A standoff is building between Africa’s richest man and the authorities of the continent’s most populous economy, reports Bloomberg. The evolving tussle is an uncharted territory. The media giant said stung by accusations from his home nation’s government that he’s seeking a monopoly for his $20 billion oil refinery, Aliko […]

President Brice Oligui Nguema of Gabon has invited Africa’s wealthiest man, Aliko Dangote, to invest in his country. According to Dangote Industries Limited, the billionaire was asked to explore investment opportunities in Cement and Fertiliser (Urea and Phosphate). “President Brice Oligui Nguema of Gabon has invited the President and Chief […]

The truce meeting brokered by the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, to resolve the heated dispute between the Dangote Refinery on one hand and state-run entities, the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Agency […]

The Central Bank of Nigeria (CBN) monetary policy committee has raised interest rate by 50 basis points from 26.25% to 26.75%. The Governor of the CBN, Mr. Olayemi Cardoso announced this at the end of the apex bank’s 296th MPC meeting held in Abuja. The MPC also pegged the Cash […]

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said Nigeria’s fuel subsidy expenditure might cross N700 billion monthly. The Secretary of IPMAN, Abuja-Suleja, Mohammed Shuaibu disclosed in a statement on Monday. He was reacting to data released last Wednesday by the Major Energies Marketers Association of Nigeria, noting that the landing cost […]

The naira on Monday recorded gains over the dollar across official foreign exchange (FX) markets, following dollar sales to authorised dealers and the Bureau De Change (BDC) operators. At the official market, the naira gained N96.60 as the dollar was quoted at N1,500.32 on Monday, representing 6.44 percent higher than […]

Aliko Dangote, President of the Dangote Group, revealed over the weekend that Dangote Petroleum Refinery has continued to receive repeat orders for its products from all customers who have purchased them since production began. So far, the refinery has exported its products to a few European countries, Singapore, and the […]

The Group Chief Commercial Officer at Dangote Industries Limited, Rabiu Umar has said the Nigerian government neglected Dangote Refinery to export crude oil to Indonesia and import finished products from the same country. Umar disclosed this in an interview with Channels Television on Monday monitored by DAILY POST. He stated […]

The 16th Emir of Kano, Muhammadu Sanusi II, has said that Alhaji Aliko Dangote should not be blamed for buying dollars at lower rates at the time he was building his refinery because that was the actual rate the apex bank was selling to everybody at that time. Sanusi, who […]