Economy

Tinubu Lauds Dangote’s 650,000bdp Refinery Investment

Published

4 years ago

10/08/2021

By Sodeinde Temidayo David

The multi-billion-dollar Dangote Refinery in Lagos has received praises and the latest is coming from the Chief Executive Officer (CEO) of Oando Plc, Mr Wale Tinubu, who commended the group on the investment.

Upon completion, the oil facility will refine 650,000 barrels of crude per day, making it the single largest train in the world.

This, in turn, will enable the nation to generate and save scarce foreign exchange (forex), which has been blamed for the country’s current economic woes.

The project has also been touted to provide 90 megawatts of electricity through its multi-million-dollar sub-sea pipeline project.

It is described as an inspiration to private sector operators in the country.

Mr Tinubu, during a visit to the refinery alongside members of the company’s senior management, confessed that “with what I have seen, this Dangote Refinery is for Nigeria and Africa.”

He also disclosed that the President of Dangote Group, Mr Aliko Dangote, deserves all the commendations in the world for the courage to build the world’s largest single-train refinery in one of the most challenging business environments in the world even as the risk premium being at the highest.

Mr Tinubu noted that he has no doubt that the refinery, upon completion, will meet the yearnings of Nigerian for product availability and ultimately de-risk the petroleum sector.

The Oando CEO expressed his sense of pride for being able to witness this feat in the history of Nigeria, stating that, “It is more than just a refinery, it is a revolution, it is about what is possible in Africa by an African, we are talking about a world-class project being done on a scale that the world is not used to.”

“This is happening in an extremely challenging environment in which all of the infrastructures had to be built from scratch with the attendant huge additional cost, the cost of capital being high, and the risk premium being highest and done with such spectacular precision.

“I think the world is not going to see many of these sorts of projects. I call it the eighth wonder of my own time,” he added.

He further stated that the project was of strategic importance to the nation and the continent as Nigeria has no functional refinery, with 200 million people consuming 40 million litres per day.

“There is nowhere in the world where you have raw materials for something and you do not beneficiate the product to a point where you can consume it in your country.

“We have been a complete and utter failure when it comes to that and it is taking a private individual to reverse that trend.

“It is an epoch for the country. I think what we should do is to encourage him to complete it. Success for him is a success for the country,” the oil expert said.

In response to the encomium, Mr Dangote stated that the refinery is not only a project for Dangote, but also a project for Nigeria.

“Nigeria should be a leader in building facilities like these, as a business initiative.

“This project will definitely put Nigeria on the map, and surely change the fortunes of Africa,” he said.

The respected businessman further disclosed that apart from building world-class projects, he is also dedicated to building capacity by saving failing industries such as it did in the cement industry, adding that this has set the primacy in Nigeria.

Economy

Xenergi in Talks to Acquire 51% Stake in Premier Paints

Published

5 hours ago

17/12/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

One of the paint makers in Nigeria, Premier Paints Plc, is currently in talks with a new investor, Xenergi Limited, for the purchase of 51 per cent stake in the company.

Xenergi Limited intends to acquire shares of Clover Global Resources Limited and TGHL Capital Limited in the organisation.

Business Post gathered that the new investor will buy 39.02 per cent from Clover Global Resources Limited and 15.20 per cent from TGHL Capital Limited.

The deal, according to a regulatory notice issued on Tuesday on the Nigerian Exchange (NGX) Limited, will involve about 63 million shares of Premier Paints.

At the current share price of the paint producer, this should be about N630 million as it closed at N10.00 per unit on NGX on December 16, 2025.

“Subject to obtaining required regulatory approvals, the transaction is expected to close before January 31, 2026.

“The company will continue to inform the public of the progress of the transaction,” the disclosure signed by the company secretary, Alozie Nwokoro, said.

Economy

Naira Trades Flat Across FX Market Windows as CBN Moves to Ease Pressure

Published

7 hours ago

17/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 16, retaining the previous closing value of N1,451.82/$1.

