The Dangote Group, which started off as a modest trade company in 1977, gradually grew to include freight, food processing, sugar refinery, flour and cement production. As of 2023, Dangote Group is the primary supplier to Nigeria’s soft drink breweries and confectioners. It is the biggest industrial complex in West Africa and the third-largest refinery in the world, producing 800,000 tonnes of sugar annually.

The group currently runs around 18 subsidiaries that are active in ten different African nations. One of these businesses, Dangote Cement, is listed on the Nigerian Stock Exchange, with its market capitalization making up about 20% of the NSE’s overall capitalization. The Dangote Group’s main office is in Lagos, Nigeria.

Dangote Cement also announced a 17% revenue hike to NGN1618.3bn (USD 3.51 million) in FY22. The company’s profit after tax increased by 4.9% to NGN382.3 billion. Net debt at the end of the period totalled NGN422.8 billion with a net gearing of 39.2%.

In 2016, Dangote and CNOOC Group agreed to work together to develop a large underwater offshore pipeline. Right now, the pipeline has been extended from Bonny (Rivers State) to Ogedegbe, Olokola, Lekki, and the Escravos Lagos supply network, before it ends at the West African Gas Pipeline.

In 2009, Dangote Group was recognized as a leading provider of employment in the Nigerian construction industry because of the company’s effort in telecommunications and the development of 14,000 Kilometres of fibre optic cables to supply the whole of Nigeria.

The brain of this Nigeria’s successful venture is 65-year-old Aliko Dangote, the founder, chairman, and CEO of the Dangote Group. He is the richest man in Africa with an estimated net worth of around USD 20 billion dollars and he is also the richest person of colour in the world.

Who is Aliko Dangote?
• A 65-year-old Aliko Dangote was born and brought up in an entrepreneurial household in Kano State, Nigeria
• At the age of 21, he graduated from Egypt’s Al-Azhar University, considered one of the most prestigious universities in the Islamic world
• Aliko Dangote became Nigeria’s first billionaire in 2007
• In 2013, he added USD 9.2 billion to his personal wealth, according to the Bloomberg Billionaires Index
• In 2014, he was appointed by President Goodluck Jonathan to serve as a member of his economic management team
• The same year, Aliko Dangote donated 150 million nairas (USD 750,000) to halt the spread of the Ebola virus and in 2016, he donated USD 10 million dollars to support Nigerians affected by the Boko Haram insurgency
• In 2017, there were rumours about Aliko Dangote considering a run for the Nigerian President’s chair for the 2019 election
• For six consecutive years, from 2013-2018, Forbes listed him as the “Most Powerful Man in Africa”
• Aliko Dangote has worked alongside the Bill & Melinda Gates Foundation on public health issues
• He is now set to receive a dividend of N295 billion (USD 640.6 million) as his cement company registers another stellar financial year in 2022. The amount is higher than the annual government expenditures of African countries like Rwanda, Burkina Faso and Malawi
• Aliko Dangote has continued to maintain his position as Africa’s wealthiest man for the 12th consecutive year, despite a USD 400 million drop in his fortune to USD 13.5 billion, according to Forbes’ list of African billionaires for 2023
• The year-to-year decrease in Aliko Dangote’s fortune is explained by a drop in the value of Dangote Cement shares, of which he owns 85%, as well as a year of elevated inflation due to a very volatile global environment

Undeterred by Risks & Uncertainties

In an article in Harvard Business Review by Jonathan Berman titled “American CEOs Should Quit Complaining about Uncertainty,” he discussed how Aliko Dangote has continued to invest in Nigeria and other parts of Africa despite the uncertainty.

In the write-up, Jonathan Berman said, “The chief executive officers of America’s biggest companies went on a media blitz to decry the uncertainty caused by the fiscal cliff. In such uncertain times, they say, they are hesitant to invest in the US economy.”

“I departed Washington in the midst of these rumblings to attend a forum of Africa’s leading CEOs. I found Aliko Dangote, CEO of Dangote Cement. He’s building a USD 2 billion fertilizer plant in his native Nigeria. He recently announced the next two growth markets for sizable investment by his group are Iraq and Myanmar,” he said.

