Halima, who is also the Executive Director, Family Office, spoke at the panel session on Family Business: Looking at the Next Frontier, opined that family-owned businesses have demonstrated exceptional resilience, navigating challenges and thriving over multiple decades.  Other speakers include Carolyn Choo, Managing Director and CEO of Worldwide Hotels; Rose Damen, Managing Director of Damen Yachting, third-generation family shareholder of Damen Shipyards Group; and Caroline Link, Co-Chairman of B.GRIMM Pharma, President of B. Grimm Joint Venture, and Board Member of B. Grimm Power.

She stated that  success in family-owned businesses starts with shared values, goals, governance policies and alignment adding that reputation is part of Family Capital. According to her, governance structure, adherence to core values, customer satisfaction, optimization of shareholder value, meritocracy, integrity, leadership, brand equity, diversification/growth, philanthropy and preserving generational wealth play key roles to the success of our businesses.

She opined that Dangote Group’s governance policies do not allow board and management to operate in silos as each business unit have at least three independent directors that will give a holistic view.

Speaking on other factors of success for Dangote Group, Halima emphasized, “We family-owned businesses have to stick to our tradition of asset rich-cash moderate or as my father will correct me, asset rich-cash poor. We as Dangote perpetuate a profitable business with strong values and strong governance structure. We make money while building our nation by contributing heavily to the global economy, creating massive jobs, thinking of our great grand kids and contributing  excessively to humanity.”

Highlighting the significant contribution of FOBs to the global economy, Halima noted that studies by Mckinsey showed  that they account for more than 70% of global GDP, generate annual turnovers of between $60 trillion and $70 trillion, and provide around 60% of global employment. She stressed the crucial role these businesses play in creating jobs, sustaining communities, and driving development in sectors such as manufacturing, education, healthcare, and infrastructure across the world.

“Family-owned businesses (FOBs) have proven to be resilient, weathering challenges and thriving across multiple decades. Despite facing external pressures, many FOBs not only survive but also grow, contributing significantly to the global economy in ways that are often underestimated or overlooked,” she said.

She also pointed out that family-owned businesses often employ two key approaches in preparing the next generation for leadership roles: internal and external capacity building. Regarding internal capacity building, Halima explained that many families create internship programmes for young family members interested in taking over the business or assuming leadership positions.

“In Nigeria, we  train the next generation so they can grow organically  to  leadership roles in family businesses. My dad’s approach is for you to start from ground up knowing you will get to leadership role if you work hard and do your job right. These experiences  make it easier for you to learn the ropes and be prepared for leadership role in the future,” she said.

On external capacity building, Halima discussed the practice of sending younger generations to work in non-family businesses. This approach enables them to acquire new skills, learn better processes, and gain diverse perspectives that can benefit the family business in the long run adding that she started her career as an Analyst at KPMG before joining Dangote Industries Limited.

The approach she explained “removes the familiarity tag as the young generation got employed as other people and supervised to monitor their performance. This has been a common avenue business families have chosen to pursue for many years, having their next generation spend three to five years working outside the family business before eventually joining with a new set of skills and business knowledge.”

Addressing the challenges of succession planning, Halima emphasised the importance of involving the younger generation in the business early on. She suggested that this creates a space for open communication, where the next generation can share their thoughts, ideas, and aspirations, while the senior generation provides critical information to help the next leaders make informed decisions.

She stressed the need for a balance between tradition and innovation in family-owned businesses. While tradition provides continuity and stability, she noted that innovation is vital to staying relevant and competitive in the modern marketplace.

“Successful family businesses recognise the need to adapt to changing consumer preferences, technological advancements, and market trends. Family businesses often have a wealth of experience and deep-rooted traditions. They can also benefit from external expertise and fresh perspectives,” she concluded.

