Aliko Dangote announces N200bn endowment for Dangote Foundation
Aliko Dangote foremost Nigerian industrialist and philanthropist has endowed Dangote Foundation with N200 billion. Speaking in Lagos, Mr. Dangote noted that, 'Dangote foundation is now 20 years old. This initial endowment will assure that Dangote Foundation has secure and steady funding to carry out its mission as we significantly scale up our work. The reconstituted board of trustees includes, Aliko Dangote, Sani Dangote, Halima Aliko Dangote, Olakunle Alake, A B Mahmoud (SAN), Aigboje Aig-Imoukhuede, Angela Adebayo, Hajara Adeola and Yvonne Ike. And last year we appointed Adhiambo Odaga, Managing Director to grow the Dangote Foundation team. The stage is set now for the next stage of our institutional growth.'
Mr. Dangote further stated that, 'Going forward- from the second quarter of this year, we will lay greater emphasis on youth and women empowerment through large scale efforts that cultivate meaningful change in their lives.'
Mr. Dangote established Dangote Foundation in 1994 to extend the impact of his growing business operations. Current interventions that focus on youth and women, includes national cash transfer programme designed to complement state governments' poverty alleviation programmes by providing N 10,000 grants to at least 1,000 women and youth in each of Nigeria's 774 Local Government Areas, LGAs. It has already reached 256,500 women and youth across the 157 local government areas in Kano, Jigawa, Kogi, Adamawa, Yobe and Borno. The next phase of cash disbursement will target select states in the South-West geopolitical zone.
The innovative N10 Billion Dangote Foundation/Bank of Industry micro, small and medium enterprises fund stimulates economic growth and job creation. Dangote Foundation's funds are offered at zero percent interest rate while Bank of Industry's funds are offered at ten percent interest rate resulting in an effective interest rate of five percent which is the lowest interest rate credit available in the country. One hundred and thirty six (136) businesses in 27 states have accessed the fund so far.