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Tag: Dangote

  • Dangote, Adenuga, Rabiu, Otedola remain on Forbes Africa’s billionaires list

    Dangote, Adenuga, Rabiu, Otedola remain on Forbes Africa’s billionaires list

    • Dangote’s wealth surges by $10 billion, Otedola adds 30%

    Nigeria’s wealthiest businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola have emerged as the only Nigerians on the 2025 ‘Africa’s Billionaires List’ compiled by Forbes, which was released on Saturday.

    Again, Dangote topped the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago. The big jump in his fortune was primarily due to Forbes adding the value of his refinery.

    The Dangote Group operates in diverse sectors, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, and has projects in oil & gas and fertilizer.

    On the other hand, Adenuga who was 5th on the list, had $6.8 billion in his kitty during the period under consideration, while Rabiu was worth $5.1 billion. Adenuga runs the Pan-African telecommunications business, Globacom, while Rabiu owns the BUA Group with interest in cement, sugar, oil, among others.

    Nigerian business mogul and philanthropist, Otedola, emerged the 16th richest person in Africa on the Forbes list, with his wealth surging by over 30 per cent in the last one year.

    In the new list, Forbes stated that Otedola’s wealth hit $1.5 billion during the period, with the rate of increase in total wealth coming behind Johann Rupert of South Africa, whose wealth grew 39 per cent.

    A prominent Nigerian businessman, Otedola has established and led several companies across various sectors and has many notable enterprises associated with his name.

    Checks showed some of them as Geregu Power Plc, the first electricity-generating company in Nigeria to be listed on the Nigerian Exchange in October 2022, where he serves as the Chairman.

    Among others, he is also the Chairman of First Holdco Plc, formerly FBN Holdings Plc,  a financial holding company that acts as the parent company for a diversified group of financial services businesses, including commercial banking, merchant banking, capital markets, trusteeship, and insurance brokerage, operating across Africa.

    An unrelenting philanthropist, Otedola has been a significant supporter of Save the Children, donating billions of Naira and becoming a Vice President in recognition of his efforts to improve the lives of children in Nigeria. Save the Children is an organisation that works to improve the lives of vulnerable children worldwide.

    Read Also: First Lady urges empathy, unity at Eid-el-Fitr

    “Another billionaire whose fortune grew more than 30 per cent (was) Femi Otedola of Nigeria ($1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged some 40 per cent in the past year following a jump in revenue and profits,” the Forbes report added.

    Forbes list tracks the wealth of African billionaires who reside in Africa or have their primary business there. Forbes said net worths were calculated using stock prices and currency exchange rates from the close of business on March 7, 2025.

    Stressing that net worth changes were measured from Forbes’ 2024 African billionaires list, published in January 2024, Forbes stated that to value privately held businesses, it starts with estimates of revenues or profits and applies prevailing price-to-sale or price-to-earnings ratios for similar public companies.

    In the same vein, the report noted that the cumulative wealth of Africa’s billionaires surpassed $100 billion for the first time ever as the continent’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year.

    South Africa had the largest number of billionaires this year, with seven, followed by four from Nigeria and four from Egypt.

  • Dangote’s planned sale of petrol in dollar raises pump price hike fears

    Dangote’s planned sale of petrol in dollar raises pump price hike fears

    Dangote Petroleum Refinery yesterday announced temporary stoppage of the sale of its petroleum  products in naira, raising concerns over possible disruptions of the pricing and stability of the petroleum market.

    The management  of Dangote Refinery, in a statement, stated that the decision to  temporarily halt the sale of petroleum products in naira was to avoid a financial mismatch, between sales proceeds in naira and crude oil purchase obligations, which are currently denominated in dollars.

    “To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” Dangote stated.

    According  to the company, the sale of products in naira would resume as soon as it receives an allocation of naira-denominated crude cargoes from Nigeria National Petroleum Company Limited (NNPCL).

    It should be recalled that the Chairman, Technical Sub-Committee on Domestic Sales of Crude Oil and Refined Products in Naira, Zacch Adedeji, had clarified that the naira-for-crude oil policy arrangement with local refineries has not been discontinued.

    Adedeji, who is also the Executive Chairman, Federal Inland Revenue Service (FIRS), said that after implementing the policy for some months, evidence abounds that it is the right way to go and it will continue to help the economy.

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    There were concerns yesterday that the  suspension by Dangote Refinery could disrupt the pricing dynamics in the petrol market, which has recently seen decline in retail prices.

    Stakeholders said the suspension could also have macroeconomic implications if not immediately checked.

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) stated that it could also resort to selling petroleum products in dollars, should the Dangote Refinery make good its threat.

