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Tag: Dangote

  • First major crude supply to Dangote refinery to arrive today (December 7)

    First major crude supply to Dangote refinery to arrive today (December 7)

    The Dangote Oil Refinery is finally set to commence fuel production as the first crude shipment arrives at the facility today, December 7, 2023.

    This was confirmed in a report by S&P Global, which stated that the OTIS tanker, carrying a 950,000 barrels of Nigeria’s Agbami crude, set sail on December 6.

    S&P Global added that the tanker is currently en route to Lekki, Lagos State, which is the nearest land port to Dangote’s offshore crude receiving terminal.

    It pointed out that the arrival of the first crude shipment at the mammoth $19 billion Dangote refinery marks a significant milestone for Nigeria’s oil industry.

    “The tanker is expected to arrive on December 7 around 8 p.m.; this shipment marks the initiation of crude supplies for the refinery’s operations,” the report reads.

    According to a West African oil trader familiar with the matter, as quoted by S&P Global, the Suezmax tanker, chartered by the state-owned Nigerian National Petroleum Company Limited (NNPCL), symbolises the initial crude supply to Dangote’s state-of-the-art refinery even as the magnificent edifice is set to begin fuel production.

     

     

     

     

  • Bloomberg rates Dangote as  richest man in Africa with $15.6bn

    Bloomberg rates Dangote as  richest man in Africa with $15.6bn

    An international news agency headquartered in New York City, Bloomberg Business News has rated the president of Dangote Group, Aliko Dangote as the richest man in Africa, despite the volatility of Nigerian currency against the dollar.

    Bloomberg in its daily top billionaire lists, released on Tuesday, revealed that Dangote with a wealth of $15.6 billion topped other Africans in the Index.

    Dangote, who remains the richest man in Africa for the 12th year running, is also the only Nigerian on the list of the top 500 billionaires, as released by Bloomberg.

    Other Africans listed in the latest top 500 world billionaires list for the year 2023 include Johann Rupert and family of South Africa, now worth $13.3 billion, while Nicky Oppenheimer of South Africa, Nassef Sawiris of Egypt, Natie Kirsh of South Africa, and Naguib Sawiris are also worth $9.0 billion, $7.47 billion, $7.37billion and $5.93 billion respectively. These are the only five other Africans that made the list.

    The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, and each individual billionaire profile contains a detailed analysis of how that person’s fortune is tallied.

    The index is a dynamic measure of personal wealth based on changes in markets, the economy and Bloomberg reporting. Each net worth figure is updated every business day after the close of trading in New York. Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to U.S. dollars at current exchange rates.

    Ellon Musk and Bernard Arnault are the richest in the world with $219billion and $194 billion respectively in their kitties while Jeff Bezos and Bill Gates followed respectively with $151 billion and $130 billion. Larry Ellison was the fifth richest with $130 billion on the world’s billionaires’ chart.

    Bloomberg is a global information and technology company, that connect decision makers to a dynamic network of data, people and ideas – “accurately delivering business and financial information, news and insights to customers around the world” Bloomberg L.P. provides financial software tools such as an analytics and equity trading platform, data services, and news to financial companies and organisations through the Bloomberg Terminal.’

    Africa’s richest man, with his new worth of $15.6 billion, controls Dangote Industries, a closely-held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement. It also has interests in sugar, salt, fertiliser and packaged foods. Dangote also recently commissioned the $19bn petroleum refinery plant, which is now the Africa’s largest refinery.

    It would be recalled that Aliko Dangote, was also recently named as among the topmost charitable man in the World by Richtopia, a digital periodical that covers business, economics, and financial news, based in the United Kingdom. This recognition came after he endowed his foundation, the Aliko Dangote Foundation (ADF) to the tune of $1.25 billion.

    Aliko Dangote started his Foundation in 1981, with a mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities.

    Aliko Dangote Foundation was however incorporated in 1994 as a charity in Lagos, Nigeria. 20 years later, the Foundation has become the largest private Foundation in sub–Saharan Africa, with the largest endowment by a single African donor. The primary focus of Aliko Dangote Foundation is health and nutrition, supported by wrap-around interventions in education, empowerment, and humanitarian relief.

