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Tag: Dangote

  • I should have bought Arsenal when it was worth 2 billion dollars – Dangote expresses regret

    I should have bought Arsenal when it was worth 2 billion dollars – Dangote expresses regret

    Nigerian billionaire Aliko Dangote expressed regret over missing the chance to purchase Arsenal when the club was valued at around $2 billion.

    In an interview with Bloomberg’s Francine Lacqua in New York, Dangote shared that his focus on funding his refinery project prevented him from seizing the opportunity to invest in the London-based football club at the time.

    He now reflects on the decision as a missed opportunity, given the rise in Arsenal’s value since then.

    He said, “I think that time has passed. The last time we had this interview, I told you as soon as I finish with the refinery, I am going to try and buy Arsenal.

    “But you know everything has gone up and the club too is doing very well; Arsenal is doing extremely well right now. That time Arsenal wasn’t doing well.

    “I think I don’t have that kind of excess liquidity to go and buy a club for $4 billion so to speak and use it as a promotional something.

    “But what I will do is to continually be the biggest fan of Arsenal. I watch their games anytime they are playing. So, I will remain a major supporter of Arsenal but I don’t think it makes sense today to buy Arsenal.’

    When asked if he regretted not buying when Arsenal’s value was lower, he said, “Actually, I regret not buying it before but you know my money was more needed in completing my project (Dangote refinery) than buying Arsenal.

    I would have bought the club for $2 billion but you know I wouldn’t have been able to finish my project. So, It was either I finish my project or go and buy Arsenal.”

    In 2020, Aliko Dangote revealed his ambition to acquire Arsenal Football Club once his refinery project was complete. As West Africa’s largest business mogul, he established the Dangote Group in 1981, building it into a regional powerhouse.

    Renowned as the wealthiest individual in Africa, Dangote has long expressed interest in owning the North London club, which has grown in value over the years.

  • Most African business folks think supporting advocacy is unwise – Bright Simons

    Most African business folks think supporting advocacy is unwise – Bright Simons

    IMANI Africa Vice President, Bright Simons, has recently taken to social media to criticize the prevailing attitude among many business leaders in Africa regarding advocacy and activism.

    His comments follow a statement by Aliko Dangote, Africa’s richest man, who has vowed to expose malfeasance in government if necessary.

    Mr Simons reacted to Dangote‘s claim that some oil traders are supplying substandard products. In a post on X (formerly Twitter), Simons highlighted a widespread reluctance among African business elites to engage in advocacy for good governance, even when such actions are crucial for societal progress.

    “Africa’s richest man says he won’t keep quiet any longer & will expose malfeasance in govt if necessary. Most business folks in Africa think that supporting advocacy & activism for good governance is unwise. Okay. When things go off the rails, just step into the fray yourself,” Mr Simons wrote.

    His remarks highlight a broader issue in African business circles, where a significant number of business leaders prefer to avoid involvement in political and social advocacy, fearing potential backlash or harm to their interests.

    By contrast, Simons advocates for active participation in governance and transparency efforts, arguing that silence or detachment can lead to unchecked corruption and inefficiency.

  • Dangote Group isn’t a monopolist, it’s a level playing field – Dangote

    Dangote Group isn’t a monopolist, it’s a level playing field – Dangote

    Africa’s richest man, Aliko Dangote, has refuted claims that his conglomerate, the Dangote Group, holds a monopoly in Nigeria.

    During a weekend meeting with the leadership of the House, led by Speaker Tajudeen Abbas and Deputy Speaker Benjamin Kalu, Dangote emphasized that his operations promote fair competition and add value to the Nigerian economy.

    “If you look at all our operations at Dangote (Group), we add value; we take local raw materials and turn them into products, and we sell,” Dangote stated.

    “We have never consciously or unconsciously stopped anybody from doing the same business that we are doing. When we first came into cement production, it was only Lafarge that was operating here in Nigeria…Nobody ever called Lafarge a monopoly.”

    Dangote argued that monopoly involves legal barriers preventing others from entering the market, which he claims has never been the case with his group.

    “Monopoly is when you stop people, you block them through legal means. No, it is a level playing field whereby whatever Dangote was given in cement, for example, other people were given because some of them even got more than us,” he explained.

    The meeting also addressed concerns about the quality of petroleum products in Nigeria. Dangote accused some staff members of the Nigerian National Petroleum Company (NNPC) Limited and oil traders of operating a blending plant in Malta that produces substandard fuel. These products, he said, have damaged many vehicles in Nigeria.

    “I still stand by what I said. Go to filling stations; you can check the quality. That is the only way,” Dangote asserted, urging the government to investigate the quality of diesel and petrol at filling stations across the country.

    Nigeria, Africa’s most populous nation, faces energy challenges, with all its state-owned refineries non-operational. The country is heavily reliant on imported refined petroleum products, with the state-run NNPC being the major importer of the essential commodities.

    Fuel queues are commonplace in the country. Prices of petrol tripled since the removal of subsidy in May 2023, compounding the woes of the citizens who power their vehicles and generating sets with petrol, no thanks to decades-long epileptic electricity supply.

