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18/08/2024

23/02/2023

24/01/2023

📌 Dear , leadership is part of your DNA!

The future of Africa rests in your hand and you must play your part in the actualisation of this great future.

It's a new week and a brand new opportunity for you to apply to and join the league of entrepreneurs who are transforming the continent through their businesses.

Hurry now to www.TEFConnect.net to apply!

21/01/2023

Dangote Cement appoints new CEO
The new CEO’s tenure begins in March, the disclosure said.

Dangote Cement Plc has named Arvind Pathak as the company’s new chief executive/managing director, the company said in a note posted on the Nigerian Exchange’s website on Thursday.

Mr Pathak will replace Frenchman Michel Puchercos, who will depart the cement maker at the end of February after three years at the helm.

The new CEO’s tenure begins on 1 March, the disclosure said.

Mr Pathak led India’s Birla Corporation, a cement producer, before he became the chief operating officer and deputy managing director of Dangote Cement. He formerly served at Mumbai-based Associated Cement Company Limited as regional CEO and has experience spanning more than 30 years, which includes transforming businesses, spearheading crucial greenfield projects, as well as overseeing operations and plant maintenance.

The newly appointed CEO obtained a degree in Electrical Engineering from University of Roorkee now IIT Roorkee in 1980, and a postgraduate degree in Industrial Engineering and Management in 1982.

“The appointment of Mr Arvind Pathak will be included in the Agenda at the next Annual General Meeting for ratification by the shareholders in accordance with the Companies and Allied Matters Act”, Dangote Cement said.

“The Board would like to thank Mr Michel Puchercos for his commitment and contributions to the Board and wishes him well in his future endeavours while welcoming Mr Arvind Pathak back to the Dangote family and wishing him success in his new role.”

Dangote Cement, sub-Saharan Africa’s biggest cement company, has presence in ten countries and a production capacity of 51.6 million tonnes per year.

21/01/2023

10 Things You Didn’t Know About Mike Adenuga And His Massive Business Empire

Dr. Mike Adenuga is one of the most inspiring businessmen not just in Africa but across the world. He has over the years built a thriving business empire from the ground up, and today, he is one of the wealthiest individuals in Africa.

However, despite his wealth and numerous feats, he is one who seems to consciously shy away from the public eye and maintains a rather low profile which is a safe haven of sorts for his personal and business operations.

According to Statista, Dr. Adenuga is currently the sixth richest man in Africa with a net worth in excess of $5.8 billion, but there are those who say that rankings do not do any justice to the Nigerian billionaire, whom they claim is the wealthiest man in Africa based on his cash liquidity.

These critics claim that ratings of the wealthiest people on the planet are always carried out based on stock market figures and performance – which has numerous limitations. Moreover, they argue that the challenges and inaccuracy of stock exchange figures in Africa affect the ranking of business people like Dr. Adenuga.

You are familiar with the likes of Aliko Dangote of Dangote Group and Abdulsamad Isyaku Rabiu of BUA Holdings, but how well do you know Dr. Mike Adenuga? Below are ten things about the Nigerian billionaire and his massive business empire you didn’t know. Check them out!

10 Things You Didn’t Know About Mike Adenuga
Mike Adenuga was the first Nigerian to discover oil in Commercial quantity. The businessman has been drilling oil in Nigeria since 1991, and he currently owns about ten oil wells, as well as Conoil, his only publicly quoted company that operates both upstream and downstream with substantial gas reserves.
Mr. Adenuga is the sole owner of Globacom. In the entire continent, he is the only one that operates a telecommunications company solely owned by one man. He also single-handedly financed the construction of submarine cables from Europe to Africa.
Dr. Adenuga is the owner of Devcom Merchant Bank and Equitorial Trust Bank, which Sterling Bank PLC recently acquired. He is also one of the largest shareholders in Sterling Bank and First Bank of Nigeria.
He is one of the most prominent Real Estate owners in Africa. His property portfolio, both in Africa and across the globe, is second to none. He also has significant shares in Julius Berger Nigeria Plc, the largest Construction conglomerate in the country.

Dr. Mike Adenuga’s hostile business takeover in May 2015 enabled him to purchase Ivorian mobile telecommunications company Comium Côte d’Ivoire for $600 million.

Through his many companies and business operations, Mr. Adenuga is one of the largest employers of labour in Nigeria and Africa.
Fondly referred to as “The Spirit of Africa,” Mike Adenuga is one of the most prominent philanthropists in Africa. Through the renowned Mike Aenuga Foundation, he continues to impact the lives of millions of people and is credited with being the biggest supporter of the Nigerian entertainment industry through the unique Glo brand ambassador initiative.

To fund his university education abroad, Mike Adenuga worked as a Taxi driver and was able to see himself through school and bag a Bachelor’s Degree in Business Administration from Northwestern Oklahoma State University and Pace University.

Dr. Mike Adenuga was the first in Nigeria to receive the African Entrepreneur of the Year award in 2007.

In 2012, Mike Adenuga was appointed as the Grand Commander of the Order of Niger (GCON) at the 2012 National Honours Awards in Abuja by then president of Nigeria, Goodluck Ebele Jonathan.