     Chief Executive, Center for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, described the news as a “disturbing development” warning that it would change the dynamics of petroleum products pricing.

    “It will significantly change the dynamics of domestic petroleum products pricing,” adding that “the sustainability of the widely celebrated deceleration of petroleum products prices is now evidently at risk. We may see a reversal of the trend.

     “There are other macroeconomic implications.  For instance, the demand pressure on the foreign exchange (forex) market would be elevated, resulting in an exchange rate depreciation scenario. The foreign reserves may come under pressure. All of these could result in adverse macroeconomic outcomes with profound implications for investors’ confidence,” Yusuf said.

    National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, told The Nation in a telephone interview that the decision of Dangote Refinery to stop products sale in naira to the domestic market will have a telling effect on the market.

    “If you look around, prices of commodities are already stabilising; this is partly a function of the stable and declining petrol price we have been enjoying. But with this development, it will affect the stability in prices of commodities,” Maigandi said.

    He regretted that the inability of marketers to load petrol at the Dangote Refinery in the past two days, was already taking its toll on the product prices as depot owners have started increasing ex depot price of petrol.

    “As at today (yesterday), depot owners in Lagos sold to marketers at N835 per litre, compared to N815 per litre we used to buy from Dangote before the stoppage of sales to the domestic market in naira by the refinery,” Maigandi explained.

    IPMAN, he explained, may be left with no option than to flow with the tide because its members “will sell what it buys.”

    National Public Relations Officer, IPMAN, Chinedu Ukadike, warned that  if Dangote Refinery implements its suspension of naira sale, then IPMAN  will also resort to selling its petrol in dollars as not doing so will really put a pressure on the marketers.

    Said he: “Well, this latest development, if actually it will be implemented, will definitely put pressure on the dollar because it may now become a local exchange. It is not a very good for independent marketer”.

    Appealing to the Federal Government to continue selling crude in naira to Dangote, Ukadike said: “So, we want to appeal to federal government to continue to give Dangote products in Naira so that it will not put pressure on the dollar. Any moment from now, the dollar will be going up. And once the dollar goes up, it will bring unnecessary inflation, excruciating inflation, which is not good for our energy security.”

    Adedeji had assured that the policy framework enabling the sale of crude oil in naira for domestic refining remains in force.

    Said he: “ The initiative was designed to ensure supply stability and optimise the utilisation of local refining capacity. There has been no decision at the policy level to discontinue this approach nor is it being considered. After implementing the policy for some months, evidence abounds that it is the right way to go and it will continue to help the economy”.

    He also assured that local refineries have not been excluded from domestic crude supply, and as such, the engagement process for crude oil supply to domestic refineries therefore remains in place by structured agreements, balancing factors such as availability, demand, and market conditions.

    “There is no exclusion of local refineries from access to domestic crude. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is actively ensuring compliance with the Domestic Crude Oil Obligations provisions of the Petroleum Industry Act,” Adedeji said.

    Other reason why the policy remains as explained by Adedeji include that: the initiative supports competitive pricing and market efficiency, as the framework for domestic crude transactions is designed to promote a competitive and efficient pricing environment.

    Adedeji therefore assured that the committee remains committed to ensuring the efficient execution of the initiative in line with its core objectives – enhancing local refining, reducing foreign exchange exposure, and stabilising the domestic fuel supply.

  • Lagos, Dangote Foundation distribute rice to residents

    Lagos, Dangote Foundation distribute rice to residents

    The Lagos State Government, in partnership with the Aliko Dangote Foundation, will distribute 80,000 bags of 10kg rice to vulnerable residents across the state.

    During the launch of the National Food Intervention Programme at Lagos House, Ikeja, on Tuesday, Gov. Babajide Sanwo-Olu said the initiative aimed to alleviate hunger.

    Sanwo-Olu, represented by Deputy Governor Dr Obafemi Hamzat, urged stakeholders to support the Dangote Foundation’s efforts to reduce hunger and enhance food security in the state.

    He praised the Aliko Dangote Foundation for the initiative, stressing the importance of private sector collaboration in addressing hunger and ensuring greater food security for all.

    “We commend the Aliko Dangote Foundation’s efforts and encourage others to contribute. Everyone must play a role in improving our country.

    “We urge more individuals and organisations to embrace charity. The more you give, the more you receive,” the governor said.

    He said distribution would be facilitated by the chairmen of Council Development Areas (CDAs), ensuring the rice reaches those most in need.

    “This method utilises the existing networks of CDAs and Community Development Committees (CDCs), which link government to grassroots communities,” he stated.

