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Economy

Overreliance on Raw Material Exports Not Good for Africa—Dangote

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Aliko Dangote and Paul Kagame

By Aduragbemi Omiyale

Africa’s richest man and business mogul, Mr Aliko Dangote, has cautioned the continent against the overreliance on raw material exports, noting that it perpetuates a cycle of job loss and poverty.

Speaking at the Africa CEO Forum in Kigali, Rwanda, the Nigerian businessman said Africa must look inward and reverse the trend of exporting raw materials to bring in finished goods.

Nigeria, which is one of the largest producers of crude oil in the world, imports premium motor spirits (PMS), otherwise known as petrol, for local consumption.

Mr Dangote, which recently built an almost $20 billion refinery in Lagos, is yet to commence the production of petrol, though the facility has started to supply jet fuel and diesel to the domestic market.

The business tycoon frowned at this trend, saying it does not make the continent look serious, calling for increased investments to foster its rapid growth and development.

“Looking ahead, Africa holds the key to its greatness. I’m not merely investing money but dedicating my entire being to this cause.

“In Africa, possibilities are boundless. It is like a scratch card; you won’t know what is inside unless you scratch it. For some of us, despite the boom of the capital market in the US, we didn’t participate, rather we invested in Africa,” he affirmed.

Over the past seven years, Mr Dangote said he had channelled over $25 billion into bolstering Africa’s self-sufficiency in vital sectors such as fertilizers, petrochemicals, and refined products.

Notably, he said the monumental Dangote Refinery, boasting a capacity of 650,000 barrels per day, stands poised to meet the burgeoning demand across West Africa, Central Africa, and South Africa.

“We have finished our refinery; it is quite big. We believe it is what Africa needs. If you look at the entire continent, only two countries don’t import petroleum products, Algeria and Libya but the rest import. We need to change that, so we don’t just produce raw materials but finished products and create jobs.

“One of the things we need to know as Africans is that when we produce raw materials and export them while others dump finished products on our continent, what we are doing is that we are importing poverty while exporting jobs. We must change the narrative.

“We just commissioned in February. We are producing jet fuel and diesel. By next month, we will be producing gasoline but what that will do is that it will be able to take most of the African crudes that are being produced and be able to supply refined products not only in Nigeria because our capacity is too big for Nigeria. It will be able to supply in West Africa, Central Africa and South Africa. This is the first phase, we are going to the next phase by next year,” he said.

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Economy

Customs Area I Command Hands Over Intercepted Expired Medicaments to NAFDAC

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customs NAFDAC Medicaments

By Bon Peters

The Port Harcourt Area I Command of the Nigeria Customs Service (NCS) on Wednesday, July 29, 2026, handed over a consignment of intercepted expired medicaments to the National Agency for Food and Drug Administration and Control (NAFDAC) in Rivers State.

The command’s spokesperson, Barilule Aanee, an Assistant Superintendent of Customs I, said in a statement that the transfer of the items underscored the strong inter-agency collaboration in safeguarding public health.

The handover was witnessed by representatives of the National Drug Law Enforcement Agency (NDLEA), the Department of State Services (DSS), other security agencies, freight forwarding associations, stakeholders and members of the media.

The Customs Area Controller for the command, Comptroller Salamatu Atuluku, stated that the seizure was a clear demonstration of the agency’s commitment to preventing harmful and prohibited pharmaceutical products from finding their way into Nigerian markets, disclosing that the expired medicaments were intercepted during a joint examination conducted by officers of the command in collaboration with NAFDAC and other relevant agencies.

She added that the consignment contained several cartons of expired pharmaceutical products with a Combined Insurance and Freight (CIF) value of over N50 million.

Ms Atuluku emphasised that the interception prevented what could have resulted in serious public health consequences, as expired medicines posed significant health risks, including treatment failure, drug toxicity and antimicrobial resistance.

She reaffirmed that her organisation “would remain resolute in protecting the nation’s borders against the importation of expired, substandard, falsified and prohibited goods.”

Receiving the items, the Deputy Director of NAFDAC for Port Inspection Directorate, Mr Adepoju Bayo Raufu, commended the customs for its vigilance and sustained partnership in protecting Nigerians from harmful pharmaceutical products.

He assured that the agency would immediately commence the necessary regulatory procedures to ensure the safe disposal of the expired medicaments in accordance with established laws and guidelines.

