Tag Archives: dangote

Ex girlfriend of Dangote, Autumn Spikes sent packing from Miami apartment.

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As there was no response from Ms Spikes, the landlord on October 10, filed a motion for default judgment, a request for the court to deliver its verdict based on the plaintiff’s claims alone.

Despite being a girlfriend of Aliko Dangote, Africa’s richest man, Autumn Spikes got evicted from her North Miami apartment in Florida, U.S., after piling up unpaid rent for six months in 2020, NoRM has found out.

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Ms Spikes and Mr Dangote dated secretly for nearly 10 years until recently when the business mogul broke up with her and subsequently sued her in a court in Florida for allegedly trying to extort $5million from him.

File Photo: Ms Autumn Spikes | Noble Reporters Media | Adigun Michael Olamide | NoRM News

Africa’s richest man, Alike Dangote
But while the affair was going on fine most of last year, Ms Spikes was grappling with accumulated rent arrears of $13,230 for the months of March to August 2020, court documents obtained by NoRM’s known Media have shown.

The landlord of the property, The Shoreline at SoleMia, 2301 Laguna Circle, North Miami, Florida, issued Ms Spikes with a 30-day ‘Pay or Vacate’ notice on August 5.

Ms Spikes neither paid the debt nor vacated her apartment number 1708.

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After the expiration of the 30-day notice, the landlord, on September 19, 2020, filed an eviction suit against her at a Miami Dade County court, in Florida, the same court where Mr Dangote would later sue her in January.

NoRM’s known Media on Thursday obtained the complaint, notice of debt, the lease and other documents filed as exhibits by Ms Spikes’ landlord in the suit that is now closed.

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The landlord’s complaint in the eviction suit reads in part, “Plaintiff owns or is the lessor of the real property, the premises:

“The Shoreline at SoleMia, 2301 Laguna Circle Apt 1708, North Miami, FL 33181.

“Tenant retains possession of the premises under a written lease requiring rent of $2,215.00 per month to be paid the first of each month.

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“A copy of relevant portions of the lease is attached hereto and incorporated herein as plaintiff’s Exhibit A.

“Tenant failed to pay rent for March, April, May, June, July and August.

File Photo: Aliko Dangote | Noble Reporters Media | Adigun Michael Olamide | NoRM News

“Tenant owes plaintiff rent the months stated in paragraph 6 herein in the total sum of $13,230.00

“Plaintiff served tenant notice to pay or vacate the premises on August 5, 2020 as shown by copy or copies of the notice(s) attached here to and incorporated herein as plaintiff’s Exhibit (s) B, but tenant refuses to do either.

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“In accordance with Fla. Stat. (Florida Statutes) Section 83.60(2), if tenant fails to deposit the sum of $13,230.00 in the court registry, plus rent which accrued during the pendency of this action, then plaintiff is entitled to a default judgment for removal of tenant and to recover a judgment for rent due and owing costs in accordance with Fla. Stat. Sections 83.59 and 83.625.

“Failure of tenant to pay rent as due caused plaintiff to retain undersigned counsel and incur reasonable attorney’s fees and costs, which tenant should pay pursuant to Flat. Stat. Sec 83.48 and the lease.

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“Wherefore, plaintiff demands judgment for possession of the premises, rent, due, court costs and attorney’s fees against the defendant and other available remedies in accordance with Fla. Stat. Section 83.625 and for such other relief this court deems just and proper.”

Ms Spikes serially unreachable
Ms Spikes’ consistent absence from the apartment could be gleaned from the affidavits of failed service deposed to by court officers throughout the period the suit lasted.

The period of her accumulated rent and the court action coincided with the grim period of COVID-19 and attendant restrictions last year.

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All attempts to have Ms Spikes personally served with the documents issued at every stage of the suit failed.

For instance, the court’s process server made two failed attempts to serve Ms Spikes with the ‘Residential Eviction Summons’ and the landlord’s complaint on Ms Spikes on September 23and 24.

In an affidavit of ‘Return of Service’, a process server said after the two attempted service, she had to “post by attaching the true copy” of the documents “to a conspicuous place of the property” close to Ms Spikes’ residence.

As there was no response from Ms Spikes, the landlord on October 10, filed a motion for default judgment, a request for the court to deliver its verdict based on the plaintiff’s claims alone.

