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Vice Chancellors Hail Dangote’s Impact on Nigeria’s Agricultural revolution

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President of Dangote Group, Aliko Dangote has been hailed as a foremost entrepreneur whose laudable interventions in the agricultural sector in Nigeria should be applauded and emulated by others.

Many Nigerian University Vice Chancellors, under the auspices of Committee of Vice-Chancellors who were at the Dangote Fertiliser plant on a familiarisation visit over the weekend, marveled at the huge financial resources invested in the Plant.

The university heads unanimously agreed that Dangote should be specially recognised for his contribution on agricultural revolution in Nigeria, through his fertiliser project.

Secretary of Committee of Vice-Chancellors of Nigeria, Prof. Yakubu Ochefu, said all Nigeria needed for real growth and development in all sectors of the economy was just to have five of Aliko Dangotes.

L-R, Dangote Fertilizer, General manager, (HAM/Admin) Olusegun Bashorun, Vice – Chancellor of Federal University Technology Owerri, Imo state, Prof. Nnenna N. Oti, Vice Chancellor University of Jos, Prof. Tanko Ishaya, Who Represent the Chairman of the Committee of Vice – Chancellors Of Nigerian Universities, Present Recognition Award plaque to Dangote Fertilizer Limited on the Company Contribution of Success of the Executive Leadership Development Program, Managing Director/ CEO, Dangote Fertilizer Limited, Vishawajit Sinha, Secretary Committee of Vice – Chancellors of Nigerian Universities, Prof. Yakubu Ochefu, During the Committee of Vice – Chancellors of Nigerian Universities Visit Dangote Fertilizer Limited Lekki Lagos on Thursday 20th July 2023,

He urged other Nigerian billionaires to take a cue from Dangote and invest heavily in manufacturing, to significantly reduce the high unemployment rate among the youth and ameliorate the sufferings of many Nigerians.

According to him: “We decided to come and see organisation wellness and resilience in action, and we know that Aliko is one of the most resilient entrepreneurs this country has ever produced, so, it is important to come and have a feel of that action.

“We came to see how one man’s dream and vision and big picture can translate into something like this and I can say that this visit has exceeded all our expectations because nothing you see on television or even read in Newspapers can match the reality when you come here physically and see this massive edifice and process in place.

“Dangote is an enigma and like I said earlier, if we have five of his types across Nigeria or across Africa, this country and continent will be a different story entirely. We are truly very proud of him…”

L-R, Vice – Chancellor of Federal University Technology Owerri, Imo state, Prof. Nnenna N. Oti, Vice Chancellor University of Jos, Prof. Tanko Ishaya, Who Represent the Chairman of the Committee of Vice – Chancellors Of Nigerian Universities, Present Recognition Award plaque to Dangote Fertilizer Limited on the Company Contribution of Success of the Executive Leadership Development Program, Managing Director/ CEO, Dangote Fertilizer Limited, Vishawajit Sinha, Secretary Committee of Vice – Chancellors of Nigerian Universities, Prof. Yakubu Ochefu, During the Committee of Vice – Chancellors of Nigerian Universities Visit Dangote Fertilizer Limited Lekki Lagos on Thursday 20th July 2023,

Speaking after the tour of the Fertiliser Plant, Vice Chancellor of the Federal University of Technology, Owerri, Prof. Nnenna Oti described the Plant as impressive and lauded the synergy between Lagos State Government and Aliko Dangote, a man from Kano State, describing the union as what Nigeria should really represent.

She said: “This plant is quite impressive. We wish we had more Nigerians who are investing in our country, creating opportunities and solving real problems as well as giving back to society as Aliko Dangote is doing…

“What is more impressive is that somebody from a different part of the county has enough confidence in another part of the country and there is this synergy between the different elements, the cooperation from the Lagos State Government and a man from Kano…this is the Nigeria of my dream,” she added.

Prof. Ibiyemi Olatunji-Bello, Vice Chancellor of the Lagos State University (LASU), also expressed satisfaction at the operations in the factory, noting that the 3 million tonnes of granulated Urea factory would go a long way in solving the food problems in Nigeria.

She said: “This trip to Dangote Fertiliser has been awesome. …when the president said that there was going to be a state of emergency against poverty, we now know that Dangote is contributing enormously to the growth of the nation, to the availability of food security, through the provision of fertiliser, which is an important component in crop and food production…

“I am very impressed. This factory is enormous, huge funds have gone into it and it will have a positive effect on the nation’s economy. The likes of Aliko Dangote are rare, and Nigeria should be thankful for having a bold man that is always willing to take huge risks, in our midst,” she added.

In the same vein, the Vice Chancellor of the University of Jos, Tanko Ishaya, urged the Federal Government to specially recognise Aliko Dangote, as he has braved the odds to provide real solution to one of the key problems, facing the country: food security.

He said: “We have all gone round the factory and I must confess that this is a fantastic environment, and we want to congratulate the President of Dangote Group for having that vision and for implementing the vision.”