In the same vein, the local currency saw no movement against the Pound Sterling and the Euro in the spot market during the session at N1,943.98/£1 and N1,705.74/€1, respectively.

Also, the Nigerian Naira remained unchanged in the black market yesterday at N1,475/$1 and was N1,460/$1 at the GTBank forex counter.

The Central Bank of Nigeria (CBN) has strengthened US Dollar supply with $250 million to authorised dealer banks at the official window cumulatively as foreign portfolio investors, exporters and non-bank corporate supply dripped.

The spread between official and other non-regulated markets decreased to N30.59$/1 from N44.57/$1, from the previous week, research subsidiary of Coronation Merchant Bank Limited said in a report.

FX analysts said foreign exchange inflows through the Nigerian Foreign Exchange Market decreased to $716.3 million from $844.70 million in the previous week , a 15 per cent drop in a week.

Foreign portfolio investors accounted for the highest share of inflows at 32.98 per cent, followed by exporters at 30.84 per cent, the CBN (17.36 per cent), Non-bank Corporates (16.94 per cent), others (0.72 per cent) and Individuals (0.63 per cent).

On Monday, Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), representing a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.

As for the cryptocurrency market, there was some recoveries after overall capitalization falling below $3 trillion for the third time in a month. Large-cap assets, particularly those with Exchange Traded Fund (ETF) exposure, are experiencing selling pressure as institutional investors reassess risk.

Ripple (XRP) appreciated by 1.5 per cent to $1.92, Litecoin (LTC) expanded by 1.5 per cent to $78.91, Dogecoin (DOGE) rose by 0.8 per cent to $0.1308, Solana (SOL) went up by 0.4 per cent to $127.60, Binance Coin (BNB) grew by 0.3 per cent to $865.40, and Bitcoin (BTC) gained 0.2 per cent to sell at $86,735.17.

On the flip side, Cardano (ADA) depreciated by 1.0 per cent to $0.3802 and Ethereum (ETH) slumped by 0.4 per cent to $2,935.85, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.

Economy

Stock Investors’ Portfolios Swell N14bn as Index Rises 0.01%

Published

8 hours ago

17/12/2025

Dipo Olowookere

By Dipo Olowookere

A marginal 0.01 per cent rise was recorded by the Nigerian Exchange (NGX) Limited on Tuesday. This was different from the flattish mode of the market the previous day.

Investor sentiment remained bullish as Customs Street finished with 31 price gainers and 26 price losers, implying a positive market breadth index.

Aluminium Extrusion topped the gainers’ log after it improved its price by 10.00 per cent to N9.35, Guinness Nigeria appreciated by 9.98 per cent to N263.40, Multiverse expanded by 9.95 per cent to N12.15, MeCure Industries also soared by 9.95 per cent to N45.85, and Sovereign Trust Insurance advanced by 9.89 per cent to N4.11.

Conversely, Haldane McCall led the losers’ chart after it shed 9.93 per cent to settle at N3.72, Veritas Kapital lost 9.09 per cent to close at N1.60, LivingTrust Mortgage Bank also declined by 9.09 per cent to N3.50, and Linkage Assurance depreciated by 5.71 per cent to N1.65.

During the trading day, the All-Share Index (ASI) went up by 21.23 points to 149,459.11 points from the previous day’s 149,437.88 points and the market capitalisation increased by N14 billion to N95.281 trillion from N95.267 trillion.

Yesterday, traders transacted 1.0 billion equities for N21.8 billion in 23,701 deals compared with the 553.1 million equities valued at N13.3 billion traded in 28,907 deals on Monday, representing a decline in the number of deals by 18.01 per cent, and a surge in the trading volume and value by 80.80 per cent and 63.91 per cent apiece.

Access Holdings traded 385.8 million stocks worth N7.7 billion, Champion Breweries transacted 111.8 million shares valued at N817.8 million, Sterling Holdings exchanged 85.5 million equities for N589.9 million, FCMB sold 74.7 million shares valued at N791.5 million, and First Holdco transacted 51.9 million equities worth N1.8 billion.