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Halima Dangote: Family-Owned Businesses driving global economic success

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Family-owned businesses (FOBs) can continue to drive economic success, create value for shareholders, and positively impact their communities worldwide by staying true to their core values and adopting strategic practices that prioritise long-term growth, efficiency, and resilience. This was part of the submission made by Halima Aliko-Dangote, Group Executive Director of Dangote Industries Limited, during the Forbes Global CEO Conference in Bangkok, Thailand.

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.”

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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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President Tinubu Adds Days to Working Vacation, Returns at Weekend

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By Yusuf Danjuma Yunusa

President Bola Ahmed Tinubu will return to Nigeria this weekend after extending his working vacation in Europe by a few days, the State House announced Monday evening.

The President departed Nigeria on August 30 for London to begin the working vacation, which was initially expected to last three weeks. According to a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the President has since relocated to Paris, France, where he held meetings with French President Emmanuel Macron and businessman Mr. Vincent Bollore, whose media group includes Canal+, Multichoice, and Universal Music Group.

Despite his absence, the statement emphasized that President Tinubu has remained actively engaged with domestic affairs, particularly directing an independent panel to investigate the deaths of 37 illegal miners in Minna following their detention by the Nigeria Security and Civil Defence Corps.

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The President has delegated Vice President Kashim Shettima to represent him at official functions. However, Vice President Shettima departed Abuja on September 20 for New York to attend the 81st United Nations General Assembly. In his absence, Secretary to the Government of the Federation, Senator George Akume, will continue to represent the President at official engagements.

On the political front, the statement noted that Senator Abubakar Yari, Director-General of the Presidential Campaign Council (PCC), has been leading consultations with prominent traditional rulers across the country alongside other notable party leaders.

The extension comes as the President’s initial three-week vacation timeline elapsed, with the State House confirming he will now return to the country at the weekend.

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Court Adjourns El-Rufai’s N1 billion Suit Against ICPC, AGF, Police

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By Yusuf Danjuma Yunusa

The Federal High Court, Abuja Division, on Monday adjourned a N1 billion rights suit filed by former Governor of Kaduna State, Nasir El-Rufai, against the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and others until October 27 for a definite hearing.

Others named in the suit are the Inspector-General (IG) of police and the Attorney-General of the Federation (AGF) as the second and third respondents, respectively.

Justice Joyce Abdulmalik adjourned the suit to allow counsel to the former governor, Akinyemi Aremu, to respond to the counter affidavit filed by the AGF opposing the claims.

When the case was called, Mr Aremu informed the court that the matter was scheduled for hearing.

Counsel for the AGF, Maimuna Lami-Shiru, however, told the court that the AGF had filed a counter affidavit.

She prayed the court for leave to move their motion seeking an extension of time to deem their counter affidavit as being properly filed and served.

El-Rufai’s lawyer, Mr Aremu; Ezekiel Rimamsomte, who appeared for the IG, and the ICPC counsel did not oppose the application, and the judge granted it as prayed.

Mrs Abdulmalik then adjourned the case until October 27 for a definite hearing.

Earlier in the suit, the ex-governor sued the ICPC, the chief magistrate at the Magistrate’s Court of the FCT, Abuja, the IG, and the AGF as first to fourth respondents, respectively.

He, however, dropped the name of the magistrate from the case following his inability to specify the name of the magistrate who was sued as the second respondent, after the judge made the observation.

Mr El-Rufai is, therefore, demanding N1 billion in damages against ICPC, the IG and the AGF.

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In an originating motion on notice marked FHC/ABJ/CS/345/2026, dated and filed February 20 by Oluwole Iyamu, SAN, the former governor sought seven reliefs.

He prayed the court to declare that the invasion and search of his residence at House 12, Mambilla Street, Aso Drive, Abuja, on February 19 at about 2:00 p.m. by the ICPC and IG amounts to a gross violation of the applicant’s fundamental rights.

He said it violated the dignity of the human person, personal liberty, fair hearing, and privacy under Sections 34, 35, 36, and 37 of the Constitution.

