Business
US Journal Announces Dangote as World’s 11th Greatest Leader
Africa’s richest man Aliko Dangote has been ranked 11th in the club of World’s 50 Greatest Leaders for this year.
The rating was announced by Fortune, a multinational business magazine based in New York City, United States. It focuses mainly on privately-run businesses and how their promoters have used them to impact their society positively.
The magazine, which had its maiden edition published in February 1930, said the world’s greatest leaders (both men and women) are transforming the world and inspiring others to do so in business, government, philanthropy and the arts.
It said: “These thinkers, speakers and doers make bold choices and take big risks – and move others to do the same.”
It was learnt that Fortune magazine was recognising and including Aliko Dangote in the annual ranking for the first time. Specifically, Dangote having popped up in the magazine’s radar earned nomination after being adjudged as having used business to acquire wealth and converting the wealth into impactful philanthropy through his Aliko Dangote Foundation.
The top 10 greatest men and women, according to Fortune are: Bill and Melinda Gates; Jacinda Ardem (Prime Minister, New Zealand); Robert Mueller (Special Counsel, Department of Justice); Pony Ma (Founder and CEO, Tencent); Satya Nadella (CEO, Microsoft); Greta Thunberg (Student and climate activist, Sweden); Margrethe Vestager (Commissioner for Competition, European Union); Anna Nimiriano (Editor-in-Chief, Juba Monitor); Jose Andres (Chef/Founder, World Central Kitchen); and Dough Mcmillon and Lisa Woods (CEO; Senior Director, Strategy & Design for U.S. Benefits, Walmart).
Dangote’s rating as one of the greatest business leaders has attracted comments by eminent persons around the world, who described him as worthy of the nomination going by his business acumen and philanthropic gestures.
Global business giant and founder of Bill and Melinda Gates Foundation, Mr. Bill Gate, extolled the efforts of Dangote in making businesses play roles in provision of sound public health through his various interventions in health care issues, especially in the fight against malnutrition and routine polio.
Gates, who tops the list of World’s Greatest Leaders, said: “Aliko Dangote, through his leadership at the Aliko Dangote Foundation, is a key partner in the Polio eradication effort, strengthening routine immunisation and fighting malnutrition in Nigeria and across Africa. Aliko bridges the gap between private business and public health in a unique way and our shared belief that Nigeria will thrive when every Nigerian is able to thrive drives our partnership.”
Renowned activist and co-founder of ONE, Paul David Hewson (popularly called Mr. Bono), said he was not surprised at Dangote’s feat globally, describing his vision “as big as the African continent”.
Bono, a global campaigner on taking action to end extreme poverty, especially in Africa said: “Aliko has a vision just the size of his continent, but with humility of somebody who has just started his first job. It’s no surprise to me that Fortune would recognise his leadership because we have seen first-hand, through his service on ONE’s Board, the benefits of his wise counsel and grace.”
Also, economic analyst Bismark Rewane, stated: “Aliko remains understated but very potent and Africa’s most successful and decorated entrepreneur. He is a global financial and managerial behemoth.”
That wealth is based on a big bet on Nigeria’s economic independence: Dangote’s peers give him credit for helping the country become self-sufficient in the sectors in which his companies compete (cement, agriculture and mining)
The Aliko Dangote Foundation (ADF) is the Philanthropic endeavor of the business mogul. The main objective of the Foundation is to reduce the number of lives lost to malnutrition and disease. The Foundation is poised to combat Severe Acute Malnutrition (SAM) in children, as the core of its programming. It has also resolved to use its investments in health, education, and economic empowerment to help lift people out of poverty.
Dangote was last year ranked among 75 most powerful persons on the planet. He was rated ahead of U.S. Vice President Mike Pence.
He has been named among most powerful persons in the world for the past five consecutive years. According to the Forbe’s 2018 ranking of the World Powerful people, Dangote ranked among world leaders like Chinese President Xi Jinping, Russian President Vladimir Putin and U.S. President Donald Trump – all of whom were ranked first, second and third respectively.
