General
Forbes: Dangote Now 86th World’s Richest as Wealth Surges to $23.9bn
By Aduragbemi Omiyale
Global media giant, Forbes, has ranked Nigerian entrepreneur, Mr Aliko Dangote, as the richest man in Africa and 86th in the world after his wealth almost doubled to $23.9 billion.
The latest ranking has placed the billionaire businessman has placed Mr Dangote significantly ahead of South African businessman, Mr Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.
Recall that in 2024, Forbes ranked Mr Dangote as the 144th richest person in the world in 2024 with $13.4 billion.
The rise in the wealth of the 67-year-old business was boosted by his 92.3 per cent stake in Dangote Petroleum Refinery & Petrochemicals, according to the Forbes Real-Time Billionaires List.
Mr Dangote disrupted the government’s oil monopoly by constructing the largest petroleum refinery in Africa. After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year.
Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and the largest in Africa.
Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa’s largest fertiliser producer.
The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria, according to energy intelligence firm Vortexa.
Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.
Mr Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers.
“I want to provide a blueprint for industrialisation across Africa,” Mr Dangote says in an interview with Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.” He believes Africa has long been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.”
Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.
“It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.”
Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, according to Forbes, said Nigerians see Dangote as a hero and a real industrialist transforming the country.
“He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.
A professor of African studies at the Soka University of America, Chika Ezeanya, also corroborated this view, noting that Dangote is meeting the needs of consumers on the continent.
“I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” he said while adding, “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”
By Modupe Gbadeyanka
To support innovative solutions that enhance financial accessibility and security in the digital asset ecosystem, Tether has made a strategic investment in a financial technology (fintech) company specializing in self-custody crypto wallets and digital payments, Fizen Limited.
This transaction will allow Fizen to integrate its innovative technology with Tether’s leadership in the stablecoin industry.
The objective is to accelerate digital asset utilization while upholding the utmost security standards. This will further solidify Tether’s role in advancing blockchain-based finance and its commitment to global financial inclusion.
According to the chief executive of Tether, Mr Paolo Ardoino, this investment in Fizen “underscores our commitment to expanding global access to efficient and reliable digital financial solutions that promote the informed responsible use of digital assets in everyday life.”
“At Tether, we recognize the crucial role of self-custodial payment infrastructure in driving real-world use cases.
“Fizen’s innovative model helps to bridge the gap between self-custody and digital payments, empowering users with greater financial independence while reinforcing our leadership as the most widely used stablecoin globally, advancing inclusive access to the financial system,” Mr Ardoino added.
Also, the chief executive of Fizen, Leo Vu, said, “Stablecoins like USD₮ will undoubtedly drive crypto payments and financial inclusion worldwide.
“The technology infrastructure is already in place, but we lack consumer-friendly applications with intuitive UI/UX to accelerate mass integration.
“Fizen is solving this by making crypto payments an intuitive part of daily transactions, allowing users to pay seamlessly without even realizing they are using blockchain technology.”
Fizen offers advanced payment technologies that facilitate seamless stablecoin transactions, making digital assets more accessible for consumers and businesses. It is one of the crypto companies delivering real value to consumers and businesses, bringing practical crypto use cases to life.
The World Bank’s Global Findex Report reveals that millions of individuals worldwide remain unbanked. People in this category consistently cite distance to the nearest financial institution and a lack of proper documentation requirements as the primary reasons they could not access traditional banking services.
This investment will enable Fizen to enhance its blockchain capabilities, facilitating the seamless integration of stablecoins across multiple blockchain ecosystems. It will also provide users access to a more efficient and user-friendly solution to store, transfer, and transact using stablecoins, eliminating restricted access or complicated documentation.
However, while stablecoins offer a compelling alternative for those excluded from traditional financial systems, their practical use in everyday commerce still faces hurdles despite clear advantages, such as lower fees, enhanced security, and near-instant transactions.
Merchant usage remains a key challenge. Through this investment, Fizen aims to bridge this gap by enabling users to pay seamlessly with stablecoins.
At the same time, merchants receive instant fiat settlements through known payment methods like QR codes and card readers. This eliminates the need for additional infrastructure, making digital asset payments more accessible and efficient for businesses worldwide.
Market projections for 2024 state that QR code payments are expected to surpass $3 trillion, with 2.2 billion users by 2025, driven by increasing smartphone penetration and the rising demand for frictionless, secure, and convenient digital transactions.
