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Ways To Instill A Savings Culture In Your Kids



Remember when visitors would come to your house and give you money when they were leaving, and your mum would tell you to give her the money so that she could keep it safe for you pending when you needed it? Did you ever see that money again?  We thought they were keeping it for the rainy day but, alas, when the rainy day came, we were drenched in disappointment. That’s how our trust issues began (African mums come and catch your sub). Imagine if they had kept the money and given it to us when we needed it. That would have been a very valuable lesson on saving now to enjoy later, but we love them regardless. Instilling a savings culture in your kids is an important life skill that will serve them well in the future. Here are some tips to help you teach your children about saving money:

Lead by Example

Children learn by observing their parents. Demonstrating good saving habits and financial responsibility in your own life is one of the most effective ways to teach your kids.


Set Up Savings Accounts:

Help your children open their own savings accounts. This gives them a place to deposit money and watch it grow over time. UBA has the  Teens and Kiddies accounts specially curated for this purpose. Imagine the joy your child would feel if you saved money for them from day one till they turn eighteen after which you give them access to it.


Now picture a situation where they get rewarded for saving. This is exactly what could happen when you maintain a minimum balance of N10k every month for 6 months in their Teens or Kiddies account from in the Super Savers Draw. You know how people complain about the beginning of the year being tough financially, winning a N200k scholarship in the draws can ease the financial burden of getting school supplies when they are back to school in the new year. The good news is these draws are open to new and existing customers. So, hurry now and open a Teens or Kiddies account for your child and save to qualify.


Give an Allowance

Consider giving your children an allowance, either tied to chores or as a way to teach them about money management. Encourage them to allocate a portion of their allowance to savings.


Teach Goal Setting

Help your kids set savings goals. Whether it's a new toy, a bike, or something else they want, having a specific goal can motivate them to save. If they get distracted while trying to achieve their goals, encourage them to learn from their mistakes and start over.


Encourage Delayed Gratification:

Teach your kids the value of waiting for something they want. Delayed gratification is an important aspect of saving.


Discuss Wants vs. Needs

Teach your child the difference between wants (items they desire but don't necessarily need) and needs (essential items like food and clothing). Teach them to prioritise their spending.


Please be patient and consistent as you try to instil a savings culture in your kids. These things may not stick on the first try but as they grow, these principles will begin to manifest. Do not forget to celebrate when they reach a savings milestone. This will encourage them to continue to save.


United Bank for Africa (UBA) has announced that it is once again the headline sponsor of the 2023 edition of the annual Lagos International Trade Fair. 


In partnership with the Lagos Chamber of Commerce and Industry (LCCI), organisers of the annual event, UBA seeks to bolster small and medium scales businesses, while catalysing entrepreneurial growth across the continent. 


For the past five years, UBA has been the headline sponsor for this all-important event, and this year’s edition which is the 37th, is scheduled to hold at the Tafawa Balewa Square, Lagos, between November 3rd and 12th, 2023.


Speaking at a press briefing in the Commerce House, Lagos on Thursday to announce the partnership, the Chairman Trade Promotion Board, LCCI, Engr. Leye Kupoluyi, commended UBA for once again sponsoring the Trade fair. 


He told participants that this edition promises to provide networking opportunities, showcasing innovation, promoting international trade, industry and sector diversity while boosting local businesses. 

He said the local organising committee is bringing world class facilities and ambience with the best exhibition standard, health, safety and deployment of digital banking platforms provided by the bank for the ease of money transactions and intra-Africa fund transfers.  


UBA’s Head, SME Banking, Babatunde Ajayi, who spoke on the partnership said, “UBA's partnership with the LCCI emphasizes its support for local businesses and the community. We at UBA, consider this as exemplary which is why our partnership with LCCI continues to stand the test of time. There is no gain saying that in virtually all economies all over the world – developed and developing alike, small and medium-sized enterprises (SMEs) are critical to the generation of economic activity and to long-term sustainability.”


He explained that the bank’s commitment to offer special incentives to businesses that register to attend the fair is In line with UBA’s unflinching support to the growth of small and medium enterprises (SMEs), maintaining that “UBA will be giving special incentives to businesses who register to attend the fair,” Ajayi noted. 


Overall, the collaboration between UBA and the Lagos Chamber of Commerce and Industry to host the Lagos International Trade Fair in 2023 appears to be a significant opportunity for businesses, both small and large, to grow, network, and explore new horizons in the business world. It has the potential to boost economic activity and contribute to the development of the Nigerian business landscape.

At the World Economic Forum Annual Meeting 2011 in Davos, Switzerland, Aliko Dangote, President, and Chief Executive Officer of the Dangote Group, learned about the Forum of Young Global Leaders (YGLs) and the tremendous potential of this unique World Economic Forum community to develop the next generation of African leaders from all parts of society.

