Dangote Cement's Commitment to Community Engagement and Environmental Stewardship

 Dangote Cement's Commitment to Community Engagement and Environmental Stewardship

Dangote Cement Plc is prioritizing community engagement, empowerment, and environmental stewardship as key pillars of its sustainable growth strategy. The company asserts that true progress is reflected not only in economic gains but also in the comprehensive development of all stakeholders involved.

During a recent media interaction in Obajana, Mr. Azad Nawabuddin, the Plant Director of Dangote Cement Plc, emphasized the deep-rooted relationship between Dangote Cement and its host communities. He highlighted that this relationship is not merely transactional but is founded on mutual trust, respect, and shared goals.

“The communities in which we operate are not just beneficiaries; they are our partners in progress,” Nawabuddin stated, underscoring the importance of these partnerships.

Nawabuddin, who recently transitioned from the Ibese plant to the Obajana plant, reaffirmed the company’s unwavering commitment to its host communities. He detailed plans to collaborate with key stakeholders in Obajana to initiate and implement impactful projects. Central to this vision is the empowerment of local residents through skills development and capacity-building initiatives.

“We recognize the importance of equipping community members with the requisite skills to thrive in today’s competitive landscape,” Nawabuddin said. He explained that enhancing the employability and fostering entrepreneurship among youth and women in the host communities are critical components of this strategy.

The director outlined a comprehensive approach to corporate social responsibility (CSR) and sustainable development, emphasizing that Dangote Cement sees its host communities as integral partners. This approach includes regular meetings with community members to discuss support opportunities, including business ventures and contract awards. Through open dialogue, the company aims to execute projects that offer lasting benefits to the communities.

Nawabuddin also highlighted the importance of environmental stewardship in Dangote Cement’s operations. “We are custodians of the environment, and it is our duty to ensure that our activities leave a positive impact on the ecosystem,” he stated. The company is committed to sustainable practices that protect and preserve the environment.

In addition to socio-economic initiatives, Nawabuddin addressed security concerns in the host communities. He emphasized the company’s efforts to work closely with law enforcement agencies and community leaders to mitigate security risks and ensure the well-being of residents. 

“We are working closely with local authorities and community leaders to enhance security measures and create a safe and conducive environment for all,” Nawabuddin added.

Overall, Dangote Cement’s focus on community engagement, empowerment, and environmental stewardship underscores its holistic approach to progress and development, ensuring that its growth benefits all stakeholders and contributes positively to the wider community and environment.

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Federation Account Allocation Committee Announces N1.13 Trillion Distribution in December 2023

  Federation Account Allocation Committee Announces N1.13 Trillion Distribution in December 2023

In a recent development, the Federation Account Allocation Committee (FAAC) disclosed that it disbursed a total of N1.13 trillion in earnings for December 2023, with allocations made to the Federal Government, States, and Local Government Councils. This marked a notable increase of N500 billion compared to the N1.08 trillion shared in November.

According to the communique issued after the January 2024 meeting, chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation, the N1.13 trillion total distributable revenue included statutory revenue of N363.188 billion, Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy revenue of N17.855 billion, and Exchange Difference revenue of N287.743 billion.

Madein highlighted that N57.92 billion, equivalent to 13% of mineral revenue, was distributed to the benefiting States as derivation revenue. The total revenue available for December 2023 was reported to be N1,674.230 billion.

The increase in revenue was attributed to the removal of subsidies and the unification of the country's exchange rate by the current administration, leading to a boost in the federation account's earnings.

The statement revealed further details, stating, "Total deductions for the cost of collection were N62.254 billion, while total transfers, interventions, and refunds amounted to N484.568 billion." The gross statutory revenue for December 2023 was N875.382 billion, slightly lower than the N882.560 billion received in November.

In terms of VAT, the gross revenue available in December was N492.506 billion, representing a significant increase of N132.1 billion compared to November's N360.455 billion.

Breaking down the distribution, the Federal Government received N383.872 billion, State Governments received N396.693 billion, and Local Government Councils received N288.928 billion from the total distributable revenue of N1,127.408 billion.

The communique also specified the allocations from each revenue source, including distributable statutory revenue, VAT revenue, Electronic Money Transfer Levy, and Exchange Difference revenue.

However, FAAC noted some fluctuations in various tax revenues, with Companies Income Tax, Excise Duty, Petroleum Profit Tax, VAT, and Electronic Money Transfer Levy experiencing significant increases, while Oil and Gas Royalties decreased substantially. Import Duty and CET Levies saw a marginal decrease.

