Business

Dangote’s Downstream Push Promises to “Shake Up” Oil Industry

Published

2 months ago

June 10, 2025

100 Views

The President of the Dangote Group and founder of the Dangote Petroleum Refinery, Aliko Dangote, says there will be an announcement of what he calls a major ‘shakedown’ in the entire country soon.

Dangote said this was not about price reduction, but the complete overhaul of the downstream sector.

He stated this in an interview with newsmen following the recent visit of President Bola Tinubu to the $20bn refinery in Lekki, Lagos.

Asked to mention the ‘big thing’ he had in store for Nigerians with the refinery, Dangote replied, “Now that the President has visited and he has given us additional energy, we will inform you, you will hear from us soon, and that will be one of the major shakedowns in the entire country. It is not the reduction of price, it will be the total overhaul of the downstream.”

Dangote, who refused to let the cat out of the bag, noted that the company would go on a “massive trajectory” with the refinery

“I told the President that he had not seen anything yet, we are going on a massive trajectory, much more than what you have seen here. If you come back in the next five years, the refinery will be on the back burner,” he stated.

The businessman also restated that the refinery would be listed on the stock exchange market, starting with the fertiliser company this year.

He acknowledged the impact of President Tinubu’s economic policies, saying recent reforms had fostered a more conducive environment for industrial growth and long-term investment.

Dangote also expressed appreciation for President Tinubu’s ‘Nigeria First Policy’, which aimed to reduce dependence on foreign goods and services by prioritising local content in investment decisions, business operations, and consumer behaviour.

He remarked that this policy aligned with the Dangote Group’s corporate vision of producing what the nation consumes and fostering self-sufficiency to meet the basic needs of Nigerians.

He also commended the administration’s “significant improvements in national infrastructure through initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.

”He noted that under these schemes, eight major roads – including the Lekki-Epe corridor – had been awarded within the same cluster at a cumulative cost of N900bn.

According to Dangote, the petroleum refinery was one of several strategic initiatives by the Dangote Group in support of the Federal Government’s Renewed Hope Agenda, which sought to reposition Nigeria as a regional manufacturing hub.

“Our objective is to produce domestically those goods that have historically been imported, despite our abundant natural resources. It is on record that our investment in cement manufacturing made Nigeria self-sufficient in that sector, ending cement importation and turning the country into a net exporter.

“We achieved the same in fertiliser production, as Nigeria is now self-sufficient and exports the surplus, thereby generating valuable foreign exchange.

We have also commenced exportation of refined petroleum products to several countries, including the United States and Saudi Arabia, among others,” he added.

Dangote noted that the refinery offered extensive benefits to the Nigerian economy and its people, declaring that the days of long fuel queues were over in Nigeria.

“We remain steadfast in our commitment to contributing meaningfully to Nigeria’s economic transformation, supporting your administration’s efforts to build a self-reliant, globally competitive nation.

We have remained Nigeria’s highest tax-paying company. With continued collaboration and shared resolve, we are confident that the journey ahead will usher in even greater opportunities for our people and our country.

“The Dangote refinery complex is, in many ways, your brainchild,” Dangote told the President.

“Mr President, let me just say one thing — the main road leading into our refinery is now to be known as Bola Ahmed Tinubu Road,” Dangote disclosed.

He also revealed that, despite paying N450bn in taxes last year, the group was committed to spending N900bn on road infrastructure across Nigeria.

According to him, the Deep Sea Port Access Road is “one of eight major road projects totalling 500 kilometres, including two in Borno State that will eventually link Nigeria to both Chad and Cameroon.”

Speaking, Tinubu commended Dangote for his belief in Nigeria and for making “bold investments that have become a cornerstone in the country’s economic transformation.”

Tinubu described the refinery as “a remarkable achievement,” calling it “a phenomenal project of our time” and “a major point of reference for Nigeria’s industrial and economic growth.”

“Having inspected the Dangote Refinery, which is a great point of reference, a great phenomenon of our time, and a massive investment, I want to thank Aliko Dangote.

“I am also pleased that the Deep Sea Port project, which I initiated during my tenure as Governor of Lagos State, has become a resounding success. It has significantly reduced logistics costs by eliminating the need for trans-shipment,” Tinubu said.

He described Dangote as one of the ‘four wise men’ in Nigeria’s economic landscape, citing his investments and steadfast commitment to the country.

“I landed here with four wise men. I will say, wise men. Jim Ovia of reputable Zenith Bank, who has been acknowledged worldwide; Femi Otedola, my baby brother; Samad Rabiu of BUA; and I believe the wisest of them all, Alhaji Aliko Dangote, who is so daring in thinking, doing, and believing in his country,” he said.

Up Next

Court Battles Stalling Huaxin Takeover of Lafarge Cement

Don't Miss

Fraudsters are demanding money from investors – NNPC raises alarm

Click to comment

Business

BUA Cement records N580.3bn half-year revenue

Published

1 hour ago

July 26, 2025

Charles Flames

9 Views

BUA Cement Plc has reported a revenue of ₦580.3 billion for the first half of 2025, reflecting a significant rise from ₦363.9 billion recorded during the same period in 2024.

The company made the announcement in a corporate disclosure filed with the Nigerian Exchange Ltd. on Friday.

Also, the company’s gross profit rose from N109.3 billion to N285.8 billion and the profit after tax soared to N180.9 billion up from N34.3 billion.

The earnings per share grew from 101.15k to 534.18k.

Business

Aliko Dangote retires

Published

21 hours ago

July 25, 2025

Charles Flames

33 Views

Foremost entrepreneur and founder of Dangote Cement Plc, Aliko Dangote has announced his retirement as a Director and the Chairman of the Board of Directors, effective July 25, 2025.