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On October 21, the court delivered a default judgment in favour of the plaintiff.

The court, on October 24, issued a ‘Writ of Possession’ commanding the Sheriffs of the court “to remove all persons” from the apartment and restore possession of the apartment to the plaintiff “after 24 hours notice conspicuously pasted on the premises.”

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But the Sheriffs said an attempt to serve Ms Spikes with the writ of possession failed.

File Photo: Autumn Spikes | Noble Reporters Media | Adigun Michael Olamide | NoRM News

Ms Spikes packs out
However, on October 30, 2020, the landlord’s lawyer wrote the Sheriff Department applying for the cancellation of the writ of possession on the grounds that “tenant vacated.”

Ms Spikes did not file any response in the suit when the suit was declared closed by the court.

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Between Spikes and Dangote
Mr Dangote is currently embroiled in a legal battle with Ms Spikes following a dispute over the monetary terms of a Non-Disclosure Agreement (NDA) demanded by Africa’s wealthiest man after breaking up with her former girlfriend.

Mr Dangote filed the libel suit on January 20 about 19 days after Ms Spikes posted a video clip through a January 1 Instagram post showing her seated beside the Nigerian businessman with part of his buttocks revealed to viewers.

He alleged in his suit that Ms Spikes threatened to launch “an onslaught” of exposing his “family and private” and social media and media talk shows if he failed to pay her $5million.

Ms Spikes, in an Instagram post, denied issuing such threats even as she said she had rejected $15,000 and $2,500 “insultingly” offered her by Mr Dangote in exchange for an NDA over their affair.

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NoRM learnt that Mr Dangote, through his U.S based lawyers, recently applied to the Miami-Dade County court where he filed his libel suit, to issue a gag order against Ms Spikes.

The court has tentatively fixed February 9 for the hearing of Mr Dangote’s preliminary petition.

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#Newsworthy

WTO DG: Successful entrepreneur, Aliko Dangote endorses Okonjo-Iweala

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President of Dangote Group, Aliko Dangote, has endorsed the former Minister of Finance and Economy, Dr. Ngozi Okonjo-Iweala, for the World Trade Organisation (WTO) Director General position.

The endorsement comes ahead of the second phase of the selection process on September 7, 2020.

Dangote wrote in a tweet yesterday: “A vote for her by all is a step in the right direction. I fully endorse the candidature of Okonjo Iweala-Iweala to lead the WTO.

“In these challenging times, WTO needs the renowned skills and tested experience of Dr. Ngozi Okonjo-Iweala to lead the organisation through identified obstacles and strengthen its position as the prime facilitator of international trade. ”

The candidate said: “I think I have the wind behind my back. I have had constructive conversations all around. Now there is an appetite and recognition for reform beyond where the WTO is now. I am passionate about how trade lifts millions from poverty.”

The former Nigerian minister is one of eight candidates (and one of three women) in the fray for the post of the WTO Director General.


#Newsworthy…

N3M theft: Former Dangote staff ‘discharged & acquitted’

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A Court of Appeal sitting in Lagos has discharged and acquitted a former staff of Dangote Oil Refinery, Matina Amosu who was convicted for stealing the sum N3 million by a Lagos High Court.

The three-man panel led by Justice Gabriel Kolawole in a unanimous decision set aside the judgment delivered Justice Mojisola Dada on May 3, 2019.

The lower court had found Amosu guilty of two out of 23 counts charge brought against him by the Economic and Financial Crimes Commission (EFCC) and was sentenced to seven years imprisonments.

She was alleged of stealing various sum of monies, belonging to Dangote Oil Refineries Limited but was discharged on counts 1, 3 to 23 but convicted on count 2 and sentenced to a term of seven years imprisonment.

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Justice Dada had convicted the appellant on offence of stealing contrary to section 285(8) Criminal Law of Lagos State, 2011.

Dissatisfied, Amosu filed appeal against the judgment but the counsel to the commission failed to file any respondent’s brief before the Appeal Court despite several adjournments.

The Court of Appeal eventually considered the appellant’s brief alone despite the appearance of the EFCC’s counsel at the hearing of the appeal, discharged and acquitted her.

Justice Lawal Garba, Hello Aliyu concurred with the lead judgment.