20/01/2023

Aliko Dangote to Launch $19 Billion Oil Refinery in January 2023

On January 24th, Nigeria’s President Muhammadu Buhari will officially be opening the Dangote Oil Refinery, the largest vertical integrated petrochemical complex in the world, which is owned by Africa’s wealthiest man, Aliko Dangote.

The refinery, situated in Lagos’ Lekki Free Zone, has the ability to process 540,000 barrels of Nigerian oil per day in its first stage of operation, and it will increase to 650,000 barrels per day later on.

The $19-billion project is a strategic move by Dangote and the Nigerian government to strengthen the country’s downstream industry and become a net exporter of refined petroleum products and petrochemicals by 2026.

By investing $19 billion in the Dangote Oil Refinery, the world’s richest black man and the Nigerian government plans to enhance the downstream sector of the economy and turn the nation into a net exporter of petrochemicals and refined petroleum products by 2026. With a capacity to process 540,000 barrels of Nigerian oil per day in its first phase of operation and increasing to 650,000 barrels per day, it is the largest vertical integrated petrochemical complex in the world, and it is owned by Africa’s wealthiest man Aliko Dangote.

In addition to oil processing, the refinery will also produce 4 million metric tonnes of jet fuel per day, 65 million liters of premium motor spirits (petrol), 15 million litres of diesel, and 3 billion standard cubic feet of gas. It’s worth noting that the Organisation of Petroleum Exporting Countries (OPEC) estimates that the Dangote Refinery will account for more than half of Africa’s medium-term refining additions, and it is the largest of all refinery additions expected across Africa in the medium term according to OPEC.

The Dangote refinery was initially scheduled to be commissioned in 2022, but it has been delayed due to a variety of factors, including lack of access to foreign currency, an ailing economy, and the COVID-19 pandemic that disrupted supply chains and caused delays in refinery equipment. The commencement of operations at the refinery is a major milestone for both Nigeria and the African continent, as it will not only supply much-needed refined petroleum products for domestic consumption but also has the potential to create a significant export market with Dangote at the helm.

How will the Dangote Refinery Impact Nigeria and the rest of Africa?
The Dangote Oil Refinery is expected to have a significant impact on Nigeria and the African continent. On the one hand, it will meet 100% of Nigeria’s demand for all refined goods and create a surplus for export, creating a market for $11 billion in Nigerian petroleum products each year. This will help to reduce the country’s reliance on imported refined products and increase its ability to meet domestic demand, thereby boosting its economy.

On the other hand, the refinery is also expected to create a significant export market for Nigerian petroleum products, which will help to diversify the country’s economy and increase its foreign exchange earnings. Additionally, it will provide jobs and other economic opportunities for people in the area surrounding the refinery.

The refinery will be the biggest of all the refinery expansions anticipated across Africa in the medium term and will account for more than half of the continent’s increase in refinery output within a short time period. This implies that it will aid in boosting the continent’s capacity for refining and lowering its reliance on imported refined goods. Additionally, it might contribute to the expansion of the African economy and the creation of jobs as well as other business prospects.

19/01/2023

Dear all, join me in celebrating one of us, An elder stateman, the Chairman, Truck Owners Association of Osun State, A Retired Deputy Auditor General for Osun State. A sport man with the art and craft of tennis, An ex IICC Shooting star player and a former IICC Team Manager /coach Pa. EMMANUEL ADEROGBA LADEGBAYE as he marks a new year today. We celebrate you sir and wish you long life in sound health.

Courtsey: Jones Adedapo Ladegbaye MD/CEO Jonadel Group

18/01/2023

This is me – aged 34!

I had just become CEO of Standard Trust Bank and one of the youngest bank CEOs in Nigeria. It was a time of fast-paced change in our industry, and reform-minded policymakers had opened up paths for consolidation and strengthening our sector. Competition was intense – but youth was not a barrier. I owed my accelerated career and successes to two things: hard work and luck, and I know firsthand how these factors are inextricable in success.

My successes – and yes failures – have always driven me to create opportunities for young people.

I believe that our young have the talent and the zeal to transform our world.

This year, the Board of Trustees of The Tony Elumelu Foundation approved the appointment of Somachi Chris-Asoluka, currently in her early 30s, as the Foundation’s CEO, making her the youngest TEF CEO so far. Somachi’s exceptional technical and leadership skills earned her this position, and she is one of the many young people at Heirs Holdings, who every day prove that the youth of Africa are talented, passionate, and hardworking, if given that chance.

A few points to highlight:

1. I champion young people who are focused, hardworking, and committed to making a difference in their communities because I have seen first-hand how their drive and determination make things happen.

2. More than ever, all of us who have attained success must become role models for the younger generation so that the next generation can learn from our mistakes and achieve even more than we have.


3. I believe that prioritising our youth – supporting their dreams and aspirations - is how we can create a sustainable future for the world.

4. The greatest success in leadership is leaving a legacy and pathway for the next generation.

5. Leaders must focus on long-term goals and succession planning to build a lasting legacy and ensure that long-term success.

As you know, one of my ways of empowering the next generation is through the Tony Elumelu Foundation Entrepreneurship Programme. Application is now open to young African entrepreneurs on www.TEFConnect.com. This is your opportunity to impact your country and your continent.

Keep the grind on!