Browsing: Dangote

• The raid conducted by Nigeria’s anti-graft commission on Dangote’s office on January 4 is sending chills across the boardrooms of businesses in the country.
• Manufacturers in Nigeria express concern that if such an event can happen to Dangote, Africa’s richest man, then it could happen to any one of them.
• The raid is believed to be part of an extensive probe into Dangote, a former Central Bank governor, and the foreign exchange transactions that he oversaw.

A raid conducted by anti-graft agents on the offices of Aliko Dangote on January 4 is sending chills across the boardrooms of businesses and investors in Nigeria, even though sector players were anticipating it.

Dangote, arguably the richest person in Africa by far, owns an empire that controls the Nigerian corporate world and is the former head of Nigeria’s Central Bank.

In May 2023, Dangote completed a massive oil refinery with considerable fanfare, just …

One of the major criticisms raised against his ambitious continent-wide free trade pact is the fact that it is bound to have disproportionate benefits for different countries.  There are already pre-existing inequalities that favour more developed countries.

Bluntly speaking, it is to be reasonably expected that it is the continent’s tycoons, large business owners that will benefit the most.

Consider this, only three of the agreement’s members i.e. Nigeria, South Africa and Egypt account for almost half (50%) of all of Africa’s GDP. Take for instance the fact that in 2020 alone, the continent of Africa as a whole, imported US$20 billion worth of goods from South Africa.

With the tariff-free movement of goods, South Africa will enjoy a tremendous increase in trade output to the rest of the continent at much lower costs.…

The Major Oil Marketers Association of Nigeria (MOMAN) has indicated interest in lifting refined petroleum products from the soon to be completed $15 billion Dangote Refinery, in Lagos.

Once complete the refinery on daily basis is expected to produce 50 million litres of petrol and 15 million litres of diesel.

In a statement notice issued by the Dangote Group on Sunday July 3, noted that the Major Oil Marketers made this request during a recent visit to the site of the 650,000 barrels per day single train refinery in Ibeju-Lekki Lagos, according to the News Agency of Nigeria (NAN).

Speaking after the conclusion of his visit to the site, the Chairman of MOMAN, Mr Adetunji Oyebanji, said the refinery would play an important role in helping to remove the various bottlenecks associated with the importation of petroleum products into the country.

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Shareholders at Dangote Cement Plc have all reasons to smile after the Company proposed a dividend payment of N16 per share on Tuesday when releasing its audit report for the financial year that ended on December 31, 2020.

Dangote Cement company said this in its audited financial reports released by the Nigerian Stock Exchange (NSE) on Tuesday.

The audit report shows that, Over the sum of N50 billion recorded in the year 2019 the company will pay a tax charge of N97 billion during the period in review.

Dangote Cement’s Nigerian operations during the period sold 15.9Mt for the full year 2020, compared with 14.1Mt in 2019.

This sales are inclusive of both cement and clinker sales, which implies a 12.9 per cent growth for the full year 2020. Looking at the domestic sales alone, Nigerian operations sold 15.6Mt, up by 14.3 per cent year on year and resulting in …

As the World shakes off the effects of Covid-19, the global energy sector has a long way to go to recover, but the baby steps have begun.

In his remarks at the 20^th Meeting of the Joint Ministerial Monitoring Committee (JMMC), mid last month, the OPEC Secretary General, Mohammad Sanusi Barkindo, underscored the devastating impact of the Covid-19 pandemic and what he described as ‘…its complete disruption of daily life.’

 “These monthly meetings of both the JTC and the JMMC send a reassuring message that we are ready, willing and able to address shifting market conditions”, he said during the video conference.

The SG maintained that ‘…the historic actions taken by OPEC and its partners in the DoC have contributed to an improved balance in the oil market compared to the situation in April, however, the JTC and JMMC must remain vigilant in monitoring market conditions.”

While the global …

The Dangote Fertiliser project will create thousands of direct and indirect jobs in construction and related fields…