contributed to a pre-tax loss of N38 billion, representing a 1,558 per cent decline. The company managed to generate revenue of N7.92 billion, a substantial decline of 68.97 per cent for the first half of 2023. BUA Cement reported a foreign exchange loss of N2.137 billion in the first half 2023, marking a significant year-on-year increase of about 103 per cent. Coupled with elevated interest expenses, this dampened pre-tax profit, resulting in only a marginal increase of 2.75 per cent to N76.425 billion when compared to the first half of 2022. WAPCO – Lafarge led the foreign exchange gainers, recording a N2.237 billion gain in foreign exchange. This contributed to a growth of 18 per cent in pre-tax profit. However, despite this positive performance, the company experienced a year-on-year decline of 5.16 per cent in profit after tax, primarily due to high-income tax expenses.