Recall that the Dangote Urea Fertiliser plant was built to tap into Nigeria’s demand for fertiliser, a critical component of achieving food sufficiency for Africa’s most populous country.

The Fertiliser plant is manufacturing 3 million metric tonnes of urea per annum, with a view to reducing the nation’s fertiliser imports, and generating over $400m annual foreign exchange from export to Africa countries.

Managing Director/CEO, Dangote Fertiliser Limited, Vishawajit Sinha, revealed that the Plant which has the capacity to turn out more than 4,500 tonnes of urea per day will conveniently meet the local demand and even produce for exports.

According to him: “…We have the capacity to turn out 4,500 tonnes of Urea every day…this is a bulk application fertiliser…each crop in Nigeria or globally will require Nitrogen and this is a rich fertiliser, having 46 per cent nitrogen…The company has the capacity to meet local demand and export to African countries.”

The plant, which is the largest granulated Urea fertiliser complex in Africa, occupies 500 hectares of land, was built at a cost of $2.5 Billion, and is expected to reduce drastically level of unemployment and youth restiveness in the country through employment opportunities.

The plant is expected to generate new jobs with top quality fertiliser being available and in sufficient quantities for the farmers.

Business

Brent crude surges to $104 amid escalating Iran conflict

U.S. President Donald Trump said over the weekend that he was demanding other countries help to protect the key maritime corridor, adding that he was in conversation with several allies about securing the strait.

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Oil prices rose on Monday morning as the Trump administration ramps up pressure on allies to help safeguard the Strait of Hormuz and investors react to threats facing Middle East export facilities.

According to CNBC, international benchmark Brent crude futures with May delivery traded 1.5% higher at $104.72 per barrel, paring earlier gains, while U.S. West Texas Intermediate futures with April delivery advanced 0.3% to $98.91.

U.S. crude had surpassed $100 earlier in the session.

Both contracts have surged more than 50% over the past month, reaching their highest levels since 2022, as shipping traffic through the Strait of Hormuz has been severely disrupted.

Brent closed above $100 for the first time in four years last week.

The narrow waterway is a critical energy choke point that typically carries roughly 20% of the world’s oil.

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MTN rebounds to profitability, hikes dividend and plans share buybacks

For the full year 2025, strong performances in MTN Nigeria and MTN Ghana , as well as 3.6 billion rand in cost savings, delivered a profit before tax of 47.4 billion rand ($2.81 billion).

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Africa’s biggest telecoms operator MTN Group said on Monday it has rebounded to an annual profit and would pay shareholders a dividend that exceeded guidance and planned to buy back shares.

Reuters reports that the strong performance in the year ended December 31 followed a difficult 2024 for the group, when its largest business, MTN Nigeria ⁠was hit by sharp currency devaluations, surging inflation and high interest rates.

For the full year 2025, strong performances in MTN Nigeria and MTN Ghana , as well as 3.6 billion rand in cost savings, delivered a profit before tax of 47.4 billion rand ($2.81 billion).

That compared to a restated loss before tax of 4.1 billion rand in 2024.

At the market opening in Johannesburg, South Africa-headquartered MTN shares surged 7.4% before paring gains to trade 4.8% higher at 0943 GMT.

The operator declared a final dividend of 500 cents per share, ‌up ⁠45%, and 35% above the 370 cents minimum MTN had guided for the period.

Group CEO Ralph Mupita said in a media call that MTN would introduce an enhanced framework, targeting an annual distribution of 40% to 60% of equity-free cash flow in shareholder remuneration, effective now.

The framework includes ⁠a minimum cash dividend of 40% of equity‑free cash flow, with an additional 20% available for further cash payouts or share repurchases.

Mupita said the board had approved a buyback of up to ⁠6 billion rand, “to be executed opportunistically over three years from 2026”.

The group’s service revenue rose 22.7% to 218.5 billion rand, led by strong growth of 54.9% and 35.9% ⁠in Nigeria and Ghana, respectively, the mobile operator said.

(Reuters)

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CBN places suspicious BVNs on 24-hour watchlist

These provisions are set to take effect from 1 May 2026.

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Photo: Olayemi Cardoso , CBN Governor

To combat fraud, the Central Bank of Nigeria (CBN) has unveiled new regulations aimed at strengthening fraud control and digital banking security across the country.

These provisions are set to take effect from 1 May 2026.

In a circular issued to all banks, other financial institutions and payment service providers, the apex bank details amendments to the Revised Regulatory Framework for Bank Verification Number (BVN) operations and additional requirements for instant payment services.

Under the new BVN framework, financial institutions are required to maintain a temporary watchlist for BVNs implicated in suspected fraudulent transactions.Any BVN placed on this list will remain there for a maximum of 24 hours, during which the account holder will be contacted to provide clarification.

The circular also sets age restrictions for BVN enrolment, limiting registration to individuals 18 years and above, and restricts phone number amendments linked to BVNs to a single change.

Access to BVN databases will now be exclusively for CBN-licensed financial institutions, with the central bank retaining the right to grant access in extenuating circumstances under existing laws.

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