He was the only Nigerian on the list and one of the only two Africans who made the list with the other being the Egyptian President, Abdel Fattah el-Sisi, who was ranked 45th most powerful.
He was named among the 100 most influential personalities in the world in 2018 byTime Magazine, a leading business broadcast organisation. The CNBC had earlier in same year ranked Dangote as one of the 25 people that have had most profound impact on business and finance worldwide.
He was rated the most influential African by Jeune Afrique in their classification of the most influential 50 Africans in 2018, and was also named the 6th most charitable person in the world in the same year according to Richtopia, a United Kingdom-based digital platform. He is, in addition, the richest African, according to Forbes.
Dangote stepped up his humanitarian activities recently spending billions of to build hospitals and critical hospital equipment, the lack of which has promoted medical tourism among the few privileged.
He recently donated a N1.2 billion Business School complex to the Bayero University in Kano and another one for the University of Ibadan Business School. Last month, he donated 10 blocks of hall of students’ hostel with capacity for 2,160 beds to the Ahmadu Bello University, Zaria, Kaduna State
Dangote has, through the Foundation been disbursing N10 billion to vulnerable women across the 774 local governments in the country.
Dangote made a donation of $2 million to the World Food Programme as part of efforts to help Pakistani nationals devastated by floods in the year 2010.
He was made the chairperson of the Presidential Committee on Flood Relief, which raised in excess of N11.35 billion, of which Dangote himself contributed N2.5 billion, an amount higher than the entire contribution from the 36 state governors in Nigeria.
The Foundation has spent over N7 billion in the troubled Northeast for the reintegration of the Internally Displaced Persons (IDPs).
Dangote Petroleum Refinery has distanced itself from allegations of arbitrarily increasing petrol pump prices.
The refinery attributed the recent adjustment in the ex-depot price of Premium Motor Spirit to fluctuations in global crude oil prices.
This was contained in a press release titled “Increase in Pump Price Not From Us”, issued on Sunday by Anthony Chiejina, Group Chief Branding and Communication Officer.
The statement read: “The recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.
“As crude oil remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.”
The refinery clarified that while its ex-depot price increased by 5%, from N899.50 to N950 per litre, the adjustment remains significantly lower than the 15% rise in global crude oil prices.
“Brent Crude rose from $70 to $82 in a matter of days, alongside the premium for Nigerian crude (approximately $3 per barrel). Despite this, we have kept our Single-Point Mooring (SPM) ex-vessel price steady at N895 per litre,” the statement added.
In a bid to shield consumers from the full impact of rising costs, Dangote Refinery disclosed it has absorbed approximately 50% of the cost increases caused by surging global crude oil prices.
The refinery’s partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at a uniform price of N970 per litre across Nigeria.
“Without our intervention, the retail price of PMS could have risen to N1,150 or even N1,200 per litre in some locations. This demonstrates our unwavering commitment to affordability and quality, even in challenging times,” the statement explained.
To address concerns over price transparency, the company announced plans to publish its ex-depot, ex-vessel, and pump prices on a weekly basis.
“In the interest of transparency and good governance, consumers will now have access to accurate information to ensure they are not exploited,” the statement assured.
Additionally, the company expressed gratitude to President Bola Tinubu for introducing the Naira for Crude Initiative, describing it as “visionary.” Dangote Refinery noted that the initiative ensures consistent access to high-quality PMS for Nigerians while mitigating the effects of global oil market volatility.
The statement concluded with a reaffirmation of the company’s dedication to serving Nigerians.
“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations,” it said.
The Punch
Leading financial institution, FirstBank of Nigeria Limited, has debunked reports making the rounds as regards its transaction with General Hydrocarbons Limited, which has become a subject of litigation.
In a statement by the management, and made available to Pointblank.ng, the bank insisted that it has been on the right side of the law while assuring customers, stakeholders and friends of the bank of its unflinching stand in the provision of first class services. It also expressed its appreciation to subscribers for holding faith with the parent body, FirstHoldco in the first round of its capital raise.