He is relinquishing his position as chairman and retiring from the board so as to focus more attention on the Refinery, Petrochemicals, Fertiliser and Government Relations, in order to drive the company’s five-year business trajectory to a superlative height.

The board of Dangote Cement Plc has therefore announced the appointment of Mr. Emmanuel Ikazoboh, an independent non-executive director, as the new Chairman, Board of Directors.

In the same vein, Hajiya Mariya Aliko Dangote was also appointed to the Board of Directors of the Company while Prof. Dorothy Ufot retired from the Board.

Reputed as Africa’s leading investor, Aliko Dangote leaves giant footprints as he retires from the board.

His vision and tenacity redefined not just a company, but the entire cement industry landscape by becoming Africa’s largest cement producer and largest exporter of cement and clinker in Sub Saharan Africa.

Aliko Dangote’s journey with cement began with a bold dream: to make Nigeria and Africa self-sufficient in cement production.

Through strategic investments in state-of-the-art plants, and a commitment to local content, he not only met that goal but exceeded it.

Dangote Cement Plc has 52.0Mta capacity across African continent with Nigeria accounting for 35.25Mta.

Currently, additional greenfield plants are coming up in Cote Ivoire (3.0Mta) and Itori, Nigeria (6.0 Mta) and on completion this year will push total capacity to 61.0Mta.

Under his visionary leadership, Dangote Cement Plc recorded the highest revenue and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in the history of the company.

According to the unaudited results for the six months ending 30th June 2025, the group revenue went up by 17.7 percent, from N1,760 billion at the same period in 2024 to N2,071.6 billion, representing the highest revenue in the history of the company.

Group Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 41.8 percent to N944.900 billion from N666.22 billion.

EBITDA (Nigeria Operations) grew by 82.4 percent to N845.4 billion. Profit before tax went up from N292.96 billion to N730 billion indicating 149 percent increase while profit after tax surged by 174.1 percent to ₦520.5 billion, in contrast to N189.90 billion in the same period at the preceding period.

In the six months, export volumes from Nigeria increased by 18.2 percent, with 18 successful clinker shipments made to Ghana and Cameroon.

Aliko Dangote’s legacy will be counted in the millions of jobs created, the infrastructure built, and the confidence restored in African industrial potential.

He has proven that Africa can produce, compete, and lead on the global stage. It is on record that subsidiaries under Dangote Group paid over N402 billion in taxes in 2024, making it the highest taxpayer in the country.

The new Chairman of the Board of the Company, Emmauel Ikazoboh in his acceptance speech, said he is truly honored to accept the role of Chairman of Dangote Cement Plc while pledging to uphold the highest standards of leadership and dedication in this role.

He described the company as a beacon of African enterprise, which has consistently demonstrated resilience, innovation, and a commitment to excellence.

Over the years, Dangote Cement Plc has not only become the continent’s leading cement producer but has also played a vital role in driving economic growth and development across numerous African nations.

Giving an insight into what his tenure holds for the company, he said, “my vision for Dangote Cement Plc is built upon a foundation of sustainable growth, operational efficiency, and unwavering commitment to our core values.

We will continue to focus on the following key priorities, Operational Excellence, Strategic Expansion, Sustainability, Innovation and Community Engagement.

Part of the strategies he intends to introduce include driving down costs through the implementation of robust cost-reduction strategies to navigate inflationary pressures and enhance competitiveness.

The company he stated will accelerate efforts to adopt alternative fuels and technologies, reducing reliance on fossil fuels and contributing to a more sustainable future.

Regarding staff welfare, he promised that the company will continue to invest in training and development, fostering a culture of excellence and empowering employees to reach their full potential.

Emmanuel Ikazoboh was previously the Group Chairman of Ecobank Transnational Inc., the Pan-African banking group. He started his professional career at Akintola Williams Deloitte.

He first became the Managing Partner for francophone offices in Cameroon and Côte d’Ivoire and later became the Managing Partner of the Deloitte firm in West and Central Africa until 2009.

In 2010 he was appointed by the Securities and Exchange (SEC) as an Interim Administrator to carry out capital market reforms of the Nigerian Stock Exchange (NSE) and the Central Securities Clearing System Plc. (CSCS).

Business

UK Parliament Honors NASENI CEO for Driving Africa’s Industrial Innovation

In his remarks, Halilu emphasised Africa’s readiness to lead in innovation, manufacturing, and sustainability.“It is a great honour to receive this award alongside fellow visionaries committed to Africa’s future.

Published

2 days ago

July 25, 2025

OhiBaba

40 Views

The Executive Vice Chairman and Chief Executive Officer of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Halilu, has been honoured with the prestigious African Achievers Award at the 15th edition of the ceremony held at the historic House of Lords, UK Parliament.

The award, presented during an event that brought together royals, global leaders, policymakers, and innovators, recognised Halilu’s outstanding contributions to advancing Africa’s technological infrastructure, innovation ecosystems, and industrial growth through his leadership at NASENI.

Hosted by Baroness Sandip Verma, Chancellor of the University of Roehampton and a respected member of the House of Lords, the ceremony was a powerful global showcase of African excellence and transformative leadership, a statement by NASENI’s Director of Information, New Media and Protocol, Olusegun Ayeoyenikan, said.

Halilu joined a distinguished group of honourees including public officials, business executives, and philanthropists shaping the future of the continent.

At NASENI, we are bridging the gap between ambition and access, turning ideas into industries, empowering indigenous solutions, and driving forward Nigeria’s and Africa’s industrial transformation. Africa is not just rising, it is ready,” he said.

Under his leadership, NASENI, the statement said, has been repositioned as Nigeria’s leading technology transfer agency, delivering on the Renewed Hope Agenda of President Bola Tinubu by enabling local production in critical sectors such as clean energy, agriculture, transportation, and digital infrastructure.