    Last December, Dangote, one of Africa’s leading industrialists, commenced operations at his $20bn refinery in Lagos with a capacity of 350,000 barrels a day. The refinery aims to reach its full capacity of 650,000 barrels per day by the end of the year. It has already begun supplying diesel and aviation fuel to local marketers, with petrol supply expected to start in August.

    Regulatory authorities had questioned the quality of petroleum products produced at the refinery located at the Lekki Free Trade Zone.

    During his meeting with federal lawmakers, Dangote reiterated that products from his refinery are of high quality. He rejected any claims of substandard production and called on the government to thoroughly investigate fuel quality in the country.

  • Dangote accuses NNPC personnel, oil traders of providing poor quality products

    Dangote accuses NNPC personnel, oil traders of providing poor quality products

    Africa’s richest man, Aliko Dangote, has accused some staff members of the Nigerian National Petroleum Company (NNPC) Limited and oil traders of operating a blending plant in Malta that produces substandard petroleum products.

    Dangote made this statement over the weekend when he received the leadership of the House led by Speaker Tajudeen Abbas and his deputy Benjamin Kalu.

    Dangote asserted that the products from the Dangote Refinery are of far superior quality compared to the ones imported by marketers. He highlighted that the poor-quality fuel imported into Nigeria has caused significant damage to many vehicles. “I still stand by what I said. Go to filling stations, you can check the quality. That is the only way,” he emphasized.

    In response to allegations that the Dangote Refinery produces substandard products, Dangote called for an investigation by the House of Representatives into the quality of diesel and petrol sold at filling stations across the country.

    He stressed that his refinery, located at the Lekki Free Trade Zone, has been producing high-quality petroleum products.

    Dangote also addressed claims that his group of companies enjoys a monopoly in the industry. He rejected these accusations, stating that the Dangote Group adds value by using local raw materials to produce products for the market.

    He emphasized that his operations have never blocked others from engaging in the same business.

    “If you look at all our operations at Dangote (Group), we add value; we take local raw materials and turn them into products, and we sell. We have never consciously or unconsciously stopped anybody from doing the same business that we are doing,” he said.

    Dangote added that when his company entered the cement production industry, Lafarge was the only other operator in Nigeria, and no one accused Lafarge of being a monopoly.

    He argued that a monopoly is characterized by using legal means to block competitors, which his group has never done.

    “Monopoly is when you stop people, you block them through legal means. No, it is a level playing field whereby whatever Dangote was given in cement, for example, other people were given because some of them even got more than us,” he explained.

    Nigeria faces significant energy challenges, with all state-owned refineries currently non-operational and a heavy reliance on imported refined petroleum products.

    This reliance has led to fuel queues and tripled petrol prices since the subsidy removal in May 2023, exacerbating the difficulties faced by citizens who rely on petrol for their vehicles and generators.

    Last December, Dangote began operations at his $20 billion refinery in Lagos, with an initial capacity of 350,000 barrels per day, aiming to reach 650,000 barrels per day by the end of the year. The refinery has started supplying diesel and aviation fuel to marketers, with petrol supply expected to commence in August.

  • Section of Dangote Refinery in Lagos catches fire

    Section of Dangote Refinery in Lagos catches fire

    A fire broke out at a section of the Lagos-based Dangote Refinery on Wednesday afternoon, June 26, 2024, causing alarm in the surrounding community.

    Eyewitnesses reported seeing massive plumes of smoke and hearing loud noises from the refinery’s direction.

    Nairametrics reported that the fire started around noon in the refinery’s effluent plant.

    Videos circulating on social media showed thick black smoke rising from the affected area of the complex.

    Another video revealed that most of the refinery was not impacted, with engineers on-site watching the smoke billow into the sky.

    As of this report, emergency responders from the Lagos State Emergency Management Agency (LASEMA) had not yet arrived at the scene.

    Owned by Aliko Dangote, Dangote Refinery is a major player in Nigeria‘s oil industry and is set to become the largest single-train refinery in the world.

    Investigations are ongoing to determine the fire’s cause and its effect on the refinery’s operations.

    Fire Contained

    In a press statement, the Dangote Group announced that it had contained what it described as a “minor fire incident” at the effluent plant.

    “Dangote Refinery contains minor fire at its effluent treatment plant.

    “We have swiftly contained a minor fire incident at our effluent treatment plant (ETP), today Wednesday, 26th June

  • Dangote refinery in Lagos on fire

    Dangote refinery in Lagos on fire

    A fire broke out at the Dangote Refinery in Lagos on Wednesday, according to reports circulating on social media.

    A video depicting the refinery engulfed in flames has gone viral, raising concerns about the safety and potential damage to one of Nigeria‘s key industrial sites.

    The company’s Group Head, Corporate Communications, Anthony Chiejina, said a minor fire occurred at the company’s effluent treatment plant.

    “We have swiftly contained a minor fire incident at our effluent treatment plant (ETP), today Wednesday 26th of June. There is no cause for alarm as the refinery is operating and there is no recorded injury or body harm to all our staff on duty,” he said.

    In January, the Dangote Petroleum Refinery began producing diesel and aviation fuel, following its receipt of one million barrels of bonny light crude from the Nigeria National Petroleum Company (NNPC Ltd).

