Business
Afreximbank Strengthens Dangote Refinery with US$1.35 Billion Loan
“This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa, ” said Aliko Dangote.
• Aliko Dangote and Benedict Oramah
African Export-Import Bank (Afreximbank) has contributed US$1.35 billion of the US$4 billion syndicated financing arrangement for Dangote Industries Limited (DIL) to refinance the Dangote Petroleum Refinery and Petrochemicals Complex.
Commenting on the development, Professor Benedict Oramah, President & Chairman of Board of Directors at Afreximbank, said:“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within.
“It is only when African institutions lead the way that others can follow.
The journey to utilise African resources for its own economic transformation is well underway.
Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd to produce and supply high quality refined petroleum products to the Nigerian market, as well as for export to the entire continent and the world. Our energy security is in sight.”
Aliko Dangote, President/Chief Executive, Dangote Industries Limited, added:“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within.
“This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa, ” said Aliko Dangote.
Afreximbank acted as the Mandated Lead Arranger, for the syndication.
This financing— one of the largest syndicated loans in recent African financial markets—will refinance capital expended on constructing
The financing alleviates initial operational expenditures and enhances DIL’s balance sheet, supporting its continued growth trajectory.
Afreximbank contributed US$1.35 billion, the largest share among participating banks, underscoring its commitment to large-scale infrastructure that advances Africa’s industrialization, energy security, and intra-African trade.
Since operations at the refinery complex began in February 2024, Afreximbank has continued to support the Dangote Refinery by providing key financing solutions—for crude supply and product offtake—ensuring uninterrupted operations and reinforcing its role in Africa’s most significant refining intervention.
Bayo Ojulari, Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), has announced that he and his management team are currently under serious threat.
Ojulari said his offense is the reforms he has introduced in the oil and gas sector in line with the mandate given to him by President Bola Tinubu to turn around the moribund refinery.
He raised this alarm on Thursday, lamenting that some powerful elements are plotting to remove him from the seat.
The NNPCL boss raised the alarm when he received the delegation of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, led by its President, Comrade Festus Osifo, at the company’s headquarters, Abuja.
Details shortly…
Business
Govt, stakeholders to explore industrial policy at W’Africa Manufacturing summit
The collaboration will take centre stage at the West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition 2025, scheduled for October 2025, in Lagos.
•The Minister of State for Industry, John Enoh
The Federal Government has committed to exploring strategies for implementing the new National Industrial Policy to scale industries and transform West Africa’s economic future, alongside manufacturing stakeholders at an upcoming summit.
The collaboration will take centre stage at the West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition 2025, scheduled for October 2025, in Lagos.
The Minister of State for Industry, John Enoh, at a press conference on Wednesday in Lagos, declared that Nigeria will build its industrial policy on past executive orders targeted at promoting local content, but with a stronger push through the Nigeria First policy.
He said, “The previous administrations have tried to enable industrial growth by coming up with various executive orders.
Those include Executive Orders Three and Five, which were targeted at matters about public procurement and giving priority to Nigerian-made goods.
With the announcement of the Nigeria First policy, what becomes of it will be a function of what this administration does.”
Enoh noted that the Ministry of Industry, Trade, and Investment would follow up on the policy with a nationwide campaign to promote patronage of Nigerian goods and services.
He explained, “The hope is that in the next few months, we’re going to start a national campaign on buying made-in-Nigeria goods and services to follow up the presidential pronouncement of the Nigeria First policy.
We found out that the country could earn about N3tn more in the short term if we can run a successful campaign that can also shift the attitudes of Nigerians.
(The Punch)
Business
Access Holdings names Innocent Ike new GMD/CEO
Access Holdings Chairman, Aigboje Aig-Imoukhuede, said Ike’s appointment signals a new phase for the group.He said, “We are thrilled to welcome Mr. Innocent Ike as we move forward. “
• Innocent Ike
Access Holdings Plc has appointed Mr. Innocent Ike as its substantive Group Managing Director/Chief Executive Officer, effective August 29, 2025, following regulatory approval.
The announcement, contained in a statement released on Wednesday and signed by the company secretary, Sunday Ekwochi, comes hours after Roosevelt Ogbonna resigned from the company’s board in compliance with new corporate governance rules issued by the Central Bank of Nigeria.
Ike takes over from Ms. Bolaji Agbede, who has steered the company in acting capacity for the past 18 months after the death of former Group CEO, Herbert Wigwe, in 2024.
She will now return to her role as Executive Director, Business Support.
Access Holdings Chairman, Aigboje Aig-Imoukhuede, said Ike’s appointment signals a new phase for the group.He said, “We are thrilled to welcome Mr. Innocent Ike as we move forward. “
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