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Dangote lists refinery shares March, supplies petrol August

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The President and Chief Executive Officer of Dangote Industries Limited, Alhaji Aliko Dangote, has disclosed that the Dangote Petroleum Refinery will be listed on the Nigerian Exchange before the end of March, 2025.

This came as the refinery again delayed the date for the supply of Premium Motor Spirit, popularly known as petrol, till August, another shift from July.

Dangote disclosed that the refinery was set to roll out its petrol in August 2024, having resolved its crude oil supply issues through the help of the Nigerian National Petroleum Company Limited and the Federal Government.

He stated these when he took senior journalists on a tour of the refinery and Dangote Fertilizer plants in Ibeji-Lekki, Lagos on Sunday.

“We plan to list the refinery and petrochemical before the end of the first quarter of next year, ” he stated.

He noted that the issue the refinery was having with international oil companies regarding the supply of crude was resolved last week.

“The issue of crude has been settled last week. But we hope that the IOCs will respect it, ” he added.

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Dangote also revealed that the Federal Government owned only a 7.2 per cent stake in the Dangote Refinery against the 20 per cent that was publicised.

“The Federal Government have only 7.2 per cent because it failed to pay for the balance for the 20 per cent stake

Recently, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, had last week accused international oil companies in the country of plotting to frustrate the survival of the new Dangote refinery.

Edwin said the IOCs were deliberately and willfully frustrating the refinery’s efforts to buy local crude by hiking the cost above the market price by $6, thereby forcing the refinery to import crude from countries as far as the US, with its attendant high costs.

Edwin stated, “The IOCs are deliberately and willfully frustrating our efforts to buy the local crude.

“It seems that the IOCs’ objective is to ensure that our petroleum refinery fails. It is either they are deliberately asking for a ridiculous and humongous premium or they simply state that crude is not available.

“At some point, we paid $6 over and above the market price. This has forced us to reduce our output as well as import crude from countries as far as the US, increasing our cost of production.

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“It appears that the objective of the IOCs is to ensure that Nigeria remains a country, which exports crude oil and imports refined petroleum products. They are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their Gross Domestic Product (GDP), and dumping the expensive refined products into Nigeria, thus making us dependent on imported products.”

‘Crude crisis resolved’

However, Dangote’s confirmation of the resolution of the crude crisis might be a soothing balm to Nigerians who feared the lack of feedstock might jerk up the price of the refinery’s PMS.

Our correspondents report that this will be about the third time the refinery will postpone its PMS delivery date since it commenced the supply of diesel and aviation fuel into the Nigerian market.

According to Dangote, the refinery commenced full operations in 2024. starting with the refining of intermediate products such as polypropylene, naphtha, RCO, gasoline, diesel, and jet fuel.

He noted that the refinery steady state production phase commenced in March 2024 while also expecting the ramping up production to reach 500,000 barrels per day with 15 crude cargoes a month by next August, 550,000bpd by the end of the year, and 650,000bpd by the first quarter of 2025.

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According to a presentation by Dangote during the tour, the refinery project is said to be fully online, with over $26bn being expected annually.

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“Successful completion of trial run in January 2024. Refined and intermediate products include polypropylene, naphtha, RCO, gasoline, diesel, and jet fuel. Steady state production phase commenced in March 2024.

“Ramping up production to reach 500kbpd (15 crude cargoes a month) by next August, 550kbpd by the end of the year, and 650kbpd by the first quarter of 2025. Gasoline production is to commence in July with sales from August. Annual revenue is projected to exceed $26bn,” Dangote stated.

He added that the refinery had dedicated loading gantries with 86 loading bays; dedicated marine facilities for offtake of crude and loading of petroleum products; 900-kilo tonnes per annum polypropylene plant, 36ktpa sulphur, and 585ktpa carbon black production.

The total storage capacity of the refinery is put at 4.5 billion litres, which can cover 20 days of crude requirement product storage for 15 days of Nigeria’s petrol consumption.

He averred that the refinery would produce 53 million litres of petrol per day and 1.1 million tonnes per day.

“The Dangote Refinery can meet Nigeria’s requirements and have a surplus for exports,” he boasted.

On oil and gas, he added further, “We have built over 200km of gas pipelines in partnership with NGIC on a BOT basis. We also have other projects in the pipeline including a 3 billion cubic feet East-West Gas Gathering System offshore pipeline (design and engineering completed, awaiting commercial framework); 600 million standard cubic feet onshore gas pipeline(construction stage); and 300mscf gas processing facility (design stage).