    This milestone came after the refinery’s initial crude delivery on 12 December 2023 and subsequent shipments, marking a significant step towards full-scale production of refined petroleum products.

    By April, the refinery had started supplying these products to the local market.

  • Dangote refinery cuts diesel, aviation fuel prices amid power supply challenges

    Dangote refinery cuts diesel, aviation fuel prices amid power supply challenges


    Nigeria’s recently inaugurated mega refinery has announced a further reduction in the prices of diesel and aviation fuel within the domestic market, marking the third such adjustment since its commencement of product delivery in March.

    According to an emailed statement from Dangote Industries Ltd., the refinery will slash the price of diesel by 6%, now selling at 940 naira ($0.76) per liter, while aviation fuel will be priced at 980 naira.

    These revised prices are applicable to marketers purchasing over 5 million liters of fuel.

    Nigeria’s persistent issues with inadequate power supply have led to significant reliance on diesel-powered generators by large businesses for electricity.

    At the outset of March, diesel was retailing for as high as 1,600 naira per liter. Prior to Dangote’s entry into the market last month, Nigeria primarily depended on imported refined fuel.

    Initially priced at 1,200 naira per liter, Dangote has progressively reduced the price, reaching 1,000 naira two weeks ago.

    “The new price is in consonance with the company’s commitment to cushion the effect of economic hardship in Nigeria,” Dangote Group spokesman Anthony Chiejina said.


    Analysts suggest that the Dangote plant, with a capacity of 650,000 barrels per day located outside Lagos, is preparing two units to facilitate gasoline production, a development poised to significantly impact the fuel market in Nigeria and the surrounding region.

    Currently operating at approximately 300,000 barrels per day, roughly half of its designated capacity, the refinery has commenced the shipment of jet fuel, gasoil, and naphtha as it expands its product offerings to encompass a full range of products.

  • “In Africa, aside from Dangote, who else is rich? Nobody!” – Kasapreko founder

    “In Africa, aside from Dangote, who else is rich? Nobody!” – Kasapreko founder

    The intriguing tale of Dr. Kwabena Adjei, president and founder of Kasapreko Company Limited, unfolds from his humble beginnings in the forest to his hustle in the city and eventually returning to his roots to build his dream mansion where he resides with his entire family, including extended relatives.

    Despite his considerable wealth, Dr. Adjei chose to embrace modesty, opting to live in a retirement home nestled within a forest in Wassa Amenfi, Western Region.

    This decision contrasts sharply with his numerous luxurious residential properties scattered across the country, such as the renowned ‘Signature Apartments’ in Accra.

    In a candid discussion with popular Ghanaian vlogger, Wode Maya, the business tycoon reflects on his past struggles, sheds light on his present modest lifestyle, and shares his aspirations to leave behind a lasting legacy for future generations.

    “For the first 13 years of my life, I was born in the forest. I had never travelled anywhere other than in the forest. It was very challenging. Because at that time, I was not even living in this cottage, (points to his mansion). I was with my mother, father, and myself in the middle of the forest. So, I used to walk about five miles each morning to come to school here. (points to the area in which he built his mansion) and after school, I went back to the middle of the forest, where I lived with my parents.

    “Where I live currently is a family house I built (points to the mansion). As the head of the Aduana family, I had to relocate all my family members from the first house (a simple two storey-building) to this current place. I am an old man, I am not doing these things for myself, I just want to do something for my generation. I take care of my family’s needs. Each member of my clan. I sponsor each one of them through to the University.

    I’ve set up a fund for my grandchildren so that even if their father cannot support them someday, their grandfather already has. I was so inspired by my forefathers. I live like a villager; I eat what the villagers eat. You grow your own thing and eat your own thing. (points to his farm filled with labourers). I am a village man,” he told Wode Maya.

    However, despite all these, the Kasapreko Group of Companies founder insists that he is not a billionaire, “I am not a billionaire. As for wealth, I can’t say I am a rich man. I am an average man, an average person. Recently, I was in America, and they are the rich ones with dollars. So, if I have some cedis, I can’t say I am a billionaire. In Africa, aside from Dangote, who else is rich? Nobody. Who is rich in Ghana? Nobody.”

    Touching on his decision to remain despite being one of the richest men in Africa, Dr. Kwabena Adjei expressed, “When the eagle wants to hunt, it studies its prey, goes direct, and picks it. I am all about being focused, not being flamboyant, and not being out there because no benefit comes with it. Not everything needs publicity, I am not a media person but sometimes you cannot hide.”

    Watch the video below:

  • Dangote to name major road after ‘brother and friend” Herbet Wigwe

    Dangote to name major road after ‘brother and friend” Herbet Wigwe


    Amid the funeral rites for the late Group Chief Executive Officer (CEO) of Access Holdings, Herbert Wigwe, in Lagos State on Monday, Aliko Dangote found it difficult to contain his emotions.

    Clad in black attire, the Chairman of the Dangote Group fought back tears as he honored Wigwe, whom he fondly described as both a brother and a friend.

    “To immortalize my beloved friend, my brother, and my mentee, I have decided to designate one of the major roads leading to the Dangote Refinery and Petrochemical Complex after him,” he said at the Eko Hotel in Lagos State.

    “Out of the 120 kilometers of road, the largest stretch will now bear the name ‘Herbert Wigwe.’”