“For Aliko Dangote and many other executives in frontier markets, uncertainty is not the inhibitor of opportunity. It is the condition in which opportunity arises. That is a reasonable perspective to look for in American CEOs as well,” Jonathan Berman added.

In order to support his words, Jonathan Berman stated an example of Nigeria’s first petroleum refinery. During the economic slowdown, in 2013, Aliko Dangote announced that he would construct a USD 9 billion petrochemical complex and oil refinery in Nigeria.

After the completion of the project, it was Nigeria’s first and Africa’s largest petroleum refinery.

“As an investor who believes in Nigeria, knows Nigeria well and whose prosperity was made in Nigeria, we have responded to the challenge with our decision to invest USD 9 billion in a refinery/petrochemical and fertilizer complex to be located at the OKLNG Free Trade Zone. This complex will be the largest industrial complex project ever in the history of our great nation,” Aliko Dangote said back then.

The post Business Leader of the Week: Meet Aliko Dangote, richest man in Africa appeared first on International Finance.

The Access Bank UK Limited provides Trade Finance, Commercial Banking, Private Banking, and Asset Management products and services for customers in their dealings with Organisation for Economic Co-operation and Development (OECD) markets and supports companies wishing to invest in and trade in Sub-Saharan Africa, MENA and Asian markets.

The company is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

Located at a prime location in the iconic Gate Building of Dubai International Financial Centre (DIFC), the Access Bank UK Limited – Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA).

Passion for customer service & building long-term relationships
The Access Bank UK Limited is committed to developing a sustainable business model for the environment in which it operates. This is apparent in its moderate appetite for risk, a passion for customer service and a commitment to working in close partnership with the customers to forge long-term relationships with them.

In 2018 the Bank had become a direct member of the three key UK payment clearing systems: Bacs (Bankers’ Automated Clearing Services), C&CCC (Cheque and Credit Clearing Company’s Image Clearing System), and Faster Payments.

Speaking about this achievement, The Access Bank UK’s Chief Executive Officer and Managing Director, Jamie Simmonds said, “This is a great landmark for us, enabling us to build a sustainable platform with direct entry into the UK payment clearing system. This will enable us to enhance the level of service our customers receive. We have a clear commitment to strong customer service and we anticipate and respond quickly to market needs with the right technology, products, and services. Joining the UK payment clearing system is a clear example of meeting the needs of our customers.”

What we provide
The Access Bank UK Limited provides a number of services to support business activities in Sub-Saharan Africa and the MENA region.

Having been awarded Confirming Bank status by the International Finance Corporation as part of their Global Trade Finance Programme has resulted in strengthening their Trade Finance capabilities further.

Being the first Nigerian Bank in the UK to be appointed as a correspondent bank to the Central Bank of Nigeria to undertake infrastructure work on behalf of the Nigerian government, the bank also issued Letters of Credit on behalf of the Nigerian government and Nigerian National Petroleum Corporation (NNPC).

Their Commercial Banking team offers relationship-based service for corporate and individual customers. In addition, they also offer a wide range of products and services with a choice of competitive rates, market-leading systems, and high-quality service.

The Global Private Bank has been built around a passion for delivering excellent service. With the delivery of innovative investment solutions to discerning customers who value trust, integrity, and accountability as well as investment performance, the bank has gained a lot of recognition.

A proactive approach to product and service delivery and offering unique investment solutions are the key aspects of the bank which is tailored to customers’ needs by a highly experienced Private Banking team.

The Access Bank UK – Dubai Branch offers a broad range of products and services to assist customers in the MENA region with trade and investment needs in Nigeria and Sub-Saharan Africa.

The DIFC Branch is committed to building a long-lasting relationship in the region in line with the approach that has proven so effective for The Access Bank UK Limited.

The combination of both the branches in the UK and Nigeria delivers a wealth of expertise that significantly benefits our customers.

Provide satisfaction to both customers and employees
The Access Bank UK Limited takes time to build long-term relationships and work closely with the customers to understand their goals in order to create a strategy designed to meet their needs.

The bank also provides constant support and development opportunities for the employees, which reflects in their dedication and professionalism.

