Connect with us

Business

Eziaku Esther, Emerges Winner of UBA Foundation’s NEC 2021

Published

on

UBA Foundation

UBA Foundation, the CSR arm of the United Bank for Africa (UBA) Plc, on Tuesday, held the Grand finale of its eleventh annual National Essay Competition (NEC) at the Tony Elumelu Amphitheatre at the UBA House, Marina Lagos, in a ceremony that was well-attended by students, staff and parents.

A visibly excited 15-year-old Eziaku Esther, a student of His Grace High School, Enugu State, emerged the overall winner with the best essay. For the fifth consecutive year the girls have clinched the best prize as, Esther beat 11 other finalists selected from over 7,000 entries received digitally by the UBA Foundation from students of senior secondary schools across Nigeria.

Esther won an educational grant of N3 million to study at any African university of her choice. She also received a brand-new state-of the-art laptop and many other educational tools from the UBA Foundation. She will be supported throughout her educational career and beyond with constant mentoring by the UBA Foundation.

The 15 year old winner who was escorted to the event by her mother, Mrs Joy Chika Eziaku, said she was excited to have come top in the competition, adding that the experience has bolstered her confidence; “I am so grateful to UBA Foundation for this grand opportunity. it was not very easy as I had to study hard and conduct a lot of research, but I am happy that it paid off for me. This opportunity has changed my life, made me want to learn more, read more and to aspire to be a better person and I really appreciate the UBA and the UBA Foundation for this,” she said. 

The UBA Foundation’s Education initiative has been changing lives for over a decade as the tertiary education scholarship programme continues to impact the lives of many students and their communities at large.

The second prize was bagged by Nduka Chukwuemeka, male, aged 17, of Oxfords international School, Abia State, who won a N2,500,000 educational grant and a laptop; while the third prize of N2,000,000 and a brand new lap top went to 15-year old Hajarat Abdulwahab of Addy Basic School, Kano. The other 9 finalists also received brand new laptops as well as consolation prizes, including books and other learning materials.

In his remarks the Managing Director/Chief Executive Officer of UBA Plc Mr. Kennedy Uzoka, said UBA as a bank is happy that it has  been touching lives and making a solid impact through the UBA Foundation, adding that the annual competition which is in its 11th year,  has produced hundreds of winners, some of who have long graduated from higher schools and have been impacting their communities.

He said, “Like we did last year, we again increased the prizes to match the rising cost of living. Over the years, we have been assured that we are doing something very unique and truly African, and this is why the initiative is for those who wish to study in Africa, because we are proud of our continent.”

The MD/CEO, UBA Foundation, Bola Atta, whilst congratulating the winners, commended them for their exceptional brilliance.  “Every student who sent in an entry is a winner. To be confident about your writing skills and ambitious enough to enter a competition to further enhance your educational path is laudable.  For those that did not win, I would say do not be discouraged. Take it as a challenge to perfect your writing skills and enter for the competition again next year” she said.

According to Atta, UBA Foundation, being the CSR arm of UBA Plc, makes it a point of duty to give back to communities where UBA operates. Education remains one of the Foundation’s focus areas as it is the bedrock of any nation

UBA Foundation’s National Essay Competition has been rolled out to other African countries including Ghana, Senegal, Sierra Leone, Guinea, with plans for more footprints in 2022.

UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, Environment, Economic Empowerment and Special Projects.

Business

Dangote Surpasses $21bn In Net Worth For First Time Since 2014

Published

on

Dangote Surpasses $21bn In Net Worth For First Time Since 2014

Aliko Dangote, the founder of the most diversified manufacturing conglomerate, Dangote Industries Limited has surpassed $21 billion in net worth for the first time since 2014 when his wealth fell from $25.7 billion to below $15 billion.

The news comes as shares in his cement company, Dangote Cement Plc, which is listed on the Nigerian Exchange reached an all-time high price of N3000 ($0.7224) per share, bringing the cement company’s market capitalization to N5.11 Trillion ($12.3 billion).

Being the African Richest man and the only black man worth over $15 billion, Dangote derives a majority of his net worth from his 86% stake in Dangote Cement, which is now valued at $10. 6 billion.

For the tenth time in a row, Aliko Dangote was named the richest man in Africa in 2021, with an estimated net worth of $12.1 billion.

