Dangote renames foundation, announces $1.25bn endowment

Dangote cement
President of Dangote Group, Aliko Dangote

Africa’s richest man, Alhaji Aliko Dangote, has changed the name and logo of his foundation.

The organisation has changed from Dangote Foundation to Aliko Dangote Foundation.

Hr also named a $1.25 billion endowment for the foundation.

The organisation’s MD/CEO, Ms. Zouera Youssoufou, who announced the changes, the $1.25billion endowment has made ADF the biggest in sub-Saharan Africa.

The foundation, which was largely depended on funds from Dangote Cement, Dangote Sugar, corporate social responsibility initiatives from the group and the founder’s goodwill at a time, will now run its operation independently.

Youssoufou said, “The actual change happened in 2014, when we went from an organisation where sometimes we will be funded by cement, sugar and CSR projects from the group and sometimes, the one Aliko wants to do by himself.”

Trustees of the foundation include a former GMD/CEO, Access Bank, Aigbojie Aig-Imokhuede; and MD/CEO, Lotus Capital, Hajara Adeola.

Some of the foundation’s activities in Nigeria include, N1 billion for Nigerian universities including N500 million for development of a business school in Bayero University and N100 million for the proposed Otuoke University in Bayelsa State. The Foundation also disbursed N230 million to women in Kogi State as a micro grant as part of the Kogi Human Capital Development initiative. In order to alleviate the suffering of communities in Jos suffering from effects of a prolonged ethno-religious crises in 2010, the Dangote Foundation made a donation of relief materials worth N50 million to the community leaders. The Foundation donated $2 million to the World Food Programme as part of efforts to help Pakistani nationals devastated by floods in the year 2010. The President of the Dangote Foundation, Alhaji Aliko Dangote was made the chairperson of the Presidential Committee on Flood Relief. The Committee raised in excess of N11.35 billion, of which Dangote Foundation contributed N2.5 billion, an amount higher than the entire contribution from the 36 state governors in Nigeria.

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