#Newsworthy…

Dangote acquire Savannah Sugar | Details

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Shareholders of Dangote Sugar Refinery Plc (DSR) have given the nod for the formal takeover of Savannah Sugar Company Ltd (SSCL).

Shareholders of DSR during their Extraordinary General Meeting (EGM) which was preceded by the 2019 Annual General Meeting, voted in favour of merger of the two company as the sub-sahara Africa’s largest sugar refining firm embarked on the next stage of its backward integration plan to revolutionized the sugar sub-sector of the nation’s economy.

Chairman of the company, Alhaji Aliko Dangote said the DSR, a top tier player in the industry with install capacity to produce 1.44 million metric tonnes per annum will be leveraging on the Savannah Sugar’s sugarcane production capacity to enhance its production capacity.

According to him, Savannah Sugar has 32,000 hectares of land available for cultivation of sugar cane as well as milling capacity of 50,000 tonnes of sugar per annum and that upon the merger, further investments would be made to increase SSCL land under cultivation.

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Dangote explained that the DSR board considered the merger as fair and reasonable and believed that it would provide strategic opportunities and benefits for the company, employees and other stakeholders as the new company would be operating from the position of increased access to capital and then higher profitability.

He listed some of the benefits of the merger as being to consolidate the assets, intellectual property rights, operations, and business dealings of the SSCL into the DSR; eliminate cost inefficiencies arising from duplication of resources and processes and improve the efficiency through more focused management of resources and position it as the biggest integrated sugar producer in Nigeria.

Earlier, during AGM of the company, a shareholder rights’ activist, Nona Awoh urged the Government to protect the manufacturing sector through incentives and promotional policies.


#Newsworthy…

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PMB cheers Nigeria on becoming ‘Wild Polio Virus Free’ – Hail Partners

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President Muhammadu Buhari has congratulated Nigerians and the country on becoming Wild Polio Virus Free.

He also appreciated all partners, local and international, for their relentless efforts in ensuring the clean polio health bill given Nigeria.

He said the achievement reflects the resilient spirit of Nigerians, particularly the capacity of hardworking men and women in the health industry, who drew resources and support from multiple sectors to deal a final blow to the deadly virus.

“This achievement is not only one of the great successes of this generation of Nigerians but also one of the obvious dividends of this administration, which is consistent with our progressive investment in the health of our people since 2015,” Buhari said in a statement signed by Garba Shehu, his Spokesman, and made available to NRM on Sunday.

“This landmark achievement is also a promise kept to all Nigerians. As you will recall that in August 2015, barely three months after we assumed office, I promised Nigerians that: ‘My government shall provide the necessary resources and commitment required to strengthen the health system, routine immunization and ensure the country is certified Polio free.’’

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The President noted that in 2016 the country suffered a major setback in the polio eradication effort with the outbreak of the Wild Polio Virus in Borno State, after about two years without any case, and he promptly directed the immediate release of N9.8billion to the National Primary Health Care Development Agency (NPHCDA) to contain the outbreak.

“Subsequently, we have been meeting all our financial obligations to bilateral and multilateral agreements, and also provided the moral support and leadership required at all levels to motivate the men and women in the frontline of polio eradication. In addition, we sincerely appreciate our donors and development partners who stood by the country during those trying times.

“This big battle would not have been won without the support of our donors and development partners including Bill and Melinda Gates Foundation, Aliko Dangote Foundation, Rotary International, United States Centre for Disease Control and Prevention, USAID, Sir Emeka Offor Foundation, Japan International Cooperation Agency (JICA), European Union, Global Health Canada, German Development Bank (KfW), WHO, UNICEF, Nigeria Governor’s Forum, Polio Survivors Group, the media, faith-based and other non-governmental organizations.’’

“This achievement of polio-free status is a hard-won battle spanning over three decades of hard work and dedication by the Global Polio Eradication Initiative (GPEI), the Federal, States and Local Governments, polio eradication team at all levels, our donors and development partners, both local and international.

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“As we recall, the polio eradication structures were used when Nigeria successfully eradicated Ebola Virus Disease within the shortest possible time in 2014. I am glad that these same human, material and technological resources have been deployed to steadily increase Routine Immunization coverage and are being organized to implement the fight against community transmission of the COVID-19 pandemic.