The business empire he began to build more than three decades ago, Dangote Group, is one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.

Shortly after graduating from college at 21, Dangote borrowed $3,000 from his uncle to import and sell agricultural commodities in Nigeria, his native country. His business venture quickly became a success, and as a result, he managed to repay the entire loan within three months of starting operations. Ultimately, Dangote was able to turn a local commodities trading business into a multibillion-dollar corporation.

Dangote’s business interests encompass many industries, including oil and gas, consumer goods, and manufacturing. According to Forbes magazine, the subsidiary produces 45.6 million metric tons of cement every year and operates in 10 African countries.

Dangote also owns the world’s third-largest sugar refinery. As of March 31, 2021, Dangote Cement Group reported quarterly revenue of 332.7 billion Nigerian nairas, approximately US$808.5 million.

Continue Reading

Business

Osinbajo Drums Support For FIRS Digitisation Agenda

Published

on

Osinbajo Drums Support For FIRS Digitisation Agenda

The Chartered Institute of Taxation of Nigeria (CITN) has been urged to support the Federal Inland Revenue Service (FIRS) in its drive towards full digitalisation of tax administrative processes.

Vice President Yemi Osinbajo SAN made this call in his speech at the Chartered Institute of Taxation of Nigeria’s (CITN) 24th Annual Tax Conference held at the International Conference Centre, Abuja.

The Vice President was represented at the event by the Executive Chairman of the FIRS, Muhammad Nami who delivered the address on his behalf.

Professor Osinbajo noted that the theme for the tax conference, “Global Disruption, Taxation and Digitalisation: Implication for Socio-Economic Development” aptly captures the prevailing realities within the national and global fiscal space.

He said, “Nigeria’s economy is fast digitalising. The digitalisation of the Nigerian economy means that the ways and manners of organising and doing businesses have changed. Indeed, the radical changes brought about by digitalisation have displaced the traditional approach to tax administration. Consequently, the digitalisation of tax administration is unavoidable, that is why our government has continued to heavily invest in the automation of tax administrative processes and digital infrastructure.

He further noted that the government had provided the enabling environment for digitalised tax administration by making necessary tax policy changes, developing rules for taxation of the digital economy, enactment of required legislation, and providing necessary political backing for the team negotiating the new international tax rules for the digitalised economy.

The Vice President urged the institute to see its role in society as a pillar for the country’s socio-economic development.

The possible impact of non-compliance by taxpayers—whom you hold briefs for—on the government’s revenue and the larger society is crucial and must be given topmost priority while holding briefs for them.

In doing so, you must always bear in mind the pronouncement of the Court of Appeal in Phoenix Motors v. National Provident Fund Management Board (1993) that it is in the best interest of the society at large that government be in revenue.

It is through this prism that I see your Institute as a pillar for the socio-economic development of Nigeria and the emancipation of the downtrodden of our society. Without a doubt, your members will continue to discharge the solemn and sacred responsibility of ensuring that the interest of the larger society in Nigeria is not trodden upon; and this you must do with patriotic zeal,” he noted.

Continue Reading

Business

Lagos Airport Shutdown After Corpse Was Discovered On Runway

Published

on

Lagos Airport Shutdown After Corpse Was Discovered On Runway

The international wing of the Murtala Muhammed International Airport, Lagos, was temporarily shut in the early hours of Thursday, May 19, 2022, after the mangled body of a dead man was found on Runway 18R of the nation’s flagship airport.

The identity of the corpse could not be ascertained as of press time. Also, it could not be established whether the dead man was knocked down by an aircraft taking off or landing on the runway.

However, airport officials revealed that the runway was temporarily shut down while a team of officials from the Federal Airports Authority of Nigeria (FAAN) and the Nigeria Police Force (NPF) evacuated the corpse from the runway.

During the temporary shutdown of the runway, international flights were prevented from landing and taking off from the airport’s international terminal.

Among the flights that could not land due to the shutdown was an Ethiopian Airlines flight 3907, a Boeing 77F aircraft with registration number ETAVN, which was coming from Lome, Togo to Lagos, Nigeria.

The flight was later diverted back to Lome after holding for a while.

Airport officials said the corpse was suddenly found on Runway 18R during a routine runway inspection by FAAN personnel.

The officials were said to have reported a corpse on the runway around the cargo area.

Continue Reading

Trending