Connect with us

latest

Dangote Reveals Why He Rejected NNPCL Bid To Increase Stake In His Refinery

Published

2 months ago

on

The President of the Dangote Group, Aliko Dangote, has revealed that the group turned down requests from the Nigerian National Petroleum Company Limited (NNPCL) to raise its 7.25 per cent stake in the Dangote Petroleum Refinery.....KINDLY READ THE FULL STORY HERE▶

In 2021, NNPCL acquired a 7.25 per cent stake in the refinery for $1 billion, with an option to increase its holding by an additional 12.75 per cent by June 2024. However, the national oil company did not follow through on that option.

Speaking in an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, Dangote confirmed that NNPCL later sought to expand its ownership stake, but the request was declined.

He explained that the decision was driven by plans to eventually list the refinery publicly and allow wider Nigerian participation in ownership.

According to him, keeping the investment open to more Nigerians was a deliberate strategy to ensure broader inclusion.

Responding to questions on the major risks facing his businesses, Dangote pointed to civil unrest and inconsistent government policies as key concerns.

He said, “The biggest risks are civil wars, which are not in the offing, and government policy inconsistencies. On the refinery, the national oil company already owns 7.25 per cent and wanted to buy more, but we said no because we want more Nigerians to be part of it.”

Dangote also stated that future investors in his businesses, including cement, petrochemicals, fertiliser, and the refinery, would receive dividends in dollars, noting that a significant portion of the company’s revenue is generated in foreign currency.

He explained that the refinery project was financed through a combination of internally generated funds and support from financial institutions, including Afreximbank, Africa Finance Corporation, and several Nigerian banks such as Zenith Bank, Access Bank, and UBA, alongside international partners like Standard Bank of South Africa and Standard Chartered Bank.

According to him, the project exceeded expectations upon completion.

He further revealed that he made personal sacrifices to focus on the refinery project, including selling his properties in the United States and the United Kingdom to remain fully committed to his business vision.

Dangote said he now prefers a simpler lifestyle, often staying in hotels while travelling to avoid the responsibilities associated with maintaining private properties.

He added that his business decisions are guided by long-term planning, with a clear vision set towards 2030 and beyond.

Explaining his investment philosophy, he said he focuses on identifying essential goods needed by the population and prioritises local production through backward integration, aiming to reduce imports and meet everyday consumer needs within Nigeria.

Related Topics:
Advertisement

latest

Naira Holds Steady: Currency Stabilizes At ₦1,368 As Market Watches For New Shifts!.

Published

3 hours ago

on

July 7, 2026

By

Looking for the latest parallel market (Aboki FX) rates? Here is the breakdown for the Dollar to Naira exchange as of Monday, July 6, 2026.....KINDLY READ THE FULL STORY HERE▶

Parallel Market (Black Market) Rates

According to Bureau De Change (BDC) sources, the rates at the Lagos parallel market were as follows:

  • Selling Rate: ₦1415

  • Buying Rate: ₦1402

Official CBN Rates

For comparison, the Central Bank of Nigeria (CBN) recorded the following for the same day:

  • Highest Rate: ₦1371

  • Lowest Rate: ₦1366

Important Disclaimer: Please be aware that the Central Bank of Nigeria does not recognize the parallel market and advises individuals seeking Forex to conduct transactions through their respective banks. Additionally, keep in mind that actual buying and selling rates may fluctuate and vary from the figures stated above.

Continue Reading

latest

“Police TerrOr In The Home”: Mother Left In Deep Shock Following Violent Arrest Of Adeyemi’s Father!.

Published

3 hours ago

on

July 7, 2026

By

The investigation into the alleged ₦1.3 billion scandal involving the Presidential Foreign Intervention Promotion Council (PFIPC) has intensified following the arrest of the father of the council’s promoter, Adeniyi Adeyemi. Adeyemi, who claims to lead the organization, is currently facing trial in Abuja on charges including impersonation, forgery, and conspiracy, with several prominent figures, including Femi Gbajabiamila, slated as prosecution witnesses.....KINDLY READ THE FULL STORY HERE▶

  • The Arrest: Police officers reportedly arrived at the Adeyemi family residence in Ogbomoso in four vehicles to apprehend Adeyemi’s father and a visiting family friend.

  • Legal Condemnation: Human rights lawyer Femi Falana (SAN) has denounced the arrest as unlawful, stating that there is no legal justification for the police to engage in “substituted arrests” when the accused has already committed to appearing in court.

  • Impact on the Family: Witnesses reported that the police harassed the family during the raid and prevented neighbors from intervening. Adeyemi’s mother was reportedly left in a state of shock following the incident and has since been moved to safety.

Continue Reading

latest

Leah Sharibu Still Held Hostage! Official Confirmation Reveals She Is The Only One Not Yet Home!.

Published

3 hours ago

on

July 7, 2026

By

  • Mohammed Goje, the Secretary to the Yobe State Government, stated that all students abducted from the Government Girls’ Science and Technical College in Dapchi in 2018 have been freed, with the exception of Leah Sharibu.....KINDLY READ THE FULL STORY HERE▶

    • Goje noted that the other abducted girls were rescued prior to the start of Governor Mai Mala Buni’s administration in 2019, making the incident a matter of the past for the current state government.

    • Leah Sharibu was one of 110 girls kidnapped by insurgents in February 2018; while most of her classmates were released a month later, she was reportedly kept in captivity due to her refusal to renounce her Christian faith.

    • Despite ongoing government assurances, Sharibu remains the only student from the group still in captivity more than eight years after the abduction.

    • Regarding the state’s security, Goje claimed that the Buni administration has made significant progress since 2019, making all local government areas in Yobe accessible to both citizens and humanitarian aid.

    • This improvement in safety has enabled many displaced residents to return to their communities, where the government has focused on rebuilding infrastructure and providing support in healthcare, education, and agriculture.

    • Furthermore, Yobe has become the first state in Nigeria to implement the National Internally Displaced Persons Policy, providing residents with the flexibility to decide whether to return to their ancestral homes or relocate elsewhere while receiving continued government support.

Continue Reading

Trending