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Economy

United Capital Sets N2trn Assets Goal on Strong H1 Performance

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United Capital revenue

By Adedapo Adesanya

United Capital Plc has unveiled an ambitious roadmap to surpass N2 trillion in total assets by the end of 2026, following a strong first-half performance that saw gross earnings rise by 58 per cent to N37.9 billion and profit before tax increase by 80 per cent.

The company disclosed this during its H1 investor relations call on Wednesday, where executives outlined plans to drive growth through digital transformation, Pan-African expansion, and disciplined capital management.

Speaking during the call, Group Managing Director of United Capital Plc, Mr Peter Ashade, said the company is undergoing a major “retooling” process to position itself for long-term growth beyond Nigeria.

“We are equipping from people, technology, governance, and our structure as we retool because what we see ahead is bigger than where we are today,” Mr Ashade said.

He noted that the firm’s long-term vision is to build a platform that allows clients to trade seamlessly across its African footprint, including Nigeria, Côte d’Ivoire, Ethiopia, Rwanda, Senegal and Burkina Faso.

Mr Ashade added that the company has deliberately reduced its borrowing in favour of expanding its managed funds business, which it considers its biggest growth opportunity.

“We have decided deliberately to reduce our borrowing so that we can focus on growing managed funds to about 71 per cent of our funding size, which is where we see the greatest opportunities for the group,” he said.

He disclosed that managed funds have recorded significant growth, while total assets have already exceeded the N1 trillion mark.

“Our target for this year is to do over N2 trillion in terms of total assets,” he added.

Providing a breakdown of the financial performance, Group Chief Financial Officer, Mr Shedrack Onakpoma, said profit before tax rose to N24.78 billion, significantly outpacing revenue growth as a result of improved operational efficiency.

“We are building a resilient and thriving institution of great repute that focuses on sustainable value creation and delivery across multiple markets,” Mr Onakpoma said.

“The numbers tell a story of innovation and how we are building a lasting legacy that goes beyond mere revenue growth or short-term profitability.”

Addressing shareholders’ concerns over the company’s 30 kobo interim dividend, the firm’s Chief Economist, Ayodele Akunwunmi, said the decision reflects a long-term capital allocation strategy anchored on the residual dividend theory.

“Residual dividend theory says that a company must finance all profitable investments available from internally generated cash flows before paying the residual to shareholders,” Mr Akunwunmi explained.

“By financing our expansion this way rather than borrowing money that would dilute earnings, we have the opportunity to grow the bottom line and potentially double profitability in the future.”

He urged shareholders to focus on the company’s broader value creation strategy, arguing that prioritising investment today would generate stronger returns over the long term.

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Economy

SHR Miner offers free cloud mining services for BTC, XRP, and DOGE holders, with potential earnings of up to $6,770 or even more

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SHRMiner Platform

As cryptocurrencies gain increasing popularity worldwide, more and more investors are seeking ways to generate a steady stream of passive income without the need for expensive hardware or specialized skills.

SHRMiner’s new free mining service allows holders of BTC, XRP, DOGE, LTC, and DOGE to easily earn passive income without expensive equipment or specialized technical knowledge.

In the rapidly evolving world of cryptocurrency, simplicity and high returns are paramount. For those seeking an accessible, entry-level investment method to generate a steady income with minimal effort, cloud mining undoubtedly presents a highly attractive option. This article will delve into the concept of cloud mining, using the leading brand SHRMiner as a case study to demonstrate how it can help you achieve daily earnings of $7,770—or even more.

The Appeal of Cloud Mining

Due to its ease of use and convenience, cloud mining has long been highly favored by cryptocurrency enthusiasts. Unlike traditional mining, it requires no expensive hardware, specialized technical expertise, or constant monitoring. Cloud mining simplifies the process, enabling anyone—regardless of their level of experience—to participate in the cryptocurrency revolution. Instead of investing in costly mining equipment and managing complex systems, users simply lease mining algorithms from remote data centers to earn a share of the profits.

Recently, the UK-based cloud mining platform SHRMiner officially launched a new “free cloud mining service.” Designed specifically for holders of mainstream cryptocurrencies—such as BTC, XRP, DOGE, LTC, and ETH—this service offers users a new opportunity to participate in cryptocurrency mining with no barriers to entry.

Meanwhile, SHRMiner has also launched a new mobile application, enabling users to manage their mining activities anytime, anywhere—effectively ushering in the “era of mobile mining.”

