Business
FG Plans to Save N7trn As Dangote Refinery Petrol hits market in July
The Federal Government is making plans to save about N35tn in fiscal expenditure within the next five years with the commencement of operations at the Dangote Refinery and Petrochemicals.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this on Monday during the ceremony to inaugurate the Dangote Petroleum Refinery and Petrochemical facility in Ibeju-Lekki, Lagos.
President Muhammadu Buhari, who inaugurated the refinery, which is currently the world’s largest single-train petroleum refiner, said his regime had been deliberate about ensuring public-private partnerships, while describing the refinery as a milestone for the Nigerian economy and a game-changer for the downstream petroleum market in the African continent.
Buhari said, “I recall that just about a year ago, I was here to commission your fertiliser (plant) and had the opportunity to briefly inspect this refinery complex which was under construction. The Group Chairman, Aliko Dangote, assured me that the refinery will be ready for commissioning before the end of my tenure.
“I’m aware that this is not the first time that the Dangote Group under Alhaji Aliko Dangote’s leadership is putting Nigeria on the global map through his bold investments in key industries. This has helped to transform our economy from heavy import dependence to a net exporter in some critical industries including cement and fertiliser.”
At the inauguration, which had in attendance senior government officials from Nigeria and other African countries, Buhari described the refinery as a game-changer, just as the Founder/Chairman, Dangote Group, Aliko Dangote, declared that the facility would put an end to the inflow of toxic substandard petroleum products into Nigeria.
The project was inaugurated at the Dangote Industries Free Zone, Ibeju-Lekki, Lagos State. It was attended by governors, lawmakers, government functionaries, royal fathers, captains of industries and prominent Nigerians from all walks of life.
According to the president, Nigeria’s economy, which has been stressed for many years and over a decade of insurgency, has also been severely impacted by several external crises including the global financial crisis, the collapse of oil prices, the Coronavirus pandemic, and the Russia-Ukraine war.
The consequences of these challenges, he said, constituted a severe strain on the economy, limiting government’s ability to provide basic infrastructure without resorting to huge borrowing.
He said, “Our government, therefore, focused its attention on creating an enabling environment for the private sector to thrive and fill the enormous gap in investments, not only in infrastructure, but also in all critical sectors.”
Dangote also stated that the refinery would start delivering refined products to the Nigerian market from July this year, as operators urged the Federal Government to ensure transparency in the supply of crude oil to the 650,000 barrels per day crude oil processing refinery.
Speaking at the event, the founder of the refinery, Dangote, said, “It is our firm commitment that we will replicate in this sector what we have actually achieved in the cement and fertiliser markets, while Nigeria transformed from being the largest importer of these crude products to a net exporter.”
He pointed out that the “first goal is to ramp up projections of various production to ensure that within this year, we are able to fully satisfy our nation’s demand for higher quality products to enable us to eliminate the tragedy of import dependency and stop, once and for all, the dumping in our market of toxic substandard petroleum products.
“Our first products will be in the market before the end of July, beginning of August this year.”
He also said the refinery plans to export to 53 African countries which depend on other countries for petroleum products.
Meanwhile, Emefiele said the Dangote Refinery and Petrochemicals could spare Nigeria about N5tn to N7tn annually in the fiscal expenditures of the federal government over the next five years.
He noted that the project would support the fiscal operations of the government, easing budget constraints of funding fuel subsidy.
The CBN governor added that the cost of fuel subsidy may hit N4.4tn by the end of 2022.
He said, “This project will equally provide support to the fiscal operations of the government as it could help ease budget constraints of funding the petroleum subsidy and engender fiscal savings. Available data indicate that, over a five-year period, fuel subsidy in Nigeria rose more than nine-folds from about N154bn in 2017 to over N1.43tn before another three-fold rise to N4.4tn by the end of 2022.
“A simple straight-line projection suggests that this figure could surpass N7tn within the next three years if we do not tackle it effectively. Thankfully, the Dangote Refinery and Petrochemicals could spare Nigeria about N5tn to N7tn annually in fiscal expenditure of the federal government over the next five years.”
12,000MW electricity projected
Emefiele also expressed optimism that Nigeria, under the incoming administration, would cease importing petroleum products, fertiliser and petrochemicals and save the country over $26bn.
He said, “Nigeria will cease importing petroleum products, fertiliser and petrochemical that drained over $26bn in 2022. The self-sufficiency in refined petroleum, urea, and polypropylene, which Nigeria has attained with this project is a strong testament to how leadership, dedication, focus, commitment, and resilience have helped Nigeria on its drive towards import substitution and export orientation.”