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International Fraud Awareness Week is a global celebration commemorated annually in the third week of November, with the goal of highlighting the increasing threat that fraud poses on individual, business and societal levels, as well as encouraging individuals and institutions to take proactive steps towards minimising the impact of fraud. The theme of International Fraud Awareness Week 2024, “Share A Story, Stop A Scam”, particularly emphasises the significance of awareness, information and education, in combatting fraud. Wema Bank, proactive in its commitment to combatting fraud, has over the years built a reputation of educating and empowering its customers with the knowledge, information and insights needed to help them identify, mitigate and escalate fraud on various levels, further launching its Anti-Fraud campaign through which it has not only continued to spread awareness about fraud but also taken action against fraudsters. With this remarkably consistent anti-fraud stance, it is no surprise that Wema Bank took the decision to host this visionary seminar in commemoration of International Fraud Awareness Week 2024.

Stakeholders present at The Wema Bank International Fraud Awareness Week 2024 include Mr Oguzi Moses A., an Assistant Commander of the Economic and Financial Crimes Commission (EFCC), Rypson Ugwuzor, Manager, Cybersecurity and Intelligent Automation, KPMG; legal luminary Akin Adesomoju (SAN), Founder, Akin Adesomoju & Co.; Mr. Femi Akinola, Assistant Commissioner of Police at the Special Fraud Unit of the Nigerian Police Force; and cybersecurity expert Dr. Obadare Peter Adewale, Founder and Chief Visionary Officer (CVO), Digital Encode Limited.

Wema Bank continues to prove its firm stance against fraud, promoting fraud awareness internally and externally while taking firm action against fraudsters who have attempted to conduct fraudulent transactions on the network of FinTechs which the Bank continues to empower. Earlier in 2024, Wema Bank disconnected seven FinTechs found guilty of fraud from its network and continues to empower its customers with insights on evolving fraud tactics and channels for escalation through its Anti-Fraud Campaign. Customers and the public can follow @wemabank on Instagram, Facebook, LinkedIn and X to stay updated.

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President Tinubu, whose commitment to CNG deployment and clean energy is unmatched in Africa, has maintained his administration’s drive to create a conducive environment for private sector investments and expand Nigeria’s CNG infrastructure to enhance energy efficiency and drive economic growth. As part of this initiative, he ordered the distribution of 1 million free CNG conversion kits for commercial vehicles involved in transporting people, food, and goods. 

At a recent event, the President emphasised the urgent need for Nigeria to utilise its vast natural gas resources in the transportation sector. He stated that CNG transportation is an economic necessity for Nigeria, signalling a significant shift in the country’s approach to public transportation and energy use.

“Utilising natural gas to power Nigeria’s transportation industry is the next way to go,” he stated. 

On its part, the Dangote Cement said the over $280m investment not only solidifies its leadership in the CNG sector but also reflects its dedication to mitigating climate change and supporting a transition to a low-carbon economy.

Arvind Pathak, the Group Managing Director of Dangote Cement Plc, said the investment aims to acquire 100% CNG trucks as part of a long-term plan to transition its entire fleet to CNG.  

This move marks a significant milestone in Dangote’s clean energy transition, with the objective of operating most of its fleet on CNG by mid-2026. As at October, the company has received its first batch of 1,500 mono-fuel CNG trucks while expecting additional 1,600 CNG trucks; totalling 3,100 before the end of the year. 

Pathak stated, “By mid- 2026, Dangote Cement aims to operate a fleet predominantly powered by CNG. To facilitate this transformation, we are investing in expanding our CNG fuelling infrastructure, ensuring that our growing fleet has reliable access to CNG as our fuel.” He said plans are afoot to aggressively pursue this timeline of deployment, beginning from the first quarter of 2025. “We are keeping our eyes on the ball to ensure that we do not miss our target dates of full compliance”, he added. 

Pathak said that the company’s CNG infrastructure investments have positively influenced Nigeria’s transition to cleaner fuels. He added that the CNG station at Obajana, capable of refuelling over 3,000 trucks, exemplifies this commitment, with a second station currently under development in Ibese to further support fleet operations. 

President/Chief Executive, Dangote Group, Aliko Dangote said the company’s investments in CNG are also in line with Nigeria’s Nationally Determined Contribution (NDC) under the Paris Agreement, which aims for net-zero emissions by 2060.  

