Africa’s richest man, Aliko Dangote, said he believes that in the next two years, his group of companies will start generating an annual turnover of $30 billion.
Dangote’s ambitious projection is based on the fact that Dangote Refinery Ltd, which has so far cost about $12 billion to construct, will soon become operational. The billionaire made the projection recently while speaking with some journalists in Lagos, Daily Trust reported.
It should be noted that companies under the Dangote Industries Limited (namely Dangote Cement, Dangote Sugar, and NASCON Allied) currently generate a total of $4 billion in collective annual revenue. These companies, which are all listed on the Nigerian Stock Exchange, account for a significant value of the Nigerian bourse.
In the meantime, the commencement date for Dangote Refinery has been shifted from 2020 to H1 2021. When it becomes operational, the Lagos-based refinery is expected to become the biggest in the world. It will refine some 650, 000 barrels of crude per day. In the same vein, the facility will also manufacture fertiliser and other chemicals.
Note that Dangote Refinery Ltd already has existing markets as its products will be shipped across Africa after meeting local demands. Recall that Nairametrics reported in December last year that Dangote Refinery could help save Nigeria about $10 billion in FOREX. This is because the country will stop petrol importation once the facility becomes operational.
Meanwhile, Aliko Dangote’s net worth is also expected to increase in the coming years. The billionaire is said to be worth about $15 billion and is currently among the top 100 wealthiest people in the world. He recently spoke about plans to invest parts of his wealth outside the shores of Africa in a bid to guard against currency fluctuations and other unfavourable economic realities.
As Nairametrics reported, part of his potential offshore investments could be to acquire the English football club, Arsenal. We understand that this could happen as early as next year.
NIFIAN elects JAIZ Bank MD, Hassan Usman as first President
…Inaugurates pioneer EXCO members.
The Non-Interest Financial Institutions Association of Nigeria (NIFIAN), yesterday in Abuja elected the Managing Director of Jaiz Bank Plc. Hassan Usman as its pioneer President.
Usman was inaugurated alongside other six EXCO members to steer the affairs of the umbrella body of all corporate organisations offering non-interest financial and related services in the country for a first term of 2 years.
Those elected includes Hajara Adeola, Managing Director/CEO, Lotus Capital Limited as Vice-President; Norfadelizan Abdulrahman, Managing Director/CEO of TAJBank Limited as Treasurer; and Fatai Ola Bakare, an astute in-house legal counsel and Islamic Finance expert of SunTrust Bank Nigeria Limited as the Secretary-General.
Other EXCO members inaugurated yesterday include Thaibat Adeniran, Managing Director/CEO, Cornerstone Takaful Nigeria Limited; Aminu Tukur, Managing Director/CEO, Noor Takaful Limited and Dr. Basheer Oshodi, CEO, TrustBank Arthur Limited.
In his opening address, Babayo Saidu, Chairman of NIFIAN’s Board of Trustees said the Association was registered on 28th August 2020, and duly incorporated at the Corporate Affairs Commission under Part C of the Companies and Allied Matters Act.
Parts of the objectives of NIFIAN is to promote common interest of member-organisations towards developing the non-interest financial services industry in Nigeria, creating an enabling regulatory environment through advocacy as well as deepening financial inclusion through market engagements and financial literacy. In addition, the Association aims to improve market resilience by fostering collaboration across the industry, promoting policies and programmes on Financial Inclusion, and sensitization of the populace for the economic development of the country through non-interest financial services offering.
The Executive Council is expected to steer the affairs of the Association towards the realisation of its objectives for the advancement of financial inclusion through non-interest finance in Nigeria.
In his inaugural address, Hassan Usman said the journey started more than a decade ago with Nigeria Islamic Finance Working Group, a multi-institutional platform under the auspice of EFInA (Enhancing Financial Innovation and Access.)
Usman said: “As today marks a new chapter in our pursuit, I would like to reiterate the fact that we are not there yet. This course is a journey and not a destination. While the overarching objective remains constant, the detailed operational and strategic initiatives of the Association shall continue to evolve to meet the requirements of the day.
“To this end, I pledge that over the course of my tenure, I will work with my colleagues in the Council to push some prominent initiative including promotion of sound Islamic banking and financial system and practise in Nigeria; growth and development of requisite market infrastructures such as an efficient non-interest inter-bank system.
“Pursuit of harmony in Shariah pronouncements (fatwas); represent the interest of members locally and internationally; provide advice and assistance to members pertinent to the development of their institution and deepen public awareness. I look forward to working with members to make Nigeria the Islamic Finance Hub of Africa.”
In addition, the President singled-out EFInA for the role played as the founder of what becomes NIFIAN today through its concerted support for the propagation of financial inclusion initiates through the non-interest finance industry. With the inauguration of persons of track records into the Executive Council of the Association, NIFIAN is therefore set to take on the charge towards developing the Nigerian financial markets.
Unilever to spin off Tea business such as Lipton, Brooke Bond in major restructuring
Unilever wants to split its Tea business as a separate entity.
Leading personal care and consumer goods company, Unilever announced plans to spin off its tea business into a separate legal entity.
The company announced this via a press release published on the website of the Nigerian Stock Exchange. The announcement is coming at least 6 months after its parent company, Unilever Global announced plans of a spin-off of its Tea business.
According to a press release seen by Nairametrics, by the company’s management through Abidemi Ademola, the Company Secretary, the strategic review which includes leading brands such as Lipton, Brooke Bond and PG Tip will go through the normal approval process, adding that the process is expected to be concluded by the end of 2021.
The planned separation will take full effect on all the balance of Unilever’s tea brands and geographies and all tea estates outside India and Indonesia, as the company will be retaining the tea businesses in India and Indonesia.
What they are saying
Prior to the recent disclosure, Unilever made the planned separation of the company’s tea business known on the 5th of August 2020.
The Global Chief Executive Officer of the leading consumer goods brand, Alan Jope, explained that it is – “important to strengthen the strategic future of the company by announcing proposals to unify its dual-headed legal structure.”
He noted that the strategic review of the company’s global tea business would help the company to make new commitments that are expected to drive efforts to help protect the climate and regenerate nature.
What you should know
- The tea and savoury segment (food products) of Unilever Nigeria Plc made a total of N34.71 billion in 2020.
- This, however, is higher than the revenue of N31.91 billion the company made in 2019 through the sales of tea and savoury.
- In total, the tea business which will be separated, generated revenues of €2 billion globally in 2019 for the company.
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