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These projects, he said, would help deliver gas for further investment and also help stabilise gas pressure in the Escravos–Lagos Pipeline System

The PUNCH recalls that during the Africa CEO Summit in Rwanda, Dangote promised that the refinery would put an end to the monthly importation of an average of 1 billion litres of premium motor spirit in Nigeria the moment the refinery started selling the product in June.

According to him, following the laid-down plans of the Dangote refinery, Nigeria will no longer need to import petrol starting in June.

Dangote also stated that his refinery can meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand.

He said, “Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” he declared.

He added, “We have enough gasoline to give to at least the entire West Africa, diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.

“We have started producing jet fuel, we are producing diesel, and by next month, we’ll be producing gasoline. What that will do is that, it will be able to take most African crudes.”

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In June, Dangote informed Nigerians his plan to release premium motor spirit into the market in the sixth month of the year would no longer be possible, sparking reactions from Nigerians.

The President of Dangote Group, Aliko Dangote told newsmen during a tour of the facility with Governor Babajide Sanwo-olu of Lagos State and other dignitaries that the petrol from the 650,000 barrels capacity refinery would be out in July.

Dangote said this was due to some minor challenges, stating that the product would be out by July 10 to 15.

“We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be able to come out to take it into the market,” Dangote had said.

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Contrary to popular belief, Dangote announced that the NNPC has a 7.2 per cent stake and not 20 per cent as being speculated.

He stated that while the NNPC had promised to provide the funds, it had been unable to meet its obligations, thus reducing its stake in the $19bn refinery to 7.2 per cent.

He said, “The NNPC no longer owns a 20 per cent stake in the Dangote refinery. They were meant to pay their balance in June but have yet to fulfil the obligations. Now, they only own a 7.2 per cent stake in the refinery.”

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In a statement on Sunday, the NNPC confirmed that it decided not to add to its earlier investment in the refinery.

According to the NNPC Chief Corporate Communications Officer, Olufemi Soneye, the energy company had several months ago decided to cap its investment at the amount already paid. Soneye hinted that the decision not to invest any further in the Dangote refinery did not impact NNPC’s business.

“Several months ago, we made a commercial decision to cap our investment at the amount already paid. This decision was taken by NNPC Ltd and has no impact on our business,” he said tersely.

Listing in Q1

Dangote announced plans to list his refinery and fertilizer plants on the Nigerian Exchange Group by the first quarter of 2025.

The decision to list the two subsidiaries comes as the group seeks to expand its investor base and unlock further value for shareholders.

Dangote disclosed that the company’s construction of rice mills with a 1-million-tonne capacity is ongoing, saying the Jigawa plant is expected to be commissioned in a few months.

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Dangote disclosed that the delay in securing a site for the Dangote Petrochemical Facility in Ogun State resulted in a $500m loss.

He attributed the financial setback to the protracted process of acquiring land at the Olokola Free Trade Zone refinery cost him $500m on the $2.5bn initial drawdown on bank loans.

He expressed displeasure over the bureaucratic hurdles encountered, which he said negatively impacted the project timeline and overall costs.

“The three years and eight months delay by Ogun State govt over Olokola land for petrochemicals facility cost us $500m,” Dangote said.

Fertiliser production resumes

It was gathered that the company’s fertiliser plant would resume production in two weeks to give farmers a more productive harvest.

He said there was a massive request for Dangote fertiliser from Nigerians and the rest of Africa.

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He noted that the fertiliser plant has 3Mta of granulated urea (2 lines of 1.5Mta each), saying it was largely export-driven business with 12 per cent sold domestically and 88 per cent exported to Sub-Saharan Africa, South America, the United States and Europe.

He revealed that the production of fertiliser has increased by 48 per cent to 1.2 million tonnes in 2023, creating 1,500 direct jobs and about 5,000 indirect jobs.

The richest man in Africa has projected that the company’s revenue would grow to about $30bn in the next few years, increasing six times.

It was mentioned that 75 per cent of the group’s revenue currently comes from the cement business; 80 per cent of of Earnings Before Interest, Taxes, Depreciation and Amortization comes from Nigeria, with 90 per cent of revenue in various local currencies.

In future, the Dangote Group projected that 15 per cent of revenue would come from the cement business; 50 per cent of EBITDA from outside Nigeria (including exports) and 70 per cent of revenue in hard currency.

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During the presentation, Dangote noted that the company’s cement is the leading cement player in Africa with a total capacity of 52 million tonnes per annum across 10 countries. He said, “Plans are underway to add a total of 9m tons of capacity in Nigeria and Cote d’Ivoire”.

The PUNCH reported recently that the Federal Government and crude oil producers in Nigeria have committed to working towards a sustainable supply of crude oil to Dangote and other local refineries under a market-determined pricing system.

