The President of Dangote Group, Alhaji Aliko Dangote, through the Aluko Dangote Foundation (ADF), has launched his food intervention programme in Kano.
The programme, valued at N15 billion, started with the distribution of over one million bags of 10kg bags of rice across the 774 local government areas of the 36 states of the country, as well as the Federal Capital Territory (FCT), Abuja.
Speaking at the official kick-off of the intervention programme, Dangote said it was a crucial step towards alleviating the economic challenges many Nigerians were facing.
The foremost industrialist said it was important to show compassion and generosity during the holy month of Ramadan, adding that all stakeholders must support the government to reduce hunger in the land.
“Our distribution of rice symbolises our commitment to upholding the values of compassion and solidarity, which are at the core of our humanity,” he said.
Dangote said ADF would spread the food intervention programme from March till early April.
For the distribution of the over one million 10kg bags of rice across the country, he said: “The modalities for the programme involve collaboration with state and local governments and local community partners to ensure effective delivery of the rice to the most vulnerable across the country, regardless of state, tribe, gender, religion, politics, or other attributes.”
ADF’s MD/CEO Zouera Youssoufo said the foundation was also distributing 10,000 iftar (breaking of fast) meals during the Ramadan period in Kano.
She said this was in addition to the foundation’s daily bread relief programme through which over 32,000 family-size loaves of bread are shared in Kano and Lagos states are distributed daily since 2020 following the COVID-19 pandemic.
Kano State Governor Abba Kabir Yusuf, who was at the event, urged other wealthy Nigerians to support the government, like Dangote, in the provision of palliatives to cushion the harsh economic condition in the country.
Yusuf said: “I do not have enough words to express my heartfelt gratitude to Alhaji Aliko Dangote on behalf of the good people of Kano State. This is because the gesture he is offering today will undoubtedly alleviate the burden of many families facing economic hardship in our state. “I urge all other wealthy individuals and businesses in our community to take heed of this noble example set by the Dangote Group and extend similar gestures of support to those in need in our dear state.”
Youssoufou explained that Dangote’s efforts at strengthening nutrition in Nigeria extended beyond the foundation’s food relief programmes and nutrition activities.
She said the group had been actively investing in food fortification across the Nigerian food industry.
“This programme marks the latest nutrition and humanitarian intervention by the foundation, continuing its tradition of impactful philanthropy. Since the 1990s, the foundation has been providing 10,000 cooked meals daily to the vulnerable in Kano State, reaching hospitals, schools, care homes, prisons, mosques, and individuals,” she said.
Dangote Industries Limited (DIL) Group Executive Director (Commercial Operations) Hajia Fatima Aliko Dangote has explained why consumers’ rights manufacturers should be priority to manufacturers.
The DIL boss, lauded the Lagos State Consumer Protection Agency (LASCOPA) on the successful hosting of the 2024 World Consumer Rights Day, noted that consumers have the right to accurate, transparent and easily understandable information about products and services.
Speaking at the event, the DIL boss said: “In these days of artificial intelligence, where consumers are buffeted with information on many products and services which may turn out to be false or less than what is promised”, they have the rights to know all the key information on the product and services.
“We need businesses to adopt ethical business practices that prioritize the well-being of consumers and the planet. We need educational initiatives that empower consumers with the knowledge and skills to navigate the complexities of the modern marketplace.”
She called for robust regulatory frameworks that safeguard consumer rights across borders as well as collective action from stakeholders to address emerging challenges in the sector.
The DIL, she maintained, has placed priority on the rights of its consumers in all its processes by adhering to the prescribed standards in ensuring that its products are safe for use and consumption.
She called on manufacturers to adhere to the fundamental principles of consumer rights, which are the right to safety, and information, the right to choose, the right to redress, and the right to a healthy environment.
Warning that consumers who are adversely affected by harmful products will spend huge amounts of money and time on treatment, which affects productivity, she noted that Dangote product packages are labeled with accurate information that makes it easy for customers to make decisions.
She said: “For us at Dangote Group, the consumer remains king, and issues on their rights remain at the forefront of our processes. We adhere to the prescribed standards to ensure that our products are safe for use and consumption.
