Business
If we knew what we were getting involved in, we wouldn’t have… — Dangote
Size
For context, it is a 650,000 barrel refinery, the biggest in the world. It started in 2016.
Inside the plant itself, Aliko Dangote constructed about 126 km of road. There are 54,000 storm columns built for protection. On-site, there are over 200 buildings. Located in Ibeju-Lekki, Lagos, covering a land area of approximately 2,635 hectares (seven times the size of Victoria Island, Lagos), it is the world’s Largest Single-Train 650,000 barrels per day Petroleum Refinery with 900,000 tonnes Polypropylene Plant. At the peak of construction, there were over 70,000 workers on site.
In the course of the civil works, some 700 piles were drilled daily, and the total number of piles came to 250,000. It has 177 tanks of 4.742 billion litre capacity – you can imagine that volume. He has bought over 2,262 units of various high-duty equipment to enhance the local capacity for site works since even the biggest local civil contractors are unable to handle “even small portions of our construction requirement.” He has also bought 308 cranes to build up equipment installation capacity since the current capacity in Nigeria is extremely poor. What do you do when the biggest crane in the country is 650 tons, whereas you need a 5000-ton capacity crane? Worse, there were only two such 5000-ton capacity cranes in the world, and they were in use. So, instead of hiring a crane for $300,000 a day, what do you do? Dangote bought his cranes. 65 Million Cubic Metres of Sand were dredged costing approximately 300 Million Euros, using the world’s largest, the second largest and the tenth largest dredgers to elevate the height by 1.5/1.75 metres, to insure against any potential impact of increase in mean sea level due to global warming.
That is not all.
The refinery has a 435 MW Power Plant, which can meet the total power requirement of Ibadan DisCo of 860,316 MWh covering five states, including Oyo, Ogun, Osun, Kwara and Ekiti. Dangote Petroleum Refinery can meet 100% of the Nigerian requirement of all refined products (Gasoline, 53 million litres per day; Diesel, 34 million litres per day; Kerosene, 10 million litres per day and Aviation Jet A1, 2 million litres per day) and also have surplus of each of these products for export.
Aliko Dangote On CNN
So, if Aliko Dangote, President and Chief Executive of Dangote Industries Limited, and Africa’s richest man, says, in retrospect, that had he known the grand scope of what he was getting involved in, he wouldn’t have tried it, you would understand.
According to Dangote, during an interview on a CNN programme, Connecting Africa, “People don’t really understand what we undertook to build the refinery. In fact, we didn’t know what we were getting into. If we knew, we would have run away. We wouldn’t have tried it. It was very, very, very tough. We are sitting on a land that is more than 4000 standard football fields. The significance of this project is that we will be self-sufficient, not just in Nigeria but in West and Central Africa. I feel proud as an African that I’ve been able to prove that it can be done and we have done it.”
$19 billion cost
Speaking on what it has taken to put up the edifice, he said “we spent about $19 billion. It is going to change the game in terms of improvement. If we take in all the crude from Nigeria, it means that we will be taking about 21 million barrels per month. That would also help in terms of reducing the Co2 initiative, rather than ships coming all the way from Europe to bring in products. All the ships going out of Nigeria every month, then you have the products coming into Nigeria. In totality, when you calculate, you are talking about 480 ships of 1 million barrels. That actually will save the environment almost 1.5 to 2 million tonnes of Co2 emissions.”
Asked whether he has started making money from the project, he said: “We will start making money soon. It is not just all about making money, but it also gives us great satisfaction that we are making Africa great. We are making Africa proud.”
AfCFTA & Overcoming challenges
There has always been the issue of crude supply, and this was discussed during the interview. In his view, he agreed “that there are challenges here and there. That is the truth. We have to be very open too.
NNPC has been very, very helpful. They do their own bit. Some of the IOCs are struggling to give us crude oil. Because everybody is used to exporting, and nobody wants to stop exporting”.
Even Aliko Dangote himself asked Eleni Giokos, the CNN anchor, “Why do you think Africa is not growing as it should?”