SHRMiner: The Perfect Blend of Laziness and Profit

SHRMiner takes the simplicity of cloud mining to the extreme, making it the ideal choice for novice users. The platform’s user-friendly interface ensures that even newcomers to the world of cryptocurrency can get started with ease. For SHRMiner, simplicity is not a weakness, but rather the path to success. As a pioneer in cloud mining services, SHRMiner operates over 150 mining farms worldwide—equipped with more than 600,000 mining devices powered entirely by modern renewable energy sources—and has earned the trust and support of over 5 million users thanks to its stable returns and robust security.

How can SHRMiner serve as a source of passive income?

The entire process takes just three simple steps to start earning income:

  1. Register an Account

By visiting the SHRMiner official website, users can register a free account in less than 2 minutes and receive a $15 sign-up bonus. This bonus helps users quickly experience the platform’s services and earn $0.60 per day from the free trial contract.

  1. Select a Cloud Mining Plan

Choose a cloud mining plan that aligns with your needs and budget. The platform offers a wide range of flexible plans—ranging from $100 to $200,000—to accommodate the diverse investment goals of different users.

  1. Start Earning

Upon purchasing a contract, earnings are automatically settled within 24 hours, requiring no additional management or manual intervention. Users may withdraw their earnings to their cryptocurrency wallet addresses at any time to suit their needs, or they may choose to reinvest their profits to capitalize on the power of compound interest.

The primary advantage of this model lies in its significant lowering of the barrier to entry. Users need not research specific mining hardware models or hash rate configurations, nor do they need to set up their own system environments; they simply need to register an account, deposit assets, and select a mining plan to begin generating returns.

SHRMiner Platform Advantages:

⦁ Supports daily automatic settlements.

⦁ Requires no additional electricity or maintenance costs.

⦁ Utilizes advanced ASIC mining hardware, powered by renewable energy sources including hydroelectric, wind, and solar power.

⦁ Supports multi-currency mining: Earn major cryptocurrencies such as BTC, XRP, ETH, DOGE, USDC, USDT, SOL, LTC, BCH, and more.

⦁ Features SSL encryption and DDoS protection, along with a real-time earnings dashboard for convenient monitoring of mining performance.

⦁ 100% Remote Access: Enjoy full access without the need for physical hardware via the SHRMiner app or web browser, complemented by 24/7 online technical support.

⦁ Affiliate Program: Refer friends to earn commission rewards of up to 4.5%, with the opportunity to receive additional bonuses of up to 30,000.

Examples of Common Contracts:

Contract Name Price Profit Days Principal+TotalReturn
NewUserExperienceAgreement $100 $4 2 $100+$8
Bitdeer Sealminer A2 Pro $500 $6.25 5 $500.00 + $31.25
Litecoin Miner L9 $1000.00 $13.00 10 $1000.00 + $130
Bitcoin Miner S21 XP Imm $5000.00 $70.00 25 $5000.00 + $1750
Bitcoin Miner S21e XP Hyd $10000.00 $150.00 35 $10000.00 + $5250
ANTSPACE HW5 $50000.00 $900.00 45 $50000.00 + $40500

After purchasing a contract, earnings will be automatically credited to your account within 24 hours. (Hash rate, investment amount, duration, and earnings vary for different contracts. For more contract information, please visit the official SHRMiner website or click on “Contract Details” to view.)

Unimaginable money-making opportunities

What sets SHRMiner apart is its extraordinary daily passive income potential; users have the opportunity to earn $8,900—or even more—every day, thereby realizing their dream of getting rich online. Imagine generating substantial income without the need for constant effort or complex setups—that is precisely what SHRMiner offers.

Safety and Sustainability

In the mining sector, trust and security are paramount; SHRMiner fully recognizes this and places user safety at the forefront. Committed to transparency and legitimacy, SHRMiner ensures that your investments are protected, allowing you to focus on profitability. All mining facilities utilize clean energy, making our cloud mining operations carbon-neutral. By harnessing renewable energy, we safeguard the environment from pollution while delivering superior energy efficiency.

in short

If you are looking for ways to generate passive income, cloud mining is an excellent choice. When utilized effectively, these opportunities can help you effortlessly accumulate cryptocurrency wealth on “autopilot,” requiring only a minimal time commitment. At the very least, they should be far less time-consuming than any form of active trading. Passive income is the ultimate goal for every investor and trader, and with SHRMiner, maximizing your passive income potential has never been easier.

If you would like to learn more about SHRMiner, please visit its official website: https://shrminer.com

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