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Both parties said the aim of the commitment was to ensure that while the operators (crude oil producers) do business optimally, the refineries are not starved of feedstock.

Accordingly, the industry regulator, the Nigeria Upstream Petroleum Regulatory Commission has directed oil refiners in the country to provide monthly price quotes on crude supply.

This came as the $20bn Dangote Petroleum Refinery is reportedly ramping up the importation of crude from the United States, Bloomberg reported on Thursday.

Oil producers

In a statement issued in Abuja on Thursday, the NUPRC stated that oil producers under the umbrella of the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry, at a meeting called by NUPRC, agreed to concede to a framework that would be mutually beneficial with the aim of ensuring that local refineries are not strangulated due to off-the-curve prices.

“The focus of the meeting held at the instance of the Commission Chief Executive, Gbenga Komolafe, was on the status review of the Framework for Seamless Operationalisation of Domestic Crude Oil Supply Obligation Template.

“It was part of efforts to effectively implement key sections of the Petroleum Industry Act (PIA) 2021, especially the issue of pricing and crude supply to the domestic refineries,” the commission stated.

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According to Komolafe, President Bola Tinubu is fully committed to providing a level playing ground for producers and refiners to do business in the industry.

He said there is a need to have a rule of engagement “to ensure that the pricing model from the oil producers is not seen to be strangulating the domestic refineries”.

He directed producers and refiners to henceforth provide the regulator with cargo price quotes on crude supply and delivery to monitor and regulate transactions among parties effectively.

“We need to have the price quotes on a monthly basis,” he directed.

Komolafe emphasised that the Domestic Crude Oil Supply Obligation has a convergence with the nation’s energy security.

The NURPC boss said his administration is re-engineering its regulatory processes.

“We allow all our processes to be transparent. While the Federal Government targets implementation of the regulation, all parties must concede to the rules of engagement as a guide for operation,” he said.

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The regulator said it is committed to driving the issue of willing buyer/willing seller.

“We need to discuss pricing especially as parties have committed to respecting their domestic crude oil obligation. For us as the regulator, we don’t want the upstream sector to be operated sub-optimally through cost under-recovery. So, the regulator is very alive to that. In crude pricing, we will never allow price strangulation to disincentivise our domestic refining capacity optimisation.

“The regulator does not support cost under-recovery in the upstream sector, and we will continue to work to ensure that crude supply profiteering as a negative factor that can strangulate our domestic refining capacity optimisation is disallowed,” he stressed.

The CCE further stated that the NUPRC is truly committed to the attraction of needed investments to boost upstream development and optimisation of our hydrocarbon resources just as we want sustainability of domestic energy supply in the midstream and downstream sector.”

Source: The Punch

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REVEALED: Why Aliko Dangote Lost $163 Million In Four Days

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Petrol War: Dangote Refinery increases fuel price

Aliko Dangote, known as Africa’s wealthiest businessman, recently experienced a significant decline in his fortune following a drop in shares of his cement company on the Nigerian Exchange, as reported by Business Elites Africa.

The billionaire, who leads the Dangote Group, faced a staggering loss of approximately $163 million in a mere four days.

Cement slump drags down fortune
Dangote’s fortune had been on an upswing earlier this month, boosted by gains in Dangote Cement and a stronger naira. But the recent decline in the company’s stock has wiped out part of those profits.

Shares of Dangote Cement, where he owns over 87 percent, slipped more than three percent, falling from ₦528 on September 11 to ₦511.2 by Monday morning.

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The drop pushed the company’s market value down to roughly $5.6 billion, directly affecting Dangote’s personal wealth.

This setback has reduced his year-to-date gains to $687 million, down from the $850 million growth recorded earlier in September.

Despite the dip, Dangote still remains one of the most influential figures on the African continent, with his cement business dominating markets across the region.

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A refinery making global moves
Beyond cement, Dangote is also making bold moves in the energy sector. His $20 billion refinery near Lagos, which started operations last year, is gradually reshaping Nigeria’s role in global energy trade. Nigeria fuel prices

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At the end of August, the plant made headlines by sending its first-ever shipment of gasoline to the United States.

Roughly 300,000 barrels of petrol left the refinery aboard the vessel Gemini Pearl, marking the first time Nigeria exported refined gasoline directly to America. For decades, the country had relied on exporting crude oil while importing refined fuel for local use.

The new facility, with a daily capacity of 650,000 barrels, has already exported cargoes to Asia and the Middle East.

