General
Dangote Denies Getting 10-Year Tax Holiday from FG
By Dipo Olowookere
The management of Dangote Group has refuted reports making the rounds that its Chairman, Mr Aliko Dangote, has secured a 10-year tax holiday from the Federal Government after he agreed to rehabilitate the 35km Apapa to Oworonshoki highway end of the Lagos-Ibadan Expressway.
Speaking on Monday at the Ikoyi head office of the firm, the Group Executive Director, Strategy, Portfolio Development and Capital Projects, Dangote Industries Limited, Mr Devakumar Edwin, disclosed that the company has never benefited any tax waivers or credits in its entire history except when it is industry based and same applies to all industry players.
Mr Edwin described as “painful” reports claiming that Dangote Group has been given 10-year tax holiday by the government.
According to him, the company volunteered to repair the Apapa road at no cost to the Federal Government as part of its Corporate Social Responsibility (CSR) initiative.
He noted that the construction of the Apapa to Oworonshoki long highway would be done at 15 to 25 percent less than the lowest bid.
“It is very painful when some people accuse our company of benefitting 10 years’ tax rebate from the government. There is nothing like tax credit in all these.
“We volunteered to construct the Apapa to Oworonshoki long highway at a cost that will be about 15 to 25 percent less than the lowest bid on the road.
“We hope to get back our money after three years by removing the sum from the tax we are supposed to pay,” Mr Edwin said on Monday.
He further explained that the company proposed to the government to reduce 50 percent of the total cost of the road, from its proposed tax, on its first year after completion and 25 percent of the costs respectively for two years from its proposed tax.
“…the government came forward and said, good enough your company is repairing a road that is very important to all Nigerians…is it possible to help us do proper road construction of 35 kilometres from Apapa to Oworonshoki?
“We advised the government to go for a competitive bidding and also that we will take it up at a costs that will be lower than the lowest bid received by the government.
“Since the government may not be handy with cash, we proposed that we will recover our money over three years in instalments against our future tax.
“The reality is the government will not pay us for the construction, but we will only offset our costs against our three years tax,” he added.
It would be recalled that the federal government said it would give tax relief to private sectors that invest in road construction in the country.
Speaking at the Road Construction Summit 2017 organised by Lafarge and Business Day at the weekend in Lagos, the Minister of Power, Works and Housing, Mr Babatunde Fashola said that there are a lot of possibilities that lie ahead when private capital comes into road construction under the tax relief order as proposed to be amended and complements government spending.
According to him, the government has just concluded an agreement using the tax incentive order to hand over the Apapa area comprising Creek Road, Liverpool Road, Marine Beach to Mile 2, Oshodi, Oworonshoki to the Lagos end of the Toll Gate on the Ibadan Expressway to Dangote Group.
Also, he said the government has signed an agreement with NLNG to construct the Bodo-Bonny Bridge at the cost of N120.6 billion with NLNG and federal government sharing the cost.
“We have identified 28 toll plazas out of the old toll plazas, on roads where construction work is currently going on, at which we propose to restore toll plazas.
“We have also concluded traffic surveys on 51 major highways and now have current traffic data on these roads and we can project vehicular traffic movement for tolling and concession purposes,” Mr Fashola said.
Going by the recent second quarter GDP report, the Minister said, “With respect to construction and related activities, GDP in the sector had been negative since Q2 2015, but turned positive for the first time in Q1 2017 growing by 0.15 per cent and continued to positive growth into Q2 2017 by growing by 0.13 per cent. The reversal in construction has to do with civil works especially due to FGN capital expenditure.”
Chairman, Lafarge Africa, Mr Mobolaji Balogun noted that with the federal and respective state governments grappling with dwindling resources, it has become crucial that the ecosystem of public and private sector players brainstorm on issues of funding, partnerships, design, and quality of roads in Nigeria, as for sure government can no longer do it alone.