    Africa’s wealthiest individual and Chairman of the Dangote Group, Aliko Dangote, pays tribute to his cherished friend, mentee, and brother, Herbert Wigwe, at the memorial event titled “Herbert Wigwe: Celebrating A Professional Legacy,” hosted at EKO Hotels in Lagos on March 5.

    In a heartfelt homage, Alhaji Aliko Dangote expressed admiration for his dear friend, mentee, and brother, emphasizing Herbert’s selflessness and genuine philanthropic spirit.

    “Herbert embodied vision and generosity, leaving an indelible mark in philanthropy,” said Dangote.

    “He stood as a steadfast source of strength and encouragement for my family and me. His unwavering support contributed significantly to my journey of success. Herbert will forever hold a cherished place in my heart as a loyal friend, mentee, and brother,” Dangote eulogized her friend.

  • PHOTOS: Dangote, Gov Abiodun, others visit Herbert Wigwe’s parents to sympathise

    PHOTOS: Dangote, Gov Abiodun, others visit Herbert Wigwe’s parents to sympathise

    The President/Chief Executive Officer of the Dangote Group, Aliko Dangote, Ogun State Governor Dapo Abiodun, and several others visited the parents of the late Chief Executive Officer of Access Holdings Plc., Herbert Wigwe, to offer their condolences.

    Among those who joined in the condolence visit were political economist Prof Pat Utomi, Chairman of Aig-Imoukhuede Foundation Aigboje Aig-Imoukhuede, and Founder of Stanbic IBTC and Anap Foundation Atedo Peterside.

    During the visit, Governor Abiodun expressed prayers for eternal peace for the departed souls and comfort for the grieving families.

    “These sorrowful parents have suffered the loss of their beloved sons, Mr Herbert Wigwe, Mrs Chizoba, and his son Chizi, in a tragic helicopter accident.

    “During this solemn visit, we fervently beseech God to grant eternal peace to the departed souls and bring solace to the grieving families they have left behind.”

    Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, is currently in the news following his tragic passing in a helicopter crash near the California-Nevada border.

    Reports from The Will state that Wigwe, along with his wife, son, and three others, were aboard the helicopter at the time of the accident on Friday night.

    The Federal Aviation Administration has verified that the Eurocopter EC130 helicopter crashed around 10 p.m. local time near Nipton, Calif., an unincorporated community approximately 60 miles south of Las Vegas in eastern San Bernardino County.

    According to updates from the New York Times, as of Saturday morning, authorities have not located any survivors. Sources have indicated that the US government has confirmed all individuals on board to be deceased.

  • Aliko Dangote tops Forbes’ list as Africa’s richest man for year 13

    Aliko Dangote tops Forbes’ list as Africa’s richest man for year 13

    Despite economic challenges in Nigeria, Aliko Dangote has secured the top spot on Forbes’ list of Africa’s richest individuals for the 13th consecutive year.

    Dangote’s fortune experienced a $400 million increase over the past year, reaching a net worth of $13.9 billion.

    The Forbes list, tracking the wealth of billionaires residing in Africa or conducting primary business on the continent, features 20 individuals with a combined net worth of $82.4 billion.

    Dangote, renowned for his success in the cement and sugar industries, maintains his position amid economic fluctuations and currency devaluation in Nigeria.

  • Dangote continues to hold title of billionaire despite state of economy

    Dangote continues to hold title of billionaire despite state of economy

    For 13 years in a row, Aliko Dangote of Nigeria is named the wealthiest person in Africa by Forbes magazine, even through the tough times in the country’s economy.

    The 20 richest people on the list have a total of $82. 4 billion

    The magazine says that it is very difficult to make and keep a billion-dollar fortune in the continent.

    It shows who the richest people in Africa are and where they live or do business.

    Forbes said that Mr. Dangote’s money increased by $400 million in the last year, and now he is worth $13. 9 billion

    The 66-year-old man made a lot of money from selling cement and sugar. Last year, he also opened a place where oil is made in Lagos, Nigeria’s main city for business.

    Since Bola Tinubu became president in May after a controversial election, the value of the local currency, the naira, has dropped a lot and the cost of fuel has gone up a lot because the government stopped giving a subsidy for it.

    Forbes said Mr Dangote is still the richest in spite of the naira losing value, which made Dangote Cement’s share price go up.

    South African businessman Johann Rupert is still the second richest person, followed by former diamond miner Nicky Oppenheimer in third place.

    South Africa has four rich people, Egypt has five, Nigeria has four, and Morocco has two. Algeria, Tanzania and Zimbabwe all have one very rich person.

  • Femi Otedola Nigerian millionaire worth reaches $1.2 billion

    Femi Otedola Nigerian millionaire worth reaches $1.2 billion

    Nigerian billionaire Femi Otedola is still one of the richest people in Africa, with more than $1. 2

    Billionairesafrica says that his many different investments and clever strategy made him the third richest investor on the Nigerian Exchange, after Abdul Samad Rabiu and Aliko Dangote.

    Otedola is the boss of Geregu Power Plc and a boss at FBN Holdings Plc. He has a lot of money – $1. 22 billion – in stocks on the Nigerian Exchange. He owns 95. 38% of Geregu Power Plc, a big company that makes electricity, and 5. 56% of FBN Holdings, showing that he likes to invest in different things.

