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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