Economy
Dangote Repays $2.4bn of $5.5bn Loan for Lagos Refinery
By Aduragbemi Omiyale
Loans of $5.5 billion were secured for the Dangote Petroleum Refinery in the Lekki area of Lagos State, the owner of the facility, Mr Aliko Dangote, has disclosed.
However, about $2.4 billion has been repaid as interest and some principal, the businessman stated at the ongoing AfriCaribbean Trade and Investment Forum organised by the African Export-Import Bank (Afreximbank) in The Bahamas.
The richest man in Africa told participants of the programme that the credit facility increased to the amount because of the delays encountered while building it.
In May 2023, former President Muhammadu Buhari commissioned the Dangote Refinery, which gulped about $220 billion with the capacity to refine 650,000 barrels of crude oil per day.
The facility has commenced producing jet fuel, diesel and other petroleum derivatives, but it is yet to sell premium motor spirit (PMS), otherwise known as petrol.
Mr Dangote disclosed that his company would begin to sell petrol from next month, a development some analysts have projected to slightly crash pump price in Nigeria from the current N620 per litre.
“PMS will start coming out by 10 to 15 of July. But then, we want to keep it in the tank to make sure that it settles. By the third week of July, we’ll be able to come out to take it into the market,” Mr Dangote said.
As the loans he secured for the project, the business mogul stated that, “We borrowed about $5.5 billion. We paid also a lot of interest as we went along because the project was delayed for almost five years. We started in 2018 eventually.
“We’ve paid back interest and some principal about $2.4 billion. We’ve done very well. We now have only about $2.7 billion left to be paid. We’ve done very well for a project of that magnitude,” he said.
Mr Dangote informed the audience that the loans were taken from local and international lenders based on the company’s balance sheet and not through project financing.
He explained that if the latter was adopted, it would have been difficult to secure the necessary funding to make the project a reality.
“When we were building the refinery, we knew that if we had gone with the idea of project financing, the international banks would have shut it down.
“They might have asked me for my great-grandmother’s certificate of birth which I don’t think I will be able to find it anyway.
“What we did was to borrow the money based on our balanced sheet. At that time, Naira was very strong. We borrowed the money based on our balanced sheet,” he stated.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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