With this strategy and strong technological and business development foundations, the collaboration between Fizen and Tether looks to accelerate the widespread use of crypto payments at scale to usher in an era of seamless digital transactions.
By Aduragbemi Omiyale
Dangote Industries Limited (DIL) has been commended for its contribution to the growth of Nigeria’s economy and general Arica’s development.
This applause came from the Enugu Chamber of Commerce, Industries, Mines, and Agriculture (ECCIMA) during the Dangote Group Special Day at the 2025 Enugu International Trade Fair.
The Deputy President of ECCIMA, Mr Eric Chime, who was at the event, said the conglomerate, through its various investments, has contributed to the growth and development of the domestic economy.
“We are highly delighted to welcome Dangote Plc once again to their special day at the ongoing trade fair. Their continued presence and commitment have been instrumental to the success of this annual gathering.
“Dangote’s contribution to the Nigerian economy is enormous spanning virtually every sector, from cement and food production to their recent game-changing entry into the oil and gas sector through the Dangote Refinery,” he stated.
He emphasized that the impact of the refinery, especially in regulating petroleum product prices, deserves national recognition and support.
“We call on the Federal Government to continue to support Dangote Group in its efforts to put smiles on the faces of Nigerians,” he urged.
Mr Chime further praised the president of DIL, Mr Aliko Dangote, for his visionary leadership and relentless drive for innovation, noting that the Dangote business empire represents a perfect example of what entrepreneurial excellence can achieve through research, resilience, and dedication.
In his remarks, the Deputy Regional Director for Southeast at Dangote Cement Plc, Mr Ayirioritse Okerentie, expressed gratitude to ECCIMA for providing a viable platform to engage stakeholders and show case Dangote Group’s contributions to Nigeria’s economic development. He said that the theme of the Fair, “Developing Nigeria’s Industrial Sector/SMEs for Economic Advancement & Global Recognition” speaks directly to the core mission of Dangote Group.
“As Africa’s largest indigenous manufacturing conglomerate, we are focused on Production, Prosperity, Power, and Pride. We believe the industrial sector, and by extension SMEs, can play a transformative role in job creation, import substitution, and overall economic advancement.
“The industrial/manufacturing sector has the capacity to impact significantly on the economy especially in the creation of jobs, provision of goods, reduction in imports of finished products and adding of value to our raw materials. It is generally accepted that a nation’s economic wellbeing is largely dependent on the industrial/manufacturing sector,” Mr Okerentie said.
“The industrial/manufacturing sector is labour intensive, could create millions of both direct and indirect employments for people of diverse skills such as administrators, accountants, engineers, technicians, marketing & sales among others.
“It can also create indirect employment for supply chain actors in other sectors of the economy such as raw materials suppliers, logistics and transportation, farmers, and miners,” he added.
By Dipo Olowookere
On Friday, April 18, 2025, all roads will lead to the headquarters of the Love of God in Christ (LOGIC) Church in the Lekki area of Lagos State for an uplifting evening dedicated to expressing the message of the death, burial and resurrection of Jesus Christ in music.
The day, which is Good Friday, has been set aside to celebrate the death, burial and resurrection of Jesus Christ, which is the cornerstone of Christian faith.
Christian faithful from across the global will gather for the hybrid programme tagged Jesus + Nothing Worship, a platform that provides worshippers an opportunity to connect with the essence of the Gospel in worship.
Soul-lifting singers expected to minister on that day include Neon Adejo, Greatman Takit, Victor Thompson, Timi Dakolo, Samuel Giveson (SMJ), Noble G, Steve Hills, and Lily Perez.
Others are Joxie, Anderson Qozan, Pastor Victor Paul, EmekaSongz, Flo, Dorcas Moore, Magpsalms, Mera Owili, Gerald Bishung, Phebe Lion, and the vibrant Evolution Children’s Choir.
The Lead Pastor and Apostolic Head of the LOGIC Church, Apostle Flourish Peters, while commenting ahead of the event, said, “As a Christocentric faith community, this event is a great way to celebrate the gift of Christ, who laid down his life for our redemption. Good Friday is a great time to have a worship celebration like this.”
“Nothing speaks to the culture of a people like the music they listen to. Jesus + Nothing Worship will contribute to shaping and mainstreaming a culture of christocentric worship, where the Gospel of Christ’s death, burial and resurrection is platformed through worship,” he added.
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