“In this pursuit of transition to clean energy, we are optimistic of a remarkable accomplishment by President Bola Ahmed Tinubu, as he has taken the lead in the nation’s drive towards energy efficiency. This presupposes private sector intervention to support this noble idea initiated by the President,” Dangote added. 

He noted that the company’s early adoption of CNG has made it the largest operator of CNG trucks in Nigeria, emphasising that the initiative is a boost to President Tinubu’s quest towards enhancing the nation’s energy independence and contributing to a more secure energy future.

  According to him: “We are now using CNG vehicles, especially with the new policy of the Federal Government, launched under the Renewed Hope Agenda by His Excellency, President Bola Ahmed Tinubu. We are committed to a cleaner and greener future.”

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The lender mentioned in a statement that the recognition was part of its achievement, being certified as a Great Place to Work for 2024-2025, marking the second consecutive year of receiving the prestigious certification.

The Great Place to Work certification is a globally recognised standard that assesses an organisation’s workplace culture, practices, and employee feedback.

“Wema Bank’s commitment to creating a positive work environment and prioritising employee well-being has earned it this honour once again,” it stated.

According to the bank, it stands out for offering industry-leading employee benefits, including one of the longest standard leave days, a cost-of-living adjustment to help cushion the impact of economic changes, and a salary increase for its non-full-time equivalent employees.

The bank said it provided access to a standard creche and a fully equipped gym for its staff, supporting work-life balance and physical wellness.

 The Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, attributed those accolades to the bank’s strong commitment to employee welfare.

“At Wema Bank, we understand that our exceptional output as a bank is a direct result of the dedicated input of our employees, especially the millennials who continue to drive our success. We remain focused on providing an enriching and fulfilling work experience for all our employees,” Oseni said.

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Noting that the world-class refinery is a testament to Aliko Dangote’s foresight, Nigeria’s ingenuity, and African entrepreneurship, Chambas emphasised that the Dangote Group is leading the way for the private sector in Africa.

“I believe these are the types of transformational projects that would propel Africa out of poverty. Projects like the Dangote Refinery create jobs, have multiplier effect on the national and regional economies, provide cheaper and reliable fuel for transportation, agriculture, and industries. In short, they lubricate the real economy. The Dangote Group is leading the way for the private sector in Africa which has a pivotal role to play in the fight against poverty and in creating opportunities for the youth. This is a veritable pathway to silencing the Guns,” he said.

The former president of the Economic Community of West African States (ECOWAS) commended Alhaji Aliko Dangote for his “business acumen, courage, tenacity, and vision matched with action” in successfully driving such a mega project to completion. He noted that Dangote had cemented his status as a true leader of the African private sector.

Ibn Chambas also praised President Bola Tinubu for ensuring a consistent supply of crude oil to the Dangote Refinery. “I would also like to take this opportunity to salute President Bola Tinubu for his bold and forthright decision to ensure provision of regular and dependable supplies of Nigeria crude oil to the Dangote Refinery.

“As a successful entrepreneur in his own right with a proud record of success in the private sector in the past, Tinubu understands the challenges. He has demonstrated commitment to creating an enabling business environment in Nigeria in general, and the smooth operation of the refinery in particular. I encourage all Africans across the continent and in the diaspora to visit the Dangote Refinery for inspection.

“A visit to the refinery provides an insight into the tremendous potential and hope there is, not only for Nigeria but, indeed, for the entire African continent,” he said.

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The company stated that the scholarship initiative underscores its commitment to empowering local communities through education and contributing to their overall development.  

Describing the programme as a key component of its Corporate Social Responsibility and Sustainability (CSR) activities, the Company’s General Manager of Community Relations, Mr. Joseph Alabi, noted that the scholarship award is an annual event designed to enhance educational opportunities for the community and align with broader educational goals in the state and Nigeria.

During the scholarship presentation, attended by traditional rulers and government officials in Ijebu-Igbo, Mr. Alabi noted that the company has consistently supported the Nigerian educational sector by establishing scholarship programmes in all the communities where it operates.

He emphasised that the scholarship reflects the company’s dedication to supporting Nigerian youths through education, underscoring its commitment to educational interventions for students from host communities impacted by its operations.