“We believe that consumers will always demand goods and services that have safety standards. From cement to sugar, seasoning, salt, fertiliser, and refined petroleum products, we adopted high safety standards to ensure that consumers get the best from us. Harmful products will not affect only the consumer but in the long run, affect the industry and economy.”
Hajia Fatima Dangote noted that the event was an opportunity to reflect on the core values of fairness, transparency, and empowerment in the marketplace and on the rights of every individual who participates in the global economy as a consumer.
She noted that manufacturers and providers of services should understand that despite all precautions and efforts, consumers might find flaws and faults with products, hence, the need to have access to effective grievance mechanisms for upholding consumer rights.
Hajia Fatima Dangote said: “It is in recognition of this right that we established the Dangote Group Customer Care Centre. The centre, is devoted to the needs, demands, and complaints of customers and consumers of our products. The Customer Care Centre caters to all categories of customers including those who are willing to become distributors of our products.
“We ensure that the rights of consumers are protected through prompt and effective resolution of issues and challenges that are brought to our attention. The centre serves as a feedback mechanism for consumers to tell us their impressions and feelings about our products.”
This week, distinguished corporate professionals and political figures in Nigeria gathered to commemorate and honour the legacy of the late Chief Executive Officer of Access Corporation Plc, Herbert Wigwe.
The event which held at Eko Hotels and Suites, Lagos, attracted dignitaries from the public and private sectors.
Wigwe’s funeral programme started on March 4.
The deceased will be laid to rest on March 9 in his hometown in Isiokpo, Rivers state.
Notable attendees include Africa’s wealthiest man, Aliko Dangote, Minister of Finance Wale Edun, governors of Lagos and Ogun states, the Central Bank of Nigeria governor, and various bank chief executives, all of whom delivered heartfelt speeches.
Aliko Dangote
The emotional highlight of many of the tributes was Aliko Dangote’s solemn message. Dangote who was visibly moved and holding back tears, shared touching anecdotes about his close ties with Herbert Wigwe.
Dangote referred to Wigwe as a devoted friend, mentee, and supporter, expressing profound gratitude for the warmth of their friendship.
He reminisced about Wigwe’s transformative impact on the banking sector, breaking records and reshaping the industry.
The emotional tribute highlighted Wigwe’s philanthropic endeavours, emphasising the lasting legacy he leaves behind.
In a momentous announcement, Dangote unveiled plans to immortalize Herbert Wigwe by naming the road leading to the Dangote Refinery as the “Herbert Wigwe Road.”
“To immortalise my beloved friend, my brother, and my mentee, I have actually decided to name our major refinery and petrochemical road.
“Out of the 120 kilometres, the biggest road will now be named Herbert Wigwe,” he said.
Muhammadu Sanusi II
A former Emir of Kano, Muhammadu Sanusi II, broke down in tears while paying tribute to former Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe.
“I was thinking I would die and leave Herbert. We have all heard about him, about his loyalty,” he said in an emotionally laden voice.
He recalled how the late banker stood by his side all through his travails after being removed as Emir of Kano by former Governor Abdullahi Ganduje.
According to Sanusi, Herbert assured him of his unflinching support and loyalty.
“He said to me, ‘Your Highness, don’t worry. Whatever happens, don’t worry. We are here for you.’ On the day I heard on the radio that I was dethroned, I called him and said I wanted to come to Lagos.
“The announcement was made about 9 am, by noon Herbert had a plane at the tarmac in Kano. The plan then was to take me into exile for many years. I put my family on that plane and sent them to Lagos, with no phone calls. Herbert received them and put them in a hotel.
“Later, he got them accommodation. For months, when I came, they stayed there. Your Highness, if you want to travel, just call Shola.”
He also narrated how they helped resolve a serious challenge in the banking sector at the time.
“The objective then was to link the banking sector assets to the real economy and Aig and Herbert in Access Bank were chosen as the chairpersons on the subcommittee on economic development. Most of what I achieved in the Central Bank would not have been possible without them.”
“About two years ago, I put all my savings in a trust for the education of my children because I have many. My priority as a father is to make sure that when I pass away, they will have a good education.
