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Forbes: Dangote Now 86th World’s Richest as Wealth Surges to $23.9bn

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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.”

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Daystar Power Expands Nestlé Solar Partnership Across West Africa

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By Adedapo Adesanya

Daystar Power Group has expanded its renewable energy partnership with Nestlé in West Africa, commissioning solar power systems with a combined capacity of 6.884 megawatts across four manufacturing facilities in Côte d’Ivoire, Ghana, and Senegal.

According to a statement, the deployments bring the total installed capacity across Nestlé’s sites to 6,884 kWp, nearly 7 megawatts, making it one of the largest commercial and industrial solar partnerships in the region.

The four sites, two in Abidjan, one in Tema, and one in Dakar, are all fully operational, with each system designed around the specific grid and operational profile of its location.

“Nearly 7 megawatts across four Nestlé facilities is a number we are proud of, but what it represents matters more than the figure itself. It means that one of the world’s most demanding manufacturers has tested our model, trusted it, and come back. Our job now is to keep earning that, across every market where industry needs energy it can count on,” Mr Yischai Beinisch, CEO, Daystar Power Group said in a statement.

The partnership began with a single commissioning and expanded to span three countries and four facilities. In Côte d’Ivoire, Daystar Power has delivered 3,447 kWp across two Abidjan sites. In Ghana, a 2,547 kWp system powers Nestlé’s Tema factory. In Senegal, an 890 kWp installation operates at the Dakar facility.

The company said each system is sized and configured to deliver measurable environmental and social impact, including reduced greenhouse gas emissions and improved energy resilience. The design is tailored to the operational and grid conditions at each location, ensuring reliable, clean energy access while supporting local development and aligning with Nestlé’s publicly stated net-zero commitments.

Adding his input, Mr Samer Chedid, CEO, Nestlé Central and West Africa Region, said the investment reflects its commitment to building a business that not only grows but does so responsibly.

“By advancing solar energy projects in Ghana, Côte d’Ivoire, and Senegal, we are embedding sustainability into our growth, reinforcing our role as a force for good, creating long-term value for communities, and ensuring that our footprint actively contributes to a cleaner, more resilient future,” he said.

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Nigeria Adopts New Security Framework to Safeguard Oil Assets

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By Adedapo Adesanya

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Ministry of Defence have agreed to deepen collaboration on the protection of critical oil and gas infrastructure through a new non-kinetic security framework designed to curb threats, strengthen community relations and sustain rising output.

The initiative comes as Nigeria recorded crude oil production of nearly 1.8 million barrels per day, one of the highest production levels in recent years, amid intensified efforts to combat crude oil theft, pipeline vandalism and other security challenges across the Niger Delta.

Speaking during a courtesy visit by a delegation from the Ministry of Defence to the Commission’s headquarters in Abuja, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said the country’s recent production gains were directly linked to coordinated interventions involving security agencies and industry stakeholders.

“Today, we are benefiting from those efforts. Last month, we recorded production of nearly 1.8 million barrels per day throughout the month,” Mrs Eyesan said.

She noted that sustained investments in security operations, technology deployment and human capacity development had significantly improved production stability and operational efficiency in the upstream petroleum sector.

According to her, maintaining and expanding the gains has become critical as Nigeria seeks to increase crude oil output, attract fresh investments and maximise revenue generation from the petroleum industry.

“As we look to the future, we desire to grow production and must have assurances that security threats can be effectively managed. We can only achieve this through stronger collaboration with security agencies and industry stakeholders,” she stated.

Mrs Eyesan stressed that safeguarding oil and gas assets remains central to Nigeria’s energy security strategy and economic growth objectives, noting that production assurance has become a key requirement for investors considering new upstream projects.

She disclosed that the Commission was exploring wider deployment of advanced technologies, including drone surveillance systems, to improve monitoring of the country’s vast oil and gas infrastructure network and detect threats before they escalate into operational disruptions.

The NUPRC boss further revealed that the Commission would work closely with operators to refine and implement a new security framework, while providing leadership in stakeholder engagement and governance structures needed to ensure long-term sustainability.

The Minister of Defence, Mr Christopher Gwabin Musa, said the Ministry was introducing a non-kinetic security intervention model aimed at addressing the underlying causes of insecurity in oil-producing communities.

Rather than relying solely on military operations, he explained that the strategy would focus on community engagement, youth empowerment and social inclusion programmes to build lasting peace around critical energy infrastructure.

“One of the best ways to engage youths in oil-producing areas is through sports-based interventions,” Mr Musa stated.

He explained that the initiative would utilise sports development programmes to channel youthful energy into productive activities, reduce vulnerability to criminal networks and strengthen community ownership of critical national assets.

The Defence Minister, who was represented by one of his aides, added that the intervention would also include structured programmes for persons living with disabilities, creating broader opportunities for participation and economic inclusion in host communities.

According to him, the initiative aligns with the Host Community Development provisions of the Petroleum Industry Act (PIA) and is expected to strengthen relationships between operators and host communities while promoting sustainable development.

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PTML Unveils $50m Expansion Plan for Tin Can Island Port

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By Adedapo Adesanya

Port and Terminal Multiservices Limited (PTML) has disclosed the investment of $50 million to expand its terminal at Tin Can Island Port, Lagos, as part of efforts to strengthen Nigeria’s bid to become the leading maritime hub in West and Central Africa.

PTML Managing Director, Mr Ascanio Russo, made the disclosure on Wednesday during a visit to the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, in Abuja.

The investment by PTML, a member of the Grimaldi Group, will expand berthing capacity and acquire additional modern port equipment.

“The Grimaldi Group remains deeply committed to Nigeria and believes in the country’s potential as the leading maritime and logistics gateway in West and Central Africa,” Mr Russo said.

“This $50 million investment is designed to expand our berthing capacity and deploy modern equipment that will enhance operational efficiency, cargo handling, and service delivery.”

He said the upgraded berths would enable PTML to receive next-generation Container/Roll-on Roll-off, Con-Ro, vessels, including the largest Con-Ro ships currently operating globally, directly at the Lagos terminal.

“The maritime industry is evolving rapidly, with larger vessels becoming the standard for international trade. Through this expansion, PTML will be fully equipped to accommodate these next-generation Con-Ro vessels and keep Nigeria competitive for global shipping lines,” Mr Russo stated.

He added that the project responds directly to the Federal Government’s call for increased private-sector participation in port modernisation.

Mr Russo said the expansion would facilitate trade, increase cargo throughput, create jobs during construction and operations, and boost government revenue through higher port activity.

On his part, Mr Oyetola welcomed the investment as a vote of confidence in the Federal Government’s maritime reforms.

“This investment shows our reforms are yielding results and that international investors recognise the opportunities in Nigeria’s maritime sector,” the minister said. “We are determined to transform our ports into modern, efficient, and globally competitive gateways that support economic growth and position Nigeria as the maritime hub of West and Central Africa.”

Mr Oyetola said the government was implementing measures to improve port efficiency, reduce bottlenecks, upgrade infrastructure, and strengthen the ease of doing business.

He said these include port modernisation, deeper collaboration with private operators, digitalisation of port processes, and policies to attract more maritime trade.

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