The full statement is represented below:
Our attention has been drawn to recent media reports regarding a commercial transaction between First Bank of Nigeria Limited (FirstBank) and General Hydrocarbons Limited (GHL) that is currently a subject of litigation.
As a responsible and law-abiding corporate citizen of Nigeria with utmost respect for the courts, FirstBank will not be able to offer comments on issues which are pending for determination by the courts, as such issues are sub-judice.
However, we are constrained to issue the following clarifications to correct the sponsored but false narratives on the matter presented in some of the media publications.
There is a subsisting commercial transaction between FirstBank as lender, and GHL as borrower, where FirstBank extended several credit facilities to GHL for the development of some Oil Mining Lease assets.
These facilities are backed by very robust loan agreements executed by the parties in which the obligations of the parties are clearly defined and the security arrangement clearly spelt out.
While FirstBank has diligently performed its obligations under the loan agreements, at the root of the present dispute is FirstBank’s demand for good governance and transparency in the transaction, which GHL rejected.
Upon FirstBank’s realization of breaches on the part of GHL including diversion of proceeds, FirstBank requested that an independent operator mutually acceptable to both parties be appointed in line with the terms of the agreement, to operate the financed asset in a transparent manner that will bring greater visibility to the project, protect the interest of, and bring value to all stakeholders. Not only did GHL roundly reject this reasonable and fair request, rather GHL insisted that FirstBank avails it with more funding. GHL refused to execute the terms of offer stipulated by the Bank for the availment of additional funding but rather proceeded to commence needless Arbitral proceedings.
GHL issued a notice to initiate arbitration and has no substantive claim pending at the Federal High Court. GHL approached the Federal High Court solely to seek preservative orders pending arbitration. Some of the preservative orders sought by GHL were granted while others were denied.
FirstBank is the only party that filed a substantive claim against GHL at the Federal High Court and the subject matter of FirstBank ‘s claim is not identical with the dispute GHL submitted to arbitration because FirstBank’s claim is in respect of subsequent credit facilities granted to GHL and the offer letters and finance documents pertaining to the subsequent transactions clearly state that the disputes arising from the subsequent facilities are to be resolved by a court of competent jurisdiction in Nigeria and not by arbitration.
Consequently, it is incorrect to assert that FirstBank abused the process of the court.
GHL off-took crude from the Floating Production Storage and Offloading (FPSO) vessel and diverted the proceeds. The Bank had no choice as a secured lender, under these circumstances of continued breaches, non-payment of due obligations and attempts to shield the Bank away from agreed security and repayment sources, than to approach the court for legal remedies, to preserve assets, recover the diverted proceeds, prevent reoccurrences and safeguard FirstBank’s interest. It is clear to us that the courts do not support or protect illegalities and breaches of contracts.
FirstBank has a long and very rich history of supporting and providing for the financial needs of its customers over its more than 130 years of unbroken existence. FirstBank remains committed to ensuring that it continues to support legitimate business aspirations of its teeming customers. At the same time, FirstBank is committed to the building of a strong credit culture where borrowers pay their debts when they borrow and will always take appropriate steps, within the ambit of the law, to resist attempts by borrowers to repudiate their repayment obligations.
We wish to assure FirstBank’s numerous customers, stakeholders and the general public that FirstBank remains solid, calm, steadfast and unflinching in its resolve to continue to provide first-class services to its teeming customers within and outside the country.
FirstBank also wishes to respectfully thank our shareholders for the indicatively oversubscribed Rights Issue of its parent Company, First Holdco Plc (“FirstHoldco”), in the first round of its capital raise and looks forward to an equally successful final leg of the recapitalization exercise when it is announced by FirstHoldco.
Africa’s Global Bank, United Bank for Africa (UBA) Plc has distributed over N41.8m in prizes to over 100 lucky customers in its just concluded UBA Legacy Promo series.
