Business
Game of Monopoly: Dangote in fresh trouble for increasing $40m fertilizer plant to $150m; Tinubu angry with Aliko
Controversial richest man in Africa, Alhaji Aliko Dangote has allegedly swindled the Nigerian Government of the huge sum of NGN5billion, an equivalent of $3,144,654.09 USD by padding the money used in building the fifty kilometers Gas Pipeline connecting the fertilizer company at Ibeju lekki, Lagos Nigeria, to The Gas Pipeline was constructed under Build, Operate and transfer (BOT) arrangement, it was gathered.
Originally, the contract sum for the building of the fertilizer plant was put at $40 million (63,600,000,000.00NGN) until Dangote surreptitiously claimed that he built the fertilizer plant with the sum of $150,000 USD (NGN238,500,000.0000). One of the contractors told Trojan News Media Correspondent Alhaji Aliko Dangote has refused to pay their money after they built and completed the project for four years running. “Because he’s untouchable he refused to pay us money that runs into billions of Naira.
A member of the group of Lebanese contractors, who built the company alongside with two other Nigerian contractors died two months ago in Lebanon, out of frustration and bankruptcy while one of the remaining two contractors has relocated to Canada as a result of debt and pressure from locales who supplied him with pipeline material. The third contractor currently based in Port Harcourt told Trojan.com.ng that Alhaji Aliko Dangote has ruined his life.
“Alhaji Dangote has ruined my companies. Do you know that as at today, Aliko Dangote is not remitting money to the Nigeria Gas Company (NGC).
“That means he’s using free gas to power his fertilizer plants. That’s because he’s a Aliko Dangote or he has a conceit business affinity with the NNPC management and the Federal Government.
“The total amount of money he’s claiming he built the fertilizer company with is over inflated. We’re calling on the Nigerian government to set up an independent investigation to unravel the scam Dangote conglomerates have become.
“As at this moment, the fertilizer plant is making a total revenue of about NGN160billion ($100m) monthly of sales from fertilizer to Brazil and the US in export and to a few other countries, yet he has refused to pay the people because he’s the Almighty Dangote.
“Why he’s now crying of oppression when he’s the one who is actually oppressing and ruining other people’s businesses?
The refinery that is currently in stalemate, which is expected to be one of the largest in Africa, has faced several delays and controversies such as the cost of overrunning it. The refinery, which was initially estimated to have costs $9 billion Dollars was alleged to have been ballooned to over $19 billion.
Presently, the refinery is plagued by unusual delays. The project has faced repeated delays, with completion now expected in 2025 or later. Some industry observers said the refinery can not be operational until 2030. Besides, environmentalists have raised ecological concerns. Critics have raised worries about potential environmental impact and pollution. This is outside the fact that economists have raised the questions of the refinery’s economic viability and potential impact on Nigeria’s economy.
The Nation newspaper, owned by President Bola Ahmed Tinubu in its edition of 28th February 2021 streamed with the banal headline: “Dangote refinery to sell refined crude to FG in Naira. The screaming headline was credited to the defamed immediate past Central Bank of Nigeria Governor, Godwin Emefiele.
“Central Bank of Nigeria (CBN) Governor Godwin Emefiele said yesterday that arrangement was being made to enable the Dangote Refinery sell refined crude to Nigeria in Naira when it commences production. Emefiele also said the first shipment of Urea from the Dangote Fertiliser Plant would begin in March, same year to help boost agriculture in the country. He spoke during an inspection tour of the sites of Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline projects at Ibeju Lekki, Lagos”.
On 29th of July, 2024, the story turned on its head with a caption: “FG directs NNPC to sell crude to Dangote Refinery in naira”, as published by Business Day and other major newspapers. The story reads: “The Federal Government has instructed the Nigerian National Petroleum Company (NNPC) to sell crude oil to the Dangote Refinery exclusively in naira, in a bid to boost the local currency and promote domestic economic activities.
“Dangote Refinery at the moment requires 15 cargoes of crude, at a cost of $13.5 billion yearly. NNPC has committed to supply four,” Bayo Onanuga said on his X account. From all indication, the arrangement was an engineered game plan between President Tinubu and Dangote to first play the ostrich, and then play the victim later.
It’s public knowledge that Dangote refinery was built on the strength of the People’s tax money with a current clamour that it should be renamed (NNR) Nigerian National Refinery. The sighting of the refinery is one of the game plans between the two oligarchies amidst stories that Tinubu’s Oando Oil Plc has acquired Agip Oil Nigeria Plc.
Dangote’s recent ordeal was his exposure of the Malta Refinery Linked to Tinubu Family, Headed by Wale Tinubu, the CEO of Oando Oil Plc. The Malta refinery controversial battle between the Dangote Refinery and the Federal Government has exposed a lot of secrets about the oil cabals, which are bent on making this country unfavorable. Though Tinubu’s family has denied their involvement in the Malta refinery saga.
A few days after the founder of the Dangote Petroleum Refinery, Alhaji Aliko Dangote, alleged that some officials of the Nigerian National Petroleum Company Limited have blending plants in Malta, indications have emerged that Nigeria imported fuel worth $2.25bn from the foreign country in nine years.
According to information on Trade Map, Nigeria imported petroleum oils obtained from bituminous minerals worth $2.8bn in 2023, jumping by a 342 per cent increase from $47.5m in 2013. Nigeria imported fuel worth $59.98m in 2014; $117.01m in 2015 and $13.32m in 2016. It was observed that from 2017 to 2022, there was no fuel importation into Nigeria from Malta.
Perceptive members of the public now watch with bathed breath how Alhaji Dangote will wriggle out of this miasma of inflated contract sum.