By Adedapo Adesanya
The European Union (EU) has officially removed Nigeria from its list of High-Risk Third Country Jurisdictions.
This decision follows Nigeria’s successful exit from the Financial Action Task Force (FATF) “grey list” in late 2025, signaling international recognition of the country’s improved anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.
The development is expected to ease trade, payments and investment flows between the country and Europe
The European Commission confirmed that Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened its AML/CFT regimes and no longer posed “strategic deficiencies” under EU assessment standards.
The commission noted that the affected countries had implemented reforms that brought their financial systems in line with international standards set by the FATF.
Reacting to the development, the Minister of State for Finance, Mrs Doris Uzoka-Anite, described Nigeria’s removal from the list as a major boost to investor confidence.
On a post on X on Thursday, she wrote, “Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list!Congrats to President @officialABAT on this achievement. As Minister of State for Finance, I’m proud of this boost to trade and investor confidence.”
Being on the EU’s high-risk list previously meant that transactions with European partners required enhanced due diligence, stricter documentation, and additional oversight.
Nigerian businesses and banks faced increased scrutiny, which slowed cross-border trade and complicated investment flows.
The lifting of enhanced due diligence requirements is scheduled to take effect on January 29, 2026, following confirmation by the Commission confirmed that Nigeria has addressed strategic deficiencies and strengthened its financial governance through critical legislative reforms, such as the Money Laundering (Prevention and Prohibition) Act.
The development could have a series of positive impact including the provision of several immediate and long-term benefits as well as reduction of compliance costs.
As a result, EU financial institutions will no longer be legally required to apply “enhanced due diligence” to transactions involving Nigeria, which previously involved more intrusive checks and rigorous documentation.
It will also enhance smoother cross-border trade by simplifying trade and payment flows between Nigeria and European partners, reducing the complexity and time required for transactions.
Nigerian officials, including the Minister of State for Finance, have highlighted this as a “major boost” to investor confidence, positioning Nigeria as a more credible destination for international capital.
By Aduragbemi Omiyale
Cash and gifts worth about N15 billion were given out to distributors and customers of Dangote Cement Plc at a ceremony organised to reward their continued loyalty, resilience, and outstanding performance.
At the event, held recently at Eko Convention Centre, Lagos, the chairman of president of Dangote Industries Limited, Mr Aliko Dangote, described the distributors as the heartbeat of the organisation and thanked them for their dedication in ensuring the Dangote products reach communities nationwide.
Business Post reports that the 2026 Distributors’ Awards Night, held under the theme, Partner for Growth, recipients received an impressive array of gifts, including cash prizes, containers of cement, high-end SUVs, and CNG-powered trucks.
Mr Dangote used the occasion to reiterate the company’s Vision 2030 strategy, aimed at transforming Dangote Group into a $100 billion enterprise by 2030.
The plan, he explained, focuses on industrial expansion, cross-border investments, and building Africa’s self-sufficiency in sectors such as energy, manufacturing, and infrastructure.
“Your tireless work in the field, your alluring commitment to our products and your direct engagement with our customers are what turn our vision and strategies into tangible results,” he posited.
“Vision 2030, an integral aspect of our Africa First project, was borne out of my firm belief that Africa’s future will be built by Africans who refuse to accept limits – people who dream big, work hard, and never stop believing in what is possible,” he added.
On his part, chairman of the board of Dangote Cement, Mr Emmanuel Ikazoboh, highlighted the critical role of distributor partnerships in ensuring the company’s products reach every corner of the country.
“Tonight, we are giving out about ₦9 billion in cash to our distributors. For some of you, it will be a double celebration, as you may receive two alerts in recognition of both your volume and growth results,” he disclosed.
“In addition to the cash prizes, we have prepared other exciting gifts, including CNG-powered trucks, high-end cars, and more, to show our appreciation for your commitment and outstanding performance,” he added.
