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Forbes: Aliko Dangote’s wealth surges by almost 100% to $23.9bn, now 86th richest in the world

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Aliko Dangote

 

Billionaire Aliko Dangote has seen his wealth nearly double to $23.9 billion, according to Forbes, which ranks the Nigerian entrepreneur as the wealthiest person in Africa and 86th in the world. It would be recalled that Forbes ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion.

Forbes estimates Dangote’s net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals. At 67 years old, Dangote is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List.

This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.

Dangote disrupted the government’s oil monopoly by constructing the largest petroleum refinery in Africa. After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year. Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and the largest in Africa. Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa’s largest fertiliser producer.

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The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria, according to energy intelligence firm Vortexa. Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.

Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers.

 “I want to provide a blueprint for industrialisation across Africa,” Dangote says in an interview with Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.” He believes Africa has long been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.”

 Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.  

“It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.”

Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, according to Forbes, said Nigerians see Dangote as a hero and a real industrialist transforming the country.

 “He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.

 A professor of African studies at the Soka University of America, Chika Ezeanya, also corroborated this view, noting that Dangote is meeting the needs of consumers on the continent. 

“I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” he said while adding, “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”

 

 

 

 

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Breaking:Ramadan Cresecent Sighted In Saudi Arabia

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— The Supreme Court announced on Tuesday evening that the crescent moon marking the beginning of Ramadan has been sighted in Saudi Arabia, confirming that the holy month will begin on Wednesday.

The announcement followed reports from authorized moon sighting committees across the Kingdom, in accordance with Islamic tradition.

With the confirmation, Muslims across Saudi Arabia will begin fasting at dawn on Wednesday, observing the ninth month of the Islamic lunar calendar with prayers, reflection and charitable acts.

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Ramadan is a period of spiritual devotion marked by daily fasting from dawn to sunset, increased worship, and community gatherings.

Mosques across the Kingdom are preparing to receive worshippers for Taraweeh prayers, while authorities have finalized arrangements to ensure smooth services during the holy month.

Government entities and private institutions are also set to implement adjusted working hours in line with Ramadan schedules.

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BREAKING: Drama in Reps as Lawmakers Reverse on Electronic Results, Opposition Walks Out

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By Yusuf Danjuma Yunusa

The House of Representatives on Tuesday rescinded its earlier decision on Clause 60(3) of the Electoral Act amendment bill, adopting instead the version earlier passed by the Senate, which allows both electronic and manual transmission of election results.

The decision followed an emergency sitting and sparked protest from opposition lawmakers, who staged a walkout from the chamber while chanting, “APC, ole! APC, ole!” in open dissent.

The House had initially approved a stricter provision mandating compulsory electronic transmission of results from each polling unit to the Independent National Electoral Commission’s (INEC) Result Viewing (IREV) portal.

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The earlier version stipulated that: “The Presiding Officer shall electronically transmit the results from each polling unit to the IREV portal and such transmission shall be done after the prescribed Form EC8A has been signed and stamped by the Presiding Officer and/or countersigned by the candidates or polling agents where available at the polling unit.”

However, at Tuesday’s sitting, lawmakers reconsidered the clause and aligned with the Senate’s version, which introduces a caveat in the event of technical failure.

Under the adopted provision, while electronic transmission remains mandatory, it provides that where such transmission fails due to communication challenges, making it impossible to upload results electronically, the manually completed Form EC8A—duly signed and stamped by the Presiding Officer and countersigned by candidates or polling agents where available—shall remain the primary basis for collation and declaration of results.

The reversal has heightened political tension within the chamber, with opposition members expressing concern that the amendment could weaken safeguards around electronic transmission of election results.

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Health Ministry Enforces Federal Directive, Retires Directors with Eight Years’ Service

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By Yusuf Danjuma Yunusa

The Federal Ministry of Health has ordered an immediate disengagement of Directors who have spent at least eight years in the directorate cadre with immediate effect.

The directors affected include those in the ministry, federal hospitals, agencies, among others, according to a memo sighted by our correspondent in Abuja on Tuesday morning.

The Federal Government had, on Monday, directed all Ministries, Departments, and Agencies to enforce the eight-year tenure limit for directors and permanent secretaries, following a new deadline set through the Office of the Head of Civil Service of the Federation.

The memo announcing the enforcement of the order at the FMOH signed by the Director overseeing the Office of the Permanent Secretary at the Federal Ministry of Health, Tetshoma Dafeta, reads, “Further to the Eight (8)-Year Tenure Policy of the Federal Public Service, which mandates the compulsory retirement of Directors after eight years in that rank, as provided in the Revised Public Service Rules 2021(PSR 020909) copy attached, I am directed to remind you to take necessary action to ensure that all affected officers who have spent eight years as Directors, effective 31st December, 2025, are disengaged from Service immediately.

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“Accordingly, all Heads of Agencies and Parastatals are by this circular, to ensure that the affected staff hand over all official documents/possessions with immediate effect, their salaries are stopped by the IPPIS Unit and mandate the officers to refund to the treasury all emoluments paid after their effective date of disengagement.

“This is reiterated in a circular recently issued by the Office of the Head of the Civil Service of the Federation, Ref. No. HSCF/3065/Vol.I/225, dated 10″ February 2026. A copy is herewith attached for guidance, please.

“In addition, you are to forward the nominal roll of all directorate officers
(CONMESS 07/CONHESS 15/CONRAISS 15)

“Failure to adhere to paragraph 2 above shall be met with stiff sanctions.”

Recall that in July 2023, the former Head of Civil Service of the Federation, Folasade Yemi-Esan, announced the commencement of the revised Public Service Rules.

Speaking at a lecture at the State House, Abuja, to mark the 2023 Civil Service Week, Yemi-Esan stated that the revised PSR took effect from July 27, 2023.

The Head of Service issued a circular addressed to Permanent Secretaries, the Accountant-General of the Federation, the Auditor-General for the Federation, and heads of extra-ministerial departments, informing them of the revised rules.

“Following the approval of the revised Public Service Rules (PSR) by the Federal Executive Council (FEC) on September 27, 2021, and its subsequent unveiling during the public service lecture in commemoration of the 2023 Civil Service Week, the PSR has become operational with effect from July 27, 2023,” the circular read.

According to Section 020909 of the revised PSR, the tenure limit for permanent secretaries is four years, with a possible renewal based only on satisfactory performance.

The rules also stipulate that a director (GL 17) or their equivalent shall compulsorily retire after eight years in that position.

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