Latest news with #DangoteGroup
Business Insider
21-06-2025
- Business
- Business Insider
Aliko Dangote eyes Namibia for the next big investment move amid pan-African expansion
Aliko Dangote, billionaire and one of the most prominent African investors, is considering Namibia as a potential destination for his group's extensive investment portfolio. Billionaire Aliko Dangote considers Namibia for expanding his investment portfolio. His investment approach emphasizes Africa-wide economic self-reliance and development. Namibia is implementing strategies in green hydrogen and private sector collaborations. Fresh off the completion of what is now the world's largest oil refinery, Dangote hinted at his plans to expand into Namibia during a high-level meeting with President Netumbo Nandi-Ndaitwah in Windhoek this week. The visit marks another step in the Dangote Group 's ongoing expansion into energy and industrial markets across over a dozen African countries, including South Africa, Ethiopia, Zambia, and Tanzania. ' Africa is Africa. It's not about Nigeria alone. If we sit back, there is no entrepreneur; whether from Japan, the U.S., or elsewhere, who can come and build our continent for us. ' The billionaire said. Why Namibia? Dangote's interest in the southern African nation aligns with its emerging green hydrogen strategy and energy ambitions, as well as its renewed focus on pan-African private sector partnerships. Most notably, he announced the completion of a 650,000-barrel-per-day oil refinery, now the largest in the world, alongside significant production capacities for polypropylene, fertilizer, LPG, and other industrial products. He stated, " We now have oil and gas. We've just finished building the largest refinery ever built, not just in Africa, but globally." 'We produce one million tonnes of polypropylene, carbon black feedstock, LPG, sulphate chips, and a fertilizer capacity of over three million tonnes; the second largest in the world." He added. The billionaire investor highlighted his $620 million investment in South Africa as part of a broader strategy to promote economic self-reliance and intra-African trade, stating,"It's not about Nigeria; it's about Africa. We must show that it can be done, and done by us." In response to his comments, President Nandi-Ndaitwah emphasized the need for African-owned investments to drive value addition and job creation. She said: " We are too few to be poor, considering the resources we have; both human and natural." "We don't want to be seen as a rich continent with poor people. African entrepreneurs like you give hope to the young ones that it is possible." She added. In a potential investor-wooing effort, she invited Dangote to consider Namibia as "a home away from home" and affirmed the country's readiness to support African-led investment projects with long-term local impact. 'When we meet successful African entrepreneurs like you, it is not just business; it is inspiration,' she said. 'Namibia is ready for this kind of partnership.' Nandi-Ndaitwah said.
IOL News
20-06-2025
- Business
- IOL News
Africa's billionaires: Who are the richest in 2025?
Africa's 22 billionaires saw their combined fortunes surge to a record $105 billion (R1.9 trillion) this year, up from $82.4bn held by 20 individuals last year, the Forbes 2025 Africa billionaires report showed. Here's the top five on the list Aliko Dangote - Nigerian industrialist Aliko Dangote is the founder and president/chief executive of the Dangote Group, the largest conglomerate in West Africa, which includes Dangote Cement, a subsidiary of the Dangote Group, is the largest cement producer in Africa. He remains Africa's wealthiest person for the 14th consecutive year. His net worth surged to an estimated $23.9 billion, driven significantly by Forbes now valuing his massive Dangote Refinery near Lagos. The refinery, operational after lengthy delays, is key to Nigeria's shift from fuel importer to exporter. Dangote, ranked among the world's top 100 richest, calls the project pivotal for Africa's self-sufficiency. Johann Rupert and family - South African luxury goods magnate Johann Rupert holds firm as Africa's second-richest billionaire. His fortune climbed 39% to $14 billion, largely reflecting the rebound in shares of Richemont, the luxury group he chairs and controls through family holdings. Richemont, owner of brands like Cartier, benefited from strong global demand for high-end jewellery and watches, cementing the Rupert family's dominant position in the sector.
