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Dangote boosts South East economy with N63billion investment

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Dangote Group has in the last five years invested over N63bn in the South East with the purchase of over 3,500 units of locally assembled Shacman trucks at the production plant of Anambra Motor Manufacturing Company (ANAMMCO), Enugu.

The order was delivered over a period of five years after Dangote Group signed an agreement with Transit Support Services (TSS), a subsidiary of ABC Transport PLC.

The partnership started in 2016 with an initial order of 350 Trucks by Dangote and as of today no fewer than 3,500 trucks have been supplied to Dangote from the ANAMMCO plant. Each of the trucks costs over N18m.

Apart from being the single largest buyer of the locally assembled trucks, the patronage by Dangote Group has revived the ANAMMCO plant, a vehicle assembly facility commissioned in 1980 by the Federal Government in partnership with Mercedes Benz.

Speaking at the weekend after a tour of the expansive ANAMMCO plant which was filled with Dangote trucks undergoing semi knocked down (SKD) production, Chairman of TSS, Mr. Frank Nneji said if not for Dangote’s magnanimity and his commitment to empower local manufacturers, the ANAMMCO plant would have remained perpetually moribund.

According to him, the revival of ANAMMCO was made possible by Dangote’s patronage “in identifying a plant that has capacity in the south-east, in Enugu to give us the opportunity to produce trucks locally instead of importing them.”

He said, “And of course you know what it does for us here in the South East. For more than seven years this plant was shut down. There was no activity here until we made an agreement with Shacman group and started skeletally. But we were only to start full step production when we offered the logistics solutions to Dangote and the production facility of ANAMMCO way back in 2016. That was the time we signed agreement for the first 500 units of trucks.”

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Nneji who added that 90 per cent of trucks produced at ANAMMCO plant were for Dangote said the patronage has also brought back Onne Port in Rivers State which he disclosed has handled over 3000 containers since ANAMMCO was resuscitated.

He said, “ANAMMCO like I told you is a plant that was commissioned in 1980 by the Federal Government, it used to be in collaboration with Mercedes Benz. Of course you know what has happened to the auto industry. We had gone down over a long period prior to the inception of the automotive policy.

“What we are saying in ANAMMCO coming back is actually as a result of this auto policy. This is one of the benefits. And the second thing is the benefit of Dangote’s patronage in identifying a plant that has capacity in the south-east, in Enugu to give us the opportunity to produce trucks locally instead of importing them.

“And of course you know what it does for us here in the South East.

For more than seven years this plant was shut down. There was no activity here until we made an agreement with Shacman group and started skeletally. But we were only to start full step production when we offered the logistics solutions to Dangote and the production facility of ANAMMCO way back I 2016. That was the time we signed agreement for the first 500 units of trucks.

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“What this initial capacity surge did was to ensure that all the staff of ANAMMCO who had been at home had to come back to work. Some local suppliers, lubricants, electrolytes and the rest of them also had to come back to doing business. And it goes even further than that because we are in Enugu, we used the Onne Ports to bring in these goods. You know many people are complaining that Onne Port is moribund, no good is coming. Of course we directed all the containers here and from 2016 up till now courtesy of Dangote, the Onne Port has handled more than 3000 containers coming to this place.

“So you see how we can spur capacity by utilizing our local capacity that is available and this is courtesy of Dangote and the patronage and each time we had approached Dangote, we said, ‘look if you are going to do this number of trucks, it is important that the Shacman apart from its quality, we are also representing a firm that has production capacity in the South East in the stake of ANAMMCO.’ That is how Dangote is keeping the South East automobile sector working.

“According to the National Automotive Policy, Enugu and Nnewi has been designated as the automotive centre for the South East in this axis. This is because of the stay of ANAMMCO over a period. They have acquired a lot of technical capacity. There is also a training school that produces technicians, training young school leavers here.

“So this is what we are doing here. This place is busy producing quality trucks with Dangote as the largest single patron. 90 per cent of the trucks produced here are for Dangote.

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“Totally here we have done 3,500 units for Dangote. Additionally the trucks used at the refinery are also Shacman trucks. Because of the quality of Shacman trucks Dangote also patronizes that for the refinery.”

General Manager, Media, Dangote Group, Mr. Sunday Esan said the group is satisfied with the Shacman Trucks churned out from Onne Ports, adding that the partnership would last for a long time as the group continues to expand across its various business segments.

Esan added that as the Dangote refinery comes on stream, the group would require more trucks hence the sustained relationship with TSS/ANAMMCO.

