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Dangote Refinery will generate $21billion, to employ over 100,000 youths

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Alhaji Aliko Dangote

 

 

Amid encomium from eminent personalities, which included President Mohammadu Buhari and five other African heads of state, President of the pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote disclosed yesterday that the newly commissioned 650,000pbd refinery would employ over 100,000 Nigerians youths as well as generate over $21 billion, therefore saving the country huge forex, that would have been used for fuel importation. The company, according to him, now has over 33,000 employees.

Much to the excitement of Nigerians, Dangote said the commissioning has marked the beginning of the new journey of self-sufficiency in refined petroleum products and exportation of same just as been achieved in Cement and lately fertilizer.

Dangote lamented that the current fuel crisis has had negative impact on the nation’s economy and that informed his decision to build a world class refinery that would change the trend  and that though faced challenges but decided to trudge on.

He highlighted events leading to his firm deciding to build its own refinery after his attempt to acquire one of the existing moribund did not materialize noting that he decided to change marketing strategy and settle for gigantic project ever undertaken by an individual world over.

According to him, the refinery plant would be run at the highest effective and efficient level for maximum benefits to all Nigerians noting “we will replicate what we achieved in cement and fertilizer by attaining self-sufficiency and becoming net exporter.

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Dangote assured Nigerians that 40 per cent of the production capacity will be available for export with the coming on stream of the plant guaranteeing raw materials for plastic, and pharmaceutical industries.

In his remark, President Buhari congratulated Dangote Group, saying “the 650,000 barrels a day of crude which will enable our country to achieve self-sufficiency in refined products and even have some supplies for export saying the government and people of Nigeria are proud of the doggedness and tenacity of Dangote as entrepreneur.

Said he; “This feat at this time of the nation’s economic development clearly made this event a notable milestone for our economy and the game changer for the downstream petroleum products not only for Nigeria but the entire African continent. Dangote Group has helped transform our economy from heavy import dependence to a net exporter in some critical industries, including cement and Fertiliser.”

He noted that the economy which has been stressed for many decades by huge deficits in economic infrastructure and over a decade of insurgency has also been severely impacted by several external crises, including the global financial crisis, the collapse of world crisis the Coronavirus pandemic and the Russia Ukraine war.

“The consequences of these challenges constitute a severe strain on our economy and limiting government’s ability to provide basic infrastructure without resorting to borrowing. Government therefore decide 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.

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We recognize that without active participation of the private sector and a strong commitment to public-private partnership, the economy will not be able to continue to meet the challenge and economic growth”, while expressing the hope that the coming administration will continue to apply such innovative schemes to accelerate the fruition of critical infrastructure, in particular roads and gas pipelines.

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele while commending Mr. Dangote for the successful completion of the refinery project said it would not only aid that nation’s domestic petrol needs, but also help in generating export revenues for our country.

Emefiele recalled; “In September 2013, when Alhaji Aliko Dangote announced his plans for the refinery, it was estimated to cost about US$9 billion, of which US$3 billion was projected as equity investment by the Dangote Group and the balance financed through commercial loans. Due to an array of factors, the project was eventually completed with a total of US$18.5 billion with funding distributed into 50 percent equity investment and 50 percent debt finance. I am proud to state that the commercial loan component of the project was financed majorly by our domestic banks with the balance sourced from foreign banks. The Central Bank of Nigeria also partnered, as always, with the Dangote Group in ensuring the successful completion of the project by providing about N125 billion, to cover domestic currency requirements for the venture.

What you may not be fully aware of, Your Excellencies, is that the Dangote Group has started repaying some of the commercial loans even before the commissioning of this facility. This reflects the commercial capability of the Group and its Chairman. I am pleased to inform everyone today that, following extensive repayments, outstanding debt has dropped appreciably from over US$9 billion to US$3 billion.”

The CBN Governor commended Nigerian banks saying they did not only partnered with the project through effective financing but were keenly aware of the importance of the project for our nation. “They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due.”

He described the successful completion of the refinery to President Buhari’s astute vision to ensure that Nigeria produces what Nigerians consume and that we consume what we produce. “The refinery and petrochemical project by the Dangote Group is a testament to your vision for Nigeria. It shows that, regardless of what the world thinks, Nigeria can be self-sufficient in all products that we consume and at the same time export our excess output to the rest of the world.”

