Business

Firm Hails Tinubu Over DICON Act Signing

Published

1 year ago

February 15, 2025

Charles Flames

625 Views

….Says Nigeria Capable of Attaining Self-Sufficiency in Military Hardware

A Nigerian firm, DICON Gray Insignia, has commended President Bola Tinubu for signing the amended Defence Industries Corporation of Nigeria (DICON) Act, which allows for the local manufacturing and storage of military hardware.

The firm also praised the Ministry of Defence, the Defence Industries Corporation of Nigeria (DICON), and other relevant government agencies in the security and defense sector for their efforts to develop the local market for security equipment manufacturing and reduce dependence on imported military hardware, which comes at a huge cost.

In a statement over the weekend, the MD/CEO of DICON Gray Insignia, Mr. Bem Ibrahim Garba, said President Tinubu has demonstrated bold leadership by ensuring that the vast foreign exchange spent on importing weapons is redirected toward initiatives that enhance the livelihood of Nigerians.

He stated that DICON Gray Insignia is ready to offer its technical expertise to ensure that, as the giant of Africa, Nigeria no longer remains at the mercy of countries that profit from exporting weapons to the highest bidders.

Garba described the amendment of the DICON Act by the National Assembly and its signing by President Tinubu as a game changer that will have significant security and economic benefits for the country.

Highlighting the far-reaching impact of the Act, he emphasized that local manufacturing of defense equipment will strengthen the naira, as transactions will be conducted in local currency rather than in foreign exchange.

Furthermore, he noted that the usual delays in military procurement—where orders can take up to a year before delivery—will be eliminated.

He stated: “This is a huge win for our country. We will no longer need to export massive amounts of foreign exchange to international markets, nor will we have to endure long waiting periods to supply our military and security forces.

The order and delivery gap will now be closed.”

“Our young people will be exposed to new technical skills, empowering them with meaningful employment opportunities and reducing pressure on the labor market.

Training them to manufacture these tools is in the best interest of our nation.

”Garba also expressed profound gratitude to the Honourable Minister of Defence, Alhaji Abubakar Badaru; the Minister of State for Defence, Bello Matawalle; and the Permanent Secretary of the Ministry for their visionary leadership in prioritizing Nigeria’s defense capabilities.

He further highlighted that local manufacturing will not only serve Nigeria but also benefit neighboring West African countries, many of which rely on imported military hardware to combat insecurity.

Experts have applauded the DICON Gray Insignia partnership, viewing it as a strategic shift in Nigeria’s defense procurement policy—one that prioritizes technology transfer and local production over foreign dependency.

President Tinubu’s administration has made local manufacturing of defense equipment a key policy focus, leveraging strategic collaborations with both foreign and local partners through DICON as the central platform.

Related Topics:DICON Featured Firm Tinubu

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Naira Exchange Rates Thursday 25 June 2026

Published

14 hours ago

June 25, 2026

OCHEFA

23 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,380.08

GREAT BRITISH POUND (GBP) ₦1,815. 63

EURO (EUR) ₦1,566.63

SWISS FRANC (CHF) ₦1,696.05

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦202.62

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858. 54

SAUDI RIYAL (SAR) ₦367.58

SOUTH AFRICAN RAND (ZAR) ₦82. 91

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Business

Dangote Refinery Dismisses Claims of Fuel Re-Importation from Togo

Published

2 days ago

June 24, 2026

Charles Flames

43 Views

Dangote Petroleum Refinery has strongly rejected allegations that its refined petroleum products are exported to Lomé, Togo, and later re-imported into Nigeria.

In a statement issued on Tuesday, the refinery described the claims as “a web of falsehoods,” “baseless,” and “unsubstantiated,” arguing they lack commercial logic and contradict its core business objectives of boosting local production and achieving energy self-sufficiency.

The refinery emphasized that its sales contracts and tender terms explicitly prohibit buyers from reselling or re-importing the products back into Nigeria. It further noted that available trade data and the high costs of round-trip shipping (estimated at US$68–90 per ton) make such a scheme economically unviable.

The allegations surfaced amid reports suggesting that a significant portion of Nigeria’s seaborne fuel imports between March and May 2026 originated from Dangote products rerouted through the offshore ship-to-ship trading hub in Lomé.

Some marketers claimed pricing differences made it cheaper to buy from foreign traders via Togo.

Dangote Refinery dismissed these assertions, insisting there is no evidence to support them and reaffirming its commitment to supplying high-quality fuels directly to the Nigerian market at competitive prices.

The development highlights ongoing tensions as the refinery continues to reduce Nigeria’s reliance on fuel imports.

Business

Afreximbank wooing Nigeria’s rising culinary stars for participation in 2026 CANEX Junior Chef Competitions

The competition invites Nigeria’s most promising junior culinary talents, aged 16 to 21, to showcase their creativity, technical skills, and cultural storytelling at the CANEX WKND 2026, set to hold from 5 to 8, November 2026, in Lagos, Nigeria.

Published

3 days ago

June 23, 2026

OCHEFA

54 Views

Photo: Winners of the CANEX Junior Chef Competition display their prizes during IATF2025 in Algeria.

The African Export-Import Bank (Afreximbank), through its Creative Africa Nexus (CANEX) programme, has opened applications for the 2026 edition of the CANEX WKND 2026 Junior Chef Competition.

Now in its second edition, the competition builds on the landmark debut in Algiers, Algeria, during IATF2025, with Fatma Zohra Bendjelida crowned the inaugural winner.

This year, the spotlight turns to Nigeria’s next generation of culinary talents.

Eight aspiring young chefs will earn their place on the live stage at CANEX WKND in Lagos, where they will transform African culinary heritage into bold, signature creations; making dishes that honour the flavours, traditions, and stories of the continent while presenting a fresh, fearless voice in African gastronomy.