He urged the court to declare that “any evidence obtained pursuant to the aforesaid invalid warrant and unlawful search is inadmissible in any proceedings against the applicant, as it was procured in breach of constitutional safeguards.”

Mr El-Rufai, therefore, sought an order of injunction restraining the respondents and their agents from further relying on, using, or tendering any evidence or items seized during the unlawful search in any investigation, prosecution, or proceedings involving him.

He sought an order directing the first and third respondents (ICPC and IG) to forthwith return all items seized from the applicant’s premises during the unlawful search, together with a detailed inventory thereof.

He also sought an order awarding N1,000,000,000.00 (one billion naira) as general, exemplary, and aggravated damages, among others.

In its counter affidavit, the ICPC said it received a petition against Mr El-Rufai and, acting on it, commenced an investigation that led to the search at his residence.

It argued that its operatives acted under a valid search warrant issued on February 18 and executed on February 19 between 1:37 p.m. and 3:56 p.m. at 12 Mambilla Street, Asokoro, Abuja.

The commission said its officials were accompanied by Nigeria Police Force personnel and that the exercise was witnessed by Mr El-Rufai’s wife, Hadiza El-Rufai, and his son, Mohammed El-Rufai.

The ICPC, which urged the court to dismiss the suit, listed the items allegedly recovered from the residence.

The police, also in its counter affidavit deposed to by Ewa Anthony, argued that it had the statutory power to detect, arrest, investigate and prosecute offenders.

It argued that the search at Mr El-Rufai’s residence was carried out pursuant to a search warrant issued by a competent court of law.

The anti-graft agency disagreed with the ex-governor, insisting the search warrant was a genuine court order.

It said its officers who carried out the operation complied with all applicable legal procedures in executing the search warrant.

According to the police, the applicant is trying to use the honourable court to shield him from the security investigation and prosecution in court.

It, therefore, prayed the court to dismiss the suit in its entirety.

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Tinubu Becomes First Post-1999 Nigerian President to Miss Three Consecutive UNGAs

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By Yusuf Danjuma Yunusa

President Bola Tinubu has again delegated Vice President Kashim Shettima to lead Nigeria’s delegation to the 81st United Nations General Assembly (UNGA) in New York, marking the third consecutive year he has personally skipped the global summit since taking office in 2023.

The Minister of Information and National Orientation, Mohammed Idris, said on Monday that Tinubu is “currently on annual leave,” describing the delegation to Shettima as “neither unusual nor a diminution of the country’s diplomatic standing”. Idris insisted Shettima “carries the full mandate of the President and the Federal Republic of Nigeria” and will deliver the national statement.

However, the explanation has done little to quell public scrutiny. Tinubu last personally attended UNGA in September 2023 for the 78th session, shortly after his inauguration. He has since been absent from the 79th session in 2024, the 80th in 2025, and now the 81st in 2026—a pattern unmatched by any Nigerian president since the return of democracy in 1999.

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Former Vice President Atiku Abubakar, through his media aide Phrank Shaibu, demanded a “full explanation,” arguing that three consecutive absences “could no longer be dismissed as coincidence or routine delegation” but constituted “a pattern of presidential evasion”. Atiku questioned whether Tinubu’s “documented history with United States law-enforcement agencies has become a burden on Nigeria’s foreign relations”.

At the centre of the opposition’s claim is a long-standing U.S. forfeiture case in which $460,000 was held in an account linked to Tinubu, after American authorities alleged the funds represented proceeds of narcotics trafficking or were involved in prohibited financial transactions. Atiku also questioned why the administration spent up to $9 million on American lobbyists to improve Nigeria’s standing in Washington while the President repeatedly stays away from New York.

The Presidency has not directly addressed the drug-case allegation. A ruling party chieftain, Olatunbosun Oyintiloye, dismissed the claims as “political propaganda,” noting that no U.S. court has reopened a criminal case or pronounced Tinubu guilty of drug trafficking.

Nigeria’s Permanent Representative to the UN, Jimoh Ibrahim, had earlier announced that Tinubu would attend and that a seat had been secured for him near U.S. President Donald Trump. That seat remained empty.

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