The promo which began last year, was specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, as well as its long-standing commitment towards rewarding its loyal customers in a grand style.
The campaign, which was opened to several categories of Account holders including Bumper Account holders, Savings account, Kiddies & Teens Account holders as well as Nextgen account holders, also saw lucky customers winning other consolidation prizes including educational grants.
The winners were announced during the Grand Finale draw of the promo which held at the UBA Head-office, Marina, Lagos last Thursday and was witnessed by members journalists and representatives of relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), among other stakeholders.
In the Savings Account category, ten loyal customers walked away with N1,000,000 each. The lucky winners are: Olonade Funmilayo, Abdullahi Yunusa, Anibueze Augustine Chidozie, Ibironke Adedayo, Gilbert Godswill Pepple, Ekonmene Daniel Leghemo, Oligbo Francis Azuka, Liafeez Adebowale, Abiodun Bolanle Felicia, and Adamu Bappayo.
When contacted over the phone, one of the winners, Mr. Oligbo Francis Azuka, who won N1,000,000 in the savings account category expressed his surprise and excitement, stating that it was totally unexpected. He was however grateful to the bank for the gesture, adding: “I am deeply grateful and surprised by this reward from UBA. I honestly, didn’t expect this. I really appreciate the fact that UBA recognizes me. I am very grateful,” he stated.
The Bumper Category saw 10 people who emerged winners of N1,000,000 each. They are: Emem Christian Thompson, Lateefat Omotayo Waheed, Victoria Oluwaferanmi Adebusoye, Nkechinyere Agnes Okolo, Ibrahim Rabiu, Hammed Akande Idowu, Modester Chiadikobi Nwoke, Ajisafe Folashade Success, Thelma Ndubisi Enajiyerin, and Sunday Obaje.
20 lucky customers also received N500,000 each. They are: Ojo Goroye Banjo, Sandra Christopher Effiong, Femi Henry Idehen, Rashida Oiza Momohjimoh, Umar Usman, Joshua Chidera Nweke, Racheal Erhieyovwe, and Fatima Muhammed. Others include Ogbonna Edward, Eziuche Goodluck Chinyere, Lydia Bawa, Obiajulu Augustine Agwazia, Sale Barde, and Sikiru Morakinyo; Tajudeen Kareem Opeloyeru, Regina Queen Abeekaa, Isaac M. Ponfa, Mary Amos, Emmanuel Isa, and Amaechi Okoro.
Also in the bumper category another twenty customers got N250,000 each, while 10 lucky customers each won N100,000 each during the live draws.
In the NextGen category, Emmanuel Olakotan Oke, Sharon Oluwafunmilayo Ibitoye, Fortunate Izegboya Ijewemen, Anozie Janerose Chinelo, Maryam Zaharaddeen, Oluwakamikun Faidat Taiwo, Daniel Ayomikun Olawale, Ayomide Goodness Olowodara, Dennis Ogina Gbele, and Ofeoritse Jessica Waya each received N180,000 pocket money for a year.
The Kiddies and Teens category, also saw 20 young customers receiving N200,000 each in educational grants.
UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who spoke at the event, emphasized the significance of the promotion in strengthening the relationship between the bank and its community.
He said, “UBA Legacy Promo is our way of saying thank you to our loyal customers who have trusted us over the years. As we celebrate 75 years of impact, we remain committed to deepening financial inclusion and providing innovative and customer-focused products and services. Our goal is to make banking more rewarding and life-changing, improving lives and building stronger communities.”
Over the past six months, from July till December 2024, UBA has through a series of draws; cluster, monthly, and quarterly draws, rewarded over 600 customers with prizes totaling more than ₦200 million. This remarkable initiative has created over 60 millionaires, highlighting the bank’s commitment to enriching the lives of its customers and promoting savings culture, as UBA continues to reaffirm its dedication to launching more impactful initiatives, ensuring customer satisfaction and financial well-being remain at the forefront of its operations.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