“Aside enumerating our strategic efforts in the agriculture and other critical sectors, a sterling projects that we highlighted was the gigantic Dangote Refinery and Petrochemical project. The world doubted our willpower to succeed with this project. In hindsight, I could appreciate their skepticism because they do not understand how a single individual could build a refinery capable of serving an entire nation. To them, projects of this magnitude are usually only undertaken by sovereigns not individuals.”

Group Managing Director of the Nigerian National Petroleum Company Ltd (NNPC), Mele Kolo Kyari said the NNPC was happy to partner Dangote Refinery because the project has potentials for smooth supply of petroleum and it would guarantee healthy competition for the benefits of the nation’s economy.

He said the NNPC Ltd. was committed to value addition to the potentials of the project noting that the new Petroleum Industry Act will provide security of supply of refined products and protect the plant. The NNPC boss added that his was happy the refinery is coming on board at a time the subsidy on imported products has become unbearable for government.

In their respective goodwill messages, Presidents of Ghana, Senegal, Niger, Benin Republic and Chad expressed satisfaction that the Dangote Refinery will serve the West African region and that their countries would be beneficiaries saying the Dangote Refiner is an African company for Africa by an African entrepreneur.

 

 

 

 

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President Tinubu Adds Days to Working Vacation, Returns at Weekend

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By Yusuf Danjuma Yunusa

President Bola Ahmed Tinubu will return to Nigeria this weekend after extending his working vacation in Europe by a few days, the State House announced Monday evening.

The President departed Nigeria on August 30 for London to begin the working vacation, which was initially expected to last three weeks. According to a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the President has since relocated to Paris, France, where he held meetings with French President Emmanuel Macron and businessman Mr. Vincent Bollore, whose media group includes Canal+, Multichoice, and Universal Music Group.

Despite his absence, the statement emphasized that President Tinubu has remained actively engaged with domestic affairs, particularly directing an independent panel to investigate the deaths of 37 illegal miners in Minna following their detention by the Nigeria Security and Civil Defence Corps.

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The President has delegated Vice President Kashim Shettima to represent him at official functions. However, Vice President Shettima departed Abuja on September 20 for New York to attend the 81st United Nations General Assembly. In his absence, Secretary to the Government of the Federation, Senator George Akume, will continue to represent the President at official engagements.

On the political front, the statement noted that Senator Abubakar Yari, Director-General of the Presidential Campaign Council (PCC), has been leading consultations with prominent traditional rulers across the country alongside other notable party leaders.

The extension comes as the President’s initial three-week vacation timeline elapsed, with the State House confirming he will now return to the country at the weekend.

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Court Adjourns El-Rufai’s N1 billion Suit Against ICPC, AGF, Police

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By Yusuf Danjuma Yunusa

The Federal High Court, Abuja Division, on Monday adjourned a N1 billion rights suit filed by former Governor of Kaduna State, Nasir El-Rufai, against the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and others until October 27 for a definite hearing.

Others named in the suit are the Inspector-General (IG) of police and the Attorney-General of the Federation (AGF) as the second and third respondents, respectively.

Justice Joyce Abdulmalik adjourned the suit to allow counsel to the former governor, Akinyemi Aremu, to respond to the counter affidavit filed by the AGF opposing the claims.

When the case was called, Mr Aremu informed the court that the matter was scheduled for hearing.

Counsel for the AGF, Maimuna Lami-Shiru, however, told the court that the AGF had filed a counter affidavit.

She prayed the court for leave to move their motion seeking an extension of time to deem their counter affidavit as being properly filed and served.

El-Rufai’s lawyer, Mr Aremu; Ezekiel Rimamsomte, who appeared for the IG, and the ICPC counsel did not oppose the application, and the judge granted it as prayed.

Mrs Abdulmalik then adjourned the case until October 27 for a definite hearing.

Earlier in the suit, the ex-governor sued the ICPC, the chief magistrate at the Magistrate’s Court of the FCT, Abuja, the IG, and the AGF as first to fourth respondents, respectively.

He, however, dropped the name of the magistrate from the case following his inability to specify the name of the magistrate who was sued as the second respondent, after the judge made the observation.

Mr El-Rufai is, therefore, demanding N1 billion in damages against ICPC, the IG and the AGF.

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In an originating motion on notice marked FHC/ABJ/CS/345/2026, dated and filed February 20 by Oluwole Iyamu, SAN, the former governor sought seven reliefs.