    Sanwo-Olu explained that this partnership helps the government reach vulnerable residents efficiently, through community structures that understand local needs.

    The governor noted that the state has introduced various initiatives to mitigate the economic challenges facing residents in recent times.

    Among these initiatives is the ‘Farmer’s Subsidy Programme’, which supports farmers with subsidised seedlings, animal feed, and fisheries inputs.

    Mariya Aliko Dangote, Trustee and Chief Executive Officer of the Aliko Dangote Foundation, affirmed the foundation’s dedication to ending hunger nationwide.

    She said the foundation would distribute 10kg bags of rice across all 774 Local Government Areas in the country.

    According to her, the initiative addresses both immediate food needs and aims to ensure long-term access to essential food supplies.

    “By reaching every Local Government Area, we aim to make a meaningful impact across Nigeria,” she stated.

    She added that the periods of Ramadan and Lent are reminders of compassion, generosity, and shared humanity.

    “It is a time for reflection, empathy, and charity. As we break our fasts, let’s remember those struggling to find daily meals,” she said.

    Similarly, Zouera Youssoufou, Managing Director of the Aliko Dangote Foundation, confirmed one million bags of rice will be distributed nationwide.

    Youssoufou noted that the foundation traditionally donates during Ramadan as part of Zakat (charitable giving).

    “This year, with Lent coinciding with Ramadan, our efforts have increased significantly,” she said. 

    (NAN)

  • Dangote donates 80,000 bags of rice to Lagosians

    Dangote donates 80,000 bags of rice to Lagosians

    Aliko Dangote Foundation (ADF) has launched the distribution of 80,000 10kg bags of rice to the vulnerable in Lagos State.

    President of Dangote Group and Chairman of the foundation, Aliko Dangote, represented by the Executive Director in the group, Hajiya, Marya Dangote, said the gesture was part of the over one million 10kg bags of rice that would be distributed to reach one million vulnerable people in the 774 local governments in the country.

    Speaking at the launch in Alausa, Ikeja, Dangote said the distribution of the 80,000 bags of 10kg rice was another demonstration of the foundation’s commitment to upholding the values of compassion and solidarity that were at the core of humanity.

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    Noting that the distribution of the rice was in addition to the daily distribution of thousands of loaves of bread in Lagos, Dangote said with the initiative, the foundation aspired to ameliorate some of the burdens faced by vulnerable communities across Lagos State.

    Governor Babajide Sanwo-Olu, represented by Deputy Governor Obafemi Hamzat, lauded the initiatives of Dangote to ameliorate the sufferings of Nigerians.

    He praised him for showing compassion to the needy in the society.

    Dr Hamzat, who received the ADF delegate led by its Trustee, Hajiya Marya Aliko Dangote and Managing Director of the Foundation, Mrs Zouera Youssoufou, expressed gratitude for the consistency of the foundation in spreading love and charity among Lagosians, which he described as one of the importance of Ramadan and Lent.

    Sanwo-Olu said the gesture showed that the leadership of the foundation prioritised the welfare of the people beyond the pursuit of profit and accumulation of wealth.

  • Dangote to build ultra-modern seaport at Olokola, expands Itori cement plant

    Dangote to build ultra-modern seaport at Olokola, expands Itori cement plant

    • •Abiodun’s policies prompted my return to Ogun, says businessman

    Dangote Industries Limited President Aliko Dangote yesterday unveiled plans to build a multi-billion-dollar seaport in Olokola, Ogun State.

    The foremost industrialist said the port would be the largest in the country.

    Dangote also said that two additional lines with 6.0 million metric tons per annum capacity were being constructed firm’s cement plant at Itori.

    Dangote dropped the hints while addressing the Governor Dapo Abiodun-led Ogun State Executive Council during a courtesy visit to the governor in his Oke-Mosan Office, Abeokuta.

    He attributed his return and to invest in the Gateway State to Abiodun administration’s policies and vision that focus on attracting investors, as well as the investor-friendly climate that exists in the state.

    He described the state as one of the most attractive investment destinations in Nigeria, positioning itself as the manufacturing ‘bedrock’ of Nigeria.

    Dangote said: “We had earlier abandoned our vision of investing in the Olokola Free Trade Zone (OKFTZ), but because of your policies and investor-friendly environment, I want to say we are back and will work with the state government to return to Olokola, and plans are underway to construct the largest port in the country.

    “I would especially like to commend, in a special way, my good friend and brother, Your Excellency, the governor of Ogun State, for your vision and deliberate policies that focus on attracting enterprises through immense support for the private sector, which is now attracting investors.