The board chairman further outlined the company’s plans to start the year strong by supporting its distributor partners, stressing the importance of supply chain efficiency and profitability as key pillars for growth.
Mr Ikazoboh also noted that the company has invested in new CNG-powered trucks, as the company’s target at the end of 2027 is to have all its trucks CNG-powered, supporting both logistics efficiency and empowering customers.
“We have made significant investments in new Compressed Natural Gas (CNG)-powered trucks. This initiative not only empowers our customers but also emphasises our dedication to corporate responsibility and global sustainability guidelines. These rewards reflect our promise to support customers and champion sustainable business practices,” he stated.
By Adedapo Adesanya
The Nigerian Navy has launched Operation Delta Sentinel, a new maritime security initiative designed to curb crude oil theft, secure critical oil assets and support the federal government’s ambition to ramp up crude production to 2.5 million barrels per day by 2027.
The operation, which replaces Operation Delta Sanity II, was formally unveiled at the Nigerian Navy Ship (NNS) Pathfinder Jetty in Port Harcourt, marking a renewed push to stabilise the Niger Delta and protect Nigeria’s oil-dependent economy.
Speaking at the launch, Commander Task Group 26.1, Operation Delta Sentinel, Rear Admiral Suleiman Ibrahim, said the initiative was aligned with the Federal Government’s drive to boost oil exploration and production under the Project 1 Million Barrels Per Day initiative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“The transformation from Operation Delta Sanity II to Operation Delta Sentinel is necessitated, among other considerations, by the Federal Government drive to increase oil exploration and production,” he said, adding that, “It is further anticipated that oil production would be about 2.5 million barrels per day by 2027.”
Rear Admiral Ibrahim, who is also the Flag Officer Commanding, Central Naval Command, said Operation Delta Sentinel would run for an initial one-year period, subject to 90-day renewable mandates, and would focus on denying criminal networks access to Nigeria’s maritime and oil infrastructure.
“Our objective is clear and unambiguous: to deny criminal elements freedom of action, protect critical national oil assets, support legitimate economic activities and contribute to enduring peace and stability in the Niger Delta,” he stated.
He explained that the operation would rely heavily on intelligence-driven missions, enhanced inter-agency collaboration and advanced surveillance tools, including Maritime Domain Awareness infrastructure, new maritime platforms, and manned and unmanned air assets.
“Our approach will be deliberate, innovative and technology-enabled. These capabilities will enable us to optimise asset utilisation, improve situational awareness and maintain a proactive operational posture,” he added.
The Navy said early indicators already show progress, noting that crude oil losses have dropped by about 90 per cent, from 102,900 barrels per day in 2021 to 9,600 barrels per day as of September 25.
Earlier, Flag Officer Commanding, Eastern Naval Command, Rear Admiral Chiedozie Okehie, highlighted the achievements of Operation Delta Sanity II, which was launched on December 30, 2024, to combat crude oil theft, illegal bunkering and pipeline vandalism.
“Operation Delta Sanity II lived up to expectations and made measurable contributions to national security and economic stability,” the Naval commander said.
According to him, between January 1 and December 31, 2025, the operation led to the arrest of 203 suspects, the deactivation of 324 illegal refining sites, and the seizure of stolen petroleum products valued at over N3.65 billion.
“An estimated 3.78 million litres of stolen crude oil, over 1.09 million litres of illegally refined AGO, 86,210 litres of PMS and 74,300 litres of kerosene were seized and appropriately handled,” he disclosed.
Rear Admiral Okehie added that the Navy’s operations, supported by collaboration with regulators, security agencies, oil industry stakeholders and host communities, contributed to a significant decline in crude oil losses, with NUPRC reporting the lowest loss levels since 2009 in September 2025.
With Operation Delta Sentinel now in force, the Navy said it is positioning itself as a key enabler of Nigeria’s oil production growth, investor confidence and long-term stability in the Niger Delta.
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