    Otedola became even richer when Geregu Power was listed on October 5, 2022. In September 2022, his collection of investments was worth $25 million, but now it’s worth a huge $1. 22 billion, mostly because the value of his power company has gone up.

    His investments in Geregu Power and FBN Holdings are about to reach a value of at least N1 trillion ($1. 2 billion) Geregu Power is worth N989 billion ($1. 22 billion), and FBN Holdings is worth N718 billion ($892 million).

    Otedola made smart choices in the stock market and now his investments in Geregu Power are worth a lot more, with an increase of N192. 31 billion ($25145 His investment in FBN Holdings also went up by N6. 8 billion ($864 million) in the last few weeks.

    Apart from doing well in business, Otedola has also made a big impact in education and helping others through his charity work. In October, he gave N750 million ($1 million) to Augustine University in Ilara-Epe, Lagos State, at the same time as he became the second Chancellor of the university.

    Source: The Independent Ghana

  • Dangote to merge his sugar business with its rice and salt processing companies

    Dangote to merge his sugar business with its rice and salt processing companies

    Dangote Sugar Refinery Plc, a major integrated sugar business predominantly owned by Nigerian billionaire Aliko Dangote, has announced its intention to merge with Nascon Allied Industries Plc and Dangote Rice Limited, both of which fall under the umbrella of the Dangote Group.

    Should the merger receive approval, it has the potential to bring about a significant transformation in the Nigerian food and consumer goods industry. The consolidation of these businesses is anticipated to reshape the market landscape and open up new avenues for growth.

    The proposed merger, involving Dangote Sugar, Nascon (a salt-processing company), and Dangote Rice, will be a focal point of discussion during the upcoming Board of Directors meeting scheduled for Friday, July 28.

    The objective of this merger is to establish a colossal food conglomerate with a diverse range of products, including sugar, rice, salt, vegetable oil, tomato paste, seasoning, and other savory items.

    The board of directors will review the terms and potential benefits of the merger, anticipating a significant impact on the Nigerian sugar industry and the overall market.

    The strategic move aims to consolidate the resources and operations of the three companies, enhancing market position, operational efficiency, and profitability.

    Dangote Sugar and Nascon recently reported impressive financial results for the first quarter of 2023. Dangote Sugar’s profit rose from N8.87 billion ($11.4 million) in Q1 2022 to N12.8 billion ($16.5 million) in the corresponding period of 2023. Similarly, Nascon witnessed a 325.28 percent increase in profit, from N386.37 million ($498,600) in Q1 2022 to N1.64 billion ($2.11 million).

    Investors on the Nigerian Exchange have reacted positively to the planned merger, with shares of both Dangote Sugar and Nascon experiencing a surge in demand.

    As of the time of reporting, shares of Dangote Sugar and Nascon were trading at N29.85 ($0.0385) and N25.5 ($0.0329), respectively, representing a 9.94 percent and 9.91 percent increase from their opening prices this morning.

    This surge in share prices has resulted in a market capitalization of N330 billion ($425.7 million) for Dangote Sugar and N61.5 billion ($79.3 million) for Nascon.

  • Dangote Oil Refinery to commence fuel production in June

    Dangote Oil Refinery to commence fuel production in June

    Businessman from Nigeria and the richest in Africa, has announced the opening of the ground-breaking Dangote Oil Refinery, which is expected to be the largest vertically integrated petrochemical complex in the world.

    The refinery, which was commissioned today by outgoing Nigerian President Muhammadu Buhari, marks a significant milestone for the nation’s downstream industry and positions Nigeria as a major player in the global oil market.

    With an initial processing capacity of 540,000 barrels per day, the Dangote Oil Refinery is primed to fulfill 100 percent of Nigeria’s refined petroleum needs while producing a surplus for export, which is estimated to generate a staggering $11 billion in revenue annually.

    The $20.5-billion project aims to put Nigeria on track to become a net exporter of refined petroleum products and petrochemicals by 2026, thereby boosting the nation’s economy and reducing its dependence on imported fuel.

    During the ongoing commissioning ceremony, Dangote, chairman of Dangote Group, expressed gratitude to Buhari for his unwavering support throughout the process of bringing the refinery to fruition.

    He highlighted the pledge of support from the Nigerian National Petroleum Company (NNPC), ensuring seamless refinery operations.

    Dangote Group has set an ambitious target of producing the first fuel products from the refinery by June 2023, contributing significantly to the country’s energy independence.

    Originally scheduled for completion in 2016, Dangote Group persevered through numerous challenges to successfully deliver the petrochemical complex in 2023.

    Once fully operational, Dangote Oil Refinery will process a staggering 650,000 barrels per day, surpassing any other refinery on the African continent.

    With 40 percent of the output earmarked for exports, Nigeria is poised to generate billions of dollars in foreign currency. Notably, the Dangote Oil Refinery will serve as a vital source of employment, offering relief to Nigeria’s persistently high unemployment rate.

    Thousands of jobs will be created, providing opportunities for individuals in need and driving socioeconomic growth. While the commissioning ceremony marks the initial phase of refinery operations, full-scale production typically takes several months to ramp up.