President Buhari acknowledges the immense contribution of traditional and religious leaders who mobilized communities to accept immunization and other government programmes.

“The final theatre of the polio eradication fight was particularly championed by the Northern Traditional Leaders Committee on Polio Eradication and Primary Health Care (NTLC) under the guidance of His Highness, Sultan of Sokoto, Muhammad Saad Abubakar, and strategic leadership of late Shehu of Bama, Alh. Kyari Ibn Umar El-Kanemi.

“We thank you all for the leadership and partnership over the years,” the President said.


#Newsworthy…

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Ibidunni Ighodalo’s Death: Dangote visit Ituah

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Africa’s richest man, Alhaji Aliko Dangote earlier today drove himself to the house of Pastor Ituah Ighodalo to pay condolence over the death of his wife – Ibidun.

The video shows him making his way to his gray G-Wagon car, with no aide in sight.

Man people’s jaw dropped as the rich man decided to visit the pastor alone.

Chairman of Ovation media group, Dele Momodu, shared the videos of the billionaire paying a condolence visit to Pastor Ituah Ighodalo over the death of his wife, Ibidunni, who died on Sunday, June 14th.

video link

#Newsworthy…

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Jeff Bezos gains $24B as Aliko Dangote slides from $25B to $7B amid COVID-19 pandemic.


Founder and chairman of Dangote Group, Aliko Dangote is watching his wealth decline steadily, on a daily basis, as Coronavirus pandemic holds the world on lockdown.


Dangote first became richest African in 2011, with a net worth of $13.8 billion, a major increase from $2.1 billion the previous year.

In March 2013, his worth had risen to $16.1 billion, and by June 2013 Dangote went down in history as the first African entrepreneur to hit a personal net worth of $20 billion.

In February 2014, Aliko Dangote’s worth hit the highest ever at $25 billion. Then the decline started.

In February 2015, his net worth dropped to about $22 billion. In January 2016, Forbes reported that Dangote’s worth had dropped by $3 billion dollars between December 31, 2014 and December 31, 2015, placing his worth at $17 billion. Two months later, it dropped further to $14.4 billion.

By end of December 2016, Forbes reported that based on the stock prices and exchange rates at the time, Dangote was only worth $12.4 billion, making him one of the biggest billionaire losers for the year.

In January 2018, Dangote’s net worth was $12.2 billion, about $100 million dollars up from the previous year. At this time, he had started moving away from cement gradually and had made investments into fertiliser production as well as the oil refinery which is soon to start operations.

In March 2019, Dangote was worth $10.8 billion, after pocketing $650 million dividends from Dangote Cement Plc. In February 2020, Forbes estimate and ranking showed that Dangote’s net worth had dropped by another $200 million from $10.3bn in the previous year to $10.1bn.

On 11th of April 2020, Forbes again announced that the billionaire’s worth had dropped to $7.4 billion, even though he was worth $8.3B only four days earlier. (Dangote currently worth $8 billion, as at April 16, 2020). He is currently number 162 on Forbes list of billionaires around the world, and number 1 in Africa.

Meanwhile, the world’s richest person is getting richer, even amid the novel coronavirus pandemic, and perhaps because of it.

With consumers stuck at home, they’re relying on Jeff Bezos’s Amazon.com Inc. more than ever before. The retailer’s stock climbed 5.3% to a record Tuesday, lifting the founder’s net worth to $138.5 billion.

The pandemic has brought the global economy to a near standstill and pushed almost 17 million Americans onto the unemployment rolls in the span of three weeks. JPMorgan Chase & Co. and Wells Fargo & Co. signaled Tuesday that loan losses fueled by the unprecedented job cuts — many of them in the retail sector that Amazon so efficiently disrupted — could rival those incurred after the 2008 financial crisis.

Yet Bezos and many of his wealthy peers have seen their fortunes recover in recent weeks, helped by the boost given to markets by unprecedented stimulus efforts by governments and central bankers.

While the combined net worth of the world’s 500 richest people has dropped $553 billion this year, it has surged 20% from its low on March 23, according to the Bloomberg Billionaires Index.

There have been massive losers among the moneyed set. Many in the oil and gas industry have been hammered by the collapse in crude prices including wildcatter Harold Hamm, whose fortune is down 64% to $3.7 billion.