“Paul was a solicitor put in that trust, Herbert was the lead protector. Paul will remember when we had the first formal meeting, I said, ‘Herbert I am placing you in charge of this trust for the education of my children because I know that even if I died and did not leave any money, you will educate our children,” he said.
Tochi Wigwe
Tochi, the daughter of late Access Bank CEO Herbert Wigwe was emotional. She broke down in tears while rendering a tribute to her dad.
Tochi eulogised Wigwe as a committed and doting father, who was an “unwavering anchor for family and friends”.
She said: “In this moment, for the first time, your words resonate deeply within me. No longer do I want to tilt my head and squint my eyes in confusion. You were simply extraordinary.
“You urged me to reach new heights I never even imagined. Whenever doubt clouded my mind, you would chuckle knowingly and say, ‘You really just don’t know whose child you are, you’ll soon find out.’ And once again, you were right: I’ve come to find out.
“I could never fathom how you managed to do it all; it seemed inconceivable. Turning everything you touched to gold while remaining an unwavering anchor for your family and friends.
“Distance meant absolutely nothing to you. You travelled continents on a whim just to see me for a couple of minutes before heading back to your responsibilities,” she continued.
“According to him, my mother Hannah and I were the most beautiful and my nickname was also ‘pretty.’
“Who will prompt me to flash a peace sign in every photo; who will engage in marathon debates with my friends and myself on flights to Cape Town; who will inquire ‘what are they saying about me online today?’ And who will ask me about my thoughts on Wigwe University?
“You were Paradox, a tower of strength with a heart as soft as silk. You can never raise your voice at me without calling me an hour later to apologise.”
Africa’s richest man Aliko Dangote is planning to set up an oil trading arm, likely based in London, to help run crude and products supply for his new refinery in Nigeria, six sources familiar with the matter said.
The move would reduce the role of the world’s biggest trading firms, which have been negotiating for months to provide the refinery with financing and crude oil in exchange for products exports. The giant 650,000 barrel-per-day refinery is set to redraw global oil and fuel flows and the trading community is closely watching the way it will operate.
Dangote, whose wealth is estimated by Forbes at $12.7 billion, did not reply to several comment requests.
BP, Trafigura and Vitol among others have met Dangote in Lagos and London in recent weeks to offer loans for the some $3 billion in working capital the refinery needs to buy large amounts of crude, trading sources told Reuters.
The Dangote Group, a multinational industrial conglomerate, founded by Aliko Dangote, has been ranked the 12th richest company in Africa according to reports.
Dangote Group employs more than 30,000 people, generating revenue in excess of US$4.1 billion in 2017.
In the report, 11 South African owned companies were ranked in the first eleven while Dangote took the twelfth position with a net worth of $7.3 billion.
Naspers Limited a South African owned multinational internet, technology and multimedia holding company is ranked first with a networth of $31.49 billion.
MTN Group Limited, a South African multinational corporation and mobile telecommunications provider is ranked number 7 with a net worth of $8.3 billion.
Here is a list of Africa’s richest companies.
1. Naspers (South Africa)($31.49 billion)
2. First Rand (South Africa) ($18.7 billion)
3. Standard Bank Group (South Africa) ($18 billion)
4. Capitec Bank (South Africa) ($12.1 billion)
5. Gold Fields (South Africa) ($11 billion)
6. Vodacom (South Africa) ($10.1 billion)
7. MTN (South Africa) ($8.3 billion)
8. Sanlam (South Africa) ($8.2 billion)
9. Shoprite (South Africa) ($7.9 billion)
10. Bid Corp (South Africa) ($7.86 billion)
11. AngloGold Ashanti (South Africa) ($7.69 billion)
Ogun State Governor Dapo Abiodun, Federal Capital Territory (FCT) Minister Nyesom Wike and Dangote Group President Aliko Dangote yesterday paid a condolence visit to the parents of Herbert Wigwe, Access Holdings Plc group chief executive officer.
The Access Holdings GCEO died in a helicopter crash in the United States on Friday alongside his wife, Doreen Chizoba; son, Chizzy and Chairman of the Nigerian Exchange Group Abimbola Ogunbanjo.