“By supporting these students, we are investing in their future and the future of Nigeria. That is why we are here today to award scholarships to 40 tertiary students and 20 secondary school students,” he stated.

Mr. Alabi noted that the Dangote Group is renowned for its community development initiatives, crediting the supportive relationship with host communities for the company’s ongoing efforts. “The host communities have encouraged us to continue our work, providing a conducive operating environment and fostering productive partnerships,” he added.

He remarked on the success of the programme, stating, “This initiative has helped students, especially those whose parents struggle to afford education, pursue their academic ambitions with greater ease. Beneficiaries will enjoy the scholarships until they graduate.”

While congratulating the recipients, Alabi urged them to remain dedicated to their studies, strive for excellence, and always give their best. “Your achievements are a testament to your determination, perseverance, and commitment to excellence, and we are honoured to celebrate your success with you today,” he said.

In his remarks, Oba (Dr.) Mufutau Adesesan Yusuf, the Sopenlukale of Oke Sopen, commended Dangote Group Chairman Alhaji Aliko Dangote for the various initiatives benefiting the community. He expressed satisfaction with the ongoing scholarship awards over the past five years and encouraged other industrialists to follow Dangote’s example for the growth of the nation.

The Oba urged parents to utilize the funds for their intended purpose, emphasizing that this would encourage the organization to continue its support for the community.

In response, some beneficiaries expressed their gratitude to Dangote Granite Mines, stating that the scholarships had significantly eased their educational expenses. Oladuni Ibrahim, a student at The Polytechnic Ibadan, thanked the Dangote Group for the scholarship, noting it has lessened the financial burden on their families amidst current economic challenges. “The scholarship has benefited us immensely by supporting less privileged students who aspire to further their education and achieve their dreams despite financial obstacles,” she stated.

Through the Aliko Dangote Foundation (ADF), the Dangote Group continues to contribute to the educational system in Nigeria and Africa, believing that education is the foundation of any successful society.

Some of the foundation’s educational interventions include a N1 billion investment for Nigerian universities, a N500 million for developing a Business School at Bayero University Kano and N100 million for the proposed Otuoke University in Bayelsa State. The foundation also made a significant contribution to the educational sector by donating fully equipped facilities capable of accommodating 2,160 students, built at a cost of N1.2 billion, to Ahmadu Bello University (ABU) in Zaria.

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The Global SME Finance Forum is the world’s leading, technically oriented and geographically diverse platform focused solely on scaling SME financing worldwide. Wema Bank emerged Africa’s top financier not just for the general SME landscape but also particularly for women-owned SMEs, at the 2024 edition of the annual Global SME Finance Forum Conference Awards.

Expounding on the Bank’s glaring commitment to empowering MSMEs, the MD/CEO of Wema Bank, Moruf Oseni, articulated the big picture for the Bank. He said, “MSMEs make up the bulk of Nigeria’s economy and they are critical to not only mitigating unemployment and other macroeconomic challenges but also promoting innovation and significantly boosting the economy towards national development. At Wema Bank, we recognise the potential that MSMEs hold as well as the challenges that threaten the maximisation of this potential, and we have made a lifelong commitment to providing viable, seamless, accessible, affordable, reliable and effective solutions tailored to the needs of businesses of all sizes across Nigeria; especially women-owned businesses.

“There is a rising need for intentionally inclusive empowerment strategies in not only stimulating growth in the SME sector but also bridging the gap in gender equality, and we have undertaken the responsibility of fulfilling that need. As a Bank, our mission is to empower lives through innovation, and as always, we will continue to seek more effective ways to empower businesses for optimal productivity and sustainable growth.”

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This innovative device, set to be available to the public from Wednesday, January 1, 2025, according to him, was not only designed to alleviate the crippling fuel crisis in Nigeria, and other parts of Africa, but to promote a greener ecosystem.

“The fuel crisis in Nigeria has reached a breaking point,” Dr. Aghaze stated. “It is time for a sustainable and affordable solution. The detached EV solar charger offers a viable alternative to fossil fuels, providing Nigerians with a cleaner,greener, and more cost-effective way to power their vehicles.”