Dangote answered the question himself: “It is because we export raw materials and import finished goods. It doesn’t matter what it is, whether it is gold or whatever. A raw material is always at a ridiculously priced amount compared to the finished goods.”
Asked how he hopes to battle this legacy system that profits from the ripoff of focusing on Africa’s raw materials instead of building capacity for processing on the continent, Dangote said “I have been fighting battles all my life, so I don’t get scared of anything.”
On the African Continental Free Trade Area, AfCFTA, Dangote believes it will be beneficial: “The AfCFTA will be very, very beneficial. If you are talking about benefits, our company will almost be one of the top five in terms of benefitting from the free trade agreement. But I have not seen any improvement. We have 3 million tonnes of Urea we export to African countries, and we have petroleum products to export. We have cement to export. We have too many things to export. What makes sense is to have the free trade agreement work. The trade between Africans is only about 16 per cent, which is too low. We have to make sure that all the regional markets have to remove these requirements of visas. We have to allow free movement of people, free movement of goods and services, and the Afcta will work. Without that, it is almost impossible.”
Intra-Africa trade issues
Dangote then shared an experience: “I am going to Egypt tomorrow, but I need a visa. They are saying that they will give me a visa on arrival if I have an American visa. But I am an African, and Egypt is part and parcel of AfCFTA. But they are saying that no, if you have an American visa, we will give you. So, they are discounting me, being an African. So, how do we trade if you’re not allowing me into their country? What I would love to see is a South African come into Nigeria to get a job without hassle. If you don’t integrate, we will never see what we call prosperity. Integration is very important. If you remember, most countries used to have what we call the Ministry of Integration, but I don’t know what happened. Some of the countries have dropped this, and it doesn’t make sense.”
Aliko Dangote has his eyes set on the future with the succession plan of the group well laid. According to him, “by the end of the year, he expects that the group’s revenue should be around $ 30 billion, thereby placing the company among the best 120 companies in the world.”
PMS delivery date
Last week, during a visit by the leadership of the senate, led by Senate President Godswill Akpabio, to the premises of Dangote Refinery, some of the legislators who had not visited the site were left to marvel at the size of the complex. The question always asked by Nigerians about the refinery is focused mainly on the delivery day when Premium Motor Spirit, PMS (otherwise known as petrol) would flow. Yes, they should be concerned, not with the price of petrol hovering around N600 and 800 per litre, depending on which part of the country you reside or you are to buy from.
In responding to the question, Dangote explained: “It is good for us to test all the types of crudes that we are receiving. You know sometimes you can buy crude and people can give you the one that has a lot of metal or a lot of sulphur. But the most important thing is that we know West Africa is a home for dumped bad fuel and bad Petroleum products. This lab that we have here you can not even find it in Saudi Aramco because we have the latest and we can test anything be it aviation fuel, diesel, gasoline and kerosene and it will give you the actual result. The longest time a test will take here is 30 mins. As for PMS, it will start coming out by 10/15 of July. We want to keep it in the tank to make sure that it settles, and by the third week in July, we want to be able to take it into the market.”
Revelations from Afreximbank meeting in Bahamas
Last week, Dangote made some disclosures at the Afreximbank Annual Meetings, Dangote likened the oil cartels to a mafia stronger than the drug mafia hell-bent on maintaining their grip on the industry.
He said: “Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact. But I’m a person who has been fighting all my life. You know, so I think it’s part of my life to fight. As a matter of fact, during the COVID period, some of the international banks really were looking forward to making sure that they pushed us into the default of our loans so that the project would just be dead. And that didn’t happen with the help of banks like Afreximbank.”
Dangote also disclosed that he has paid off $2.4bn of the $5.5bn borrowed for the Lagos-based refinery.
African Export-Import Bank (Afreximbank) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) have signed a Memorandum of Understanding (MoU) to establish a collaborative framework aimed at promoting, developing, and improving gas infrastructure in Nigeria, according to ChannelsTV.