Abiodun, in a post on his official X (formerly Twitter) handle, said Wike, Dangote and himself were accompanied on the visit to Pastor Shyngle and Mrs Stella Wigwe in Lagos by the late Access Holdings boss’ close friends and associates.
The governor wrote: “In the company of Dr. Aliko Dangote and a group of close friends and associates, we gathered to express our heartfelt condolences to Pastor Shyngle Wigwe and his wife, Mrs. Stella Wigwe.
“These sorrowful parents have suffered the loss of their beloved sons, Mr. Herbert Wigwe, Mrs Chizoba, and his son Chizzy in a tragic helicopter accident.
“During this solemn visit, we fervently beseech God to grant eternal peace to the departed souls and bring solace to the grieving families they have left behind.”.
Dangote had earlier yesterday joined more eminent Nigerians and groups in mourning Wigwe.
Describing the Rivers State-born banker as a “beloved friend and brother,” he recalled his(Wigwe) contributions to the growth of the banking sector and his role in the fight against COVID-19, especially in Nigeria.
Dangote, who is Africa’s richest man, extended his “deepest sympathies” to the entire Wigwe family and the staff of Access Holdings Plc.”
He said that Wigwe’s first-rate mind, brilliance, tenacity, unforced charm, and clarity of purpose stood him out among his peers.
The billionaire and industrialist wrote: “His(Wigwe) remarkable organisational skills and penchant for excellence came to the fore during our days of collaboration in the CA-COVID initiative where we complemented the official efforts to curb the unprecedented impact of the global Coronavirus pandemic.
“Like some of us, he stood up to be counted and deployed huge personal resources to fight a common scourge. How noble, how patriotic.
“As I mourn the shocking demise of a loyal friend, my heart goes out to Tochi, David, and Hannah, the rest of the extended Wigwe family, the staff of Access Holdings, and the good people of our beloved country Nigeria.”
Diri, Otti, Abiru recall association with Wigwe
The other prominent Nigerians who recalled the life and time of Wigwe were Governors Diri Duoye (Bayelsa), Alex Otti(Abia); and Senate Committee on Banking, Insurance and Other Financial Institutions, Adetokunbo Abiru.
Groups that also mourned the banker and Ogunbanjo include Lagos State House Assembly, Ohanaeze Ndigbo, Rivers State caucus in the House of Representatives and Abuja Chamber of Commerce and Industry (ACCI).
Governor Diri said he was deeply saddened by “the loss of a dear friend and brother, who understood what friendship and brotherhood meant.”
Wigwe, according to the governor, was a consummate banker and businessman who touched lives and brought dreams to reality. He recalled how Wigwe, through Access Bank, positively impacted youths in Bayelsa State by partnering with the government to organise the maiden edition of a sports festival in 2023.
While commiserating with the Wigwe family, the family of his wife as well as the management and staff of Access Bank Plc, he said Nigeria has lost an illustrious son.
In an emotion-laden statement, Governor Otti, who once headed Diamond Bank, a deposit money bank acquired by Access Bank, revealed that Wigwe was to pay him a visit on his return from the U.S. where the chopper crash took his life.
In the statement titled “Saying Goodbye,” Otti said the death of the Access Holdings boss, was a a personal blow to him.
The governor wrote: “Herbert why? Why? Why? You told me you were going for a board meeting in London from where you will head out to the US and return after a few days and immediately come to Abia to see me. So, what happened?
“Since this news filtered out, I’ve not been able to put my head down. I spoke to Peggy who was broken but strong.
“I refused to believe. Many others confirmed but they were also reporting other people. Then came a call minutes from Sola Faleye, my younger friend whom you “acquired” as you took over Diamond Bank.
“You had severally shared how one of the best things about the acquisition of Diamond Bank was Sola.
“He was with you everywhere you went but alas, Sola was unreachable.
“For some reason, he had to step down from that ill-fated Chopper to accompany the luggage by road. His name remains on the manifest! It is now clear that you are no more!
“What do we tell Tochi and the little ones? Who will tell Mummy Stella and Daddy Shyngle, who celebrated their 60th wedding anniversary two years ago?
“How about those of us who have come to see you as part of our lives?
“This death is too big a blow to me personally and all those who knew you closely. You were not only my friend but my brother.