    “Our factory at Itori was pulled down twice. When we started the second time, they not only demolished the factory but also the fence, so we left. But right now, because of His Excellency, our governor, Prince Dapo Abiodun, we are back. When you visit the factory, you will be surprised at what we have done”.

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    Giving an update on the company’s ongoing projects in the state, Dangote said two new lines with a capacity of 6.0 million metric tons per annum for the cement plant are being constructed at Itori, while the 12 million metric tons per annum cement plant is also located at Ibeshe.

    Upon completion, Dangote assured, that the total capacity of the company’s cement plants in the state would be in the neighborhood of 18 million metric tons per annum, making it the highest cement-producing state or region in Africa.

    “With the contributions of other cement producers in the state, Ogun remains far ahead of other countries across Africa in terms of cement production”, he said.

    Dangote Cement, according to the Dangote Group President, is the leading cement producer in Africa with a capacity of 52.0 million metric tons per annum across the African continent.

    He added that 70 per cent of the production is carried out in Nigeria, with the Obajana plant in Kogi State accounting for 16.25 million metric tons per annum, the largest in Africa.

    He said investment in the manufacturing of the product has made the nation self-sufficient in cement, just as the country is now self-sufficient in fertilizer, with the surplus going to the export market, thus earning the nation the needed foreign exchange.

    Governor Abiodun described the day the Dangote Refinery groundbreaking was performed in Lagos as “the day of heartbreak for the sons and daughters of Ogun State as they watched helplessly on television,” saying it was an indication that the project had left Olokola.

    He said: “I want to thank you for coming back to Ogun State and also for your belief and trust in your country, Nigeria. I want to thank you for all that you have done, the number of people you have employed, and the impact you continue to make not just in this state, but in Nigeria as a whole.

    “The way you selflessly continue to promote this country all over the world, we can’t thank you enough. Your life and story continue to be an inspiring narrative for all young men. You have excelled in everywhere you touch; you have the Midas touch.

    “These are indeed giant strides. For us in Ogun State, we welcome your return to the state. Today is a historic day, March 17, 2025, the same March when you did the groundbreaking in Lagos for the refinery, and you are now coming back in March to Ogun State.

    “Not only have you chosen to complete Itori, but you have also chosen to come back and develop the biggest port in Nigeria. For this, I thank you.”

    Abiodun emphasized that the establishment of the Itori cement plant, which is proposed to produce six million metric tons of cement per annum, and the existing Ibeshe plant, which produces 12 million metric tons, would total 18 million metric tons of cement per annum, making the state the largest cement producer in Nigeria and sub-Saharan Africa.

  • Dangote resumes Itori cement plant project, hails Abiodun for revival

    Dangote resumes Itori cement plant project, hails Abiodun for revival

    Alhaji Aliko Dangote has reaffirmed his commitment to reviving the Dangote Cement Plant in Itori, Ogun State, citing Governor Dapo Abiodun’s intervention as the key reason for the project’s resumption.

    Speaking after a meeting with the Governor, Dangote revealed that the project had suffered setbacks under the previous administration, with the site being demolished twice by former Governor Ibikunle Amosun. 

    However, he credited Governor Abiodun’s pro-business policies and leadership for restoring investor confidence, paving the way for Dangote Cement’s return to Ogun State.

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    The Itori Cement Plant, set to become Dangote Cement’s fourth greenfield project in Nigeria, is expected to boost local production, create jobs, and enhance Ogun State’s position as a leading industrial hub in the country.

  • Ramadan: Energy reformers laud Dangote over downward prices of fuel

    Ramadan: Energy reformers laud Dangote over downward prices of fuel

    …urges NNPCL to quickly open Kaduna refinery

    The Arewa Youths Initiative For Energy Reforms (AYIFER), a group of northern energy experts, has commended Dangote Refinery for its recent decision to lower petroleum product prices across the country.

    In a statement signed on Tuesday by its National Coordinator, Alhaji Bashir Al’Amin, and General Secretary, Engr. Gideon Yakubu, the group described the price reduction as a significant relief for Nigerians, especially during Ramadan, when many families struggle with the rising cost of essential commodities.

    AYIFER also called on the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari, to fulfill his promise of making the Kaduna refinery operational.

    The group urged urgent action to ease fuel scarcity and reduce long queues at filling stations, particularly during the fasting period.

    According to the statement, Dangote Refinery’s price cut demonstrates a commitment to both humanity and national economic stability.

    “This is the best way to serve God and humanity. Dangote refinery has shown the religious leaders in Nigeria, both Christians and Muslims, that they’re for all, regardless of what.