Beyond providing financial relief to Nigerian motorists burdened by soaring fuel prices, Dr. Aghaze explained that the detachable EV solar charger also contributes to a healthier planet. 

According to him, by reducing reliance on fossil fuels, the device helps to mitigate climate change and improve air quality.

“Our goal is to empower Nigerians, and others to take control of their energy consumption while also making a positive impact on the environment,” he added. “By harnessing the power of the sun, the detached EV solar charger provides a reliable and independent source of electricity that reduces greenhouse gas emissions.”

Explaining the functionality of the detachable EV solar charger to journalists at his California factory, Dr. Aghaze said it is a portable device that can be used to charge EVs anywhere, from homes to remote locations. 

He added that the device’s solar panels efficiently capture sunlight and convert it into clean energy, reducing reliance on the traditional power grid.

“We believe that this invention has the potential to transform transportation systems,” Dr. Aghaze said.”By making EVs more accessible and affordable, we can contribute to a cleaner and more sustainable future.”

While noting that vehicles powered by the detached EV solar charger will have extended mileage and range, Dr. Aghaze maintained that the device will promote a greener and healthier planet.

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The latest report of the TOP 50 BRANDS NIGERIA® rankings, an annual celebration of the most influential and valuable brands in the country, revealed this.

Dangote is immediately followed by MTN Nigeria, which not only ranks second overall but also emerged as the Most Popular Brand in the country for the year, according to the Top-of-Mind (TOM) survey. MTN’s   strong consumer connection and widespread recognition highlight its significant impact on the telecommunications sector and beyond.

At the third place this year is Globacom Nigeria, a leading Nigerian multinational telecommunications company known for its innovative solutions and commitment to progress. Globacom’s consistent ranking among the top brands indicate its significant role in Nigeria’s digital and technological advancement. Airtel Nigeria, another key player in the telecommunications sector, secured the fourth position. Access Bank ranked in the fifth position, topping the Banking & Financial Services sector.

The organisers stated that: “This year’s list is a testament to the resilience, innovation, and enduring relevance of brands that continue to shape Nigeria’s economic, particularly in challenging times.

A significant highlight this year is that seven of the first 10 brands out of the 50 are Nigerian, emphasizing the resilience and global competitiveness of home-grown brands, most of which had spread abroad.

Additionally, it is impressive to note the consistency among the top brands, with seven of them maintaining their positions from last year. This stability reflects their continued relevance, strong market presence, and ability to navigate the complexities of the Nigerian business environment.

Nigerian brands account for 24 spots on the top brands list this year, while international brands hold 26 positions, representing 52% of the total.

The 2024 list also witnessed the entry of two new brands, these are Opay Nigeria and Flutterwave, which made their debut in the annual Top 50 evaluation. These new entrants highlight the growing influence of fintech and digital payment platforms in shaping Nigeria’s economic future.

Notably, 14 brands maintained their positions from the previous year, reflecting their consistent performance and consumer trust.

Another set of notes in the presentation are the 10 Brands to Watch – These are vibrant and upcoming brands, who, though not among the 50 Top Brands yet, but with significant visibility and promises. This year, 9 of the 10 Brands to Watch are Nigerian.

During the public presentation, Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA®, commended the       brands for their exceptional performance resilience, particularly in the face of the present economic challenges. “These brands deserve commendation, really, especially in times like this. The past year has been tough for many businesses, with some relocating out of Nigeria and others barely holding on. However, the majority of these brands have shown the resilient Naija spirit by weathering the storms and standing strong with positive projections into the future” He went on “As the saying goes, tough times never last, but tough people do. It’s in times like this that you differentiate between the boys and the men, as these brands have shown.” Concluded Oluboyede.

The 2024 TOP 50 BRANDS NIGERIA® list is a celebration of excellence, resilience, and the relentless pursuit of growth. As these brands continue to innovate and adapt, they set the standard for what it means to be a top brand in Nigeria. We look forward to witnessing their continued success and contribution to Nigeria’s economic development in the years to come.

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