But there also have been remarkable gains. Leading this group is Bezos, who has added almost $24 billion to his fortune in 2020, as well as MacKenzie Bezos, who was left with a 4% stake in Amazon as part of the couple’s recent divorce settlement. Her net worth has climbed $8.2 billion to $45.3 billion, and she’s now No. 18 on the Bloomberg wealth ranking, ahead of Mukesh Ambani, India’s richest person, and Mexico’sCarlos Slim.


#Newsworthy…

COVID-19: Access bank, Dangote to provide 1000-Bed facilities.


Access Bank Plc is teaming up with Aliko Dangote to provide treatment and isolation centers across Africa’s most populous nation as it braces for the impact of the coronavirus pandemic.

The facilities, which will be located across the country of more than 200 million people with a total of 1,000 beds, will be ready within weeks, Access Bank said Thursday in an emailed statement.


They will have Chinese experts and serve as testing, isolation, treatment and training centers, the lender added.

Nigeria has so far recorded 51 cases of the Covid-19 virus, including one fatality. There are fears the spread could become exponential if community infections aren’t curtailed.


#Newsworthy…

Ganduje, Kyari, Dangote & Masari Grace IGP, Adamu Son’s Wedding. {Photos}


Abdullahi Ganduje, governor of Kano state, was among the dignitaries that graced the wedding fatiha of Hassan, son of Muhammad Adamu, inspector general of police.

The IGP’s son tied the knot with Summayya Goje, his bride, on Saturday, in Abuja.


Other dignitaries in attendance at the wedding ceremony are Abba Kyari, chief of staff to President Muhammadu Buhari; Aliko Dangote, Africa’s richest man; and Aminu Masari, governor of Katsina state.


#Newsworthy…

Border closure: Keep it closed – Dangote


Nigerian businessman, Aliko Dangote, has thrown his weight behind the border closure policy of President Muhammadu Buhari.

In a statement made available to our correspondent in Lagos on Thursday, Dangote debunked insinuations that the policy was responsible for the drop in Dangote Cement’s profitability for the year 2019.

He said the border closure policy was the best for the country’s economy at this point in time.

The president of the group said Dangote Cement was building its terminals across Africa and the border closure could not in any way impact negatively on the company’s performance.

The statement issued by the group also said that the stock of Dangote Cement had remained dominant on the floor of the Nigerian Stock Exchange.

It said this was buoyed by the news of a robust dividend as announced by the management of the company.

The management of the company had approved that N16 per share be paid to the shareholders despite the drop in profitability.

The statement said, “The company’s investment across Africa is also bearing the desired results as pan-African sales volume grew in the year 2019, hitting 9.6Mt from 9.4Mt.

“Dangote Cement Plant, Mtwara, Tanzania, recorded an increase of 94 per cent increase in volume within the review period. Dangote Cement Plant, Pout, Senegal put up a remarkable performance with sales up more than 100 per cent of rated capacity.”

The board had proposed a final dividend of N16 per share subject to ratification by the shareholders at the forthcoming Annual General Meeting.

Speaking on the result, the Group Chief Executive Officer, Dangote Cement, Joe Makoju, said, “Dangote Cement maintained strong financial performance despite a low growth environment, pricing pressure and increasing competition in key markets.

“The Nigerian operations maintained volume and revenue performance in a challenging environment. Export sales were affected by the border closure in the second half of 2019.”


He added, “Looking ahead, I expect an increase in volumes in 2020 as we commence clinker exports via shipping from Nigeria.

“Pan-Africa volumes were slightly up, notably supported by Tanzania and Senegal. I am glad to report that Tanzania contributed positively at EBITDA level.

“In 2020, I believe Dangote Cement will see an increase in profitability in pan-Africa driven by higher volumes and further efficiency improvements.”

Makoju added that as he retired from Dangote Cement, he was proud to have watched it grow from a local producer back in 2007 to a major force in global cement production.


#Newsworthy…

Buyback plans: Shareholders laud Dangote cement


Desire of the management of Dangote Cement to ‘buy back’ 10 per cent of its entire issued shares from shareholders was unanimously granted on Wednesday as the company’s shareholders’ voted in support of the ‘share buy back’ plans.

Dangote Cement, which currently has 17.04 billion fully paid up ordinary shares of 50 kobo each, would be buying back 1.70 billion shares.