The CBN governor also noted that the take-off of the Dangote Refinery and Petrochemical factories came with some economic benefits to Nigeria, such as generating thousands of direct jobs and millions of indirect jobs, with over 135,000 permanent jobs.
He added that nearly 4,000 Nigerian personnel are on site, excluding employment by the various contractors and subcontractors at the project site.
The apex bank boss also said that the project would generate up to 12,000WM of electricity, saying, “I am also proud to state that the project will generate up to 12,000MW of electricity. In addition, the refinery and the other ancillary projects will have significant multiplier effects on other sectors of the economy by supporting a diverse range of sectoral value-chains.”
Emefiele further said that the project could save the country in terms of foreign exchange and fiscal burden.
He said, “According to the balance of payments statistics, the cost (including freight) of petroleum products imports into Nigeria doubled over a five-year period from about $8.4bn in 2017 to $16.2bn (indicating an annual average of $11.1bn), before rising further to $23.3bn by end-2022. At this rate, the average annual cost of petroleum products imports to Nigeria could reach $30bn by 2027 if we continued to rely on petroleum imports. These figures suggest that the refinery could engender foreign exchange savings, to the country, of between $25bn and $30bn annually.”
He added that the country could earn about $30bn foreign exchange savings and an extra $10bn, making a total of $40bn foreign exchange savings.
“The impact of this savings will be directly reflected in Nigeria’s foreign exchange reserves by reducing the pressure on our balance of payments. There are also substantial benefits that we will gain from the export of refined products to the rest the world.
“In addition to the nearly $30bn foreign exchange savings from the reduction in petroleum imports, the economy is projected to benefit an extra $10bn of foreign exchange inflow annually through the export of refined petroleum products, which will further boost our official reserves and enhance exchange rate stability,” the CBN governor added.
‘Dangote repaying loans’
Emefiele also disclosed that the Dangote Group has paid back about 70 per cent of the loans it took to construct its mega 650,000 barrels per day refinery in Lagos.
The CBN boss said the refinery was initially estimated to cost just about $9bn but the project cost escalated and was eventually completed with a total of $18.5bn.
The amount, he said, constituted 50 per cent equity investment by Dangote and 50 per cent debt finance by banks.
Emefiele said the commercial loan component of the project was financed majorly by domestic banks while the rest was provided by foreign banks.
“We have it on good authority that the Dangote Group has paid off some portion of these commercial loans even before this commissioning today,” Emefiele said.
He noted that the debt for the refinery has decreased from $9bn to $2.7bn, which is a 70 per cent decrease.
African leaders speak
The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kyari, said the coming on stream of the refinery was a defining moment for Nigeria’s energy sector.
He said NNPC would continue to support investments in the downstream sector that sought to eliminate import-dependency.
Some African leaders who were present at the event described the project as a game-changer that would benefit all of Africa.
Those present at the historic inauguration of the refinery include the President of Ghana, Nana Akufo-Addo; President of Niger Republic, Mohammed Bazoum; President of Chad, Mahamat Deby.
Others include the President of Senegal, Macky Sall, and his Togolese counterpart, Faure Gnassingbé.
In his special remarks, the Ghanaian President, Akufo-Addo, said the refinery would not only strengthen the Nigerian economy, but that of West Africa and the entire continent by extension.
“I’ve said it before, that when we think of West Africa and Africa before our individual countries, we are not just being Pan-Africans, we are being true nationalists because what makes West Africa and indeed Africa better will make each of our individual countries better and more prosperous.
Sanwo-Olu hails Buhari
The Lagos State Governor, Babajide Sanwo-Olu, praised Buhari, the President-Elect, Bola Tinubu, and Dangote for their contributions to the establishment of the first privately-owned refinery in Nigeria.
Business
Dangote Partners Honeywell International to Boost Refinery Capacity to 1.4 million barrels per day
Dangote Refinery, Africa’s largest single-train petroleum refinery, has signed a landmark contract with U.S. industrial giant Honeywell International to execute a significant capacity upgrade that will boost the facility’s crude processing capability from the current 650,000 barrels per day to an ambitious 1.4 million barrels per day.
The multi-billion-dollar project, described by sources close to the deal as one of the largest refinery expansion initiatives globally in recent years, will involve the installation of advanced process units, automation systems, and energy-efficiency technologies supplied and integrated by Honeywell UOP and Honeywell Process Solutions.
Aliko Dangote, President and CEO of Dangote Industries Limited, confirmed the partnership, stating: “This strategic collaboration with Honeywell will position the Dangote Refinery as one of the top five largest refineries in the world by capacity.
