Alhaji Aliko Dangote – National Infinity Magazine

Ekiti State Gov., Oyebanji, philanthropist King, Adedokun Abolarin named National Infinity Magazine’s Nigerian of the Year 2024

Biodun Abayomi Oyebanji, the governor of Ekiti State and a well-respected philanthropist monarch from Southwest Nigeria, His Royal Majesty, Oba Adedokun Omoniyi Abolarin, the Orangun of Oke-Ila, in Osun State, have been named Nigerian of the Year 2024. The award, instituted in 2010 by National Infinity Magazine, has honoured notable Nigerians and institutions from all walks of life including public servants and business people and has expanded into recognitions for deserving corporate organisations. In recognising Oyebanji, the sixth executive governor of Ekiti State who turned 57 on December 21, in…

NNPC Withdrawal: Dangote Refinery to sell 12.75% stake to new investors – Fitch report

Jide Ige

Dangote Oil Refining Company (DORC) plans to divest a 12.75% stake in its refinery to new investors after the Nigerian National Petroleum Corporation (NNPC) Limited withdrew from fulfilling its obligations for a 20% acquisition of the refinery. This is contained in a Fitch Rating report on Dangote Industries Limited (DIL), Nigeria’s biggest Indigenous conglomerate. The report which focuses on liquidity concerns and debt restructuring of the company confirmed that NNPC’s reduction of the acquisition of the refinery from 20% to 7.2% means the company will offer the remaining 12.75% to…

Dangote refinery battles allegation of high sulphur content in its diesel

Jide Ige

The controversy surrounding the sulphur content in the Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery, has yet to abate, The PUNCH reports. Over the weekend, there were online reports alleging that the diesel recently supplied by the $20bn refinery contained high sulphur. This came as oil marketers stated that despite the allegations of high sulphur in Dangote diesel, no motorist or industrial consumer had registered any complaint against the product. “We don’t want to be involved in the politics or claims and counter-claims about Dangote…

Friend who warned me against investing in Nigeria now taunts me -Dangote

Jide Ige

The President of Dangote Group, Aliko Dangote, has disclosed that his friend who earlier warned him against investing in Nigeria is now taunting him for ignoring his advice. Dangote disclosed this in an interview with PREMIUM TIMES on Sunday just as reports quoted the Nigerian Midstream and Downstream Petroleum Regulatory Authority as claiming that diesel from Dangote Refinery is of inferior quality. “Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his actions in the…

Fix your refineries, you can’t take over Dangote’s own, Agbakoba warns NNPCL

Jide Ige

Olisa Agbakoba, a Senior Advocate of Nigeria, has warned the Nigerian National Petroleum Company Limited against taking over the Dangote Refinery. Agbakoba was reacting to a comment by Africa’s richest businessman, Aliko Dangote that the NNPC should buy the refinery if that would put an end to calling him a monopolist. Dangote commented on allegations of an attempt to monopolise the market by asking the government to stop the importation of fuel products in favour of his 650,000 barrels per day refinery. The Nigerian Midstream and Downstream Petroleum Regulatory Authority…

Pictures: High emotions, tears, as Abiodun, Dangote, Aig-Imoukhede, others visit Herbert Wigwe’s parents

Jide Ige

Emotions ran high as billionaires wept freely as the Ogun State Governor, Dapo Abiodun and the President/Chief Executive Officer, Dangote Group, Aliko Dangote, alongside other associates paid a condolence visit to the parents of the late GCEO, Access Holdings Plc., Herbert Wigwe, on Monday. The Ogun State governor, Dapo Abiodun posted images from the visit on his Facebook account on Monday. The PUNCH reports that Wigwe, his wife, Doreen; son, Chizi; and a former Group Chairman of Nigerian Exchange Group, Abimbola Ogunbanjo, lost their lives in an helicopter crash which…

Obajana Cement Factory: Gov. Bello, Dangote meet, fail to resolve dispute as Kogi threatens court action