    The strategic collaboration between Dangote and the Nigerian government, which owns 20 percent of the refinery through NNPC, underscores the shared vision of bolstering the country’s downstream industry and leveraging its immense petroleum potential.

    By harnessing Nigeria’s oil resources, the Dangote Oil Refinery is poised to revolutionize the nation’s energy landscape, fulfilling domestic demand, creating an export market worth $11 billion annually, and propelling Nigeria toward a more prosperous future.

  • Cement prices will go up by GHS12 from Friday – Bridget Otoo

    Cement prices will go up by GHS12 from Friday – Bridget Otoo

    Ghanaian journalist turned cement dealer, Bridget Otoo, has entreated Ghanaians to brace themselves for tougher conditions in the construction industry.

    This comes after a notice by Kumasi Cement Ghana Limited (KCG) to the 31-year-old entrepreneur and other cement dealers indicating that effective Friday, March 31, 2023, the prices of cement bags would be adjusted by GHS12.

    “Dear customers, as high inflation persists, the price of cement will be increased by 12 cedis on Friday 31sy March 2023. Cement bought at the old rate must be taken within a month. KCG counts your usual cooperation,” the notice read.

    Cement prices in Ghana have risen on the back of rapid depreciation of the cedi against the dollar. The depreciation has triggered massive inflation, causing the price of cement to increase.

    Ghana’s inflation rate according to the Statistical Service as of February 2023 stands at 52.8%.

    As of January 2022, a 50kg bag of cement was going for GH¢50, but as it stands now, the price has almost doubled (GH¢ 95 – GH¢ 97). This means a 50kg bag of cement will not be going for less than GH¢100.

    The cedi in January 2022 was trading at GH¢6 for a dollar but it is currently trading at about GHS12 at the forex. Since manufacturers have to import some of the raw materials at the current dollar rate, the rise in the cost of importation would have to be borne by the final consumer.

    The yet-to-be realised development may impact the prices of houses in the short term and the personal budget of many individuals who are currently putting up houses in the country.

    It could also affect the cost of ongoing construction projects.

    Below are the current prices of cement bags sold by some cement manufacturing companies:

    Price per 50Kg bag (Ghacem Super Strong 42.5R)- GH¢ 95 – GH¢ 97.

    Price per 50Kg bag (Ghacem Super Rapid 32.5R) – GH¢ 87 – GH¢ 90.

    Price per 50Kg bag (Ghacem Extra 42.5) – GH¢ 72 – GH¢ 95

    Dangote Cement Price- GH¢ 80 – GH¢ 94

    Diamond Cement Price: GH¢ 85 – GH¢ 90

    Cimaf Cement Prices

    Smart Classic – 32.5R – GH¢ 65 – GH¢ 89

    Smart Superior – 42.5R – GH¢ 75 – GH¢ 95

    Ultimate – 42.5N – GH¢ 75 – GH¢ 95

    Source: The Independent Ghana

  • Nigeria election 2023: Africa’s richest man Aliko Dangote casts his vote in Lagos

    Nigeria election 2023: Africa’s richest man Aliko Dangote casts his vote in Lagos

    On Saturday, February 25, 2023, Aliko Dangote, the richest man in Africa and chairman of the Dangote Group, cast his ballot in Lagos.

    Kano State native Dangote was spotted exercising his right to vote at a voting location in Victoria Island, Lagos.

    More soon…

  • 10 facts you probably did not know about Dangote’s oil refinery

    10 facts you probably did not know about Dangote’s oil refinery

    News that the Dangote refinery, a multimillion-dollar project by Aliko Dangote, Africa’s richest man was scheduled to be commissioned on January 23 generated positive reactions from Nigerians on social media and on the faces of persons with a direct interest.

    The project which began in 2013 is expected to be commissioned with operations starting later in the year.

    The rife rumor has, however, been debunked by one Timilehin Oyedare of Dangote Group’s Digital Communications Unit, Corporate Communications who described the reports as false.

    According to him, no date has been picked for the commissioning of the project.

    You will recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had last year revealed that the refinery was 97 percent completed.

    The Chief Executive of NMDPRA, Farouk Ahmed, stated this when the representatives of the Dangote Refinery visited him in his office in Abuja to present the facility work plan for 2022/2023.

    The Dangote Integrated Refinery and Petrochemicals Complex is located in the Ibeju-Lekki area of Lagos.

    When in full operation, it is expected to have the capacity to process about 650,000 barrels per day of crude oil, making it the largest single-train refinery in the world. The investment is over 25 billion US dollars.

    Below are 10 facts you need to know about the Dangote refinery

    1) The Dangote oil and petrochemical refinery is a 650,000 BPD oil refinery.

    It is the largest single-train oil refinery on planet earth, the largest in Africa, and the 7th largest oil refinery in the world.

    It is capable of meeting the energy demands of both Nigeria and the entire continent of Africa.

    2) Dangote announced he would want to build a refinery in 2013, at that time, it would cost $9 billion. It was not until 2016 that construction started.

    3) The Refinery was originally meant to be built in the oil-producing state of Ondo state but due to a lack of political will on the part of the Ondo State Government, Dangote moved the project to Lagos state which also has oil.