It was signed on the sidelines of the just-ended fourth Intra-African Trade Fair (IATF2025) by Helen Brume, Director and Global Head – Project and Asset-Based Finance on behalf of Afreximbank, and Oluwole Adama, Executive Director on behalf of MDGIF.
The MoU emphasises private sector-led delivery models and aligns with both institutions’ mandates and strategic priorities.
Under the terms of the MoU, Afreximbank and MDGIF will work together with the overarching intention of mobilising up to $500 million over a four-year period to support midstream and downstream gas infrastructure projects. The investment is structured as a blend of senior debt and equity contributions, considered under both entities’ independent mandates, with a focus on accelerating the modernisation and expansion of Nigeria’s gas sector.
Project Highlights:
Targeted Gas Infrastructure Investment: Joint identification and prioritisation of eligible projects, with annual pipeline targets to ensure investment goals are met.
Senior Debt Financing: Afreximbank will consider providing direct financing and credit risk guarantees to support project finance transactions, working alongside local financial institutions.
Project Preparatory Support: Establishment of a dedicated support, either through funding or a support framework, for feasibility studies, legal structuring, environmental assessments, and other preparatory activities for bankable gas projects.
Equity Financing: MDGIF will consider equity contributions to complement Afreximbank’s senior debt, enabling full capital structuring for eligible projects.
Promotion and Advocacy: MDGIF will leverage Afreximbank’s platforms, including the Intra-African Trade Fair, to promote its initiatives and engage stakeholders.
Capacity Building: Development of a structured programme to enhance MDGIF’s institutional capabilities in project structuring, risk management, and innovative financing.
With respect to the collaboration between both parties, Mrs Kanayo Awani, Executive Vice President – Intra-African Trade and Export Development at Afreximbank, noted that:
“This MoU marks a significant milestone in our shared commitment to accelerating Africa’s economic transformation. By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region.”
She added: “We stand ready to work with the MDGIF in advancing the development of gas infrastructure projects in Nigeria, which will add value to the country’s natural resources. This intervention is also important as it aligns with Afreximbank’s Industrialisation and Export Development Agenda.”
Senator Oluremi Tinubu, the First Lady of the Federal Republic of Nigeria, has called for unwavering support for the Niger Delta Power Holding Company (NDPHC) to accelerate growth in the nation’s power sector.
The appeal came during a courtesy visit by the managing director and chief executive officer of NDPHC, Engr. Jennifer Adighije, to the First Lady over the weekend in Abuja.
Speaking passionately about the critical role of NDPHC, Senator Tinubu said, “It is essential that all stakeholders rally behind NDPHC’s leadership to ensure the company fulfills its mandate of advancing Nigeria’s power infrastructure. I urge the entire Management and staff of NDPHC to continue supporting Engr. Adighije’s vision with dedication and teamwork.”
The First Lady also commended Adighije’s commitment and leadership qualities. “Your diligence, passion, and deep sense of responsibility stand as a shining example of leadership in Nigeria’s power sector,” she stated. “Young women like you, who demonstrate rare leadership virtues, inspire a new generation of leaders and bring hope to our nation’s development.”
Senator Tinubu expressed joy and pride in seeing young Nigerians excel in positions of high responsibility. “I sincerely commend your efforts towards leading NDPHC with every sense of diligence and commitment,” she emphasised. “Your leadership is not only about managing the company but also about inspiring others to step up and contribute meaningfully.”
She further urged continuous teamwork within NDPHC to ensure the attainment of critical milestones in power generation and distribution. “For Nigeria to achieve steady power growth, the success of companies like NDPHC is vital. Let us all work together to support this leadership and push forward the sustainable energy agenda for our people,” she concluded.
Engr. Jennifer Adighije expressed gratitude for the warm reception and the commendations. She assured that NDPHC would remain resolute in transforming Nigeria’s power landscape through innovative projects and effective management.
The visit underscores a renewed focus on the power sector’s growth, with strong endorsements from key national figures encouraging collaboration and dedication toward a brighter energy future for Nigeria.