The bank is led by a team of accomplished individuals determined to deliver superior financial solutions for businesses and individuals. The staff is highly experienced and many have spent time working in the Sub-Saharan, West African and international marketplaces.

The Access Bank UK Limited is firmly committed to the diversity of the workforce. The bank encourages a sense of individual ownership while also fostering team spirit.

The end result is to help employees realise their potential through the provision of continuous learning opportunities and the tools and training to support professional growth.

“Our people are fundamental to our bank’s continued development. They provide the skills that deliver our focus on service and customer relationships. Reflecting this, during the year we selectively recruited additional members to the team and also invested more in professional development. We were the first Nigerian bank to achieve Investors in People accreditation. We have now advanced our status to Platinum. We believe that our consistently low staff turnover rate reflects in part the advances we have made in training and development. The Bank is currently working in partnership with the Chartered Institute of Personnel & Development (CIPD) programmes,” Jamie Simmonds said.

The Access Bank UK Ltd attains all-round growth and exceeds target
According to the Report and Statutory Accounts for 2021, the bank has demonstrated yet another year of significant all-round growth, achieving and exceeding the target for all the main growth strategies.

Entitled “Charting a course for the future” the report highlights a strong operational performance by the main Strategic Business Units and continued growth and expansion in Sub-Saharan Africa and the MENA region.

Continuing income growth saw the Bank pass the USD 100 million milestones for the second year in succession and achieve USD 111.1 million for the year, an increase of 10%.

Trade Finance maintained its upwards trajectory, with income up 9% year-on-year to USD 55.8 million and correspondent banking income growing to USD 27.8 million, up 12% year-on-year.

The Commercial Banking income has reached USD 37.6 million while Asset Management income rose by 52% to USD 5 million. The retail products continued to attract interest, with GBP 152.2 million flowing into our 1, 2, and 3-year bonds during the year. Also, the bank was pleased to announce the launch of its new Visa debit card to both personal and business customers.

Commenting about the recent results and growth of the bank, Jamie Simmonds said, “A challenging external environment and trading conditions failed to dent another strong performance, as the Bank passed the USD 100 million income milestone for the second year running to generate operating income of USD 111.1 million, representing year-on-year growth of 10%. The performance once again reinforced the effectiveness of our proven income-driven strategy, in which we deepened relationships with key customers and retained relationships that we have had for a decade or longer.”

Echoing similar views, Chairman and Non-Executive Director Herbert Wigwe stated that the Bank has emerged fitter through the continued growth.

He said, “In achieving another strong set of results in 2021, the Bank has emerged fitter through the continued growth and retention of its customers and an increase in staff, despite another year made difficult by the restrictions of the ongoing COVID-19 pandemic.”

The post Access Bank UK Limited: The bank that puts you first appeared first on International Finance.

The company was scheduled to get listed on July 5 but it was postponed to ensure the company meets its listing requirements. India’s Bharti Airtel owns 68.3 percent stake in the company, which operates in 14 countries across the African continent. Bharti Airtel offered shares in its African unit two weeks ago through a London IPO and said it would dual list in Nigeria.

It also becomes the second company to be listed on the London Stock Exchange as well as the Nigerian Stock Exchange after Seplat. The list of shareholders in the telecom company includes Singapore’s Temasek, Japan’s SoftBank, Singtel and US investment firm Warburg Pincus.

The company’s shares registered in Britain may be moved from the London market to Nigeria once approved but shares registered in Nigeria cannot be moved to London. Recently, Airtel Africa’s main rival MTN also listed on the Nigerian Stock Exchange in a $6.5 billion flotation

The listing by Airtel Africa in Nigeria is done with an aim to raise $750 million. It will help the company to finance strategic operations and at the same time reduce its debt.

Airtel Africa chairman Sunil Mittal told the media that, “Since first investing in Africa almost nine years ago, we have leveraged our expertise in emerging markets to deliver on a clearly defined strategy to build Airtel Africa into a market-leading mobile service provider, increasingly expanding beyond voice into data services and Airtel Money.”

During the fiscal year which ended in March 2019, the Nigerian market contributed to 35.9 percent of the Airtel Africa’s revenue.

The post Airtel Africa third largest in market value on Nigerian Stock Exchange appeared first on International Finance.