    4) The Refinery along with the Petrochemical plant is expected to generate $20 billion yearly for Nigeria.

    5) The Refinery will reposition Nigeria as an energy hub globally.

    6) The Refinery has the longest subsea gas pipeline in the world with a length of 1100km.

    7) The Refinery will generate electricity of up to 12,000 MegaWatts.

    8) The Refinery is a $25 billion investment, the largest single investment carried out on the African continent by an individual and the most expensive industrial complex in Africa and perhaps the world.

    9) The refinery will produce 50,000,000 litres (13,000,000 US gal) of Euro-V quality gasoline and 17,000,000 litres (4,500,000 US gal) of diesel daily, as well as aviation fuel and plastic products.

    10) It will provide 135,000 permanent jobs and overall 300,000 direct and indirect jobs.

  • Dangote, Rabiu invest $1 billion in sugar production

    Dangote, Rabiu invest $1 billion in sugar production

    The enterprises owned by Greek multimillionaire John Coumantaros, Nigerian billionaires Abdul Samad Rabiu and Aliko Dangote, and Nigerian billionaire Abdul Samad Rabiu have all pledged to invest a combined $1 billion in sugar production in 2022.

    The investments were made as part of the Nigeria Sugar Master Plan (NSMP), a 10-year roadmap approved in 2012 with the goal of helping Nigeria achieve self-sufficiency in sugar production.

    According to Executive Secretary of the National Sugar Development Council (NSDC) Zach Adedeji, the investments came from Dangote Sugar, BUA Foods, and Flour Mills of Nigeria, three indigenous firms involved in sugar plantations and processing.

    Earlier this year, Flour Mills of Nigeria Plc, led by Coumantaros, announced plans to invest N70 billion ($168.3 million) over the next three years to develop its sugar plantation in Nigeria’s northern region.

    Dangote, Africa’s richest man, similarly committed more than $700 million to expand the operation of his sugar business by increasing the refining capacity of one of its plants, DSR Numan, from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, 9,800 tcd, and 15,000 tcd.

    The investment will also drive the expansion of the group’s Backward Integration Program (BIP) in accordance with the NSMP, as Dangote plans to put in place the necessary infrastructure for the eventual start of full-scale production.

    The Federal Government recently extended the implementation phase of the NSMP by an additional ten years, from 2023 to 2033, in order to ensure that the plan’s goals are ultimately reached.

    Adedeji stated that the NSMP has “forced indigenous companies to significantly raise investments in the BIP in sugar plantation farming and processing.”

    This has boosted the revenue and profit of Dangote Sugar Refinery and the earnings of BUA Sugar Refinery Limited, which operates under the umbrella of BUA Foods, the unified food business segment of BUA Group.

    In addition to the three firms that have made the most significant investments in the BIP, Saro Africa Group has also made significant investments after signing a Memorandum of Understanding with the Nasarawa State government for a 15,000-hectare sugar project.

    Source: Ghanaweb

  • Aliko Dangote’s net worth slumps by $200 million in October – Report

    Aliko Dangote, the richest man in Africa, has seen his net worth decline by $200 million since the beginning of October due to a persistent decline in the value of his cement company, Dangote Cement Plc, which has harmed his net worth after printing billion-dollar gains in the first five months of 2022.

    His net worth had already dropped by $400 million in September due to a market-wide sell-off of shares on the Nigerian Exchange in reaction to the Central Bank of Nigeria’s tightening monetary policy.

    Dangote, Africa’s richest man and the world’s richest Black person, derives the majority of his wealth from his 86-percent stake in Dangote Cement, which is presently worth $8.13 billion.

    An additional $5.15 billion of his wealth is linked to his closely held fertilizer plant, which has the capacity to produce up to 2.8 million tonnes of urea per year.

    With the recent decline in Dangote’s net worth, his year-to-date wealth loss is now estimated to be $611 million, joining a long list of African billionaires such as Johann Rupert, Patrice Motsepe, Strive Masiyiwa, and Mohammed Al-Amoudi, whose wealth has declined noticeably since the start of the year.

    The decline in his net worth since the year began can be attributed to the sustained decline in the shares of Dangote Cement, as investors continued to sell down stakes in the leading cement firm.

    Dangote Cement is Africa’s largest cement manufacturer with a total capacity of 51.55 million tonnes of cement per year across ten countries.

    Its profit fell by more than 10 percent in the first half of 2022, from N191.63 billion ($460.8 million) to N172.1 billion ($413.8 million) due to an increase in selling and distribution costs, as well as an increase in direct production costs driven by energy costs.

    Following a recent ownership tussle between Dangote Industries Limited and the Kogi State government — a state government in Nigeria’s north-central region — its largest cement plant, Obajana Cement Company, was placed under lock and key nearly three weeks ago.

    The Obajana Cement Factory, which opened in 2008 and has a capacity of 16.25 million tonnes per annum across five lines, is the group’s flagship plant. The factory has 647 million tonnes of limestone reserves that are estimated to last 45 years and is supported by a fleet of 2,370 trucks.

  • Vice President of Dangote Group, Sani Dangote dies

    Sani Dangote, the vice president of the Dangote Group and brother to Aliko Dangote, has died.

