Economy
Dangote Cement Sponsors 115 Students in Ogun
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.
By Aduragbemi Omiyale
The Global Banking and Finance Review has named Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings, as the Best Investment Bank in Nigeria for 2026.
The leading financial publication picked Stanbic IBTC Capital for the honour in recognition of its commitment to leadership and excellence in Nigeria’s investment banking sector.
The selection process involves an extensive evaluation of performance across critical metrics, including innovation, client service, financial health, and industry advancement.
Stanbic IBTC Capital’s accolade reflects its strong dedication to delivering capital markets and financial advisory solutions for clients in both the public and private sectors.
The firm has made significant strides in facilitating groundbreaking transactions, offering market-leading expertise in equity, debt, and structured finance, while nurturing the growth ambitions of businesses and institutions across Nigeria.
“We are truly pleased to be acknowledged for our relentless pursuit of excellence in the investment banking arena.
“This honour reflects our commitment to hard work and further establishes the deep trust our clients have in our expertise and service.
“It further motivates us to maintain our dedication to exceptional service, cultivate impactful partnerships, and continue delivering innovative financial solutions that meet our clients’ aspirations,” the chief executive of Stanbic IBTC Capital, Mr Oladele Sotubo, stated.
The Executive Director of Corporate and Transaction Banking at Stanbic IBTC Bank, Mr Eric Fajemisin, on his part, said, “Receiving this esteemed acknowledgement from the Global Banking and Finance Review Awards underscores our commitment to driving innovation and excellence within Nigeria’s investment banking landscape.
“This accolade highlights the significant role our skilled team plays in fostering economic growth and stability.
“We are dedicated to delivering exceptional value to our clients, which not only supports their financial success but also contributes to the broader development of the nation’s financial ecosystem.”
The Global Banking and Finance Review annually celebrates institutions that demonstrate quality, innovation, and contributions to the advancement of banking and financial services worldwide.
Now in its 16th edition, the awards honour organisations that uphold outstanding service standards, strategic execution, and industry leadership.
By Aduragbemi Omiyale
The Governor of Rivers State, Mr Siminalayi Fubara, has presented the 2026 Appropriation Bill to the Rivers State House of Assembly.
The 2026 budget estimate of N1.85 trillion, christened Budget of Resilience for Growth and Development, was presented to the state parliament on Friday.
Mr Fubara stated that the proposed spending for the 2026 fiscal year represents a 24.49 per cent increase over the adjusted 2025 budget, driven by anticipated growth in Federation Account Allocation Committee (FAAC) allocations, derivation revenue and internally generated revenue.
He informed the lawmakers that the state hopes to earn N487.61 billion from internally generated revenue, N936.05 billion from FAAC allocations, derivation funds, Value Added Tax (VAT) and exchange gains, and N382.48 billion from capital receipts, including loans, grants and asset sales.
According to him, N413.11 billion is for recurrent expenditure and N1.405 trillion for capital projects, underscoring his administration’s commitment to accelerating development across the state.
He added that personnel costs would gulp N154.77 billion, while N15.22 billion would fund new recruitments, stating that the budget also provides for pensions, gratuities, death benefits and debt servicing.
Governor Fubara further proposed a 50 per cent increase in overhead expenditure for Ministries, Departments and Agencies (MDAs) to strengthen their operational capacity immediately after the budget is signed into law.
He also stated that the largest allocation under the capital budget is the Works and Infrastructure sector with N533.32 billion, followed by Education with N315 billion and Healthcare with N105.43 billion.
In addition, N41.44 billion is for the Rivers State House of Assembly, N30 billion for the Judiciary, N19.26 billion for Agriculture, N15 billion for Power, N8.5 billion for Chieftaincy and Community Development, N7.98 billion for Sports, N7 billion for Youth Development, N6.5 billion for Women Affairs, and N6.61 billion for Environment and Sustainable Development.
The Governor noted that the budget was designed to sustain economic growth, expand critical infrastructure and improve the welfare of residents, pointing out that it builds on the achievements of his administration despite the challenges experienced by the state.
According to him, the budget prioritises the completion of ongoing road projects, new infrastructure investments, improved education and healthcare services, job creation and expanded economic opportunities for residents.
Describing the proposal as a people-centred budget, he assured Rivers people that every public fund would be judiciously utilised to deliver quality services, attract investment and stimulate inclusive development.
Mr Fubara acknowledged the delayed presentation of the budget and appealed to members of the House of Assembly to give the appropriation bill speedy consideration and passage to facilitate timely implementation.
In his remarks, the Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, acknowledged that the 2026 Appropriation Bill was presented later than expected but assured the Governor that the legislature would expedite its consideration in the interest of the people of Rivers State.
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has unveiled plans to make sustainability reporting mandatory for large public interest entities from 2027.
This comes as Nigeria moves to align its corporate disclosure framework with global environmental, social and governance (ESG) reporting standards.
The phased implementation will begin with voluntary adoption by early adopters and large public interest entities before becoming mandatory in 2027. The requirement will extend to other public interest entities in 2028 and small and medium-scale enterprises (SMEs) by 2030.
The Director-General of the SEC, Mr Emomotimi Agama, disclosed this at the 2026 Financial Institutions Training Centre (FITC) Sustainability and ESG Conference 3.0, themed ‘Building a Sustainable Africa: Integrating Environmental Stewardship, Social Investment, and Strong Governance for a Prosperous Future’ in Lagos.
Mr Agama said Nigeria’s sustainability disclosure regime is being aligned with the International Sustainability Standards Board (ISSB) framework, including IFRS S1 and IFRS S2, which have emerged as the global benchmark for sustainability reporting.
He said that institutional investors increasingly consider ESG performance a key determinant of capital allocation rather than a peripheral corporate responsibility issue, noting that the price of entry is disclosure.
He said the reforms would strengthen investor confidence and position Nigerian businesses to access global capital markets, where sustainability disclosures are becoming an essential investment requirement.
According to him, Nigeria’s capital market has recorded significant expansion, with market capitalisation growing from about N130 trillion to nearly N160 trillion following recent market reforms, while assets under management have surpassed N9 trillion.
To deepen sustainable finance, Agama said the commission was promoting infrastructure, green and municipal bonds, alongside infrastructure-focused investment funds, to mobilise long-term capital for critical national projects.
He added that the commission would also encourage investments in the blue economy and support financing for the power sector through green energy bonds, project bonds and public-private investment structures.
The SEC chief cited the recent launch of the Nigerian Exchange (NGX) Impact Board as another milestone in advancing sustainable finance and urged companies, regulators and investors to move beyond commitments by embedding sustainability into governance, operations and investment decisions.