The upgrade will not only enhance our ability to meet Nigeria’s complete refined products demand but also establish the refinery as a major export hub for gasoline, diesel, jet fuel, and petrochemicals across Africa and beyond.
”The expansion is expected to be implemented in phases, with key units including additional crude distillation, hydrocracking, and catalytic reforming modules.
Honeywell’s proprietary technologies are anticipated to improve yield of high-value products while reducing energy consumption and emissions.Upon completion, the 1.4 million bpd Dangote Refinery will surpass the current global top-tier facilities such as Reliance Industries’ Jamnagar Refinery (1.24 million bpd) and Paraguay’s planned 1.2 million bpd project, cementing its status as the world’s largest single-train refinery.
The project is expected to create thousands of direct and indirect jobs during the construction and commissioning phases and further reduce Nigeria’s dependence on imported refined petroleum products.
A spokesperson for Honeywell confirmed the award, saying the company was “honored to partner with Dangote on this transformative project that will reshape the African downstream landscape.
”Detailed timelines and the exact value of the contract were not disclosed, but industry analysts estimate the expansion could exceed $5–7 billion in total investment.
The statement said: Dangote Group is pleased to announce that it has entered into a strategic partnership with Honeywell International Inc to support the next phase of expansion of the Dangote Petroleum Refinery.
This collaboration will provide advanced technology and services that will enable the refinery to increase its processing capacity to 1.4 million barrels per day by 2028, marking a major milestone in our long-term vision to build the world’s largest petroleum refining complex.
Through this agreement, Honeywell will supply specialised catalysts, equipment, and process technologies that will allow the refinery to process a broader slate of crude grades efficiently and to further enhance product quality and operational reliability.
Honeywell, a global Fortune 100 industrial and technology company, offers a wide portfolio of solutions across aviation, automotive, industrial automation, and advanced materials.
Honeywell’s division UOP has been a technology partner to Dangote since 2017, providing proprietary refining systems, catalyst regeneration equipment, high performance column trays, and heat exchanger technologies that support our best-in-class operations.
Dangote Group is also advancing its petrochemical footprint. As part of the wider collaboration, we are scaling our polypropylene capacity to 2.4 million metric tons annually using Honeywell’s Oleflex technology.
Polypropylene is a key industrial material widely used across packaging, manufacturing, and automotive applications.In addition to refining expansion, Dangote Group is progressing with the next phase of its fertiliser growth plan in Nigeria. We will increase our urea production capacity from 3 million metric tons to 9 million metric tons annually.
The existing plant consists of two trains of 1.5 million metric tons each. The expansion will add four additional trains to meet growing demand for high-quality fertiliser across Africa and global markets.
Dangote Group remains fully committed to delivering world-class industrial capacity, strengthening Nigeria’s energy security, and driving sustainable economic growth through long-term investment, innovation, and strategic global partnerships.
Business
What Happens if You Build on Unregistered Land in Nigeria? By Dennis Isong
In Lagos and other parts of Nigeria, registration is what gives life to land ownership. It’s like having a car without registration papers—you may drive it for a while, but if the authorities stop you, you’ll have questions to answer.
It started with Tunde, a middle-aged man who had finally saved enough to build a small bungalow for his family in Lagos. He bought land through a “family agent,” eager to start construction quickly.
Within months, the foundation was up, walls were rising, and he proudly watched his dream take shape. But one morning, government officials showed up with an order—his building was sitting on unregistered land.
Tunde’s heart sank. Everything he had worked for was suddenly at risk.Tunde’s story is not uncommon in Nigeria. Many people rush into building on land without confirming its legal status.
The result is often heartbreaking—loss of property, endless court cases, or government demolition. So, what happens if you build on unregistered land in Nigeria? Let’s break it down carefully and realistically.
1. Understanding What Unregistered Land Means
Before we talk about what happens if you build on unregistered land in Nigeria, it’s important to understand what unregistered land actually means.
In simple terms, unregistered land is land that has not been formally recorded with the government or does not have an official title document such as a Certificate of Occupancy (C of O), Governor’s Consent, or registered Deed of Assignment.
When land is registered, it means the government recognizes you as the lawful owner.
Your name and the property details are stored in official land registries, making your ownership legally protected.
But if your land is unregistered, your ownership may only be based on informal documents—like receipts, family agreements, or a local survey plan—which are not legally binding in court.
In Lagos and other parts of Nigeria, registration is what gives life to land ownership. It’s like having a car without registration papers—you may drive it for a while, but if the authorities stop you, you’ll have questions to answer.
The same principle applies to land. You may fence it, build on it, and even live there, but if your land is not legally registered, you don’t have full ownership rights.