Jide Ige

The Kogi State Government said on Friday that it had not reached any agreement with the Dangote Group concerning the ownership of the Obajana Cement Plant. The plant, located in Obajana, Kogi State, has been a subject of controversy as both parties claim to be the legitimate owners of the plant. In a new development, after meetings and interventions by stakeholders, the Kogi State Government has put measures in place to take the Dangote Group to court and reclaim ownership of the plant. This was disclosed in a statement made…

Security Council over rules Kogi State, orders Obajana plant reopening

Jide Ige

The National Security Council has ordered the reopening of the Obajana cement plant shut down by the Kogi State Assembly last week. This order was part of decisions arrived at, at a security meeting held in Abuja on Friday. 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. 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.…

We followed due process in acquiring Obajana cement plant -Dangote Group

Jide Ige

Dangote Industries Limited, the parent organization of Dangote Cement Plc has maintained that the process of acquiring its cement plant located in Obajana, Kogi State, followed due process. This followed claims by the government of Kogi State that the company had no concrete evidence to assert its ownership of the plant. According to a statement issued by the company, Kogi State had no equity interest in Obajana Cement Plc. The statement noted that the plant and machinery were conceived, designed, procured, built, and paid for solely by DIL, well after…

Dangote Group distorting facts, did not pay for Obajana Cement Company -Kogi State

Jasmin Ekua, Banking & Finance

The Kogi Government has again debunked claims by the Dangote Group that Obajana Cement Factory is owned, 100 percent, by the conglomerate, insisting that there was no valid acquisition. The state government, in a statement issued by the Information Commissioner, Kingsley Fanwo, in Lokoja on Friday, claimed that Dangote Group was distorting facts about the acquisition of the company. The government had vowed to recover all accrued dividends from profits made over the years by the Dangote Group, including accrued interests on same. “As a first step, the Specialised Technical…

How Dangote burrowed N63bn with Kogi Govt. C of O to buy Obajana Cement -Kogi State Govt alleges

Jasmin Ekua, Banking & Finance

Kogi State government through the Secretary to the State Government, Folashade Ayoade has insisted that Dangote Industries did not pay the state government for the acquisition of the Obajana Cement Company Plc. The revelation was contained in documents presented to the public to back up Kogi State’s ownership of the facility which has pitched the state on warpath with the world’s richest black man, Aliko Dangote. The document reads “there is no evidence of consideration paid by Dangote Industries Limited to Kogi State Government from the alleged transfer of Obajana…

Non-oil exports key to Nigeria’s economic rejuvenation, stakeholders assert at Zenith Bank’s seminar

Jasmin Ekua, Banking & Finance

Stakeholders unanimously called for support of Nigeria’s Non-Oil Export Sector at the 7th Annual Edition of the Zenith Bank International Trade Seminar themed “Unlocking Opportunities in Nigeria’s Non-Oil Export Business”, which was held on Wednesday, July 20, 2022, at the Civic Centre, Victoria Island, Lagos and virtually. In his Goodwill Message Presentation, the Founder and Chairman of Zenith Bank Plc, Mr. Jim Ovia, CON, called for a concerted effort towards diversifying Nigeria’s export base through the promotion of non-oil exports. Highlighting the importance of non-oil export to the nation’s economy,…

Dangote at CBN Gov’s Roundtable laments state of Nigeria’s economy

Jasmin Ekua, Banking & Finance

Africa’s richest man, Alhaji Aliko Dangote, on Wednesday gave a touching verdict on efforts by successive governments to transform the nation’s economy, saying that Nigeria’s economy is not working. This is as even as he said Nigeria’s economic diversification programme has been largely sluggish and elusive, warning that the risks are huge if Nigeria fails to fast-track the diversification of her economy. Dangote spoke Wednesday at the ongoing Roundtable parley with the CBN Governor, Mr. Godwin Emefiele, with the theme “Going for Growth 2.0.” Dangote said: “My heart bled when…