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 Aduragbemi Omiyale
A former member of the House of Representatives, Mr Onamusi Onadeko, has been sentenced to nine months’ imprisonment with an option of a fine of N50,000.
The former lawmaker, who represented Ogun East Federal Constituency in the National Assembly from 1999 to 2003, was sentenced by Justice Chizoba Oji of the Federal Capital Territory High Court in Abuja on Thursday, July 30, 2026.
He was found guilty on count 11 and convicted for making inconsistent statements but discharged and acquitted on counts 2, 3, 4, 6, 7, 8, 9 and 10.
Mr Onadeko’s journey to the court started in 2017, when he was charged by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for his alleged involvement in the award and execution of a N68.7 million contract.
The politician, according to a statement from the ICPC, was accused of using his private companies, Stanton Engineering Limited and Haines and Baines Limited, to execute several constituency projects while working as a Senior Legislative Aide to late Senator Buruji Kashamu, who represented Ogun East Senatorial District between 2015 and 2019.
The commission, had in the course of the eight years trial told the court that several contracts like buying of ambulance vehicles, supply of hospital equipment and drugs for Primary Health Centres, as well as construction of classrooms for some selected schools in six communities of Ogun East Senatorial District, were awarded to both Stanton Engineering Limited and Haines and Baines, where the convict doubles as a Managing Director and nominal Director, respectively, an action that violates Sections 12 and 19 of the Corrupt Practices and Other Related Offences Act, 2000.
ICPC also accused Mr Onadeko of making an inconsistent statement that contradicted the one previously made to the Commissioner for Oaths, where he stated that he is a Director of Haines and Baines Limited in an affidavit dated June 30, 20216, but subsequently wrote another statement while under investigation on May 5, 2017, that he is not a shareholder or Director of Haines and Baines Limited.
This action violates Section 25(1)(b) of the ICPC Act and, upon conviction, is liable to a fine not exceeding N100,000 or to imprisonment for a term not exceeding two years or to both such fine and imprisonment.
However, Mr Onadeko, through his counsel, Mr Wahab Olatoyebi, argued in the course of the trial that his client was not a public officer as his appointment at that material time was on a short-term basis and non-pensionable, hence he, (Onadeko) did not fall within the category of those that could be tried under Sections 12 and 19 of the Corrupt Practices and Other Related Offences Act, 2000 which criminalize and punish abuse of office by public officers.
But this argument was rejected by Justice Oji, who stressed that based on the defendant’s letter of appointment as well as the decision of the Supreme Court in the case of Federal Government of Nigeria v. Farouk Lawan, legislative aides are public officers and therefore could be prosecuted under the relevant provisions of the Corrupt Practices and Other Related Offences Act, 2000.
By Adedapo Adesanya
The Governor of Oyo State, Mr Seyi Makinde, has inaugurated a Judicial Commission of Inquiry to investigate the abduction of students and teachers from Esinele and Yawota communities in Oriire Local Government Area of Oyo State.
The governor formally inaugurated the commission at the Executive Council Chamber of the Governor’s Office, Secretariat, Agodi, Ibadan.
Speaking at the event, Governor Makinde said that although the successful rescue of the victims brought relief to the state, it did not provide complete closure.
He explained that the decision to set up an independent commission was not intended to undermine the efforts of security agencies but to ensure that every question surrounding the incident is thoroughly addressed and lessons are learnt to prevent a recurrence.
He charged members of the commission to conduct a thorough, impartial, and evidence-based investigation, assuring them of the state government’s full support. He also called on individuals and relevant institutions to cooperate fully with the panel.
Speaking on behalf of the commission, its chairman, Professor Mojeed Owoade, pledged that members would carry out the assignment with integrity, professionalism, and fairness. He added that the panel would seek an extension if necessary to complete its work.
Governor Makinde gave the commission four weeks to submit its report.
Earlier this month, the pupils and teachers abducted in Oriire Local Government Area of Oyo State regained their freedom after 56 days in captivity.
According to the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, eight of the kidnappers had been arrested, but the Federal High Court in Abuja on July 23 sentenced three suspects in the abduction to life imprisonment.
According to the court, the sentencing of Mr Abdulrazak Umar, known under the alias Abu Khalifa/Abu Khalid; Mr Yunusa Musa, alias Yunusa Bin Musa; and Mr Shamsu Adamu Sani, alias Abu Itisar, will start from the date of their arrest.
Before their sentencing by Justice Salim Ibrahim, counsel for the defendants pleaded with the court to sentence them on liberal terms, adding that they were first-time offenders and had pleaded guilty.
By Modupe Gbadeyanka
Two Chinese, Mr Zhang Hong Lin and Mr Gao Pei Hai, have been convicted and sentenced by Justice Akintayo Aluko of the Federal High Court in Ikoyi, Lagos, for conspiracy and the illegal mining of solid minerals.
They were both found guilty on all five counts levelled against them by the Economic and Financial Crimes Commission (EFCC) and sentenced each to five years’ imprisonment on each count, with an option of a N50 million fine covering all five counts.
The court also ordered the forfeiture of the mineral resources recovered from them to the Federal Government of Nigeria.
The defendants were arraigned on a five-count charge bordering on conspiracy and the unlawful possession of mineral resources intended for export without lawful authority.
“That you, Zhang Hong Lin, Gao Pei Hai, and Gao Pei Yu (currently at large), sometime in 2025 in Lagos, within the jurisdiction of this court, conspired among yourselves, with the intent to defraud the Federal Government of Nigeria of revenue accruing therefrom, and without the permission of the appropriate authority, engaged in the exportation of mica products, copper-bearing, and lithium-bearing mineral resources out of Nigeria, thereby committing an offence contrary to Section 1(8)(a) of the Miscellaneous Offences Act, 1983, and punishable under Section 8 of the same Act,” one of the charges read.
The defendants pleaded guilty when the charges were read to them, with the prosecution counsel, H.U. Kofarnaisa, calling the investigating officer, Matthew Orogwu, who reviewed the facts of the case and tendered documentary evidence before the court.
After presenting the evidence, Kofarnaisa urged the court to convict and sentence the defendants in line with the charges.
