Business
Ghana begins construction of $12 bln petroleum hub
Ghanaian President Nana Akufo-Addo has broken ground on the construction of a 300,000 barrel-per-day oil refinery that the government hopes will turn the West African country into the region’s petroleum hub, but critics say the project is flawed.
Ghana, the world’s second biggest cocoa producer, became an oil producer in 2010. Output is currently around 132,000 bpd of crude oil and about 325 million standard cubic feet per day of natural gas.
The project promises to be a cornerstone of our nation’s development,” Akufo-Addo said late on Monday at the site of the project in the southwestern city of Jomoro, which will also include petrochemical plants.
Phase one of the project, estimated to cost $12 billion, will be funded and constructed by a consortium of Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co, he said on state-owned Ghana Television (GTV).
West Africa consumes about 800,000 bpd, according to the African Refiners and Distributors Association, of which almost 90% is imported.
The petroleum hub aims to supply enough refined and by-products to supply the region by 2036, according to an agreement signed in June 2018.
Not everyone is convinced by the plan, however.
Bright Simons, a vice president at Accra-based think tank, IMANI Africa, said the consortium behind the project “is not primed for investment (and) the project has no bankable business plan.”
“Our position is that this is a speculative attempt to grab a landbank for cheap,” he said.
Some residents of the hub’s proposed 20,000-acre site have protested the plans, demanding the project’s footprint be reduced to 5,000 acres.
Oliver Barker-Vormawor, a senior partner of the law firm representing some affected farmer cooperatives, said his clients would not stand down.
“The abrasive manner that the government is proceeding discounts valid concerns around the social and environmental impact of the project, the livelihoods at risk by the displacement of farmers and the unsettled questions of ownership and community land rights.”
The Malindi Environment and Land Court has declined to issue orders stopping the launch and construction of the planned KSh 2 trillion Dangote Oil Refinery in Lamu County.
In a ruling made public on Monday, 28 September 2026, the court instead directed both parties to maintain the status quo on the disputed land in the Hindi/Manda Magogoni area until the matter is heard on 14 October 2026.
The case was brought by 133 residents of Chandavai. They claim the land is their ancestral heritage, where their families have lived and farmed for generations. The residents say they do not oppose development but want their land rights recognised before the project proceeds.
The court ordered the government and other respondents to file their responses within 14 days. The application is scheduled for hearing on 14 October 2026.
The groundbreaking ceremony for the refinery is expected to go ahead as planned on Wednesday, 30 September 2026. While the court has not halted the ceremony at this stage, the status quo order means activities on the disputed site may be restricted pending the October hearing.
Business
Oil Rises As US Rejects Iran Proposal
Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.
Brent crude climbed above $106 per barrel on Monday, recovering losses from the previous session after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, raising concerns that the restoration of oil flows through the critical waterway could face further delays.
Trump also said Tehran had overplayed its hand and expects negotiations to resume this week.
Meanwhile, Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.
Elsewhere in the Middle East, tensions remain high as Saudi Arabia intercepted Houthi drones heading toward Riyadh, along with a missile targeting Khamis Mushait in the south.
Alerts were also issued in Abha and Jazan, where Aramco operates energy facilities.
In the US, Trump is considering a ban on diesel exports as part of efforts to address elevated fuel prices.
Business
NGX Debuts Invest WhatsApp Channel
The channel provides investors with an additional, convenient way to participate in public offers.
Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel.
The channel provides investors with an additional, convenient way to participate in public offers.
Investors can begin the subscription process by sending “Invest” to NGX Invest on WhatsApp at +234 812 731 9521.
They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application.
As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey.
(VANGUARD)
UPDATE: Malindi Court Declines to Halt Dangote Refinery Launch in Lamu
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