According to him, the massive investment in the south-east is contrary to the assumption that Alhaji Aliko Dangote, the President/CEO of Dangote Group is not patronizing local manufacturers.

“This is why he agreed we should come and see how ANAMMCO plant has come alive, the impact he has made in the country and the employment this patronage has generated,” he said.

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$1.5m Prize Pool: Top 10 Finalists of “Africa’s Business Heroes” Grand Finale Announced

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The 2020 Africa’s Business Heroes (ABH)  prize, a flagship philanthropic program created by the Jack Ma Foundation’s Africa Netpreneur Prize Initiative (ANPI), has selected the top 10 finalists, who will pitch at the competition’s grand finale in November, for a chance to win a share of a US$1.5 million prize pool.

The ten outstanding entrepreneurs – half of whom are female – have been selected from over 22,000 applications across all 54 African nations, following several rounds of rigorous evaluation. With an average age of 34 years, the top ten represent eight African countries: Cameroon, Côte d’Ivoire, Ghana, Kenya, Nigeria, Senegal, Uganda, and Zimbabwe, and their businesses span key industries such as agriculture, fashion, education, healthcare, renewable energy, and financial services.

“I continue to be amazed by the passion, resilience, and vision of Africa’s entrepreneurs, and I look forward to meeting these ten extraordinary businesswomen and businessmen at the finale. I am excited to learn more about how they are driving positive change and progress across the continent,” said Jack Ma, Founder of the Jack Ma Foundation and Alibaba Group.

The passion, excellence, and diversity of the finalists reflects the DNA of the competition. The ABH program will recognize 100 African entrepreneurs and allocate US$100 million, over a ten-year period, in grant funding, training, mentoring and learning initiatives, access to key networks, and to develop a vibrant entrepreneur community to support Africa’s future business leaders. This is a testament to the Jack Ma Foundation’s long-term commitment to support Africa’s entrepreneurial ecosystem.

“The 2020 Africa’s Business Heroes competition has been incredible. The quality of the entrepreneurs and their ideas has been exceptional and this is a testament to the talent that exists across the continent. I am extremely excited to follow the rest of the competition and see who will come on top as the 2020 African Business Hero!” said Bethlehem Tilahun Alemu, ABH semi-finale judge and Founder of soleRebels, Garden of Coffee and Tefftastic.

“It’s been fascinating to be part of this unique initiative. From the start, I was struck by the diversity of people and projects involved, with the finalists providing almost even split of talented men and women from all over Africa. This competition has shone a light on our continent, and helped to showcase African solutions to African problems. As someone who knows how challenging it is to boot-strap their own business, I was heartened to see that many of the entrants are entirely self-funded, and have shown great determination, ingenuity and spirit to get this far. All the finalists are truly deserving of the opportunity they have been given. Jack Ma represents the very best in global entrepreneurship, so I am delighted to have been involved in such a fantastic project.” commented Nicolas Pompigne-Mognard, ABH semi-finale judge and Founder and Chairman of APO Group.

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On November 13th and 14th, Africa’s Business Heroes will host its Grand Finale, and winners of the 2020 ABH prize will be announced on November 14th, 2020.

During the online Grand Finale pitch, the top ten Heroes will present their business ventures, as well as their vision and leadership profile, to the finale judging panel that includes: Jack Ma, Founder of the Jack Ma Foundation and the Alibaba Group; Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group; Strive Masiyiwa, Founder and Executive Chairman of Econet Group; and Joe Tsai, Executive Vice Chairman of the Alibaba Group.

The next few weeks will be crucial for the finalists to finesse their pitches and leverage the in-depth training, learnings and insights that they have gathered along their ABH journey, culminating in the finale. All of this will be part of ABH brand-new business entertainment televised show, due to air in five episodes from November 21st to December 19th across Africa. The show will give the audience exclusive access to the real-world stories of the entrepreneurs of this edition, following them as they go head to head in the finale, and unveiling the key insights and advice shared by the finale judges, alongside the best moments and experience of the competition. By showcasing the huge talent of the contestants, ABH hopes to talk to the entrepreneurial spirit of startups and small businesses in Africa and around the world, inspiring them to pursue their aspiration and turn their ideas and solutions into concrete business ventures.

 

Meet the Top 10 finalists:

Abdulai A Dasana, CEO & COO, Amaati Company Limited (Ghana)

“We nourish the world” – Amaati is a social enterprise whose mission is to build sustainable communities through the use of an extinct and neglected crop called Fonio. The company is led by Abdulai A. Dasana, an agricultural technologist with a decade of experience in finance, banking and SMEs, and with a vision to revolutionize the agriculture sector to benefit the most vulnerable.