This is why real estate experts always warn buyers to confirm land titles before paying a dime. Because in Nigeria, owning land and proving ownership are two different things.
2. The Legal Consequences of Building on Unregistered Land
Now, let’s answer the main question—what happens if you build on unregistered land in Nigeria? The legal consequences can be very serious.
When you build on unregistered land, your development is seen as being done without proper authorization.
According to the Land Use Act of 1978, all land in each state belongs to the Governor, who holds it in trust for the people.
To legally own or use any land, you must have the Governor’s approval through the Certificate of Occupancy or Governor’s Consent. Without this, your ownership is incomplete in the eyes of the law.
If government officials discover that your land is unregistered, they can issue a “stop-work” order, preventing further construction. In many cases, if the land falls under government acquisition or reserved area, the building may be marked for demolition.
And if the land belongs to another person who has legal registration, you could be charged with trespass, even if you didn’t know.
Imagine spending millions building your dream house only to be told that it stands on land that belongs to someone else—or worse, on land the government has already allocated for a public project.
In such cases, ignorance is not an excuse. The law prioritizes the registered owner.Another hidden danger is that you can’t use unregistered land for financial transactions.
For example, banks will never accept such property as collateral for a loan because it lacks a valid title.
Even selling it later becomes difficult since buyers now demand proper documentation before parting with money.
So, while you may enjoy the land temporarily, the long-term risk is too great. Building on unregistered land in Nigeria can cost you not just your investment but also your peace of mind.
3. The Financial and Emotional Cost of Building Without Proper Registration
There is a painful truth many Nigerians have learned the hard way—building on unregistered land might seem cheaper at first, but in the long run, it is far more expensive.Let’s go back to Tunde’s story.
After the authorities stopped his construction, he tried to regularize his documents.
He soon discovered that the land was under government acquisition, meaning it was never meant for private use.
To reclaim it, he had to go through an expensive and uncertain process called ratification.
That process involved multiple visits to government offices, lawyers’ fees, and months of waiting—with no guarantee of success.
Even if you’re lucky enough that the land can be ratified, the total cost of perfecting the title after building is usually higher than if you had done it before construction.
You might need to pay for survey plans, excision, governor’s consent, and other documentation. Each stage involves money, time, and patience.
Financially, you could also lose everything.
If a legitimate owner appears with registered documents, you’ll have no legal claim to the land.
Nigerian courts rely heavily on documentary evidence, not just physical possession.
So even if you’ve built a house and lived there for years, the registered owner can claim it and even obtain an order to demolish your structure.
Beyond money, there’s the emotional toll. Many families have experienced sleepless nights, endless anxiety, and strained relationships because of land issues.
You can’t enjoy your property when you’re constantly worried about losing it. And in some communities, land disputes can turn violent.
So, the next time someone offers you “cheap land,” pause and ask yourself: Is it registered? Because what looks like a bargain today might become your biggest loss tomorrow.
4. How to Avoid the Trap of Building on Unregistered Land
If you truly want to avoid the painful consequences of building on unregistered land in Nigeria, you must follow due process before laying a single block.The first step is verification.
Always confirm the status of the land with the Ministry of Lands or relevant authorities in the state.
In Lagos, for example, you can conduct a land search at the Alausa Land Registry. This search will show whether the land has a valid title, is under acquisition, or has any disputes.
Second, work with professionals. Engage a registered surveyor, a real estate lawyer, or a trusted realtor who understands the terrain.
They can help you verify documents, identify red flags, and guide you through the legal requirements.Third, insist on seeing original documents before paying for any land. Don’t rely on photocopies or word-of-mouth assurances.
If your land is not under government acquisition, you can apply for ratification or regularization.
This process involves the state government officially approving your ownership and issuing a title document.
Check for the C of O, Deed of Assignment, or Governor’s Consent. And if the land is family-owned, make sure you deal directly with recognized family heads, not self-appointed agents.
Fourth, once you buy the land, register it immediately. Many people delay registration because they want to “build first and register later.”
This is risky.
Once you start construction, you expose yourself to legal issues. Registering your land protects your ownership and gives you the confidence to develop it freely.
Last, remember that due diligence is cheaper than regret. Spending a few weeks verifying land is better than losing years of hard work.
5. What You Should Do If You’ve Already Built on Unregistered Land
Let’s be realistic—many people reading this might already be living on unregistered land.
The good news is that all hope is not lost. There are legal steps you can take to regularize your property, although it depends on the specific situation.
If your land is not under government acquisition, you can apply for ratification or regularization. This process involves the state government officially approving your ownership and issuing a title document.
You’ll need to submit your survey plan, proof of purchase, and other documents. It can take time, but once completed, your land becomes legally recognized.