“I remember taking you up about 15 years ago quoting a research-based position that over 70 percent of mergers and acquisitions destroy shareholder value. You responded that Access Bank was in the 30 percent category.
“A few years ago, when a group of friends and I were working on a banking license, you drove to my house unannounced and insisted: ‘Alex, I’m glad you are working on a new bank, but I came to tell you that you should not run the bank. You have finished with banking; we need you in Abia and Abia needs you. “We must get some of us that dare to go into public office, and you must remain there.’
“Since then, you have been consistent in your support.
“This is one of the saddest moments in my life. To worsen the situation, Chizoba and Chizzy who hardly fly with you were in that chopper.”
Senate Committee on Banking, Insurance and Other Financial Institutions Charman Abiru said that Wigwe’s visionary leadership and commitment to excellence left an indelible mark in the business world.
Abiru described him as a passionate, dedicated, fearless and accomplished businessman.
The committee chairman said: “I witnessed his extraordinary goal-driven professionalism. He reached the pinnacle of his career in the banking industry and business, leaving an indelible mark on the generation of accomplished bankers who cut their teeth at Guaranty Trust Bank.
“His death is a national tragedy of monumental proportion.”
Lagos Assembly observes minute silence
Lagos House of Assembly observed a minute silence for the late Access Holding chief and called on his colleagues to sustain his legacies.
Speaking under ‘Matter of Urgent Public Importance’, Speaker Mudashiru Obasa described Wigwe’s demise as “shocking, painful, disturbing and unexpected.”
Obasa recalled his last encounter with Wigwe on their way back to Lagos from Abuja, describing him as one who was passionate about Nigeria’s development.
He said: “My last encounter with him was from Abuja to Lagos in his aircraft. Within the one-hour flight, we had a lot of discussions.
“All we can do now is mourn and accept what happened as what fate has brought upon us. He did not die alone. His wife, son and friend were with him.
“The lesson from this is that even though none of us wants to die, we must put the best of us in our relationships with others and contribute our best to our society and nation as these are what people will remember after us.
“I want to urge his colleagues to sustain his legacies, his philanthropic activities part of which is the Lagos City Marathon which has been expanded beyond the shores of Nigeria as well as the Wigwe University which, I am sure, was for the benefit of Nigerians.”
Rivers Reps caucus urges thorough probe
The state caucus in the House of Representatives also lamented the passing of three members of the Wigwe family and called on the U.S. to ensure a thorough probe of the crash.
It advised the Ministry of Foreign Affairs and relevant agencies to also initiate a similar probe.
In a statement, the Leader of the caucus, Dunamenne Dekor, said the accident threw Rivers State into mourning,
He said: “Our hearts are heavy with sorrow as we extend our deepest condolences to the Wigwe family and loved ones during this distressing time.
“Dr. Herbert Wigwe played a prominent role in the financial banking community, Education and Welfare.
“His leadership at Access Holdings Plc has left an indelible mark on the industry.
“As we mourn the loss of our son; a nationalist, lover of Rivers State, and visionary and compassionate leader, we take solace in the very remarkable impact he made in the financial sector, education, and particularly his philanthropic lifestyle and belief that the well-being of a people is the only thing that has intrinsic value.
“We fervently hope that authorities will successfully locate and provide the necessary support to the families of the victims of this devastating incident.”
Ohanaeze: Wigwe’s death tragic
Ohanaeze Ndigbo said Wigwe in his lifetime “proved to the entire world that the audacity of intellectual prowess, social skill, humility and honesty is far more impactful than the audacity of the aristocracy.”
The apex-Igbo socio-cultural group, added in a statement by its National Publicity Secretary, Alex Ogbonnia, that the death of the Access Holding topshot was tragic.
It said Wigwe was one of the “most brilliant creative thinkers, audacious achievers, trailblazers, innovative edifice, charismatic visionary and top bankers.”
The statement partly reads: “Wigwe proved to the entire world that the audacity of intellectual prowess, social skill, humility and honesty is far more impactful than that of aristocracy.
“The President General of Ohanaeze Ndigbo Worldwide, Chief Emmanuel Iwuanyanwu, is in deep sorrow over the death of Herbert Wigwe.