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  • Bill Gates, Aliko Dangote visit Tinubu at Presidential Villa

    Bill Gates, Aliko Dangote visit Tinubu at Presidential Villa

    President Bola Tinubu on Monday met with the co-founder of Microsoft, Bill Gates, and the chairman of the Dangote Group, Aliko Dangote.

    Tinubu met with Gates and Dangote at the Presidential Villa in Abuja.

    The meeting was disclosed by Tinubu’s media aide, Dayo Olusegun, via his Twitter handle.

    According to Olusegun: “Mr @BillGates, co-chair of the Bill and Melinda Gates Foundation and founder of Microsoft has arrived the Presidential Villa with Alhaji @AlikoDangote to see President Bola Ahmed Tinubu (GCFR).”

    Last week, Dangote disclosed that Tinubu would meet with Gates today.

  • Dangote Refinery ‘ll save Nigeria $3b annually from importation – Obaseki

    Dangote Refinery ‘ll save Nigeria $3b annually from importation – Obaseki

    Gov. Godwin Obaseki of Edo, on Tuesday, said that the newly-inaugurated 650,000 barrels per day (bpd) Dangote Refinery and Petrochemical Company will save Nigeria over $3 billion annually from importation of petroleum products.

    Obaseki, in a statement made available to newsmen in Benin, said that the refinery was a game changer for Nigeria, adding that it had opened a new vista of opportunity for the nation’s economy.

    He commended the ingenuity, dexterity, and inimitable entrepreneurial spirit of the President of Dangote Group, Alhaji Aliko Dangote.

    “The petroleum refinery, with capacity to process 650,000 barrels per day (bpd) is sitting on 2,635 hectares of land, located in the Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will provide employment for more than 100,000 people.

    “Beyond the commissioning, the fact that we have finally got to the position where we can begin to refine products, particularly petrol and diesel locally, is a breakthrough.

    “What this means is that we will be saving up to three billion dollars in a year for not importing petroleum products.

    “That’s more than the amount we spend today on all our infrastructure, education and health. That sort of money is coming back to the government for growth.

    “But beyond this, there is the certainty of supply and capacity to not only produce for your market but to be able to export to the rest of the continent.

    “And, not just importing the kind of products you used to import, you are now processing and refining better quality products of international standard,” he said.

    The governor said that before now, the bulk of what used to be brought to the country was low grade, thus affecting the vehicles using the petroleum products.

    “Today, we are producing something that is of international grade and you can now sell the end-product,” he said.

  • What Buhari said at commissioning of Dangote refinery

    What Buhari said at commissioning of Dangote refinery

    President Muhammadu Buhari says that the 650,000 barrels per day Dangote refinery is a game changer for Nigeria’s economy.

    Buhari disclosed this at the inauguration of Dangote Petroleum Refinery in Ibeju-Lekki, Lagos on Monday.

    He said that the refinery was expected to enable Nigeria to achieve self-sufficiency in refined products and even have surplus for export.

    The President described the feat as a significant milestone for Nigeria’s economy and the downstream petroleum products market in the entire African region.

    ‘‘This mega industry we are commissioning today is a clear example of what can be achieved when entrepreneurs are encouraged and supported and when an enabling environment is created for investments and for businesses to thrive.

    ‘‘I am confident that my successor, His Excellency Asiwaju Bola Ahmed Tinubu, will sustain the improvement in our economic and business environment and strengthen the framework of our public private partnership policies to accelerate the pace of our economic growth and development.

    ‘‘I am happy to leave our economy in very competent hands,’’ he said.

    Buhari commended Alhaji Aliko Dangote’s leadership in executing the 650,000 barrels per day refinery, urging other entrepreneurs to emulate his example in driving economic growth and realizing Nigeria’s economic potential.

    He stressed the need for African countries to come together, integrate their economies, eliminate trade barriers, and rally their populations to achieve agenda 2063 for the continent’s prosperity.

    ‘‘I urge and encourage our other great entrepreneurs to emulate this iconic Nigerian industrialist and join the Government in accelerating our growth in order to realize our country’s globally recognized economic potential.

    ‘‘When I travel around Africa and meet and engage my brother Heads of State (and I am delighted some of their Excellences are here).

    “I often sense a quiet expectation that our country is blessed with resources and human capacity to lead Africa’s rise to economic prosperity and the attainment of Agenda 2063 – ‘The Africa we all want.’