All the shareholders who spoke at the event lauded Aliko Dangote led management for coming up with another scheme that will both enhance the share value of the company and also ensure more returns on their investment.


The National Coordinator of the Independent Shareholders Association, Sir. Sunny Nwosu said Nigerian shareholders will forever appreciate the “share buyback” plan of the company especially at this time of the year.

According to him: “I think Alhaji Aliko Dangote is learning from Microsoft, where Bill Gates also buy back shares of Microsoft. I want to sincerely congratulate Aliko on this noble idea. In 2008, Independent shareholders Association sponsored a seminar on share buy- back because of its value and importance. As shareholders, we have been clamoring for share back for so many years, and today Aliko Dangote has given us hope, this is very good as against the practice of share deconstruction that is being practiced by some Nigerian companies which never gave back anything positive to the shareholders.


‘The ‘share buy back’ was practiced in Ghana with just few companies listed on its Exchange, we are indeed very happy with this and we are also quite sure that with this that you have done today, you have proved yourself to be the best chairman of all the corporate companies in Nigeria.

We will not disappoint you…We are very delighted because we know that, this arrangement will lead to share price increase and more dividend for the shareholders”


In the same vein, President of Authentic Nigerian Shareholders Association, Alhaji Mohammed Audu described Dangote as a God-sent and expressed hope that the money realized from the “share buy back” by the shareholders will be used for investment purposes. He said: “Aliko Dangote does not need this money. He is taking this decision because of the shareholders.

The share buy-back will ensure that the value of our share will go up and we are also sure of getting better dividend. So, as you can see, all the shareholders here today voted unanimously in support of the motion. We voted for it and also thank Aliko Dangote for making us richer.”

The shares will be repurchased out of the profits of the company and such number of shares bought under the programme is required to be cancelled in accordance with the Securities and Exchange Commission rules and the Nigerian Stock Exchange Rulebook 2015, which will consequently lead to a reduction in issued share capital.

It said the share buy-back was going to be on terms and conditions determined by the board of directors.

The buy-back programme will be completed within 12 months from yesterday


#Newsworthy…

Dangote speaks on interest to ‘takeover’ Arsenal FC come 2021


Africa’s richest man Aliko Dangote has once again renewed his interest in buying Arsenal Football Club, for which he has set a target must-buy date in 2021.

In an interview with Bloomberg, broadcast on the most recent edition The David Rubinstein Show, Dangote – who has an estimated net worth of $14.1bn – reiterates his intentions for the Premier League outfit.

“It is a team that yes I would like to buy some day, but what I keep saying is we have $20billion worth of projects and that’s what I really want to concentrate on.


“I’m trying to finish building the company and then after we finish, maybe some time in 2021 we can.

“I’m not buying Arsenal right now, I’m buying Arsenal when I finish all these projects, because I’m trying to take the company to the next level.”


Arsenal are currently owned by Stan Kroenke, through his Kroenke Sports & Entertainment group, with the American having come in for widespread criticism in recent years.

During the last five years, the 62 year-old Dangote has made separate claims, on no less than five occasions, about his interest in leading an Emirates takeover.


Dangote, who is the 96th wealthiest man in the world, according to Bloomberg’s Billionaire’s Index, started his first business at the age of 21 and also founded Africa’s largest cement provider, stated in 2018 his desire to make a move for the North London club in 2020.

“We will go after Arsenal from 2020… even if somebody buys, we will still go after it,” he told Reuters in 2018.

Now he has altered his plans, amid a delay with his Dangote Refinery project.

The Dangote Refinery remains under construction in the remote Ibeju-Lekki suburb of Lagos and is expected to be one of the world’s largest oil refineries once complete.


#Newsworthy…

#NobleSport

Trade minister assure investors business-friendly environment


The Minister of Industry, Trade and Investment, Adeniyi Adebayo on Thursday promised a friendly business environment for investors in the country.

Adebayo gave the assurance during a meeting with the Chairman of Dangote Group, Aliko Dangote in Abuja.


According to him, the move will help the investors contribute their quota to job creation and lifting over 100 million Nigerians out of poverty.

The Chairman of the Dangote group in response highlighted recent investments by his company to grow the nation’s industrial sector.