“Iwuanyanwu sends his condolences to the Wigwe family, the Abimbola Ogunbanjo family, the Access Bank Plc, the good people of Omueke village, Isiokpo, community, the entire Ikwerre and the good people of Rivers State.
“He prays that the Almighty will grant the souls of Wigwe; his wife, Mrs Chizoba Nwigwe and the son, Chizi Wigwe an eternal rest in his bosom.”
Also, the ACCI has expressed sorrow and shock over the death of Wigwe.
ACCI President and Leader of the Organised Private Sector in the Federal Capital Territory (FCT), Emeka Obegolu, said Wigwe’s death is not only a great loss to his family but also to the Nigerian banking sector and the business community.
President Bola Tinubu has congratulated the President and Chief Executive Officer of Dangote Group, Alhaji Aliko Dangote, on the conferment of Senegal’s highest national order, the National Order of the Lion, on him.
A statement yesterday in Abuja by his Special Adviser on Media and Publicity, Ajuri Ngelale, reads: “President Bola Tinubu congratulates Alhaji Aliko Dangote, President and Chief Executive Officer of Dangote Group, on the award of the National Order of the Lion by President Macky Sall of Senegal.
“The award is the highest order of Senegal and will be bestowed on the foremost businessman on February 2 (today).
“President Tinubu applauds the industrialist for his enterprise and ingenuity, creating jobs and opportunities for many in Nigeria and across West Africa, as well as contributing to their economies, which the award further affirms.
“The President commends Dangote and wishes him the very best in his endeavours.”
President of Dangote Group Aliko Dangote has retained his position as the richest person in Africa with a networth of $13.9 billion, in the 2024 Forbes list of 20 of Africa’s Richest billionaires released yesterday.
According to Forbes, the fortunes of Africa’s wealthiest people rebounded slightly in the past 12 months, reversing the decline in their fortunes from a year ago, though they were still off their all-time highs. The New Jersey-based media outfit, pointed out that the 20 billionaires on the 2024 Forbes list of Africa’s Richest were worth a combined $82.4 billion, which was up $900 million from last year’s $81.5 billion
The Executive Chairman of Geregu Power Plc and a Non-Executive Director FBN Holdings, Mr. Femi Otedola, was named among the 20 richest persons in Africa. Otedola was listed as the 19th richest person in Africa with networth of $1.1 billion
Specifically, Forbes attributed the improvement in the networth of those listed to the return of Otedola, whom it stressed last appeared on the Forbes Africa list in 2017, when he held a controlling stake in fuel distributor Forte Oil.
“Otedola phased out his oil investments during a government push to privatise the country’s energy business in 2013, using a Forte subsidiary to purchase Geregu, a public power generation plant.
“He owned about 90 per cent of Geregu when it was listed on the Nigerian exchange’s Main Board in 2022, but has since sold shares to institutional investors, which include Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China.
“His 73 per cent stake in Geregu is worth more than $850 million, about three-quarters of his $1.1 billion fortune.
“After taking Otedola’s comeback into account, Africa’s billionaires dipped slightly, but still fared better than the decline of four per cent last year, when African markets faded in sync with equity values around the world.
“This year, African equities joined a late-year global rally, with the S&P All Africa index rising 10 per cent in the final two months of 2023 but still ended down more than 9% in the 12 months through January 8, 2024,” Forbes stated.
Dangote is closely followed by Johann Rupert and Family from South Africa, with networth of $10.1 billion; another South African businessman, Nicky Oppenheimer and his family, with networh of $9.4 billion; Nassef Sawiris with networth of $8.7 billion; Nigeria’s Mike Adenuga with networth of $6.9 billion and the Chairman of BUA Group, Abdulsamad Rabiu, with networth of $5.9 billion, in that order.
This year South Africa claimed six spots on the ranking, followed by Egypt with five and Nigeria with four. Algeria, Tanzania and Zimbabwe each have one billionaire on the list, while Morocco has two.
Furthermore, Forbes noted that Africa, “remains one of the world’s toughest places to build – and hold onto – a billion-dollar fortune, as global investors remain leery of its stock exchanges, businesses struggle against strained economies, poor infrastructure and volatile exchange rates, while changing political winds can make, boost or bust private fortunes.”