    ‘‘But to achieve the goals of Agenda 2063, Africa must come together – we must integrate our economies, eliminate barriers to trade and energize our youthful population to scale up our productive capacity.

    ‘‘We must create necessary conditions for our private sector to grow and partner with the public sector to accelerate economic growth across the continent.

    ‘‘We must not allow outside powers to use some of our leaders to destabilize our economic and political trajectory,’’ he said.

    Buhari acknowledged the visionary investments made by the Dangote Group, under the leadership of Dangote, in transforming Nigeria’s economy through its involvement in critical industries such as cement and fertilizer.

    He noted that investment in these sectors have played a crucial role in shifting Nigeria from heavy import dependence to becoming a net exporter.

    Buhari acknowledged that Nigeria’s economy has faced significant challenges over the years, including deficits in economic infrastructure due to insurgency.

    He said that the economy has also faced external crises such as the Global Financial Crisis, oil price collapses, the COVID-19 pandemic, and the Russia-Ukraine war.

    ‘‘The consequence of these challenges constitute a severe strain on our economy, limiting Government’s ability to provide basic infrastructure without resorting to huge borrowings.

    ‘‘Our Government, therefore, took the decision to focus attention on creating an enabling environment for the private sector to thrive and fill the enormous gap in investments not only in infrastructure but also in all critical sectors.

    ‘‘We recognise that without the active participation of the private sector and a strong commitment to public private partnership, our economy would continue to remain severely challenged and our economic growth impeded.

    ‘‘Government therefore, will and should continue to provide an enabling environment and encourage innovative public private partnerships in all sectors of our economy,’’ he said.

    The President emphasised the administration’s commitment to this approach, citing Executive Order 007 of 2019 which facilitated the rehabilitation/construction of many roads by private sector investors using a Tax-credit scheme.

    ‘‘It is my hope that the succeeding administration will continue to apply such innovative schemes in partnership with the private sector to accelerate the provision of critical infrastructure in particular roads, power and gas pipelines,’’ he said.

     

  • Multi-billion Naira Dangote refinery set to commissioned in May

    Multi-billion Naira Dangote refinery set to commissioned in May

    The much awaited Dangote refineries will be launched in few weeks time, Dangote group has announced.

    A letter of invitation has been circulating on social media where the commissioning of the refinery has been fixed for Monday 22nd, May 2023.

    The multi-billion-dollar Oil Refinery and Petrochemical Company is expected to bring solutions to Nigeria’s perennial refining issues.

    Recall that Nigeria has been exporting crude oil abroad for it to be refined and brought back to the country for many years.

    The country has been spending millions of Naira to import this refined oil into the country.

    All four local refineries have been faulty and do not refine oil any longer.

    With the launch of Dangote refinery later in the year Nigeria can now refine its crude oil in the country.

  • Dangote’s suit incompetent,amounts to window shopping, Kogi govt tells Court

    Dangote’s suit incompetent,amounts to window shopping, Kogi govt tells Court

     

    The Kogi Government on Tues said the suits filed by Dangote group before a Federal High Court (FHC), Abuja are incompetent and amount to ordinary window shopping.

    The state government made this known before Justice Binta Nyako in two separate preliminary objections filed by its counsel, Mr Abdulwahab Muhammed, SAN, challenging the companies’ originating summons.

    In the applications marked FHC/ABJ/CS/1876/2022 and FHC/ABJ/CS/1877/2022 dated Nov 8 and filed Nov. 18, the state government sought the order of the court, striking out the suits “for want of jurisdiction and/or compliance.”

    Justice Nyako had, on Oct 26, made an interim order restraining the Kogi government from shutting down Dangote Cement PLC at Obajana in the state pending the hearing and determination of the substantive suits.
    The court also stopped the state government from disrupting or suspending the activities of Dangote Coal Mines Ltd and Dangote Industries Ltd in Okaba, Ankpa Local Government Area and in Olamaboro Local Government Area respectively.
    The judge had given the interim order following two separate ex-parte motions moved by counsel for the companies, Regina Okotie-Eboh, but filed by Rickey Tarfa, SAN.