Business
Why EFCC Operatives Stormed Providus Bank HQ, Arrested Officials over $7 million Cash Deposit
Details have surfaced regarding a dramatic operation conducted by operatives of the Economic and Financial Crimes Commission (EFCC), which culminated in a raid on the Lagos headquarters of Providus Bank.
This operation, taking place at the bank’s Victoria Island office in March 2025, revolved around a suspicious cash deposit of $7 million that raised significant red flags for investigators.
The raid was prompted by a tip-off from an insider who alerted the authorities to unusual financial activities within the institution. On March 26 and 27, the bank witnessed an unusual influx of raw cash directly deposited into its vaults rather than being credited to a customer’s bank account, a deviation from standard banking practices that instantly triggered suspicions of potential money laundering.
When interrogated by the EFCC, several bank employees pointed fingers at Mrs. Aisha Achimugu, a prominent Abuja businesswoman and the Chief Executive of Ocean Gate Petroleum, suggesting that she was the true owner of the questionable funds. However, when the anti-graft agency invited Achimugu for questioning, she flatly denied any ownership, asserting that the cash represented a $7 million loan facility that she had yet to repay.
Following their findings, EFCC operatives seized the cash and detained several staff members for further questioning. Amid the unfolding investigation, the Commission took the additional step of publishing public notices in major national newspapers, inviting any party with legitimate claims to the money to come forward.
Unfortunately for the bank and Achimugu, the stipulated response period elapsed without anyone stepping up to claim the funds. As a result, the EFCC moved the money to the Central Bank of Nigeria for safekeeping.
In a decisive turn of events, Justice Emeka Nwite of the Federal High Court in Abuja granted the EFCC’s motion for final forfeiture of the funds, officially making the $7 million the permanent property of the Federal Government.
During the court proceedings, EFCC counsel Rotimi Oyedepo (SAN) affirmed that all legal protocols had been meticulously followed, citing an interim forfeiture order that had been issued on August 27.
He remarked, “My Lord, since that date, no individual or entity has come forward to challenge our application. That is why we filed for a final forfeiture.” The lack of formal objections from any legal representatives present in the court effectively paved the way for the ruling.
This incident unfolds amidst ongoing cases being pursued by the EFCC against Achimugu, including a separate matter involving $12 million allegedly laundered through officials at SunTrust Bank. The bank’s Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu, are also implicated.
During the most recent court session, a bureau de change operator took the stand as the first prosecution witness, revealing that he had received cash payments in multiple installments between March 10 and 24, 2025.
He testified that these transactions were carried out entirely in cash, bypassing traditional banking channels altogether. Additionally, he disclosed that Achimugu had previously handed him another sum of $1.8 million for conversion into naira.
The EFCC is pursuing the case with a six-count charge of money laundering, and the trial is set to continue under the scrutiny of Justice Nwite.
The federal government’s recent announcement regarding the disbursement of N330 billion in cash transfers aimed at supporting poor and vulnerable Nigerians has been met with widespread reactions.
Many citizens have taken to social media platforms to voice their concerns, labeling the claim as potentially fraudulent and exaggerated. Click to continue reading.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told reporters in Abuja on Wednesday that the funds were released through the National Social Safety-net Coordinating Office (NASSCO), with 8.5 million households already receiving at least one tranche of N25,000 from an $800 million World Bank facility. He said the transfers were tied to beneficiaries’ National Identification Numbers (NIN) and credited directly to their bank accounts or mobile wallets.
According to him, the programme targets 15 million households out of about 20 million captured on the National Social Register, representing nearly 75 million Nigerians. He added that the outstanding households would be reached before the end of the year.
But the announcement has been met with a storm of doubt online, with Nigerians openly questioning who the supposed beneficiaries are.
“Which household? Make a video of those you disbursed it to and the smile on their faces,” wrote Olawale, @Ola42563004.
Another user, Alabi I. Ayodeji, @damola_ade77, noted: “It’s hard to believe this though. 8.5 million households means about 34 million people affected using 4 people per household. Using the population of 220 million, that’s 1 in every 6 Nigerians impacted. We should know one or two people benefiting.”
Others expressed outright disbelief. “How was this achieved, who benefited from this? What is going on?” asked @mallamyisa.
“Post the account that received the money,” demanded @sulaimonofweb3.
“How many are we in this country that this money did not get to anyone close to me. You guys are fraud, absolute fraud. At least 1m should go around,” added @PEACEJDG.
For some, the payments were nothing more than a cover for corruption. “Never believe these people. This is a corrupt scheme,” @ChukwumaEj88455 said. Another, @greatvicman, argued: “No one can prove that these funds got to real people. No one. And certainly not Edun, whose office is being used to drain these funds away.”
The disbelief reflects deep frustration with Nigeria’s worsening economic crisis. “How and when? I have been unemployed for more than a year now after my NYSC, my bank accounts hold no money. How come I no receive? I no even know anybody wey receive,” lamented @MrChang9.
“It’s a lie. A normal APC lie in a weak country like what they want,” dismissed @woley23.
The controversy is not new. Similar cash transfer initiatives under former ministers of humanitarian affairs, Sadiya Farouk and Betta Edu, were repeatedly dogged by allegations of fraud and questions about credibility.
NASSCO’s National Coordinator, Funmi Olotu, however, defended the scheme, insisting that the staggered payments were designed to ensure that only those with verified NIN-linked accounts benefited. “Mr. President said no more traditional mode of payment of cash to people. He said we must pay directly to their bank accounts,” she explained.
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.
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.
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
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
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.
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.
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.
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.
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.
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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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.
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.”
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.
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.
“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.
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.”
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