Dangote announces N200bn endowment for foundation

Foremost industrialist, Aliko Dangote, has endowed the Dangote Foundation with N200bn, a day after Forbes magazine named him the 23rd richest man in the world and the richest in Africa.

In a statement, Dangote stated that 'the Dangote Foundation is now 20 years old. This initial endowment will ensure that the 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, Aigboje Aig-Imoukhuede, Angela Adebayo, Hajara Adeola and Yvonne Ike. And last year, we appointed Adhiambo Odaga as the managing director to grow the Dangote Foundation team. The stage is set now for the next stage of our institutional growth.

'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.'

Dangote established the foundation in 1994 to extend the impact of his growing business operations.

Current interventions that focus on youth and women include a national cash transfer programme designed to complement state governments' poverty alleviation programmes by providing N10,000 grants to at least 1,000 women and youths in each of the 774 Local Government Areas in the country.