He prayed the court to declare that the invasion and search of his residence at House 12, Mambilla Street, Aso Drive, Abuja, on February 19 at about 2:00 p.m. by the ICPC and IG amounts to a gross violation of the applicant’s fundamental rights.

He said it violated the dignity of the human person, personal liberty, fair hearing, and privacy under Sections 34, 35, 36, and 37 of the Constitution.

He urged the court to declare that “any evidence obtained pursuant to the aforesaid invalid warrant and unlawful search is inadmissible in any proceedings against the applicant, as it was procured in breach of constitutional safeguards.”

Mr El-Rufai, therefore, sought an order of injunction restraining the respondents and their agents from further relying on, using, or tendering any evidence or items seized during the unlawful search in any investigation, prosecution, or proceedings involving him.

He sought an order directing the first and third respondents (ICPC and IG) to forthwith return all items seized from the applicant’s premises during the unlawful search, together with a detailed inventory thereof.

He also sought an order awarding N1,000,000,000.00 (one billion naira) as general, exemplary, and aggravated damages, among others.

In its counter affidavit, the ICPC said it received a petition against Mr El-Rufai and, acting on it, commenced an investigation that led to the search at his residence.

It argued that its operatives acted under a valid search warrant issued on February 18 and executed on February 19 between 1:37 p.m. and 3:56 p.m. at 12 Mambilla Street, Asokoro, Abuja.

The commission said its officials were accompanied by Nigeria Police Force personnel and that the exercise was witnessed by Mr El-Rufai’s wife, Hadiza El-Rufai, and his son, Mohammed El-Rufai.

The ICPC, which urged the court to dismiss the suit, listed the items allegedly recovered from the residence.

The police, also in its counter affidavit deposed to by Ewa Anthony, argued that it had the statutory power to detect, arrest, investigate and prosecute offenders.

It argued that the search at Mr El-Rufai’s residence was carried out pursuant to a search warrant issued by a competent court of law.

The anti-graft agency disagreed with the ex-governor, insisting the search warrant was a genuine court order.

It said its officers who carried out the operation complied with all applicable legal procedures in executing the search warrant.

According to the police, the applicant is trying to use the honourable court to shield him from the security investigation and prosecution in court.

It, therefore, prayed the court to dismiss the suit in its entirety.

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Tinubu Becomes First Post-1999 Nigerian President to Miss Three Consecutive UNGAs

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By Yusuf Danjuma Yunusa

President Bola Tinubu has again delegated Vice President Kashim Shettima to lead Nigeria’s delegation to the 81st United Nations General Assembly (UNGA) in New York, marking the third consecutive year he has personally skipped the global summit since taking office in 2023.

The Minister of Information and National Orientation, Mohammed Idris, said on Monday that Tinubu is “currently on annual leave,” describing the delegation to Shettima as “neither unusual nor a diminution of the country’s diplomatic standing”. Idris insisted Shettima “carries the full mandate of the President and the Federal Republic of Nigeria” and will deliver the national statement.

However, the explanation has done little to quell public scrutiny. Tinubu last personally attended UNGA in September 2023 for the 78th session, shortly after his inauguration. He has since been absent from the 79th session in 2024, the 80th in 2025, and now the 81st in 2026—a pattern unmatched by any Nigerian president since the return of democracy in 1999.

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Former Vice President Atiku Abubakar, through his media aide Phrank Shaibu, demanded a “full explanation,” arguing that three consecutive absences “could no longer be dismissed as coincidence or routine delegation” but constituted “a pattern of presidential evasion”. Atiku questioned whether Tinubu’s “documented history with United States law-enforcement agencies has become a burden on Nigeria’s foreign relations”.

At the centre of the opposition’s claim is a long-standing U.S. forfeiture case in which $460,000 was held in an account linked to Tinubu, after American authorities alleged the funds represented proceeds of narcotics trafficking or were involved in prohibited financial transactions. Atiku also questioned why the administration spent up to $9 million on American lobbyists to improve Nigeria’s standing in Washington while the President repeatedly stays away from New York.

The Presidency has not directly addressed the drug-case allegation. A ruling party chieftain, Olatunbosun Oyintiloye, dismissed the claims as “political propaganda,” noting that no U.S. court has reopened a criminal case or pronounced Tinubu guilty of drug trafficking.

Nigeria’s Permanent Representative to the UN, Jimoh Ibrahim, had earlier announced that Tinubu would attend and that a seat had been secured for him near U.S. President Donald Trump. That seat remained empty.

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