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US Journal Announces Dangote as World’s 11th Greatest Leader

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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.”

Dangote as Africa’s richest, with a networth of $16.4 billion according to Bloomberg, and four publicly traded companies under the umbrella of his Dangote Industries now account for about a third of the value of the Nigerian stock exchange.

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).

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Nigeria Joins League of Nations with Professional Association for CSR and Sustainability

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The Association of Sustainability Professionals of Nigeria (ASPN) will host an industry conversation to discuss the urgent need for attaining an inclusive economy in Nigeria and the roles that Sustainability and Corporate Social Responsibility (CSR) professionals can play in this regard on Thursday, November 26, 2020.

The dialogue, which doubles as the formal launch of the professional group, will explore the need for synergy among sustainability experts, subject-matter specialists, and advocates to support the efforts of government and drive private sector leadership for social inclusion as well as the United Nations’ Sustainable Development Goals (UN-SDGs) in line with the beginning of the Decade of Action. After many years of mainstreaming CSR and Sustainability through various initiatives, milestones, and adoption of all major international conventions on Business Sustainability, Climate Change, Environmental Standards, and other development agendas; Nigeria formally joins the league of nations with professional associations specially set up for the practice of CSR and Sustainability.

ASPN is a non-profit organisation founded in August 2019 to redefine and improve the practice and profession of Sustainability and CSR in Nigeria. Through various strategic partnerships, policy formulation & advocacy activities, ASPN seeks to set standards for professional ethics, best practices and long-term systems thinking amongst individuals and businesses to foster the sustainable development of Nigeria.

To formally unveil the ASPN, the event will feature discussions on the theme: Professionalising Sustainability for an Inclusive Development and has been slated to hold on Thursday, November 26, 2020. Professor Wayne Visser, Founder, CSR International will participate as the Guest Speaker whilst other speakers will include: Professor Chris Ogbeche, Deputy Dean, Lagos Business School; Solape Hammond, Special Adviser to the Lagos State Governor on SDGs; and Dr. Aisha Mamood, Sustainability Director, Central Bank of Nigeria. Also, in attendance at the event will be government and regulatory agencies, sustainability experts, corporate organisations, and industry experts, non-governmental organisations and the public.

Nigeria, like most present-day societies, has adopted various measures to minimize pollution and promote environmental, social, and economic sustainability as a fundamental component of socio-economic development. For example, the last decades of the century witnessed increased concerns – with the private sector at the forefront, about climate change. Therefore, the need to develop, implement and drive cohesive policy, that would go a long way in meeting the needs of the present without compromising the ability of the future to meet its needs is paramount. Consequently, a need to have a body that drives cohesive policies seeking sustainable development and growth in the country in a more coordinated manner is essential.

According to the ASPN President, Prof. Kenneth Amaeshi, “We are excited about the formal launch of the ASPN because we have existed for so many years as a community of passionate and committed advocates. We look forward to strengthening our alliances and contributing significantly to Nigeria’s active role in the Decade of Action”. The ASPN is led by passionate and renowned professionals with many years of experience committed to practicing advocating teaching and mentoring on sustainability-related issues within Nigeria and internationally. These professionals are Ini Abimbola, Founder, ThistlePraxis Consulting. Ismail Omamegbe, Head, Media & External Relations; Corporate Responsibility & Sustainability, FirstBank; Bekeme-Masade Olowola, Chief Executive, CSR-in-Action; Ken Egbas, CEO, TruContact CSR Nigeria; Eunice Sampson, Head, Sustainability, Dangote Cement Plc; Ibrahim Salau, Managing Director, Environmental Accord; Bolanle Victor-Laniyan, Head, Sustainability, Access Bank and Kenneth Amaeshi who serves as Chair in Business and Sustainable Development and Director of the Sustainable Business Initiative at the University of Edinburgh.

To join the conversation and participate in this event, please visit: https://bit.ly/ASPNUnveiling or follow ASPN on social media on @ASPNigeria on LinkedIn, Twitter, Facebook, and Instagram. For more information, please visit the ASPN Website: https://aspn.org.ng  or email, info@aspn.org.ng or call: 0706 752 3702.

