The African Export-Import Bank (Afreximbank) has announced a landmark financial commitment to the Dangote Petroleum Refinery and Petrochemicals, underwriting $2.5 billion of a new $4 billion senior syndicated term loan facility. The deal, signed Tuesday in Cairo, Egypt, marks one of the largest private-sector financing arrangements in African industrial history. According to a statement, Afreximbank …
Nigerians have demanded a full probe into allegations of graft levelled against the immediate past Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMPRA), Engr Farouk Ahmed, and prosecution if found guilty. They stated that the sudden resignation of Ahmed from his position should not hinder the investigation process. Ahmed, who was …
Aliko Dangote, the President of Dangote Industries Limited, has unveiled a landmark plan to list a 10% stake in his $20 billion refinery on the Nigerian Exchange (NGX) in 2026. Dangote further announced that the company is currently in discussions with market regulators to facilitate future dividend payouts in US dollars, offering a hedge against …
Africa's richest man and foremost industrialist, Alhaji Aliko Dangote, has stated that the transformation of the continent's economy through industrialisation cannot be done by foreigners. He called on African investors to demonstrate an uncommon sense of patriotism by strategically investing in key sectors of the economies of African countries to drive industrial growth. He said foreigners …
Dangote Group has denied ownership of a truck reportedly involved in a fatal road accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State, dismissing claims circulating on social media and some online platforms that linked the company to the incident. In a statement issued on Thursday, the conglomerate described the reports as “false …
Dangote Group and AfricaRice have launched a ₦1.8‑trillion partnership to scale rice production to 10 million tonnes by 2030. The deal, announced by Engr. Sammy Adigun, Chairman of Niger Foods, promises high-quality locally produced rice, reduced dependence on imports and potentially hundreds of thousands of jobs. Ambitious Production Goals The agreement sets out to increase …
By Esther Ososanya Africa’s richest man and industrialist, Aliko Dangote, has officially stepped down as Chairman of Dangote Cement Plc, the company he founded and built into one of the continent’s largest cement producers. The announcement was made on Friday in a statement issued by the company’s Group Chief, Branding and Communications Officer, Anthony Chiejina. …