Zawya
20-06-2025
- Business
- Zawya
Nigeria: Dangote blames shortage of domestic crude oil for reliance on imports from US
The President of Dangote Group, Alhaji Aliko Dangote, has blamed shortage of domestic crude oil for the major reason Dangote refinery increasingly relied on imports from the United States to meet its needs in recent months. Dangote stated this during the tour of the facility by the Technical Committee of the One-Stop Shop (OSS) for sale of crude and refined products in naira initiative. He applauded the technical committee for its role in supporting the implementation of President Tinubu's laudable Naira-for-Crude initiative. He also commended the positive impact of the naira-for-crude swap deal on the Nigerian economy, noting that it has led to a reduction in petroleum product prices, eased pressure on the dollar, and ensured the stability of the local currency, among others. However, he noted in a statement: 'Due to a shortage of domestic crude oil, the refinery has increasingly relied on imports from the United States to meet its needs in recent months.' He stressed the importance of bold investment in strategic sectors as a key to industrialisation, revealing that building the refinery required extensive infrastructure development, including a world-class, self-sufficient marine facility capable of accommodating the largest vessels globally. He assured the delegation of the refinery's commitment to national development. Designed to process a wide range of crude types, including African and Middle Eastern grades as well as US Light Tight Oil, the refinery has the capacity to meet 100 per cent of Nigeria's domestic demand for petrol, diesel, kerosene and aviation jet fuel, with a surplus available for export. The $20 billion Dangote Petroleum Refinery & Petrochemicals was described as 'a symbol of industrial revolution, driving Nigeria's economic emancipation' by the Technical Committee of the One-Stop Shop (OSS) for sale of crude and refined products in naira initiative during the tour of the facility on Tuesday. Coordinator of the OSS Technical Committee, Mrs Maureen Ogbonna, who led the delegation, described the refinery as a breath of fresh air, impacting virtually every sector of the economy. 'This refinery touches all our lives. There's scarcely any sector unaffected. From pharmaceuticals to construction, food to plastics, this project is transformational. God has used the President of the Dangote Group to liberate Nigeria. I see this as the beginning of an industrial revolution,' she said. Noting that, in line with President Bola Tinubu's vision of achieving full domestic sufficiency in petroleum products and positioning Nigeria as a major global exporter, the committee is committed to eliminating regulatory, operational and logistical barriers that hinder the smooth supply and sale of domestic crude oil and refined products in naira. Reflecting on the scale and sophistication of the facility, Ogbonna, who had visited during construction and more recently alongside the leadership of the Nigerian Ports Authority, expressed continued awe at its execution. 'It is truly mind-blowing that one man could envision and execute such a project. As we toured the refinery, we thought we had seen everything until we reached the laboratory. That lab alone is an institution. I don't know of any institution in Nigeria or even globally that boasts such a laboratory for petrochemical,' she said. Applauding the engineering feat, Ogbonna urged Dangote to remain focused and undeterred by detractors, emphasising that the project is a global achievement, not a personal enterprise. 'We feel truly honoured to have been warmly received by the President of the Dangote Group and his team. My advice to him is: do not be discouraged by critics. He was never self-centred. Despite the obstacles, he was driven by a vision for Nigeria's future, reaching far beyond Africa,' she added. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Business Insider
20-06-2025
- Business
- Business Insider
Dangote's growing reliance on U.S. crude tied to Nigeria's supply failures
Aliko Dangote, President of the Dangote Group, says his refinery is increasingly depending on crude oil imports from the United States due to Nigeria's failure to meet domestic supply commitments. Aliko Dangote states his refinery increasingly relies on U.S. crude imports due to Nigerian supply challenges. Despite being Africa's largest oil producer, Nigeria has struggled to meet domestic crude supply commitments. The Dangote Refinery has diversified its sources, importing crude grades from the U.S., Angola, and Algeria. Despite being Africa's largest oil producer, Nigeria has struggled to consistently provide crude feedstock to the 650,000-barrel-per-day Dangote Petroleum Refinery, forcing it to look abroad to sustain operations. The Dangote Refinery recently hosted Mrs. Maureen Ogbonna, Coordinator of the Technical Committee of the One-Stop Shop for the Sale of Crude and Refined Products in Naira initiative, during an official visit to the facility. Ogbonna, who led a delegation to the refinery, described it as ' a breath of fresh air ' with a transformative impact across virtually every sector of the Nigerian economy. While applauding the technical committee's role in supporting President Bola Tinubu's naira-for-crude initiative, Aliko Dangote praised the policy's positive effect on the economy. He noted that the crude-for-naira swap deal has helped lower petroleum product prices, reduced pressure on the U.S. dollar, and contributed to stabilizing the local currency. However, Dangote acknowledged that due to ongoing shortages of domestic crude oil, the refinery has increasingly had to rely on imports from the United States in recent months to sustain operations. As a result, U.S. suppliers have become a key fallback, highlighting both Nigeria's supply gaps and the growing role of international markets in sustaining one of Africa's largest energy investments. Dangote's dependence on foreign crude According to the National Bureau of Statistics (NBS), Nigeria spent ₦1.19 trillion on crude oil imports in the first quarter of 2025, making it the country's third most imported commodity during the period—despite being Africa's top oil producer. The contradiction highlights persistent supply gaps to local refineries, especially the Dangote Petroleum Refinery. Findings show that the Dangote Refinery is projected to import 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered over the past two months, amid ongoing allocations under the Federal Government's naira-for-crude policy. As of March 2025, the refinery had received over three million barrels of U.S. crude in a single month, according to Bloomberg. Beyond American crude, the refinery has diversified its sources by importing Angola's Pazflor grade and Algeria's Saharan Blend, both supplied by Glencore Plc.
Zawya
16-06-2025
- Business
- Zawya
Nigeria's Dangote refinery to supply fuel directly, challenging local traders
The Dangote Oil Refinery will in August begin directly begin supplying fuel to retail stations, manufacturers, telecoms firms, and other large users, a move that could enhance supply but puts it in direct competition with local fuel traders. Africa's biggest refinery with 650,000 bpd capacity began processing gasoline for the local market last year and has allowed local fuel traders lift products from its refinery. Now it seeks to take on distribution. To facilitate the undertaking, the refinery said in a statement on Sunday that it had procured 4,000 new Compressed Natural Gas (CNG)-powered trucks, and will build over 100 CNG refuelling stations across the country. The refinery said it will also offer a credit facility, allowing purchases of 500,000 liters to access an additional 500,000 liters on credit for two weeks under bank guarantee. Dangote's planned deployment of 4,000 trucks is more than double the number of trucks currently in operation and this is unsettling local fuel traders. "In one fell swoop, he's trying to wipe us out," said Billy Gillis Harry, head of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN). The group comprising over 6,700 members said introducing cheaper CNG trucks poses a threat to the livelihood of truckers and will erode the businesses of traders supplying the telecom companies, retail stations and industries. (Reporting by Isaac Anyaogu; Editing by Chizu Nomiyama )