See photos from the meeting below…


#Newsworthy…

Africa’s Richest, Dangote to take office space in Big Apple New York


Aliko Dangote, Africa’s richest man, plans to take office space in Big Apple New York to help diversify his investments and avoid the risk of currency fluctuations on his home continent.

According to a Bloomberg report, Dangote will use the base and an existing one in London to become more global after the completion of a $12 billion, 650,000 barrel-a-day refinery currently under construction in Nigeria.

“In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth,” Dangote told Bloomberg TV’s David Rubenstein Show.

The 62-year-old Nigerian businessman became $4.3 billion richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar. With a net worth of about $15 billion, he is ranked the 95th wealthiest man in the world, according to the Bloomberg Billionaires Index.

His conglomerate, Dangote Industries, includes the Lagos-listed Dangote Cement Plc and four other publicly traded companies under the Dangote umbrella that account for more than a fifth of the value of the Nigerian stock exchange.–Bloomberg


#Newsworthy..

Joseph Makoju retires as Dangote cement’s GMD after 45 years of activeness.

…puchercos takes over.


The Group Managing Director/CEO of Dangote Cement Plc, Engr. Joseph Makoju will retire as GMD/CEO effective January 31, 2020, a position he has held since 2018; according to a report from the Nigerian Stock Exchange.

Engr. Makoju, popularly called Mr. Cement, is bowing out after 45 years of transformational leadership in the cement industry. The Board has however approved the appointment of Mr. Michel Puchercos as his replacement as the Group CEO, effective 1st February 2020.


Mr. Puchercos, who until his latest appointment, was the Group Managing Director and Country CEO of Lafarge AFRICA (March 2016 – Jan 2020), a company listed on Premium Stock Exchange (Lagos).

He has more than twenty years’ experience in the cement industry. He had worked extensively at Lafarge, including as the President & Chief Executive Officer of Lafarge Halla Cement, Director of Strategy and Systems at Lafarge Gypsum through Chief Executive Officer of Bamburi Cement, Kenya, Hima Cement, Uganda and Chairman, Mbeya Cement, Tanzania.


#Newsworthy…

Dangote assure job, employment opportunities

…as governors visit his refinery

Africa’s richest man and President, Dangote Group, Alhaji Aliko Dangote, on Friday promised more jobs for Nigerians as he hosted 10 governors under the auspices of the Nigeria Governors’ Forum at the Dangote Industrial Complex in Ibeju-Lekki, Lagos.

The Chairman of the NGF and Governor of Ekiti State, Dr Kayode Fayemi, led other governors on the facility tour of Dangote Refinery, Dangote Fertiliser, port and jetty around the Lekki Free Trade Zone.

Other governors that were present were Mr Babajide Sanwo-Olu of Lagos State; Nasir el-Rufai of Kaduna State; Dapo Abiodun of Ogun State; Simon Lalong of Plateau State; and Bala Mohammed of Bauchi State.

Others were Okezie Ikpeazu of Abia State; Godwin Obaseki of Edo State; Atiku Bagudu of Kebbi State; and Abdulfatai Abdulrazaq of Kwara State.

Fayemi, who spoke on behalf of his colleagues, described the visit as inspiring, while encouraging public officials, especially those associated with the industry, to endeavour to also visit the industrial complex so they could offer support in ways they could.

Fayemi said, “We have been inspired by your vision, hard work and sense of possibility. You have made us to appreciate that Nigeria can go places if only we are visionary and determined.

“We want to use the opportunity to thank you for all the support you have rendered to the Nigerian Governors’ Forum alongside your friend, Bill Gates, particularly our recent trip to Washington to which you contributed a great deal and which your foundation continues to work on human capital development, primary health care development.”

On behalf of the governors, Fayemi, who described the project a pride to Africa, presented a letter to Dangote and his foundation, urging him not to relent in giving hope to Nigerians.

When asked if the governors had come to invest in Dangote’s refinery or to offer support to him, Fayemi said government did not have to invest but to provide an enabling environment for businesses to succeed and thrive.

“The value government will add to projects like this is to have the right policy and the right incentive,” he said.

In his remarks, Dangote thanked the governors for the visit, saying, “We will continue to make you proud, invest in Nigeria, create jobs and invest where we belong. We promise we will spend more money going forward. You can see the challenges we are facing here but as soon as we finish, we intend to assist a lot of Nigerians by pumping money into health, education and capital development.”

