Connect with us

Business

Dangote to sell 30% shareholding of new refinery to East African countries – Report

info

Published

on

Screenshot 2026 05 15 085218.png

MTN ADVERT

Dangote Group, the empire of Africa’s richest man Aliko Dangote, has offered a 30 per cent holding in its proposed 700,000 barrel-per-day (bpd) refinery to nations in East Africa, the region where the mega crude-processing plant is to be located, Bloomberg reported Friday.

Kenya, where the new refinery will be sited at the southeastern coastal town of Lamu, will take a 10 per cent stake estimated at around half a trillion dollars, David Ndii, a top economic adviser of President Ruto, told Bloomberg.

“The total for the region is about $1.5 billion. I don’t actually see a challenge in doing that, and if some of them are not off-taking we will backstop,” Mr Ndii was quoted as saying at a capital market conference in Nairobi on Thursday.

Ethiopia and Rwanda are said to have indicated willingness to participate.

Mr Dangote is turning to business-friendly Kenya and other promising markets in East Africa to expand his multi-billion dollar empire after facing an avalanche of resistance from his home country Nigeria in bringing a refinery of similar capacity to completion.

PT WHATSAPP CHANNEL

The Nigerian refinery, situated in the outskirts of Lagos and initially projected to be completed in 2016, did not see the light of the day until eight years after, held back by logistic delay, infrastructure constraints and COVID-19 lockdowns.

The magnate, who has built his fortune around cement, sugar and a couple of fast-moving consumer products, accused international oil companies of sabotaging efforts at getting the refinery running seamlessly in its early days.

He claimed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which serves as the top watchdog for the midstream and downstream segments of the oil industry, issued new licences to some players to import “dirty fuel” as part of a broader conspiracy to frustrate his push to wean Nigeria off its longstanding dependency on fuel imports.

In the heat of the crisis, Farouk Ahmed, the CEO of the regulator at the time, resigned his appointment, while Mele Kyari, the immediate past managing director of state oil company NNPC Limited, whom Mr Dangote accused of surreptitiously running a fuel blending plant off the coast of Malta, was shown the exit door.

“I knew there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs,” he told an investment conference in June 2024.

ALSO READ: Dangote Refinery raises $2.5 billion in Africa’s largest private equity placement

A private placement, which raised $2.5 billion ahead of the Nigerian refinery’s planned $5 billion initial public offer scheduled for October, valued the refinery at $40 billion.

The private equity capital raise was 3.7 times, drawing interest from African institutional investors and institutional investors from outside the continent.
The groundbreaking of the Kenyan refinery is expected to kick off next month.

That puts the company on course to achieve the ambition of doubling its refining capacity to 1.4 million bpd in the next three years, with processing capacity at the refinery in Lagos already upped to 700,000 bpd from its original 650,000 bpd.

The planned refinery in Kenya is expected to cost $15 billion to $17 billion.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

‘I have a duty to serve Nigeria, and I will’ — Adesina tells Tinubu

info

Published

on

GurexoZX0AAjYJc.jpeg

Former President of the African Development Bank (AfDB), Akinwumi Adesina, has declared his readiness to serve Nigeria in any capacity, saying he has a duty and responsibility to contribute to the country’s development.

Mr Adesina made the declaration on Tuesday after meeting President Bola Tinubu at the Presidential Villa in Abuja, where he briefed the president on his 10-year tenure at the continental development finance institution.

“I’m fully able to help Nigeria in any capacity. I’ve always had that. You know, my heart is always at home,” he told journalists after the meeting.

Asked what role he could play, Mr Adesina said he would help in any capacity the president considered appropriate, but stressed he was not seeking a government appointment.

“I’m not looking for a job. I’m not looking for anything. I’m just here to help. It’s my country. I have a duty, an obligation, and a responsibility to do so, and I will,” he said.

There was no announcement of a specific role or appointment for the former AfDB president following the meeting.

PT WHATSAPP CHANNEL
Dangote Refinery AD

Adesina’s record in agriculture and development finance

Mr Adesina, an agricultural economist, served as Nigeria’s minister of agriculture and rural development from 2011 to 2015 under former President Goodluck Jonathan before becoming the first Nigerian to lead the AfDB.