    The Group confirmed his demise on Monday in a brief statement via social media.

    “It is with a heavy heart but with total submission to Almighty Allah that we announce the passing of our Group Vice President, Alhaji Sani Dangote today, 14th November 2021.

    “May Allah SWT grant him mercy and Admit him in Aljannat-al-Firdaus!” the statement read.

    Alhaji Sani Dangote was an established businessman with investments in key sectors of the economy including manufacturing, agriculture, banking, and oil services.

    He also sat on the Board of several other companies including Nigerian Textile Mills Plc, Nutra Sweet Limited, Gum Arabic Limited, Dangote Textile Mills Limited, Alsan Insurance Brokers, Dan-Hydro Company Limited, Dansa Food Processing Company Limited, and Dangote Farms Limited.

    He is also the Deputy Chairman of the African Gum Arabic Producers Association and a two-time President of Lagos Polo Club in addition to being a professional polo player.

    Sani Dangote is a member of several Chambers of Commerce, a Fellow of the Chartered Institute of Shipping of Nigeria, and President of the Fertiliser Producers and Suppliers Association (“FERSAN”).

    In reaction to his death, the Speaker of the House of Representatives, Rep. Femi Gbajabiamila, expressed sadness, describing the demise as a painful loss.

    According to a statement in Abuja by his Special Adviser on Media and Publicity, Lanre Lasisi, the Speaker said Sani Dangote would be sorely missed by many Nigerians, noting that his contributions to the development of the Dangote Group and by extension, the private sector in Nigeria would remain indelible.

    He described the late Sani Dangote as a perfect gentleman who gave his best to the growth and development of the Dangote Group.

    Gbajabiamila sent his heartfelt condolences to the government and people of Kano State, the Dangote family, especially the president of the Dangote Group, Alh. Aliko Dangote and the entire management and staff of Dangote Group.

    He prayed that the Almighty Allah grants the soul of late Alhaji Sani Dangote a peaceful resting place in Jannatul Firdaus.

    Source: channelstv.com

  • Dangote Fertilizer commences pre-testing of $2bn plant ahead of inauguration

    Dangote Fertiliser Limited has begun countdown to the inauguration of its $2 billion Granulated Urea Fertiliser complex located in the Dangote Free Zone.

    With a capacity of 3 million tonnes per annum, the plant has been classified as the biggest project in the entire fertilizer industry history in the World. Siapem of Italy is the Engineering, Procurement and Supervision (EP) Contractor for the project, while Tata Consulting Engineers, India, is the Project Management Consultants (PMC) for the project.

    At this time, several critical sections of the plant are going through various stages of pre-commissioning and test-run. Virtually all the sections of the plant such as Central Control Room, Ammonia and Urea Bulk Storage, Cooling Tower, Power Generator Plant, Granulation Plant, have all been completed and are going through pre-testing.

    Already, Dangote Feritiser has started receiving gas supply from the Nigerian Gas Company and Chevron Nigeria Limited under the Gas Sale and Purchase was Agreement to supply 70 million standard cubic feet per day (Scf/d) of natural gas to Dangote Fertiliser Limited.

    The project, which will create thousands of direct and indirect jobs in construction and related fields, will provide a major boost to the agricultural sector by significantly reducing the importation of fertilizer in Nigeria and ultimately removing the need for imports when plant is in full production.

    Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Industries Limited, Devakumar Edwin said Nigeria will be able to save $0.5billion from import substitution and provide $0.4 billion from exports of products from the fertilizer plant. “Thus, the supply of fertilizer from the plant, will be enough for the Nigerian market and neighboring countries,” he said.

    Edwin said: “I am happy that by the time our plant is fully commissioned, the country will become self-sufficient in fertilizer production and even have the capacity to export the products to other African countries. Right now, farmers are forced to utilize whatever fertilizer that is available as they have no choice, but we need to know that the fertilizer that will work in one State may not be suitable in another State, as they may not have the same soil type and composition. The same fertilizer you use for sorghum may not be the fertilizer you will use for sugar cane.”

    He stated that the Dangote fertilizer project, which is estimated to gulp $2billion is the largest granulated Urea fertilizer complex to emerge in the entire fertilizer industry history in the world, with its three million tonnes per annum capacity.

    He pointed out that the fertilizer complex, which is sited on 500 hectares of land has the capacity to expand as it is only occupying a small fraction of the allotted portion.

    Edwin added: “The management of the complex are confident that the fertilizer business will deliver reasonable profit to the company and its shareholders as it is projected that population growth and the need for food production will jack up the consumption of Urea fertilizer beginning from 2020 when production of the production would have commenced in earnest.

    “The current consumption of Urea estimated at a dismal 700,000 tonnes per annum by Nigerian farmers is said to be due to very poor usage and is believed to be the cause of poor product yield, which threatens food security in the country.

    “By 2020, Nigerian population is projected to increase to about 207 million which would lead to increased food production. Estimates points out that around five million tonnes of fertilizers are required per year in Nigeria in the next five to seven years bifurcated into 3.5 million tonnes of Urea and 1.5 million tonnes of NPK while current production levels in Nigeria are at 1.6 million tonnes by 2019.”

    Source: africanews.com