Sanwo-Olu expressed delight with the project, saying, “Part of the things we will be doing here is new infrastructure. There will be road connections straight to Epe, Ijebu Ode and one back to Lagos.

“We realise that once this project is completed, they will need to transport their products.”

#Newsworthy…

Lagos: Sanwo olu, 10 other Nigerian governors visit dangote refinery. (What’s the plan?)

Eleven state governors today paid a visit to the Dangote Refinery and Petrochemicals in Lekki, Lagos to have on the spot assessment of the massive project.

The governors included Ahmadu Umaru Fintiri (Adamawa), Okezie Ikpeazu (Abia), Mallam Nasir El-Rufai (Kaduna), AbdulRahman AbdulRasaq (Kwara), Prince Dapo Abiodun (Ogun), Godwin Obaseki (Edo), Dr. Kayode Fayemi (Ekiti), Babajide Sanwo-Olu (Lagos), Babagana Zulum (Borno), Simon Lalong (Plateau) and Bala Muhammed (Bauchi), while the governor of Cross Rivers State, Benedict Ayade was represented by his deputy, Ivara Esu.

The state governors who were led on the visit by the Chairman, Nigerian Governors Forum (NGF), Dr. Fayemi, described the Dangote Refinery and Petrochemicals as a pride to Nigeria and Africa that would contribute immensely to the continent’s economy and help attain food security when fully operational.

“This is an inspirational initiative by the President of the Dangote Group, Mr Aliko Dangote. It demonstrates the possibility where government provides the enabling environment the way the Lagos State government has done for individuals that are serious-minded and has what it takes to excel. This an individual that has put together a $12 billion project that we have toured almost through out the day and had to cut it short to be able to attend to other businesses.

“This is a pride to Africa and not just to Nigeria. I don’t know anywhere in Africa you will find a complex such as this. I don’t think that there are many places in the world where you will find a complex as comprehensive and extensive as the one we have been privileged to tour.

“We are all looking forward to the products that will come out from this place. The plastics, the oil from the refinery and the fertilizers for our agriculture,” he said.

See more photos below

Photos: 11 Nigerian governors visit Dangote

Photos: 11 Nigerian governors visit Dangote

Photos: 11 Nigerian governors visit Dangote

Photos: 11 Nigerian governors visit Dangote

Photos: 11 Nigerian governors visit Dangote

Photos: 11 Nigerian governors visit Dangote

#Newsworthy…

NSE All-Share Index Drops, Falls To 0.13%

..all drops of financial institutes.

The All-Share Index of the Nigerian Stock Exchange (NSE) on Friday bowed to profit taking after two-day upward trend.

NobleReporters culled that the index lost 33.59 per cent to close at 26,536.21 compared with 26,569.80 achieved on Thursday.

Also, the market capitalisation which opened at N12.823 trillion shed N18 billion to close at N12.807 trillion.

MTN dominated the laggards’ table with a loss of N2. 70 to close at N115.30 per share.

GlaxoSmithKline trailed with a loss of 55k to close at N5.25, while United Bank for Africa dipped 25k to close at N6.60 per share.

Oando was down by 18k to close at N3.62, while Caverton declined by 10k to close at N2.45 per share.

On the other hand, Presco led the gainers’ table, appreciating N2.05 to close at N43.50 per share.

Dangote Sugar followed with a gain of 55k to close at N16.55, while Lafarge Africa garnered 45k to close at N13.95 per share.

Ecobank Transnational added 35k to close at N6.90, while PZ Cussons increased by 25k to close at N5.25 per share.

The banking stocks led the activity chart with United of Africa emerging the most traded with 42.59 million shares worth N285.18 million.

Zenith Bank followed with an account of 13.74 million shares valued at N256.94 million, while Union Dicon traded 11.84 million shares worth N2.60 million.

FBN Holdings sold 8.52 million shares valued at N55.36 million, while Access Bank accounted for 8.48 million shares worth N79.57 million.

In all, investors traded 155.35 million shares valued at N1.43 billion in 2,773 deals, indicating a decrease of 51.41 per cent.

This was against a turnover of 319.69 million shares worth N3.07 billion exchanged in 2,502 deals on Thursday.

#Newsworthy…