The statement concluded by indicating that the balance in the Excess Crude Account (ECA) stood at $473,754.57 as of the end of December 2023.

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Emir of Zazzau Commends The Alternative Bank's Non-Interest Approach for Economic Growth

Emir of Zazzau Commends The Alternative Bank's Non-Interest Approach for Economic Growth

RALD NEWS MEDIA Reports: Emir of Zazzau Commends The Alternative Bank's Non-Interest Approach for Economic Growth

Zaria, Kaduna State - Emir Ahmed Nuhu Bamali of Zazzau, Kaduna, lauded The Alternative Bank (TAB) during the inauguration of its inaugural branch in Zaria, emphasizing the institution's role in fostering economic growth through sustainable practices and responsible financial decisions.

In his keynote address themed 'Non-Interest Banking: Opportunities and Benefits for the Nigerian Economy,' the traditional ruler highlighted the manifold advantages of TAB, including economic inclusivity, risk-sharing, and commitment to principles of equality and cooperation.

Ambassador Bamali expressed optimism about TAB's potential contributions to GDP growth and support for MSMEs, urging the bank to establish a strong connection with the people of Zazzau Emirate.

Umar Umar, Regional Head of North-Central Sales, Products, and Propositions, emphasized TAB's rapid emergence as a leading non-interest banking entity in Nigeria, commencing with a modest portfolio and now boasting over N50 billion in capital.

Acknowledging the enduring partnership with Zaria's community, Umar expressed confidence in catalyzing the bank's business and benefiting customers in the region through the new branch. Describing Zaria's diverse customer base as "Musharrata," he underscored TAB's global reach as a fully digital bank, serving customers across Nigeria and beyond through digital channels.

Reflecting on TAB's decade-long journey from a window in Sterling Bank Limited to a standalone non-interest bank, Umar highlighted the institution's growth from an initial capital of N500 million to over N50 billion, showcasing unique products in the non-banking sector.

As the ethical banking subsidiary of Sterling Financial Services Holdings Company Plc (Sterling Holdco), TAB aims to make a lasting impact in the North-Central region, encompassing Benue, Kogi, Kwara, Nasarawa, Niger, Plateau, and the Federal Capital Territory, with the opening of its Zaria branch.

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Fidelity Bank Plc Signs the UN Principles for Responsible Banking

Fidelity Bank Plc Signs the UN Principles for Responsible Banking

RALD NEWS MEDIA Report: Fidelity Bank Joins UN Principles for Responsible Banking

30 Nov. 2023, Lagos, Nigeria– Fidelity Bank Plc proudly announces its official endorsement of the UN Principles for Responsible Banking (PRB). This significant move solidifies the bank's commitment to sustainable practices, as the PRB serves as a global framework developed in collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

The PRB stands as a pivotal framework, aligning banks' strategies with societal visions outlined in the UN Sustainable Development Goals and the Paris Climate Agreement. By becoming signatories, banks pledge to pursue ambitious sustainability strategies, integrating them into the core of their operations and staying at the forefront of sustainable finance.

Under these Principles, signatory banks, including Fidelity, will identify and measure the environmental and social impacts of their activities. They commit to implementing targets where their impact is most substantial and regularly reporting their progress to the public. The PRB establishes a systematic framework for banks to navigate the risks and opportunities emerging from the transition to more sustainable economies.

Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer of Fidelity Bank Plc, expressed enthusiasm about this commitment, stating, "Signing onto the PRB is the next step in showcasing our dedication to sustainability. It aligns with our corporate strategy, affirming our determination to enhance positive impacts across all facets of sustainability."

As signatories, Fidelity and other banks take on a leadership role, exemplifying how banking products, services, and relationships can contribute to and expedite the necessary changes for shared prosperity among current and future generations. This initiative places them within the world's largest global banking community focused on sustainable finance, fostering collaboration, sharing best practices, and developing practical guidance and tools for the industry's benefit.

In a time marked by urgent global challenges such as climate change, nature loss, pollution, and social issues, this collective effort signifies an unprecedented journey of scale and scope. The collaboration ensures that profitability aligns seamlessly with a sense of purpose, addressing the major planetary crises of our time. Fidelity Bank joins this transformative movement, building a positive future for both people and the planet.

