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Dangote Group, Togo partner to transform Phosphate into Fertiliser

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Dangote Industries Limited and the Government of Togo (GoT) have concluded an agreement to develop and transform Togolese phosphate into phosphate fertilizers for the West African sub-region; in a bid to improve consumption of the product in Africa.

With over two billion tonnes of phosphate reserves, Togo is one of the leading phosphate producers in Africa. By partnering the Dangote Group, the country intends to benefit from the expertise and investment capacity of Africa’s largest industrial group, according to a joint release issued by the Dangote Group and the Communications Department of the Presidency of the Republic of Togo.

With the completion and commissioning of the Dangote Petroleum Refinery and Fertilizer complex in Ibeju-Lekki, Lagos, Dangote Group will be the largest ammonia producer on the African continent, the release noted. Ammonia is an essential ingredient in the transformation of phosphate into fertilizer derived from phosphates. Under the agreement, Togo will provide access to phosphate resources and the Dangote Group will provide access to ammonia and to the Nigerian market.

The project, in line with second pillar of the Togo National Development Plan, should enable the production of more than 1 million tonnes of fertilizers derived from phosphates once completed. The cost of the investment is estimated at about $2 billion and is expected to create several thousand direct jobs. Mining development work will start before the end of 2019, it added.

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On this occasion, Dangote Group also announced the establishment of a cement manufacturing plant with an annual capacity of 1.5 million tonnes in Lomé. This plant will use clinker from Togo and Nigeria and will meet both local and neighbouring countries’ demand, the release noted.

It further added that construction of the Lome plant is billed to start in first quarter of 2020 and its commissioning scheduled to take place before the end of 2020. The investment is estimated at $60 million and is expected to create 500 direct jobs.

Togolese President, Faure Gnassingbé said, “The structural transformation of our economy is the main objective we have set ourselves in the context of the 2018-2022 NDP. By processing our phosphate we will not only create jobs but we will also be able to provide our farmers with good quality fertilizers at an affordable cost. Having an industrial investor like Alhaji Dangoté shows that our efforts to improve the business climate are paying off. We intend to continue in this dynamic for the well-being of Togolese men and women.”

President/CE Dangote Group, Aliko Dangote said, ‘’This partnership is in line with our transformation agenda in creating prosperity and enhancing economic development not only in Togo but also in Affrica.  In addition, the Dangote Group is determined in supporting the Government of Togo in its industrialisation strategy aimed at creating jobs for its citizens and making Togo an attractive investment destination.’’

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The two investment agreements reinforce Togo’s industrialisation strategy adopted under the 2018-2022 National Development Plan.

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We will use Oyo IGR to offset all recurrent expenditure before 2023—Makinde

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Oyo State Governor, Engineer Seyi Makinde, on Tuesday, declared that his administration would ensure that the State’s Internally Generated Revenue (IGR) is able to offset its recurrent expenditure before the end of his current tenure.

Governor Makinde, who made the declaration while giving a keynote address at the one-day Tax Stakeholders ‘Poverty to Prosperity’ Summit held at the Theophilus Ogunlesi Hall, University College Hospital, Ibadan, stated that his commitment to take the State from poverty to prosperity remained on course.

A statement by the Chief Press Secretary to Governor Makinde, Mr. Taiwo Adisa, equally quoted the Governor as telling the dignitaries at the event that the sacked local government chairmen who have been struggling to return to the councils were targeting the funds of the councils.

Makinde urged the people of the state to think of new and innovative ideas to expand the State’s IGR.

According to him, the desperation by the sacked 68 Local Government and Local Council Development Areas (LCDAs) chairmen to return to the offices was informed by the greet to take over the accumulated resources of the councils.
He, however, stated that the era of spending government’s money reckless had gone and the sacked illegal chairmen had gone with it, adding that though many of the sacked chairmen have shown that they were stone-hearted, one could only hope that those who fail to toe the path of peace will be judged accordingly.

Governor Makinde who also spoke at the foundation laying ceremony of the Mini-Mapo Hall at the Headquarters of Ibadan South-West Local Government said that his government would ensure prudent management of public funds.