When Oluwatosin Ajibade, popularly known as Mr Eazi, tied the knot with Temi Otedola, daughter of billionaire businessman Femi Otedola, many in Nigeria’s elite circles questioned why one of the nation’s most prominent families would give their daughter’s hand to a musician.
But at the couple’s white wedding in Iceland, Africa’s richest man, Aliko Dangote, provided an answer that silenced critics by confirming Mr Eazi as an entrepreneur with businesses across 18 countries on the continent.
Below is a list of Mr Eazi’s businesses, not known to many Nigerians.
1- emPawa Africa – Founded in 2018, emPawa is a talent incubation and music distribution platform that has helped launch stars like Joeboy. It provides mentorship, funding, and resources for up-and-coming artists across Africa.
2- Zagadat Capital – Mr Eazi’s venture capital firm invests in startups in tech, media, and entertainment. Notable investments include:
3- pawaPay – A pan-African mobile payments company.
4- Thrive Agric – an agri-tech startup connecting farmers to investors.
5- BetPawa – A popular online betting platform.
6- Street Banker – A financial inclusion project for underserved communities.
7- Choplife Gaming & Choplife SoundSystem – Expanding beyond music, Eazi launched Choplife Gaming in 2022, a pan-African lottery and gaming company. His Choplife SoundSystem blends music, events, and lifestyle branding into a cultural business model.
Although less publicised, the singer has confirmed investments in real estate projects across Nigeria and Ghana, as well as hospitality ventures linked to his Choplife brand.
Through Zagadat Capital, Eazi also holds stakes in several fintech firms driving financial inclusion across Africa.
Now married into one of Nigeria’s most influential families, Mr Eazi embodies a hybrid lifestyle — blending music, global entrepreneurship, and elite family life.
For him, business has never been secondary.
As Dangote hinted, music may be just the tip of the iceberg. With ventures spread across at least 18 African countries, Eazi is positioning himself not just as a musician, but as one of the continent’s most ambitious entrepreneurs.
And with his marriage to Temi Otedola, many say the couple may just become Africa’s new symbol of power, wealth, and influence.
The Dangote Group has announced that its Dangote Petroleum Refinery will begin supplying petrol (PMS) directly to 11 states starting Monday, September 15, 2025. This information was shared in a press release on the Group’s official X account on Thursday.
The retail pump prices for petrol in the initial states will be set at N841 per litre for Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti. For Abuja, Delta, Rivers, Edo, and Kwara, the price will be N851 per litre.
Additionally, the gantry price for petrol is established at N820 per litre.
“Dangote Petroleum Refinery begins direct supply of PMS with free delivery effective Monday September 15, 2025
“New Gantry Price is set at N820,” the statement read in part.
To support petrol station operators, the refinery will provide free delivery of PMS to registered stations in the 12 states, with plans to gradually expand distribution nationwide. All station owners are invited to register to access these benefits. The move is expected to improve petrol distribution and supply consistency across the covered states.
Dangote Petroleum Refinery, Africa’s largest with a 650,000 barrels-per-day capacity, opened in 2024 to reduce Nigeria’s reliance on imported petrol and strengthen energy security.
In July 2025, it received 4,000 CNG trucks under a N720 billion investment programme, aimed at distributing 65 million litres of refined petroleum products daily, creating over 15,000 jobs, and saving Nigerians more than N1.7 trillion annually in energy costs. The initiative also seeks to improve efficiency in the downstream sector and revive dormant petrol stations.
The refinery’s planned expansion into nationwide petrol distribution was initially scheduled for August 15, 2025, but is now set to begin on Monday, September 15, 2025. Preparatory challenges in early September included a three-day notice from the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), starting Tuesday, September 9, to suspend lifting and dispensing of petrol over concerns about fair competition.
Simultaneously, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) went on a two-day strike, which was later suspended following a DSS-convened meeting attended by the Minister of Finance, Wale Edun, and representatives of the Nigeria Labour Congress (NLC).
A Memorandum of Understanding (MoU) was signed to resolve the dispute, mandating unionisation of willing employees from 9th to 22nd September 2025, prohibiting the creation of any other union, and ensuring no worker would be victimised due to the strike.