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Diesel Prices Hits New Price Weeks Before Christmas, See Current Price Per Liter

Diesel Prices Hits New Price Weeks Before Christmas, See Current Price Per Liter

As of Tuesday, November 28, diesel prices in Nigeria have surged to N978 per liter, as reported by HydroCarbon Information Services (HydroCIS) Limited, according to data shared with RALD NEWS. The nationwide average diesel prices on that Tuesday were N978 per liter, a slight increase from N974 per liter on November 23 and a prior figure of N993 per liter on November 20.

It's noteworthy that on September 21, Russia took measures to stabilize its domestic market by halting diesel exports to most countries, with a subsequent easing of restrictions by September 25. Russia allowed the export of bunkering fuel for specific vessels and permitted the export of diesel with higher sulfur levels during a period of global diesel shortage, contributing to a surge in prices. Russia, a significant global diesel exporter, played a pivotal role in this context.

In October 2023, diesel prices in Nigeria exceeded N1000 per liter, as highlighted by the National Bureau of Statistics (NBS), indicating a notable 12.82% increase from N890.80 in September. Comparing on a yearly basis, the average diesel price witnessed a substantial surge of 25.45%, rising from its previous figure of N801.09.

The NBS report outlined the states in Nigeria with the highest and lowest diesel prices in October 2023. Plateau State led with the highest price at N1150.00, followed by Nasarawa State at N1138.00, and Benue State at N1091.67. Conversely, Rivers State had the lowest price at N824.44, trailed by Borno State at N827.27, and Kebbi State at N845.00.

It is crucial to highlight the challenges faced by Nigerian manufacturers and businesses due to escalating diesel costs. Many of these entities, reliant on the national grid, grapple with daily power supply issues, prompting a shift to diesel generators for operational needs, particularly in heavy machinery usage.

To illustrate the impact, over a year ago, Dr. Ashimashiga Michael, the managing director at Eden Moringa, revealed that his manufacturing business operates for eight hours daily, relying on a diesel generator for six to seven hours. Despite utilizing industrial meters for on-grid power, the business incurs substantial monthly expenses of over N300,000 to N400,000 on diesel purchases, underscoring the financial strain exacerbated by the continuous upward trend in diesel prices since 2022.

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Investors panics as MultiChoice records staggering $72.4 million net loss

MultiChoice has recorded a staggering $72.4 million net loss.

Rald News Media reports that MultiChoice Group Ltd. has reported its third consecutive semi-annual loss, attributing the financial challenges to foreign exchange difficulties in Nigeria and persistent power outages in South Africa. 

This Nigeria news platform understands that the Africa’s largest pay-tv company disclosed a net loss of 1.32 billion rand ($72.4 million) for the six months ending Sept. 30.

According to the company, the recorded loss is due to the poor performance of the naira against the dollar. The challenges in Nigeria stemmed from the mid-June decision to allow the Naira to trade more freely against the dollar, resulting in a 40% devaluation. This compelled MultiChoice to revalue inter-group loans, leading to foreign exchange losses. 

 

Multichoice said, “After adding 1.4m new subscribers in FY23, subscriber growth in the Rest of Africa was more subdued in 1H FY24. This was due to the impact of inflationary pressures in key markets like Nigeria, and similar trends to previous periods which followed a FIFA World Cup or northern hemisphere football off-season. “ A total of 0.1m subscribers were added to end the period at 13.0m 90-day active subscribers. The active subscriber base was broadly stable at 8.9m subscribers and subscription revenues grew 14% organically. 

Revenue of ZAR10.5bn was flat (+13% organic) with a weaker ZAR against the USD on conversion, offsetting the impact of weaker local currencies relative to the USD. 

 “The RoA(return on assets) segment delivered a trading profit of ZAR330m (+ZAR2.2bn YoY on an organic basis) which was underpinned by specific cost interventions around decoder subsidies and content costs. “Weaker currencies remained a significant impediment to improvements in profitability, with average first-half exchanges falling sharply against the USD. 

 “The sharp fall of the naira resulted in a large proportion of the previously recognised losses incurred on cash remittances now being recorded in trading profit. The net effect of these forex movements was a negative ZAR1.6bn impact on the segment’s trading profit for the period.” 

In addition to the currency woes, South Africa experienced rolling blackouts, contributing to a 5% decline in the number of active days per subscriber. This exacerbation further impacted MultiChoice’s financial performance during the specified period. 

The company’s shares fell 0.6% in Johannesburg at close on Wednesday after plunging as much as 3.6% to a record. 