While laying the foundation stone of the Traditional Council’s building (Mini-Mapo), which was attended by the Olubadan of Ibadan, ObaSaliu Adetunji and his High Chiefs as well as other top Government functionaries, Governor Makinde reiterated the importance of the traditional institution in ensuring peace and order in the society, noting that despite the country operating democracy, the traditional councils could not be overlooked.

The Governor added that the traditional rulers as the closest to the people, who also understand their culture and tradition, remained relevant in maintaining peace and resolving conflicts.

While delivering his keynote address at the tax summit, Governor Makinde noted that growing the State’s IGR has become imperative to the Government’s mandate to move Oyo State from poverty to prosperity.

According to him, strategies have been put in place by his Government to boost the IGR of the State and that the strategies have started yielding fruits.

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He stated that Oyo State was able to raise the IGR from  about N2 billion to N2.7 billion in November 2019.

He said: “We are here today to talk about the Oyo State IGR Roadmap that will facilitate economic prosperity. The issue of Internally Generated Revenue (IGR) is very important as it is tied to how much development the state will experience, all things being equal.

“Without adequate revenue, there will be no resources to fund the budget; the state will have to resort to borrowing for recurrent expenditure or owing for overheads, which is never ideal.

“Trends also show Oyo State’s IGR fluctuates; in 2014 it was N16.30bn, but dropped to N15.66bn in 2015, later increasing to N18.88bn in 2016. For 2017, the IGR figures grew to N22.45bn. While in 2018 it grew to N24.67bn. This put our IGR per capita in 2018 at below N3,000 per person. We can definitely do better.

“The current trend across states in Nigeria is to see IGR as being synonymous with revenue generated from taxes, partly because other sources of revenue, especially natural resources are on the exclusive list.

“Revenue generated from these natural resources goes to the Federation Account and is then shared between the Federal Government and states. A lot has been said about how this has served as a hindrance to development, and how it has made states unwilling to invest in the management of these resources. But that is only half of the story.

“The other half is that it is possible to raise the IGR of the state without raising taxes. And this is the promise that we made to the people of Oyo State while we were on the campaign trail. We are determined to continue keeping that promise.

“Indeed, as clearly stated in our Roadmap for Accelerated Development in Oyo State 2019-2023, our plans to increase the revenue generated in Oyo State without an increase in taxes, stand on four legs: A thorough review of the current IGR process and management in the state; expanding the tax net; looking for new sources of revenue and being aggressive and innovative in the mode of revenue collection by having the State Board of the Internal Revenue Service working in collaboration with seasoned professionals.

“So far, and I am sure we will have this expounded by various speakers today, Oyo State has embarked on a comprehensive review of the IGR process and management. We have been able to plug some holes in the system and this is yielding results. We have also employed new managers of the revenue collection process. Their mandate is to come up with innovative and aggressive ways of getting the untaxed to contribute to the development of the state.”

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“The commencement of the new strategies put in place to increase IGR produced the positive result recorded in December 2019, as we raised the IGR to 2.7 billion Naira from about 2 billion Naira in November.

“Also, we are putting in place a land administration solution that will ensure wider and more effective enumeration of all business and household properties, ensure ease of obtaining land titles and other documents and faster approval of building plans. The land use charge has been fine-tuned and will be responsibly applied.

“Furthermore, we have taken a second look at our vehicle registration and renewal system and by the end of this month, the public can expect a wider, better and faster platform which will be available in all our 34 tax stations. We will continually apply fair and harmonised billings to other rates and levies.

“It is generally agreed in economic circles that the citizens are more inclined to respond positively and even volunteer to pay their taxes when they see how these payments are being put in use. I am happy to report that the taxes paid by the good people of Oyo State are currently being ploughed back into the development of the state. You may be aware of the work being done by the Oyo State Road Maintenance Agency (OYSROMA); we are rehabilitating roads in Ibadan and will move outside Ibadan to other cities before the end of this quarter.

“The work being done in the education sector is also taxpayers’ money in action. Schools are being built and renovated; we are concentrating on our final year secondary school students. We want them to return better results in their WAEC exams this year. We are also able to increase the education budget by 700 per cent compared to last year’s budget.

“Because we believe that health is wealth, we are taking steps to ensure that the people of Oyo State remain healthy. Soon, we will roll out a health intervention programme across all Local Government Areas in the state. The renovation and equipping of hospitals and Primary Health Care Centres in the state remain on course.
“In a few months, we are looking to start running a mass transit system in the state. The modalities are being set up and we will communicate the process with you.