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Nigeria Slides into Recession, the Worst Since 1987

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Nigeria has officially slid into its worst economic recession in over three decades, TheCable can report.

According to gross domestic product numbers released by the National Bureau of Statistics on Saturday, the nation recorded a contraction of 3.62 percent in the third quarter of 2020.

This is the second consecutive quarterly GDP decline since the recession of 2016. The cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent.

The last time Nigeria recorded such cummulative GDP was in 1987, when GDP declined by 10.8 percent.

According to World Bank and NBS figures monitored by TheCable, this is also the second recession under President Muhamadu Buhari’s democratic reign — and his fourth as head of state.
TheCable

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Unity Bank Posts N33.9bn Gross Earnings in Nine Months, Grows Assets Base by 44%

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Unity Bank Plc has declared gross earnings of N33.906 billion for the nine months’ period ended September 30, 2020 and also recorded a 44% asset growth during the period.

A review of the unaudited results released to the Nigerian Stock Exchange showed that the gross earnings of N33.906 billion represents an 8 per cent growth from N31.256 billion recorded in the same period in 2019.

The lender’s total assets rose significantly to N420.870 billion in the nine-month period ended September 30, 2020, from N293.052 billion in the corresponding period of 2019, representing a whopping 44% growth.

This is even as the Bank grew its bottom-line by 6% as Profit Before Tax, PBT moved up to close at N1.710 billion from N1.611 billion in 2019.

Profit After Tax, PAT equally grew by 6% to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019.

Specifically, in the Q3, the lender declared a N590 million Profit Before Tax, PBT, representing another 6% increase from the N559.381 million recorded in the corresponding quarter of 2019.

This performance comes on the heels of the unmitigated impact of the global pandemic on the economy, which lingered throughout the quarter with its attendant headwinds that slowed down economic activities.

The lender also substantially grew its customers’ deposit portfolio to N332.362 billion from N257.691 billion for the same period in 2019, creating a 29 per cent increase, affirming the confidence reposed by its wide spectrum of the banking public. The lender, it was gathered, rolled out massive customer-centric products to the public especially in the retail space which accelerated the banking patronage during the period.

Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun welcomed the steady growth of the balance sheet especially from both assets and liability side of the business and across key performance indices.

She said that this has had sustained impact on the bottom-line, even as the Bank continues to innovate in its e-business product bouquet to target and support value chain business with robust technology and thus diversify its earnings base’’.

Looking ahead, Mrs. Somefun stated that “One of the areas that will define our strategic direction going forward is investment in alternative channels leveraging further deployment of resources in technology. COVID-19 gave us a chance to test the integrity and scalability of our technology, the IT infrastructure, and the electronic banking channels, and provided us an opportunity to see where we needed to improve and strengthen, knowing that the future of sustainable banking business is in alternative channels”.

The results can also be attributable to the Bank’s growing brand profile and leadership in agribusiness, especially having provided loans and financing to over one million smallholder farmers especially those in primary production and other value chain businesses in the agricultural sector.

During the period under review, the Bank enhanced and deepened its collaboration and partnership with major commodity associations including the Rice Farmers Association of Nigeria (RIFAN), Maize Farmers Association of Nigeria and the National Cotton Association of Nigeria (NACOTAN) to finance over 400 smallholder farmers’ crop production with its overall strategic intent of fostering food security, employment generation and aggregate economic welfare of citizens across the value chains.

The Bank also worked with processors and members of Millers’ Association of Nigeria to provide working capital through the CBN’s various intervention funds, while providing credit facilities to large number of input suppliers and vendors through the Anchor Borrower’s Programme.

In recognition of the above, Mrs Somefun added that the Bank will continue to focus on agriculture, while deepening business in various new markets that have been developed alongside to pull more resources and enhance multiple streams of income.

In the view of analysts, the consistent upward trajectory in the performance of the Bank as shown in Q1, H1 and Q3, 2020 results continue to reinforce growing market confidence as well as demonstrates the commitment and drive of the management to enhance shareholder’s value.

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