MultiChoice plans a relaunch its Showmax streaming service in the second half of its financial year and a sports betting service in South Africa following the success of a similar offering in Nigeria. 

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“Price Stability” – CBN Governor Olayemi Cardoso names his area of concentration

Mr. Cardoso said that his administration was determined to change the narrative about CBN and its impact felt by Nigerians by curtailing inflation.

CBN Governor Olayemi Cardoso has named price stability as his area of concentration.

 

Rald News Media reports that the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reiterated that under his leadership, the Bank would focus mainly on the core mandate of price stability.

 

The bank disclosed yesterday that Mr. Cardoso restated the direction of his leadership, while playing host to the Impact Investing Community, led by the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi order of Nigeria and the neighboring countries, Muhammadu Sanusi II, himself a former Governor of the CBN.

 

Addressing the team in his office, Mr. Cardoso said that his administration was determined to change the narrative about CBN and its impact felt by Nigerians by curtailing inflation.

 

He said, “At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”

 

Speaking further, Mr. Cardoso thanked the Impact Investing Community for visiting the CBN, noting that the community represented an excellent future for Nigeria, with the potential to transform the country’s economy by tapping into the investment opportunities available across the country.

 

While commending the quality of leadership at Impact Investing Community and its effort to create awareness, as well as, build partnerships, the CBN boss assured that the Bank would collaborate with them in the direction of putting in place frameworks that would encourage investments that would contribute to economic growth.

 

In his remarks, Khalifa Sanusi noted that the Bank’s activities had a massive impact on the lives of Nigerians, adding that many people often “do not know the impact of a Central Bank’s works until a Central Bank fails.”

 

While expressing concerns about the inflation rate, he urged the new leadership at the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.

 

He also acknowledged the importance of long-term planning by the CBN in achieving its goals, just as he emphasized the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child.

Khalifa Sanusi pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.

 

Also speaking, the Chair of Impact Investing, Mrs. Ibukun Awosika, said they were at the CBN to register their willingness to support what the bank and the federal government were doing in terms of changing Nigeria’s investment climate by redirecting resources to areas where they would make the most positive impact.

 

According to her, over $200 Trillion was available around the globe as investment funds, with $1 Trillion of it with Impact Investing.

She further stated that Impact Investing, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country.

While stressing the importance of social investment, she sought the support of the CBN to enable the body to achieve its goal.

Equally speaking at the meeting, the Deputy Governor in charge of Corporate Services, Dr. Bala Bello, underscored the importance of investment, noting that global capital was moving towards social investment.

He thanked the team for its support, noting that collaboration and effective communication were vital to successfully navigate the current challenges in the country

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Fidelity Bank signs $40m cocoa export deal with Afrexim bank

A tripartite $40 million pre-export finance facility has been signed by Nigerian deposit money bank Fidelity Bank and AFREXIM Bank in support of JohnVents Industries.

The loan agreement was signed during the Fidelity International Trade and Creative Connect (FITCC) II, which took place in Houston, Texas, in the United States.

The Fidelity Bank-cohosted FITCC drew together a diverse group of attendees, including regulators, businesses, diplomats, and other guests.

AFREXIM Bank would supply the loan, a pre-export finance arrangement for JohnVents, while Fidelity Bank would serve as the local administrative agent.

The managing director and chief executive officer of Fidelity Bank, Nneka Onyeali-Ikpe, stated in a conversation with journalists that the loan signing shows the extent of the market opportunity in Nigeria for cocoa.

She said: “We are delighted to participate in the tripartite loan signing ceremony as it demonstrates the size of the opportunity in the Nigerian cocoa market and its potential to meet the demand of off-takers in the US.

“The ceremony also highlights the value of our partnership with AFREXIM Bank especially in providing much-needed credit to last mile beneficiaries to upscale their operations and cater to a global market. These align with our objectives for FITCC and we are thrilled to host the formal deal signing event here”, Onyeali-Ikpe said.

The two-day event, called FITCC Houston, had multiple goals in mind. These included expanding the number of Nigerian companies exporting to the US market, giving the diaspora market additional ethnic product options, and helping exporters develop the capacity to raise product quality and comply with international standards.

In her welcome address at the event, Onyeali-Ikpe said: “Developments on the global scene have necessitated the need to constantly seek viable alternatives as businesses work to stay competitive in a rapidly evolving macro-economic environment. On the supply side, businesses are waking up to the imperative of catering to an international customer base in order to hedge against currency devaluation risks, increase the reach of their products and to ultimately ensure the long-term sustainability of their ventures. Indeed, globalization has emphasized the need for businesses to improve in terms of cross border offerings and collaborations”.