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“Of course, what this means is that we will have to find a way of increasing our IGR especially by looking inwards and exploring areas of competitive advantage. We have to, as a matter of urgency, attract investments into Oyo State.
“Attracting direct investments will take a collective effort. Our administration will continue to invest in security and take other measures to ensure that we create an enabling environment for the growth of investments. On your part, you should be ready to extend the traditional hospitality to strangers, making them feel welcome in our midst.

“We also plead that you file your annual returns early in the year and within the stipulated time.
“As we explore the theme of this Stakeholder’s summit, I enjoin us all to keep our minds open to new ideas and think creatively and innovatively about how to expand our tax net. If, as research has shown, an increase in IGR is a strong determinant of economic development, then those of us in this room should understand how important this mandate is.”

 

In his speech, the Oyo State Commissioner for Finance, Mr. Akinola Ojo, maintained that the summit presented “an opportunity for all stakeholders to interact, obtain first-hand information on the benefits of paying taxes and perhaps most importantly, understand the plans and appreciate the strides by the Government regarding generating the revenue with which it intends to provide requisite services and infrastructure for the benefit of every citizen of Oyo State as well as enhance development in the State.”

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Osun Economic Summit: FG to Site Specialised Agricultural Market In Ijebu – Jesa

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The Federal Government has expressed its readiness to site a specialised agricultural produce and international fish market in Ijebu –Jesa,  Oriade Local Government Area of Osun.

The Osun state Commissioner for Agriculture and Food Security, Mr Adedayo Adewole disclosed this at a meeting of the Project Implementation Committee (PIC) in Osogbo, the state capital.

Adedayo explained that the Federal Ministry of Trade and Investment, in conjunction with Agricultural Traders Welfare Association (ATWA), would be executing the project in the state.

According to the Commissioner, the project is a fallout of the economic and investment summit organised by the state government in November 2019 and targeted at boosting the economy of the state.

He said apart from the fact that the project upon implementation would boost the economy of Osun, it would also boost the business of fish farmers and marketers in the state and its environs .

Earlier, the representative of the PIC, Dr Joseph Okeke, lauded the state government for promoting discussion of the economic transformation of the state and Nigeria in general through agriculture and agricultural value chain.

Okeke, who also doubles as the National President of ATWA, noted that the project was targeted towards economic diversification by the Federal Government in the area of specialised agricultural market.

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“It is also geared toward job creation, enhancing economic activities and facilitating exportation of Nigerian commodities”, he added.

The committee, comprising of the project facilitator, Dr Gabriel Eniola, Osun Fish Farmers Association Chairman, Mr Tope Ogundipe and Osun Commissioner for Lands and Physical Planning, Mr Nathaniel Agunbiade among others later inspected the site.

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Adewale Raji gets another term as Odu’a Investment GMD

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Odu’a Investments Limited on Tuesday reappointed its Group Managing Director/Chief Executive Officer (GMD/CEO), Mr Adewale Raji for another term.

Contained in a statement issued by the company, Mr Raji’s reappointment followed an endorsement of his performance by the international auditing and management consultancy firm, KPMG, engaged by the six owner states of Osun, Ondo, Oyo, Ogun, Ekiti and Lagos to evaluate his performance in the last five years.

With his fresh appointment, Raji will now lead the conglomerate for another five years.

It would be recalled that his  five-year tenure had expired on May 31, 2019 but the shareholders granted him a six-month extension to allow KPMG assess  his performance. However, following a satisfactory evaluation, the shareholders at a meeting held on October 28, 2019 renewed his appointment for another term of five years with effect from June 1, 2019 and the Board also ratified the appointment.

No doubt, Raji’s first tenure witnessed significant growth in the Profit Before Tax from N378m and N495m in 2013 to N849m and N1.061b in 2018 for the holding company and the group respectively. In the same five-year period, a gross dividend of N1.208b was paid out to shareholders which is a record of consecutive dividend payout in the history of the company.

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His team initiated new businesses, particularly in agric-business and processing and the company was better managed with a very high sense of accountability and transparency while upholding the principles of corporate governance and safeguarding the interest of shareholders.

 

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