Economy

Dangote Cement Sponsors 115 Students in Ogun

Published

8 years ago

26/02/2018

By Modupe Gbadeyanka

In a major boost to its Corporate Social Responsibility profile, Dangote Cement Plc, Ibese Plant, has announced a multi-million Naira educational scholarship award for 115 students from its 15 host communities for the 2017/2018 academic session.

The cement maker said the scholarship has become an annual event meant to contribute to the educational development of the people and the area and position them in right place in the scheme of things in Ogun state and Nigeria in general.

Acting Plant Director of Dangote Cement at Ibese, Mr Louis Raj, while speaking during the presentation of cheques to the beneficiaries at Ibese Plant explained that the management decided to increase the number of beneficiaries to 115 from the previous 80 so that more children of the area could benefit.

He also said the decision was meant to encourage the young ones to go to school as a sure way of building them mentally and morally so that they be good to themselves and the society.

According to him, the scholarship award is just one of the many Social Services the company has committed itself to and continue to provide other social services as a way of giving back to the society within which it operates.

Mr Raj stated that the scholarship award and other CSR projects were being undertaken as a way of saying thanks to the people for maintenance and sustenance of peace in the area pointing out that it was the prevailing atmosphere of peace that make the company to operate smoothly.

He expressed the management gratitude to the royal fathers and other community leaders whose efforts have accounted for the peace and tranquillity, noting that the company would wish the spirit of peaceful coexistence continues.

The General Manager, Government and Community Relations, Mr Joseph Alabi while giving the breakdown of the scholarship said the award covered 115 students of Yewa origin studying various courses across several higher institutions of learning in the country.

Some of the schools where the beneficiaries are studying include Polytechnics, Universities, College of Educations, College of Technologies, and secondary schools scattered across Ogun state.

Mr Alabi also announced a list of candidates from the host communities who have been selected to attend Dangote Academy for training in various arts and vocations pointing out that the training will equip them with wherewithal to work and do their own business whenever they chose to.

“In Dangote Group, Corporate Social Responsibility (CSR) to our communities is our watchword and focus. Giving scholarships, construction of roads and drainages, provision of transformers and other projects to connect communities to national grid, among others are what will do every year. We award scholarships to communities in order to give the communities part of wealth being created.”

“I think everything is not about money but the main benefit is to provide them the opportunity to have better education and in the future, if they are good students, well-qualified, we will also offer them opportunities to work here at Ibese Cement Plant. This is part of CSR to ensure good relations, good partnership with our communities,” he added.

In his remark, the Olu of Imasayi, Oba Gbadebo Oni said the host communities are happy with Dangote Cement with its handling of community issues, saying Alhaji Aliko Dangote deserves all the cooperation his people could muster for citing the cement plant in their land and then taking care of the people and the communities.

He promised that his people would continue to give peace a chance always because to whom much is given, much is expected. The Monarch said the education scholarship is the best thing that has happened to the host communities because the issue of quality education cannot be quantified in monetary terms.

The scholarship according to him, has offered a big relief to parents who have to struggle so much to ensure their children school fees are paid, saying they will forever be grateful to the management of Dangote cement.

It would be recalled that the company had some years ago instituted scholarships for the indigenes of any of the host communities in any higher institution and secondary schools with the management saying it was poised to making life more meaningful to all members of the host communities with a promise to ensure that all projects meet the specific need of each community.

Also, the Dangote Cement Plc, Gboko factory in Benue State had also given out N20 million worth of scholarships to indigent students from the firm’s host community, Mbayion, as part of its CSR in the last one year.

The Group also emerged Nigeria’s best Corporate Social Responsibility (CSR) Company according to a survey by Governance Advancement Initiative for Nigeria (GAIN), an NGO.

Dangote was the adjudged overall winner among 25 Nigerian and multinational companies operating in the country in 2016, scoring 6.3 percent, followed by Nestle with 5.51 percent and Etisalat with 5.45 percent.

Economy

NRS Launches Unified Tax ID System

Published

27 minutes ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

3 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

FX Pressure Pushes Naira Lower to N1,373/$1 at Official Market

Published

3 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.

In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.

Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.

The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.

Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.

Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.

The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.

Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.

Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.

On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.