The Young Global Leaders programme is an accelerator for a dynamic community of exceptional young people from all over the world with the vision, courage, and influence to drive positive change in the world. This philosophy aligned neatly with Aliko Dangote’s vision for an Africa whose people are healthier, better educated, and more empowered through enhanced opportunities for social change through strategic investments that improve health and wellbeing, promote quality education and broaden empowerment opportunities for individuals and communities. He, therefore, through Aliko Dangote Foundation, (ADF)partnered with the Forum to establish the Aliko Dangote African Fellowship programme to guarantee the full engagement of young African leaders from small and medium enterprises (SMEs) and non-business entities who might otherwise not be able to participate in the Forum’s Young Global Leaders Community. The fellowship covers the cost of their participation at World Economic Forum and YGL-led events for 6 years for each Fellow.

Now in the twelfth year of collaboration with the WEF YGL programme, the Aliko Dangote (WEF Africa YGL) Fellows continue to represent the continent on the global stage and give back to their communities in a multiplicity of impactful waysThe partnership has ensured a richness in the diversity of the YGL community – adding an important African perspective, inspiring impact, and making sure that all voices have a chance to be heard where global decisions are debated, discovered, and made.

Since the start of the WEF YGL programme 20 years ago, the World Economic Forum nominates up to two hundred exceptional young leaders under 40 for a six-year period of membership. Following the partnership with Dangote 12 years ago, the programme has included 15-20 young leaders from sub-Saharan Africa following a rigorous selection process. At any one time, the African YGL Community consists of around eighty active members, 75% of whom are eligible for the Dangote Fellowship.

Fatima Aliko Dangote, ED Dangote Industries, expressed pride at the diversity and high proportion of female fellows in the 2023 Cohort, where the nine chosen YGLs represent the media/arts/entertainment, technology & innovation, health, and government sectors.

The ADF-YGL Lagos Convening which took place on September 8th, was an excellent opportunity for the participating current and alumni YGL Africa Fellows to meet and interact with their patron, Alhaji Aliko Dangote at the site of his most ambitious project to date; the multi-billion-dollars Petroleum complex at Lekki. They were able to interact with Alhaji Aliko Dangote and senior executives of Dangote Group and be inspired by his vision and engage in informal conversation about their journey as YGLs and the impact the community has had on their personal and professional development.

After a tour of the Fertilizer and the Refinery complex, the immensely impressed alumni’ were full of praise for their mentor, describing him as “the best hope for Africa”.

Aliko Dangote YGL Alum and Executive Director, of African Youth Initiative Network, Victor Ochen from Uganda, said he was extremely impressed with what he saw at the refinery and that the aggressive investment in the project has shown how much faith Aliko Dangote has in the African continent. While lauding Dangote’s investment drive, he also appreciated him for his generosity in providing financial means for him to participate in forum events he otherwise would have been unable to do.

According to him: “I am so happy with what Dangote is doing in Nigeria and Africa as a whole. This is a man that is investing in the youth through his foundation and employing tens of thousands of Africans, in his various plants. I am so humbled to be here, and to learn from the expertise of this man whom God has blessed our continent with…I thank Dangote for his generosity, which has provided many young African leaders, regardless of the country, the much-needed financial means to participate in YGL events. Without the support of ADF, our active participation would not have been possible.”

In the same vein, Fatoumata Ba from Senegal, said this trip to the Refinery has further fueled her ambition to put in all it takes into what she does and make Africa proud the way Dangote is doing. Ba, a Tech Entrepreneur & VC Investor is currently the Founder & Executive Chair of Janngo Capital and Chairwoman of the Board of Auchan in Africa. Explaining what she does and how YGL has impacted her positively, she said her company, Janngo is Africa’s largest gender equal tech fund and is backed by top-tier African & International strategic and financial investors; a journey that was made possible through her participation in the YGL programme.

She said: “Being a YGL has not only been a great opportunity to amplify our dreams but also an opportunity to promote a culture of peace and growth. We are committed to developing and representing Africa with integrity.”

Managing Director/CEO of the Aliko Dangote Foundation (ADF), Zouera Youssoufou, thanked Dangote for his continuous support of the YGLs, and assured him that his investment is not in vain, as the young global leaders are achieving exploits in their respective fields and living up to the expectations of being true African future leaders.

Dangote encouraged the YGLs to put in their best in their various fields and not be discouraged when setbacks occur, because those are to be expected. He encouraged them to continue raising their ambition for our continent because “Nothing is Impossible”.









The allegation that went viral on social media last week that Dangote Cement Plc was selling a bag of 50kg cement to Nigerians at an exploitative rate of N5,200 while it sells the same quantity of cement at N1,500 in the Republic of Benin was not true.
THISDAY’s investigation in Cotonou at the weekend revealed that Dangote Cement was not on sale in Cotonou or anywhere in the Republic of Benin.
While Dangote does not officially export cement to Benin Republic, it only uses the country as its transit route to export cement to Togo.