It quoted Head of Macro Strategy at asset manager, FIM Partners, Charles Robertson, to have noted that entrepreneurs often face limited access to capital and populations with little disposable income to invest in new companies or the stock market.
A turbulent 2023 also made African equities less attractive for foreign investors.
“You’ve got two negatives for investors. Weakening domestic [currencies], which is pushing up inflation, and tax rises, which is hurting the companies they’re investing in,” Robertson added.
”Central banks have been hiking rates as well, so you’ve had big rate hikes and currency weakness and tax rises all at once. And if there was any chance that mix wasn’t going to deter all foreign investors, then throw in multiple coups happening, and it just created a very nasty storm.”
“That environment favors entrenched family fortunes or those with close ties to government that continue to dominate the ranks of Africa’s richest. Nigeria’s Alike Dangote, whose fortune rose $400 million to $13.9 billion, claimed the ranking’s number one spot for the 13th year in a row, despite the political uncertainty following the February presidential election and a devaluation of the naira in 2023 that offset the rising share price of Dangote Cement.
“The biggest decline on this year’s list belongs to Algerian industrial magnate Issad Rebrab, who was barred by a court in May from exercising any commercial or management duties at his conglomerate Cevital.”
Seven notable oil marketers in Nigeria have registered with the Dangote Petroleum Refinery to handle the lifting and distribution of refined petroleum products from the $20 billion facility.
Dealers, operating under the Major Oil Marketers Association of Nigeria, stated on Sunday that upon completion of the registration process, they would commence the distribution of petroleum products produced at the plant as soon as business arrangements are finalized.
This coincided with the announcement made by the Independent Petroleum Marketers Association of Nigeria that they would be meeting this week to negotiate conditions of product loading with the Dangote refinery management.
Petroleum product marketers are eagerly waiting for the Dangote Petroleum Refinery product price list, The Nation learned at the weekend.
Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed the association’s urgency to obtain the list during a phone conversation with The Nation.
He said the intention is to promptly present the list to its members.
He said: “We want to know Dangote petroleum products prices. We will request it so that we can give it to our members.”
Maigandi also revealed the intention of the association’s executive members to follow up on the request for product allocation from the refinery.
The Nation on Monday reported that IPMAN has applied for allocation of products from the refinery.
Meanwhile, the national president at the weekend noted that with the commencement of production at the refinery, the association is now more desirous of the request than ever.
This is coming on the heels of the refinery’s announcement of commencement of production in a press statement on Saturday.
According to the statement, the plant has kicked off with the production of diesel and aviation fuel.
President of Dangote Group, Alhaji Aliko Dangote, elatedly thanked President Bola Ahmed Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of this project.
Dangote, said the statement, also thanked the Nigerian National Petroleum Company Limited (NNPC Limited), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Nigerians for their support and belief in the historic project.
He said: “We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to detail.
His intervention at various stages cleared all impediments thereby accelerating the actualisation of the project. We also thank the NNPC, NUPRC, and NMDPRA for their support. These organisations have been our dependable partners in this historic journey. We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.”
“This is a big day for Nigeria. We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country, and I am very fulfilled with the actualisation of this project.”
The refinery has so far received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore. The first crude delivery was done on December 12, 2023, and the 6th cargo was delivered on January 8, 2024.
The Refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the Refinery will conform to Euro V specifications. The refinery design complies with the World Bank, US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms, employing state-of-the-art technology.
He added: “I must extend our sincere appreciation to our Bankers and financiers, both local and offshore, who demonstrated a great deal of patience, in seeing us through many difficult times. In the same vein, we thank the Government of Lagos State, under the leadership of Babajide Sanwo-Olu, who has been incredibly proactive in ensuring that the many challenges we encountered in the course of executing this project were quickly resolved. I thank him immensely.”
“I also sincerely thank our host communities and their Traditional leaders for their sustained patience, forbearance, and admirable willingness to work with us to find amicable and win-win resolutions to the many issues we have had to deal with as the construction of this huge facility progressed. Our staff have also contributed so immensely to the success of this project. I thank them profusely.”
