Business
What Dangote tells the Nigerian Society of Engineers about his $20 billion refinery
Honestly, if we had fully understood the magnitude and challenges involved, we may not have even attempted it, but it is because we didn’t know what we were into initially and the courage, or maybe, naivety that got us this far.”
Africa’s richest man and industrialist, Alhaji Aliko Dangote, said yesterday he wouldn’t have attempted his $20 billion refinery, if he knew the magnitude of the facility.
He also expressed commitment to empowering Nigerian engineers and building local capacity through large-scale industrial projects.
Dangote, who stated this while receiving a delegation from Lagos branch of the Nigerian Society of Engineers, NSE, at the Dangote Petroleum Refinery at Ibeju-Lekki, Lagos State, said the scale of the refinery was more than initial expectations.
He said: “Honestly, if we had fully understood the magnitude and challenges involved, we may not have even attempted it, but it is because we didn’t know what we were into initially and the courage, or maybe, naivety that got us this far.”
He noted that the refinery was designed to handle massive volumes, with up to 600 product vessels and about 240 crude oil tankers expected annually.
Dangote noted that challenges faced during the construction included working on swampy terrain, extensive land clearing, and dredging 65 million cubic metres of sand from 20 kilometres offshore, adding that all were in an effort to protect local fishing communities.
“We had to uproot thousands of trees manually. Sand-filling alone took 18 months but we made a deliberate decision to preserve the livelihoods of those living nearby, especially fishermen,” he said.
The Chairman, NSE Lagos branch, Mrs Olukorede Kesha, described the refinery as an engineering breakthrough for Africa.
She commended Dangote’s initiative, saying the refinery was the first in Africa.
“The NSE exists to ensure continuous professional development, and this visit is part of that goal.“We have heard so much about the refinery but seeing it ourselves has been extraordinary,’’ Kesha said
Business
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
Business
NCC, CBN launch telecom industry portal to track fraudulent phone lines
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”
The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.
Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
UPDATE: DSS Arraigns Nasir El-Rufai, Pleads Not Guilty to 5 Count Charges
Ex-Gov. El-Rufai Faces 5-count Amended Charge – DSS (Video)
Pharmacists body urges FG to establish presidential committee for sector
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Politics3 days agoAPC pegs presidential ticket at N100 million, governorship N60 million
-
News3 days ago536 blind candidates participate in 2026 UTME
-
Business3 days agoJohn Ternus is Apple’s incoming CEO
-
Business3 days agoNCC, CBN launch telecom industry portal to track fraudulent phone lines
-
News3 days agoKaduna High Court Denies El-Rufai Bail
-
Sports3 days agoGovernor Adeleke Remodelling Osogbo Stadium to 15,000 Sitting Capacity
-
Health3 days agoUK GMC confirms more than 4,600 Nigerian doctors migrate to UK in three years
-
News2 days agoEdun, Dangiwa quit Tinubu’s cabinet * Oyedele becomes Finance Minister