General
Dangote Laments N25bn Loss
By Adedapo Adesanya
Group President/Chief Executive of Dangote Industries, Mr Aliko Dangote has lamented that his companies lost about N25 billion in revenue to the ‘notorious’ gridlock on the Apapa/Oshodi highway.
He said the amount was lost between 2017 and 2019, noting that he agreed to fix the road so as to bring succour to those doing business in the area, including himself.
About two years ago, Mr Dangote had an agreement with the federal government to fix the 35-kilometer road in Lagos for a 10-year rebate of N72.9 billion.
Some days ago, he took the Minister of Works and Housing, Mr Babatunde Fashola, on a tour to see ongoing work on the road. The Minister was impressed, commending the company for bailing government out.
The business mogul, while speaking during the inspection, said he expects the project to be completed before the end of year and should last up to four decades.
“We expect that by the end of 2020, the entire road network will be finished, you will have a road that will last for 40 years.
“This road will actually open up the economy. It will bring a lot of jobs and a lot of factories that have moved out will be able to move back,” he said.
In his remarks, Mr Fashola said, “Federal Government is dedicated to the speedy completion of the highway to provide a lasting solution to the problems of bad roads, and gridlocks.”
Speaking about the economic revival in the Apapa area, the Minister said, “Businesses have started coming back on Liverpool Road because the road closed earlier is now back. You will see more of that.
“All of the businesses that are shut on Creek Road will come back. We expect to see property redevelopment and property renewal once the road is completed.”
He also explained that the project will be creating wealth around the surrounding areas as trucks will be needed to convey different materials to the site of the construction, and also labour to help with the process, noting that the project has also seen over 600 people directly employed.
“Once the economy of Apapa returns, all the clearing and forwarding, shipping, newspaper companies and all others doing business will resume fully and the economy will bounce back,” he stated.
He lauded the private/public partnership scheme as shown between the federal government and Dangote and pointed out that section two of the project, which was not part of the original contract was already showing signs of failure, due to heavy traffic.
While inspecting the road around the Oshodi area, the Minister commented that, “We are at the Oshodi area now and one side has been concluded and opened to traffic and this is how we intend to continue to complete and open until we finish the entire road.”
By Aduragbemi Omiyale
For the second consecutive month, Dangote Petroleum Refinery and Petrochemicals has become the largest supplier of jet fuel to Europe, outpacing the United States of America (USA).
Data from Kpler showed that in July 2026, the Lagos-based oil facility, which has the capacity to refine 700,000 barrels of crude oil per day, produced more than 400,000 tonnes of jet fuel.
In June 2026, the private refinery, owned by Mr Aliko Dangote, exported 466,000 tonnes to Europe, underscoring its growing influence on international fuel markets and highlighting Nigeria’s emergence as a strategic player in global refined petroleum trade.
The latest data indicated that Dangote Refinery accounts for approximately 20 per cent of Europe’s total jet fuel imports last month.
The sustained export performance marks a significant milestone for the refinery, demonstrating its ability to consistently supply one of the world’s most demanding fuel markets with aviation fuel that meets stringent international quality specifications. Europe imported approximately 2.06 million tonnes of jet fuel in July, with Dangote accounting for the single largest share of those imports, ahead of traditional suppliers from the United States and the Middle East.
Industry observers say the refinery is rapidly reshaping established Atlantic Basin fuel trade flows by offering a competitive alternative to long-standing suppliers. While European buyers have traditionally relied on refiners in the United States, the Middle East and Asia, Dangote’s strategic location on Nigeria’s Atlantic coast, combined with its scale, modern technology and export capability, has enabled it to become an increasingly important source of aviation fuel for European markets.
By Modupe Gbadeyanka
President Bola Tinubu on Thursday directed the Economic and Financial Crimes Commission (EFCC) to vacate the court ordering the freezing of the bank account of the Osun Srate government.
In a statement today by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the President said he’s “deeply embarrassed not by the EFCC’s exercise of its mandate backed by a court order” because of its timing, which is just a few days to the governorship election in the state next Saturday.
According to him, actions of an institution of State, especially at the Federal level, is always credited to me, as the President, even when I may not have had any prior knowledge of the action.
“Since assuming office, I have consistently maintained that anti-corruption and law enforcement agencies must be allowed to discharge their statutory responsibilities independently, professionally, without fear or favour, or political interference. I have therefore deliberately refrained from directing or interfering in the operational activities of the EFCC or any other investigative or prosecutorial agency because I firmly believe that strong democratic institutions, operating within the confines of the law, are indispensable to democratic good governance and the rule of law.
“As President, I am committed to allowing institutions of State to function and take any action they consider necessary in the interest of proper governance without the need for any prior approval. Indeed, that is why institutions are set up by law with clearly defined powers. While I am yet to be fully apprised of the facts which informed the action of EFCC in approaching the court to obtain the said order freezing the Osun State Government account, I am not in the slightest doubt that the timing of the action of EFCC is inauspicious, and therefore I feel compelled to intervene.
“Osun State is only a few days away from its gubernatorial election. Therefore, nothing ought to be done to give an impression that the EFCC or indeed any other agency of the federal government is being used to interfere with the election.
“Based on the foregoing premise, I am duty-bound to issue a directive on this issue in consonance with the overriding public interest in preserving public confidence and the integrity, credibility, and fairness of our democratic process.
“Accordingly, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard,” the statement stated.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