    The Kogi government and Dangote group recently locked horns over the ownership of Obajana cement factory.
    The state government had, on Oct. 13, given the cement factory at Obajana 48 hours to shut down in honour of the Kogi House of Assembly which ordered the company to sealed until the conglomerate furnishes it with the requisite documents demanded by the state legislature.

    But the companies, in the first motion ex-parte marked: FHC/ABJ/CS/1876/22, had sued the Kogi House of Assembly, Attorney-General and Commissioner for Justice, Federal Ministry of Mines and Steel Development and Mining Cadastre Office as 1st to 4th defendants respectively.

    In the second motion marked: FHC/ABJ/CS/1877/22, all the defendants in the first application, except Corporate Affairs Commission (CAC), were listed as defendants.
    The plaintiffs in these suits are Dangote Coal Mines Ltd., Dangote Cement PLC and Dangote Industries Ltd.
    But in the preliminary objections, the Kogi government challenged the jurisdiction of the court to hear the suits which it described as “incompetent.”
    In a 14 ground-argument brought before the court by counsel to the state government, Mr Muhammed, the state said that the plaintiffs had instituted similar suit at a Lokoja division of the FHC.

    Muhammed said that the plaintiffs, in a suit number: FHC/LKJ/CS/49/2022, had sued the Kogi House of Assembly seeking the determination of the exact question in the current suit.

    The senior lawyer told Justice Nyako that they, however, quickly withdrew the suit when the Lokoja court refused to grant their ex-parte application for interim injunction.
    “The plaintiffs have now filed the suit before this honourable court with the intention of obtaining a favourable outcome in the suit.

    “The filling of the instant suit before this honourable court is forum shopping, that ought to be discouraged and condemned,” Muhammed argued
    He said premised on the above, the plaintiffs’ suits are incompetent and cannot be entertained by the curt.
    The lawyer said the plaintiffs, by the amended originating summons, challenged the power of the state assembly to investigate the loss of revenue internally generated in the state.

    He said they also challenged its authority to issue a resolution to suspend, disrupt or in any manner stop or shut down the mining operations of the plaintiffs or any of their subsidiary companies.
    He said that the shares which the state legislature is investigating belonged to the people of Kogi.
    Muhammed, who said that the state assembly and the office of the attorney general were not Federal Government’s agencies, stated that the power of the state’s lawmakers “is not within the province of Section 251(p) (gq) and (r) of the 1999 Constitution (as amended).”

    When the matter came up on Monday, counsel to the companies, Olusegun Jolaawo, SAN, said the matter was adjourned for mention.

    He said he was in receipt of counter affidavits and preliminary objections of the 1st and 2nd defendants and that he planned to respond to the applications before the next adjourned date.
    Jalaawo therefore sought to amend the name of the 3rd defendant (Minister, Federal Ministry of Mines and Steel Development) and the judge granted the prayer after the defence lawyers did not oppose the request.
    The court also granted the state government lawyer, Michael Adoyi, to deem all their processes to have been properly filed.

    But Jolaawo, in apprehension that the state might shut down the companies before the next adjourned date, urged the court to compel Adoyi to undertake that the status quo would be maintianed until the case is determined by the court.
    Responding, Adoyi said contrary to Jolaawo’s submission, the companies, including the Obajana cement, had been operating seamlessly.

    The lawyer, who described Kogi as a law-abiding state, said the state government is bound by the rule of law.

    “They cannot do anything, the matter is sub judice,” the judge said.

    Nyako, who said though the case was nit a pre-election matter, assured that it would be given accelerated hearing.

    She directed parties to regularise their processes before the next date, including the 3rd defendant’s lawyer, Abdulhamid Ibrahim, who pleaded for more time to file his application
    The judge, who adjourned the matter until Jan. 23 for hearing, said all applications, including the state’s preliminary objection, would be taken.

  • Investors lose N388bn on NGX amid selloffs

    Investors lose N388bn on NGX amid selloffs

    The Nigerian Exchange Ltd. (NGX) declined further on Friday as market capitalisation depreciated by N388 billion or 1.6 per cent to close at N23.918 trillion from N24.306 trillion on Thursday.

    Also, the All-Share Index (ASI) fell by 712.54 points or 1.6 per cent to 43,912.64 from 44,625.18 recorded at the previous trading.

    The negative performance was due to Selloffs in market heavyweights, Dangote Cement and MTN Nigeria.