Refinery outages in Saudi Arabia and Kuwait have also opened opportunities for Dangote’s products to fill supply gaps in those markets, a sign of Nigeria’s growing competitiveness in refined petroleum exports.Nigeria fuel prices

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Balancing losses and gains
While the slip in Dangote Cement has trimmed Dangote’s paper wealth, his diversification into energy and food industries continues to strengthen his long-term influence in Africa’s economy.

The billionaire may have lost $163 million on paper, but with his refinery steadily gaining ground in global markets, the picture of his financial empire remains one of resilience and expansion.

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This sharp decrease has brought his total estimated wealth down to around $28.8 billion, according to the Bloomberg Billionaires Index. The fluctuations in his company’s stock serve as a critical reminder of the volatility inherent in the financial markets.

 

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Naira Crushes Dollar Again, Breaks Seven-Month Records, See New Rate 

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Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining

As the 2027 election approaches, the political landscape is intensifying, with the spotlight firmly on President Bola Tinubu and the policies his administration has implemented.

One notable development is the recent appreciation of the Naira, which has gained traction in the foreign exchange market. Click link to continue reading.

CBN retains interest rate at 27.5% — third time in 2025

10 best ways to earn dollars in Nigeria

On Monday, the Naira made headlines by appreciating to below N1,500 per dollar at the official foreign exchange market for the first time since February 2025.

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According to data released by the Central Bank of Nigeria, the Naira improved to N1,497.5 per dollar, a notable increase from last week’s closing figure of N1,501.5. This remarkable shift indicates a substantial gain of N4.03 against the dollar, showcasing the currency’s strengthening position compared to its previous status.

In contrast, the Naira held steady at the black market, maintaining a rate of N1,537 per dollar, consistent with the figures from the previous weekend.

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The last recorded instance of the Naira trading below N1,500 at the official market was back in February 2025, underscoring the significance of this recent performance.

This rising trend in the Naira is notable against the backdrop of Nigeria’s bolstered external reserves, which have surged to an impressive $41.70 billion as of September 12, 2025. The combination of these economic indicators casts a spotlight on the government’s financial strategies and their implications as the nation gears up for a pivotal electoral season.

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VIDEO: Prophet Iginla Shares Scary Prophecies On Tinubu, Wike’s Health

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Delta Eyes Ranching, Industrial Growth from Brazil Investment Drive — Aniagwu

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The Delta State Government says its recent investment mission to Brazil has unlocked fresh prospects for industrial expansion, agricultural development, renewable energy, and job creation in the state.

Briefing journalists in Asaba, the Commissioner for Works (Rural Roads) and Public Information, Mr. Charles Aniagwu, said Governor Sheriff Oborevwori’s administration has already recorded significant gains by opening up all 25 local government areas with vital infrastructure, thereby creating access to mineral resources, industrial corridors, and potential free trade zones.

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Aniagwu explained that the Brazil engagement was aimed at showcasing Delta’s investment opportunities while also drawing lessons from Brazil’s agricultural model, especially in ranching.

He stressed that the establishment of ranches in the state would not only boost food production and jobs but also strengthen security by curbing the use of forests as criminal hideouts.

“We are pursuing both security and job creation by targeting ranching and other agro-industrial investments,” Aniagwu said. “Our discussions in Brazil are progressing very well, and we are optimistic about the outcomes.”

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He disclosed that the state also held talks with renewable energy firms and other players in the power sector, building on earlier engagements with the Rural Electrification Agency in Abuja.

According to him, the goal is to light up the state, expand industries, and create employment opportunities that will improve living standards.

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Aniagwu noted that the government’s focus on agriculture and industry was deliberate, given the rising number of graduates from tertiary institutions across the state.

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“Our goal is to create a productive economy where our graduates and young women can secure meaningful jobs beyond the limited space in the civil service,” he added.

“This is how we can guarantee both social and fiscal security for our state while raising living standards.”

He reaffirmed that the Oborevwori administration remains committed to the MORE Agenda, with particular emphasis on infrastructure expansion, energy generation, agriculture, and industrial growth.

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Afreximbank, MDGIF Sign $500m MoU To Develop Nigeria’s Gas Infrastructure

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Afreximbank, MDGIF Sign $500m MoU To Develop Nigeria’s Gas Infrastructure

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.

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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.

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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.

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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:

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“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.”

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First Lady Calls Support For NDPHC To Boost Power Sector

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First Lady Calls Support For NDPHC To Boost Power Sector

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.”

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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.”

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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.

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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.

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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.

 

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REVEALED: 7 Businesses Owned By Mr Eazi That Many Nigerians Do Not Know About [FULL LIST]

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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.

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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.

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5- BetPawa – A popular online betting platform.

6- Street Banker – A financial inclusion project for underserved communities.

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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.

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For him, business has never been secondary.

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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.

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