He was elected president of the bank in May 2015 and re-elected for a second five-year term in August 2020. His tenure ended in 2025.

As agriculture minister, he championed reforms to the distribution of subsidised farm inputs, including an electronic-wallet system that let farmers receive support for seeds and fertiliser via mobile phones.

The AfDB said the programme reached 15 million farmers within its first four years. The initiative was intended to improve access to agricultural inputs while reducing the role of intermediaries in their distribution.

At the AfDB, Mr Adesina oversaw the institution’s development agenda, which included expanding electricity access, improving food security, industrialising African economies, promoting regional integration and improving living standards.

During his leadership, the bank’s general capital increased from $93 billion to $208 billion in 2019, following a decision by its shareholders, the largest capital increase in the institution’s history at the time.

AfDB provided $7 billion to Nigeria in 10 years

At the meeting, Mr Adesina said the AfDB provided about $7 billion in financing to Nigeria between 2015 and 2025.

He compared this with the $11.1 billion in cumulative financing the bank had provided to Nigeria since it began operations in the country in 1971.

“Within 10 years, we were able to do 63 per cent, literally, of that,” he said, adding that President Tinubu was pleased with the bank’s support to Nigeria during his tenure.

Mr Adesina said he used the meeting to commend the president for his economic reforms, particularly the removal of the petrol subsidy and the harmonisation of the foreign exchange windows.

He described the measures as difficult but said they were beginning to produce results.

He cited increased foreign exchange availability, the return of portfolio investors and a downward trend in inflation as signs of progress. However, he acknowledged that prices remained high for Nigerians.

He also pointed to improved assessments of Nigeria by some international rating agencies, saying the country’s outlook had shifted towards stable or positive assessments.

The comments come amid ongoing debate over the impact of the Tinubu administration’s economic reforms, including higher fuel costs after the removal of the petrol subsidy and changes to the foreign exchange market.

Although the government has defended the measures as necessary to stabilise the economy, the higher cost of living has continued to put pressure on households and businesses.

From economic stabilisation to growth

Mr Adesina said stabilising the economy was only the beginning, arguing that Nigeria must now focus on structural transformation, economic growth and prosperity.

He said President Tinubu recognised the need to move beyond macroeconomic reforms and address the broader challenge of transforming the economy.

“I told the president, I’m back at home, here to help and ready to help. It’s my country. I love my country, and I’m ready to help,” he said.

His offer comes after a decade leading one of Africa’s major development finance institutions, a period during which the bank financed projects and programmes across sectors including agriculture, energy, transport and infrastructure.

READ AlSO: ‘I will forever miss you’ – Toluwanisings’ wife breaks down in tears at night of tributes

Mr Adesina’s meeting with the president also gave him an opportunity to formally brief the president on the completion of his two terms and the achievements recorded during his leadership of the bank.

He said he was honoured to have been received by the president and was pleased with the report he presented.

While Mr Adesina did not specify how he might contribute to Nigeria’s development, he said he was prepared to do so whenever the president believed his experience could be useful.

“It’s my country. I have a duty, an obligation, and a responsibility to do so, and I will,” he said.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Police Arrest 24-Year-Old Suspected of Conveying Illegal Firearms in Lagos

info

Published

on

As part of its sustained efforts to combat illegal possession and trafficking of firearms, and other criminal activities across the State, operatives of the Command have arrested one Lukman Sanni, ‘m’, 24 years, suspected of conveying illegal firearms, during a stop-and-search operation at Iyana Isashi, Lagos State.

A search conducted on him led to the recovery of a locally made pistol, two (2) live cartridges and a suspected charm. Preliminary investigations are ongoing to establish the circumstances surrounding the possession and intended delivery of the recovered firearm and ammunition. The suspect is currently in custody and is providing useful information to aid the investigation.

The Commissioner of Police, Lagos State Command, CP Tijani Fatai, psc, mnips, reiterated the Command’s commitment to combating illegal firearms possession, arms trafficking, cultism and other criminal activities across the State. He urged residents to remain vigilant and promptly report suspicious activities to the Police, noting that credible information from the public remains vital to maintaining peace and security.

The post Police Arrest 24-Year-Old Suspected of Conveying Illegal Firearms in Lagos appeared first on Business Today NG.

Continue Reading

Trending