    The market breadth ended negative with 16 stocks on the losers’ charts, while 13 stocks gained.

    WAPIC Insurance led the gainers by 9.09 per cent to close at 36k per share.

    Neimeth Pharmaceuticals followed with an appreciation of 8.7 per cent to close N1.50 per share.

    ABC Transport rose by eight per cent to close at 27k, while Fidelity Bank rose by 7.89 per cent to close at 57k per share.

    FBN Holdings appreciated by 7.69 per cent to close at N9.80 per share.

    Conversely, Dangote led the loser’s chat with a depreciation of 10 per cent to close at N220.50 per share.

    Learn Africa Press ollowed dropping by 9.68 per cent to close at N1.68 per share, while Honeywell Flour Mills lost by 9.36 per cent to close at N2.13 per share.

    Academy Press declined by 7.53 per cent to close at N1.35, while NEM Insurance shed 6.25 per cent to close at N12.95 per share.

    Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 183.07 per cent.

    A total of 122.79 million shares valued at N4.4 billion were exchanged in 3,402 deals.

  • NSC orders the re-opening of Obajana cement plant in Kogi state

    NSC orders the re-opening of Obajana cement plant in Kogi state

    The National Security Council (NSC) has issued an order for the re-opening of the Obajana cement plant shut down by the Kogi State Assembly last week.

    The decision to re-open the plant enmeshed in crisis since last week in Kogi state was taken today, (Friday) at a security meeting held in Abuja the country’s capital.

    The council also advised that all that issues in contention be resolved legally adding that the government’s commitment to providing employment was not negotiable.

    Recall that the Kogi state House of Assembly last week ordered the closure of the Obajana Cement plant until the issue surrounding ownership of the cement plant was resolved.

    The state government had claimed that available documents showed that the plant belonged to it 100 percent, a claim refuted by the Dangote industries which claimed that the Kogi State Government had no stake whatsoever in the plant adding that the Kogi state government was not entitled to any dividend in the company.

    While the Kogi state government queried Dangote over the purported transfer of Obajana to Dangote Industries Limited as well as tax evasion, an allegation that Dangote, on the other hand, came out to deny.

    In a release signed by the group managing director of Dangote Cement Plc, Michel Puchercos, the firm said the Obajana Cement plant in Kogi state is 100 percent owned by the company.

     

  • Dangote Group dismisses link with Kogi assembly fire outbreak

    Dangote Group dismisses link with Kogi assembly fire outbreak

    Dangote Group has disassociated itself from the fire outbreak at the Kogi State House of Assembly in the early hours of Monday.

    The company refuted claims that it was responsible for the development in a statement signed by Mr. Anthony Chiejina, Group Head Branding and Communications, Dangote Industries Ltd., on Monday in Lagos.

    Chiejina said the company, as a socially responsible corporate entity, totally refuted this allegation and condemned “the unprofessional and irresponsible attempt to smear its image before local and international investors and thus erode its brand value.”

    He said the the company would never stoop so low as to sponsor thugs to destroy any property, belonging to either government or any individual.

    According to him, such action runs contrary to the group’s business ethos and everything the company stands for as a leading manufacturer with teeming customers and consumers across Nigeria and Africa.

    He said lawyers representing Dangote Group had been mandated to react appropriately to the damaging allegation from the Kogi State government within the full extent of the law.

    “Our attention has been drawn to a circulating press statement issued by the Kogi State government, wherein the Dangote Group was accused of allegedly sponsoring arsonists to set the Kogi State House of Assembly on fire in the early hours of Monday, Oct. 10.

    “The statement titled, ‘Obajana: Desperation sets in as imported hoodlums burn down Kogi Assembly,’ which was signed by the Kogi State Commissioner for Information and Communications, Kingsley Fanwo, pointedly accused our company of burning the Complex.

    “…. in an attempt to possibly destroy evidence relating to the ownership tussle between the Kogi State Government and the Dangote Group over the Obajana Cement Company.

    “We urge our stakeholders and the public to disregard such irresponsible and insane statements.

    “We ask all our stakeholders, namely shareholders, customers, suppliers, employees, and the entire community of Obajana and Kogi State at large to remain calm while we follow the legitimate and lawful process to resolve this matter with the State Government,” he said.