Signatories included Sayyu Dantata (Dangote Group), O.K. Ukoha (NMDPRA), Ojimba Jibrin (Dangote Group), Benson Upah (NLC), N.A. Toro (TUC), NUPENG President Akporeha Williams, General Secretary Afolabi Olawale, and Amos Falonipe representing the Federal Ministry of Labour.
Wema Bank has successfully surpassed the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization, a significant milestone achieved through the completion of a substantial N150 billion rights issue.
This important financial strategy positions the bank firmly ahead of the upcoming deadline of March 2026, as outlined in the CBN’s latest recapitalization framework.
In an official statement released on Thursday, Wema Bank proudly announced that its total qualifying capital has now reached an impressive N214.7 billion, comfortably exceeding the regulatory threshold of N200 billion.
The rights issue, which opened its doors on April 14, 2025, and closed on May 21, 2025, was a strategic response to the CBN’s directive aimed at fortifying the Nigerian banking sector.
By embracing this initiative, Wema Bank has not only positioned itself as a leader in compliance but also as a robust player in the quest for sustainable development within the financial landscape of Nigeria.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
CEO Expresses Confidence
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.
Earlier in May, Wema Bank had announced its intention to raise an additional N50 billion through a private placement as part of its broader strategy to meet and exceed the CBN’s capital requirements.
At its Annual General Meeting (AGM), held electronically on May 22, 2025, shareholders formally adopted a resolution to secure this additional capital, signaling strong support for the bank’s growth agenda.
Under the CBN’s recapitalization framework, commercial banks with international authorization are required to maintain a minimum capital base of N500 billion, while those with national authorization, such as Wema Bank, must meet a N200 billion threshold.
Wema Bank’s swift and strategic response to these requirements highlights its resilience and forward-thinking leadership in Nigeria’s evolving financial landscape.
The Federal Competition and Consumer Protection Commission (FCCPC) has announced an impressive total of N10 billion in recoveries for consumers who were wronged, following a series of complaints directed at banks, fintech companies, and other entities.
This information was revealed in a statement issued on Thursday, which was signed by Ondaje Ijagwu, the Director of Corporate Affairs at the FCCPC.
The announcement comes in light of recent data that highlights the volume of consumer complaints received and subsequently resolved across major sectors of the Nigerian economy.
The data encompasses cases that were registered with the Commission between March and August 2025 and has been meticulously compiled from various complaint resolution platforms managed by the FCCPC.
“The top ten sectors by number of complaints received between March and August 2025 were led by banking (3,173 complaints), followed by Fast Moving Consumer Goods (FCMG) (1,543), fintech (1,442), and electricity (458).
“Other notable sectors included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114),” the Commission stated.
The Commission stressed that the data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
“The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded N10 billion (Ten Billion Naira), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress,” the FCCPC added.
Reacting to the findings, the Executive Vice Chairman/Chief Executive Officer of the Commission, Mr. Tunji Bello, said: “These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services. However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
The publication of sector-specific complaint data is said to align with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
According to the report, Banking is the dominant source of consumer complaints, both in volume and financial exposure, highlighting recurring issues in loan deductions, account charges, and transaction disputes, and reflecting public reliance on the FCCPC to intervene in systemic financial service challenges.
“Banking and fintech dominate by financial impact, showing consumer vulnerability where services are both essential and high value, signalling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN).
“With 458 reported complaints, the electricity sector ranks 4th overall, behind banking, financial services, and FCMG, highlighting persistent billing disputes, service delivery failures, and the need for stronger coordination between the FCCPC, NERC, state electricity regulatory agencies and electricity distribution companies (DisCos).
“E-commerce disputes are relatively low-value but high-frequency, signalling broad consumer exposure at the retail level. While average monetary losses per complaint are low, the volume and recurrence of disputes (deliveries, refunds, counterfeit goods) reveal e-commerce as a growing consumer pain point,” the statement added.
The Commission stated it is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns.
The Commission encouraged regulated entities to study its data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.
Consumers were encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
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