    “They did it during Christmas and new year celebration. Dangote was the one that announced its partnership with MRS and other off takers during the yuletide. And for once in awhile, we saw that Nigerians celebrated the Christmas and new year festival at ease, unlike what we use to see.

    “The same Dangote has done it again during the Ramadan. This is the man that meant well for Nigeria. Despite all the fights he received from NNPCL, NMDPRA, other regulatory agencies and the Oil cabals, he never gave up.

    “We remember vividly how they fought hard to stop him. We also remember he was pushing ahead and Almighty Allah gave him victory over them. Now see what is happening. If not for Dangote who came to break the monopoly of NNPCL, we would have been buying fuel at the rate of N2,000 per litre today. If not for Dangote that challenged the system, the long abandoned Port Harcourt and Warri refinery would have still been moribund.

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    “Now, corruption is reduced greatly around that space. Those that specialize in importing adulterated and fake fuel are closing their shops. Those who dare to continue in the business of importation are now losing N75bn every month. Bad market for them!

    “Nigerians can’t thank Dangote enough. But we call on all Muslims to pray for Dangote oil during this period of Ramadan, so that the hands of the enemies will not overpower him. We read somewhere last week that they’re planning another sabotage by denying him crude. With our collective prayers, both Christians and Muslims, God will stop their plans.

    “We want to also use this opportunity to call on the NNPCL, to as a matter of necessity, make the Kaduna refinery functional. That is the only surviving legacy for us in the north right now”, the statement added.

    Recall that, in a public notice on the price slash on Wednesday, 26th February, 2024, Dangote announced that the retail prices at filling stations owned by its three official off-takers – MRS, Ardova (AP), and Heyden will be N860, N865, and N865 per litre, respectively.

    According to the statement, the company said the price adjustment was designed to provide essential relief to Nigerians in celebration of the Ramadan season.

  • NNPCL supplied 48mb to Dangote in naira for six months

    NNPCL supplied 48mb to Dangote in naira for six months

    The Nigerian National Petroleum Company Limited ( NNPCL) said it supplied Dangote Refinery 48 million barrels of crude oil in six months in naira.

    The arrangement for payment for crude in naira, according to the Chief Corporate Communications Officer, Mr. Olufemi Soneye was subjected to availability of the feedstock and for a period of six months.

    He said NNPCL is committed to supplying crude oil for local refining based on mutually agreed terms and conditions.

    Soneye made this known in a rejoinder titled: “Re: Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery.”

    The rebuttal said: “NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales 

    agreement in Naira between NNPC and Dangote Refinery.

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    “To clarify, the contract for the sale of crude oil in Naira was structured as a 

    six-month agreement, subject to availability, and expires at the end of March 2025. 

    “Discussions are currently ongoing towards emplacing a new contract. 

    Under this arrangement, NNPC has made over 48 million barrels of crude 

    oil available to Dangote Refinery since October 2024.

     “In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.

    “NNPC Limited remains committed to supplying crude oil for local refining 

    based on mutually agreed terms and conditions.”

  • Dangote hosts Burna Boy, Cecil Hammond for Ramadan Iftar

    Dangote hosts Burna Boy, Cecil Hammond for Ramadan Iftar

    Billionaire businessman Aliko Dangote welcomed Afrobeat star Burna Boy and music executive Cecil Hammond to his residence for Iftar, the evening meal that marks the breaking of the fast during Ramadan.

    A video from the gathering captured Burna Boy, elegantly dressed in a navy blue outfit, exchanging warm greetings with Dangote and other guests.

    Read Also: ‘NNPCL/Dangote price war good for Nigerians’

    Hammond later shared a photo from the evening on Instagram, writing, “Bringing the legends together, one smile at a time.”

    The exclusive event follows another high-profile meeting where billionaire Femi Otedola hosted Burna Boy, Hammond, and Wizkid at his home.

  • Dangote to refund customers who buy petrol above market price

    Dangote to refund customers who buy petrol above market price

    Dangote Petroleum Refinery has announced plans to refund customers who purchased Premium Motor Spirit (PMS) also known as fuel at the previous rate of N890 per litre before the recent price reduction.

    The move follows the company’s decision to lower its gantry price from N890 to N825 per litre.

    The company assured it would reimburse N65 per litre on over 200,000 metric tonnes of PMS purchased at the old price, ensuring marketers are compensated for the price difference.

    Read Also: Dangote Refinery’s price slash boosts patronage at MRS, affiliated filling stations

    In a pictorial statement on the company’s X handle on Monday, March 3, contact addresses and procedures to get refund were released.

    According to the statement, receipt of payment with the name of the station would be required.