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Aboubakar Karim, CEO & Founder, INVESTIV (Côte d’Ivoire) 

“Technology and passion for agriculture” – INVESTIV is an Ivorian company whose mission is to help build the future of African agriculture by leveraging innovative technologies to support smallholder farmers throughout Côte d’Ivoire and West Africa. The company is led by Aboubakar Karim, a 25 years old agro-economist.

Axel Emmanuel Gbaou, CEO & Founder, Le Chocolatier Ivorien (Côte d’Ivoire) 

“Cocoa revolution in progress” – Le Chocolatier Ivorien manufactures and offers Africa-made, handcrafted and quality chocolate, promoting sustainable cultivation techniques and a fairer distribution of income in the cocoa chain through a direct partnership with female growers. The founder Axel, who started his career as a banker and established the company in his mother’s kitchen, holds a degree in International Public Law, and a Master’s in Taxation.

Chebet Lesan, Founder & CEO, Bright Green R. Energy (Kenya) 

“Revolutionizing Africa’s kitchens” – BrightGreen Energy produces life-saving fuel bricks that reduce the cost of cooking for underserved communities across Africa and save forests. The company is led by Chebet Lesan who has a background in Leadership from The University of Cambridge, Product Design from The University of Nairobi, Supply Chain Management from Rutgers School of Business and a Business-Design Fellowship from Massachusetts Institute of Technology D-lab.

Cyrille Nkontchou, Founder & Chairman, Enko Education (Cameroon)

“Your launchpad to the best universities” – Enko Education operates the largest single network of private schools in Africa that teaches the International Baccalaureate curriculum to democratize access to quality international education for African youth. The company was founded by Cyrille Nkontchou, an economist by training with extensive experience as a fund manager, a banker and a consultant.

Ethel Mupambwa, Co-Founder and Executive Director, Moneymart (Zimbabwe)

“Creating wealth; changing lives”- Moneymart is a Zimbawean based microfinance institution that offers tailor-made business loans to MSMEs and individuals who live off the power grid to access quality solar-lighting-kits. The company is co-led by Ethel Mupambwa, who has nine years of experience in finance and is a Level 2 Chartered Financial Analyst Candidate.

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Dr. Emma Naluyima Mugerwa, Founder, MST Junior School (Uganda) 

“Little seeds, big dreams” – MST Junior School is a Primary School with a unique approach and learning model. It aims to equip the pupils with unique skills to solve agriculture issues such as food insecurity, waste mismanagement and malnutrition. The school was established by Dr. Emma Naluyima, a vet, farmer and educator with a desire to train young people and change their lives through Modern and Purposeful Farming.

Joan Rukundo Nalubega, CEO & Founder, Uganics (Uganda) 

“Buy a soap – save lives” – Uganics is a social business that manufactures life-saving organic anti-malaria soap to address malaria, which kills millions of people every year, and sells around the world at a high profit margin to subsidize sales to poor populations at the same price as regular soap. The company is led by Joan Rukundo Nalubega, a Malaria survivor and a social entrepreneur with a vision to fight Malaria.

Mame Diarra Bousso Gueye, CEO & Founder, Diarrablu (Senegal) 

“Artisans & algorithms for a conscious lifestyle” – Diarrablu is a Senegalese fashion tech company merging African artisan traditions with technology to empower African artisans and build an ethical and sustainable fashion future centered around ancestral African craftsmanship. The company is led by Diarra Gueye who has experience in finance, mathematics, and design and recently completed her Master’s at Stanford University with a focus on creative mathematics.

Oluwasoga Oni, CEO & Co-Founder, Mdaas Global (Nigeria) 

“Unlocking diagnostics for Africa’s next billion” – MDaaS Global builds and operates modern, tech-enabled diagnostic centers in clinically-underserved communities starting in Nigeria to provide a world-class patient experience at highly-affordable prices. The company is led by Oluwasoga Oni, an MIT-trained system engineer.

 

 

 

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Naira strengthens against dollar

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Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.

The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.

The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars

The Nigerian currency exchanged at N381 to a dollar at the official CBN window.

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Oyo govt. will continue to support SMEs, Olaniyan assures

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The Deputy Governor of Oyo state,  Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,

The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.

Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.

He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.

Alhaja Adeogun Tunrayo Muslimat,  owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.

 

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