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Dollar to Naira black market exchange rate today October 20, 2023

Dollar to Naira black market exchange rate today October 20, 2023

Daily Dollar to Naira black market exchange rate today, Friday, October 20, 2023 in Nigeria can be accessed below. ABOKIFX – Your daily Naira exchange rate.  Dollar to naira today black market in Nigeria  This page contains Dollar to Naira yesterday, Dollar to Naira black market exchange rate today, Aboki exchange rate today in Lagos often referred to as the parallel market rate. In this unofficial market, the US dollar takes precedence over the Nigerian naira, and foreign currencies are traded without official government sanction. For many Nigerians, this unregulated market has evolved into a crucial benchmark, providing a more accurate representation of the economic conditions compared to the official exchange rates.

Dollar to Naira black market exchange rate today October 20, 2023:

According to reports from bureau de change (BDC) operators, the Black Market Dollar to Naira exchange rate today stands at: 

° Buying: ₦1140  for $1 

° Selling: ₦1150 for $1 

To put today’s Dollar to Naira black market exchange rate into perspective, traders in this unofficial market are purchasing one US dollar from customers for ₦1,040 and selling it for ₦1,050. This demonstrates a significant difference when compared to the official dollar to naira rate. 

Dollar To Naira Yesterday Black Market Exchange Rate.

 The dollar to naira yesterday exchange rate at the black market closed at ₦1100/$1. Please noted that the dollar to naira yesterday closing is determined by the average  dollar to naira rate traded at various platforms.

Official CBN Exchange Rates 

 The Central Bank of Nigeria (CBN) sets the official exchange rates, with the following rates in effect: 

° Buying: ₦764.64 for $1

° Selling: ₦768.02  for $1 

Under these official rates, the CBN acquires one US dollar for ₦764.64 and sells it for ₦768.02  through authorized dealers.

Dollar to Naira Bank rate today. 

GTBank Dollar to Naira exchange rate black market Furthermore, data indicates that the average Dollar to Naira Exchange Rate Today at bank is as follows: ° Buying: ₦775.04 for $1 

° Selling: ₦780.04  for $1 

This means that banks were selling one US dollar for 780.04 naira and buying it from customers for 775.04 naira.

Influential Factors in the Naira’s Depreciation Against the US Dollar 

Several factors contribute to the devaluation of the naira against the US dollar in Nigeria. These factors include: 

1. Fluctuating Oil Prices: Nigeria’s economy is highly dependent on oil exports. When global oil prices decline, it reduces the country’s revenue, foreign exchange reserves, and puts pressure on the naira’s value. Foreign Exchange Reserves: The depletion of Nigeria’s foreign exchange reserves, often due to servicing external debt, can weaken the naira’s exchange rate. 

2. Exchange Rate Policies: The Central Bank of Nigeria (CBN) plays a vital role in setting exchange rate policies. Interventions to maintain an official exchange rate, especially when foreign reserves are low, can lead to devaluation.

 3. Inflation: High inflation erodes the purchasing power of the naira, making it less attractive to foreign investors and causing devaluation. 

4. Economic Uncertainty: Political instability, economic uncertainties, and security concerns can deter foreign investments, reducing foreign exchange inflow and leading to naira devaluation. 

5. Global Economic Factors: Events like the COVID-20 pandemic can have a significant impact. The pandemic disrupted global trade, led to a drop in oil prices, and subsequently affected Nigeria’s foreign exchange earnings. 

6. Market Speculation: Speculative activities in the foreign exchange market can influence the naira’s value. Speculators betting on future devaluation can contribute to the naira’s decline. 

7. Balance of Trade: An unfavorable balance of trade, where imports significantly exceed exports, can strain the country’s foreign exchange reserves and put pressure on the naira’s value. 

8. Government Policies: Policies related to trade, foreign exchange, and economic management can affect the naira’s value. Decisions like fuel subsidy removal can impact inflation and, by extension, the exchange rate. 

These factors collectively contribute to the devaluation of the naira against the US dollar, shaping Nigeria’s exchange rate dynamics. The exchange rate of the dollar to naira holds great significance as an economic indicator of Nigeria’s performance and stability. This rate fluctuates across different markets, including the CBN, banks, and the black market. While CBN and bank rates are officially regulated, the black market rate is determined by market forces.

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