Dangote

The Management of Dangote Industries Limited has doused the concerns of stakeholders following the visit to its Head office in Lagos by officials of the Economic and Financial Crimes Commission (EFCC) saying it was ready to assist the Commission in its investigations. The foremost indigenous conglomerate in a statement disclosed that it received a letter from the EFCC on December 6, 2023, requesting details of all the foreign exchange allocated to it by the Central Bank of Nigeria from 2014 to the present.…

South Africa’s luxury goods tycoon Johann Rupert and his family have taken the crown as Africa’s top billionaire after Nigeria’s Aliko Dangote lost the prime spot. According to the latest Forbes billionaire ranking, Mr Rupert and his family are currently the 201st wealthiest in the world, while Mr Dangote is the 219th. The valuation of the wealth of Mr Dangote, who held the first place on the African billionaire ranking for more than 12 years, came under pressure after a major devaluation of the naira by roughly…

Dangote Refinery has made a further move towards the commencement of the production of refined petroleum products with the receipt of an additional one million barrels of crude bonny light supplied by the Nigeria National Petroleum Corporation (NNPC). The fresh one million barrels of crude from the Shell terminal via the MT Otis owned by Trafigural is the second consignment to be delivered to the Dangote facility out of the six million barrels of crude being expected by the world’s largest single-train refinery.…

In a major step towards boosting Nigeria’s domestic refining capacity and attaining energy security (self-sufficiency), Dangote Petroleum Refinery and Petrochemicals plant has purchased 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria as well as globally, trading over 8 million barrels of crude oil per day. The STASCO cargo contained 1 million barrels from Agbami and sailed to Dangote Refinery’s Single…

NASCON Allied Industries Plc, the salt-making arm of the conglomerate Dangote Industries Limited, will contemplate a business combination with two other food companies in the group during a meeting of its directors’ board later this month. The marriage is expected to unite the salt-maker with Dangote Sugar, owners of sub-Saharan Africa’s largest sugar refinery, and Dangote Rice into a single entity, according to a regulatory filing on Thursday. Both NASCON and Dangote Sugar are listed in Lagos, while Dangote Rice…

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said Monday that the President of Dangote Group, Aliko Dangote, has started repaying some commercial loans used in financing the Dangote Refinery before commissioning the plant. Mr Emefiele disclosed this while delivering his speech during the official commissioning of the refinery. President Muhammadu Buhari on Monday commissioned the refinery amid high expectations that it will impact the nation’s oil and gas sector and the larger economy. The…

President Muhammadu Buhari on Monday described the Dangote Refinery as a significant milestone for Nigeria’s economy and a game changer for the downstream petroleum products market in the entire African region. The president inaugurated the refinery in Ibeju-Lekki, Lagos, which is expected to enable Nigeria to achieve self-sufficiency in refined products and even have a surplus for export. A statement by Femi Adesina, special adviser to the President on Media & Publicity, said that Mr Buhari made the…

The President of Dangote Group, Aliko Dangote, said Monday that the first refined petroleum products from the 650,000 barrels per day Dangote Refinery would hit the market before the end of July. Mr Dangote disclosed this while delivering his speech during the official commissioning of the refinery. President Muhammadu Buhari on Monday commissioned the refinery amid high expectations that it will impact the nation’s oil and gas sector and the larger economy. The pipeline infrastructure at the refinery is said to…

President Muhammadu Buhari will on Monday commission the 650,000 barrels per day Dangote refinery located at the Lekki free zone near Lagos. The pipeline infrastructure at the refinery is said to be the largest in the world with 1,100 kilometres and will handle 3 billion standard cubic foot of gas per day. The inauguration of the refinery comes with high expectations in the Nigerian energy sector amid plans by the Nigerian government to remove petrol subsidy in the second half of the year. Subsidy payments…

Nigerian billionaire businessman, Femi Otedola, on Sunday hailed Africa’s richest man Aliko Dangote ahead of the commissioning of the Dangote Refinery in Lagos. Mr Otedola said history would be made in the Nigerian energy sector with the unveiling of the refinery, located in Lagos.President Muhammadu Buhari will on Monday commission the Dangote Refinery in Lagos amid expectations that the facility, considered Africa’s largest oil refinery, would impact positively on the nation’s oil sector and the larger economy.…