It was discovered that the average price of 50kg (32.5r) bag of cement in the Benin Republic was N6,216, which was about 4,200 Cefa).
According to THISDAY’s investigation in cement depots in Akpakpa, Ghandi and Etoile Rouse (Red Star) sections in Cotonou, the price of 50kg bag of cement goes for 4,000 Cefa, 4,100 Cefa and 4,200 Cefa at different cement depots in Cotonou.
In addition, THISDAY was told that the same quantity of cement goes for 4,500 Cefa (about N6,660) in Parakou, which was the largest city in northern Benin because of transport and logistics costs.
This implied that the average prices of 50kg bag of cement in Cotonuo and Parakou were N6,068, and N6,660 respectively, at the parallel market exchange rate of 1.00 Cefa to N1.48.

The two strongest determinants of the price of cement in the Republic of Benin, according to THISDAY’s findings, were the fixing of cement’s price by the country’s government to ensure stability and the imposition of about 51 per cent duty and other taxes on imported cement to discourage importation of the commodity and encourage local production of cement.
Among the leading cements brands in Cotonou are Cimbenin Buffle, Ciment Bouclier, Nouvelle Cimenterie du Benin and the Ciment Diamant, which a manufactured in the country. These are mainly 32.5R grade in contrast to Dangote Cement’s 42.5R cement grade that is on sale in Nigeria.
 An online publication had published a story on August 27, 2023, in which it had stated that, “Nigerians have taken to social media to call out billionaire Aliko Dangote for selling his bag of cement for N5,200 in his own country but selling at N1,500 in Benin Republic.”

The online publication had reported that “a Twitter user identified as @drpenking called out Dangote for selling his bag of cement for N5,200 in Nigeria despite the fact that the raw material is sourced locally in Nigeria.
“He (@drpenking) tweeted: ‘Dangote cement is produced in Nigeria. The raw material is sourced locally in Nigeria at almost zero cost. Nothing is imported. Almost zero taxes yet the price of cement is N5,200  in Nigeria and same is sold in Seme, Benin Republic at N1,500 . Sit & Explain to me (sic).’”
However, a Cotonou-based Chief Executive Officer of Marketing Challenge Agency (MCA), Mr. Dia Ibrahim Kola, told THISDAY in Cotonou last Friday that the government of the Republic of Benin was striving to maintain stable price of cement in the country through price regulation regime instead of subsidising its supply.

Kola said: “There is only one price for cement in the country. This is 78,000 Cefa per tonne of cement. But the retail prices of 50kg bag of cement vary from 4,000 Cefa, 4,100 Cefa and 4,200 Cefa. But the price is higher in Parakou in the northern part of the country” where it oscillates between 88,000 Cefa and 90,000 Cefa per tonne.”
He said the country’s policy was to discourage importation of cement and encourage its local production with high import duty and taxes for cements that does not qualify under the ECOWAS Trade Liberalisation Schem (ETLS).
“We have about four cement manufacturers, including Lafarge and others. The government has a fixed price and often sent taskforce to monitor compliance especially in Cotonou.
“But it is important to emphasise that government does not subsidise the price of cement in Benin. There was a period of high scarcity that the price went up to CFA 100,000 per tonne, which forced the government to intervene to stabilise the market,” he said.
Kola recalled that the only time he had seen Dangote Cement being sold in the country was four years ago by a Nigerian woman around Igolo, that is close to the Nigerian border, adding that she might have smuggled it in.
However, the management of Dangote Cement Plc has clarified that the price of a bag of cement from its factories across Nigeria as at August 28, 2023, was N4,010 (about 2,730 Cefa) in Okpella and N4,640 (about 3,135 Cefa) in Ibese, Objana, and Gboko.
It added that transportation costs and the location of delivery, might cause the prices to hover between N5,000 and N5,300 per bag 50kg.
This clarification was made in view of recent misinformation that the company sells cement in Nigeria at significantly higher prices relative to other countries, particularly the Republic of Benin, and other neighbouring countries.
Dangote Cement’s Group Managing Director, Mr. Arvind Pathak, advised that it was important to distinguish Dangote Cement’s ex-factory prices from prices at which retailers sell cement in the market.
Pathak said Dangote Cement was focused on delivering quality cement at the best price possible, despite the current inflationary environment.
“We continue to innovate new ways to deliver quality products to millions of our customers across Africa, while providing top-notch customer services. At Dangote Cement, we are committed to building an inclusive and sustainable business for all stakeholders across the value chain,” he said.

Management of Dangote Refinery have debunked a report published on the online platforms of some media organisations that the company employed 11,000 skilled workers from India while allegedly neglecting youths from Nigeria and other African countries.
In his response, the Group Chief Branding & Communications Officer, Anthony Chiejina said the report was written with malicious intent as it did not reflect the number of skilled Nigerians on site.
He said, the magnitude of the project requires specialized skilled workforce from all over the world and that while over 30,000 Nigerians were engaged among the skilled workforce, at the peak of construction in the Refinery complex, 6,400 Indians and 3,250 Chinese workers were among the skilled workforce.  
 He also said Nigerians on the project demonstrated high level of technical comeptence many hidden skills were discovered among them.
He advised the public to discountenance such malicious and twisted reports, and instead focus on the potential impact of the project on the overall economy and well-being of Nigerians as Dangote Group continues to be the leading light in employment generation.

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