However, if your land is within a government-acquired area or marked for public use, things get complicated. In such cases, the government may reclaim it without compensation.
But sometimes, depending on the policy and nature of the land, you may be able to apply for excision, which means the government releases a portion of the acquired land for private ownership.
Another option is negotiation. If the land belongs to a private owner with proper documents, you can reach an agreement and purchase the land officially through a fresh Deed of Assignment. It might be costly, but it’s better than losing your investment entirely.
The key is not to ignore the situation. Visit the Ministry of Lands, talk to a property lawyer, and start the regularization process.
The earlier you act, the higher your chances of securing your property legally.Building on unregistered land in Nigeria may seem like an innocent mistake, but the consequences can be devastating.
You risk losing your property, facing legal battles, or spending double the cost trying to fix documentation problems.
The question—What happens if you build on unregistered land in Nigeria?—should not just be a curiosity; it should be a serious warning to every property owner or investor.
Real estate in Nigeria is one of the most profitable investments, but only when done correctly.
Always prioritize legal ownership over quick development. Verify, register, and secure your documents before building.
It’s the only way to truly own your land without fear or uncertainty.So, learn from Tunde’s story. Don’t rush the process.
A dream home built on shaky legal ground can easily become a nightmare. But with proper guidance, patience, and professional help, you can own property in Nigeria safely and confidently.
Dennis Isong is a TOP REALTOR IN LAGOS.
He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call +2348164741041
Business
At age 16, he spent $23 to buy a website domain. 9 years later, his blue-collar business brings in $1.3 million a year
Almost a decade later, what started as a blue-collar side hustle by two brothers, now has over 20 employees and is on track to bring in about $2.3 million in 2025, according to documents reviewed by CNBC Make It.
Image credit: CNBC
Growing up, Zames Chew thought he wanted to work a white-collar role at a company like Google, but his career took a different turn.
Today, the 26-year-old runs the Singapore-based handyman service Repair.sg, alongside his 24-year-old brother and co-founder, Amos Chew.
In 2024, their Singapore-based company Repair.sg brought in 1.7 million Singapore dollars (about $1.3 million), according to documents reviewed by CNBC Make It.
“When I was younger, my dream was always to work in big tech,” said Chew. But one day in early 2016, he discovered a gap in the market.
“Our parents were looking for a service provider to fix something around the house,” said Chew. “I was just looking online, and … there [seemed] to be nowhere to find service providers [online] back in the day.
So I was like … let me put together a website and see what happens from there.”
So, at age 16, Chew spent 30 Singapore dollars (about $23) to buy a website domain name, had his father help him register the business, and Repair.sg was born.
Almost a decade later, what started as a blue-collar side hustle by two brothers, now has over 20 employees and is on track to bring in about $2.3 million in 2025, according to documents reviewed by CNBC Make It.
Starting a side hustle at 16
As kids, the Chew brothers loved being hands-on.
“My brother and I would do everything together. That means building Legos, building PCs, taking things apart,” said Chew.
”[We] have always been building projects together, and it has [been] our dream to … work together when we became adults.”
The two were able to realize this dream during their teenage years after starting Repair.sg.
The company gained momentum slowly until the last few years when its growth started to soar, said Chew.
For the first three years of the company, the brothers were still in school, so they had to squeeze in work for the business in between classes, or during their evenings.
What a lot of people don’t know is that there’s a lot of education … [and] licensing behind some of the services that we do, and it goes beyond just taking a screwdriver and hammer [to] things,” he said.
So they spent years acquiring the knowledge, skills and licenses necessary to run their business.
In addition, before the business scaled, they would take on most jobs themselves such as replacing lights, and fixing furniture.
“For the first seven years, up until perhaps even early 2024, [the business] was basically at the brink of death most of the time,” said Chew. “We were young and weren’t very good business owners.”
Credit: CNBC
-
Sports3 days agoAFCON 2025: CAF Expand Teams List from 24 to 28 players
-
Sports3 days agoUgborodo’s abandoned FIFA project
-
Sports3 days agoOsimhen donates N5million to ailing online food vendor
-
Opinions6 hours agoAgbakoba Writes Oyetola on ‘Unlocking Nigeria’s Maritime Potential to Generate ₦70 Trillion Annually’
-
Sports3 days agoFormer Falcons coach Waldrum questions NFF on FIFA’s $960,000 “Where’s that money?
-
Sports3 days agoMikel Obi ready to reset Nigerian football governance
-
News2 days agoOgun Orders Temporary Suspension of Lead Ingot Exports, Shuts Seven Plants
-
News1 day agoTinubu Appoints 32 New Ambassadors
