By Adedapo Adesanya

The Dangote Petroleum Refinery and Petrochemicals said it would partner with Vinmar Group, an international petrochemicals distribution company, to bring Dangote polypropylene to global markets.

In March, Dangote Refinery commenced operating its 830,000 metric tonnes per year polypropylene facility in Lagos in 25kg bags for the local market.

Polypropylene is a thermoplastic polymer that is commonly used in plastic packaging, textiles, reusable shopping bags, surgical equipment, household chairs, and kitchen utensils

“We’re pleased to partner Vinmar to introduce Dangote Polypropylene to the global markets,” said Fatima Aliko Dangote, an executive director at Dangote Group at the launch of the facility on Wednesday.

The company had previously said its $2 billion petrochemical plant located in Ibeju-Lekki, Lagos State, is designed to produce 77 different high-performance grades of polypropylene in the country.

With a turnover of $1.2 billion, the Dangote Petrochemical plant, situated alongside the Dangote Refinery, is positioned to cater to the demands of the growing plastic processing downstream industries, not only in Africa but also in other parts of the world.

“We have 77 types of polypropylene, which can be used for different purposes, and we can produce it from our petrochemical plant. Currently, the plant is capable of producing about 900,000 tonnes of polypropylene per annum. Our Petrochemical plant should be the biggest in Africa,” Mr Devakumar Edwin, now the Vice President of Dangote Industries Limited said earlier this year.

Nigeria currently imports 90 per cent of its annual polypropylene requirements amounting to 250,000 metric tonnes per year.

The Dangote facility seeks to not only meet local demand but become a net exporter.

Now fully operational, the facility is set to become Africa’s largest polypropylene production site, producing from two polypropylene units with capacities of 500,000 metric tonnes per year and 330,000 metric tonnes per year.

By Aduragbemi Omiyale

The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has denied owning Fidelity Bank Plc, saying he only became the Chairman of the lender like the others.

Mr Obi was reacting to reports that he was in Rome recently for the installation of Pope Leo XIV in the Vatican over the weekend to plead with President Bola Tinubu over a purported N225 billion Supreme Court judgement involving the bank.

In a statement posted on his X (formerly known as Twitter) on Thursday morning, the former Governor of Anambra State disclosed that he was in Italy for the event as a member of the Catholic Church.

“It’s obvious that the biggest business for blackmailers now is talking about Peter Obi from every negative perspective. Even my solemn spiritual trip to Rome has been twisted into yet another blackmail campaign by merchants paid ostensibly to propagate anything negative against Obi.

“One such individual, whose entire life revolves around blackmail, falsely claimed that I went to Rome to have a private meeting with President Bola Ahmed Tinubu regarding a purported N225 billion debt crisis involving Fidelity Bank. These claims are not only baseless, malicious, but entirely false.

“Let me categorically state that I have never sought an audience with, nor met, President Tinubu since he assumed office, except about 1 minute meeting at the arena of Saint Peter’s Basilica Rome during the inauguration Mass of Pope Leo XIV, where I was seated behind, and had to respectfully greet him, and other dignitaries present.

“I was previously in Rome on the 9th of May for the lying in state of Pope Francis. Immediately after the mass and exchanging pleasantries, I went straight from Vatican City to London, and then back to Nigeria.

“The self-proclaimed blackmailer-in-chief and others who thrive on spreading pain and falsehoods have also claimed that I own Fidelity Bank. For the record, I do not. Throughout my career, I have served as Chairman/Director of 3 banks/Financial institutions, of which Fidelity is one of them. Fidelity has over 500,000 shareholders, none of whom hold a majority stake. What this blackmailer seeks is to harm these hard-working Nigerians and cause them needless distress.

“To those peddling these falsehoods, and engaging in blackmail, I offer a simple prayer: May God grant you the virtues of gratitude and understanding to know that we came here with nothing and will go with nothing, that they cannot profit from their evil ways,” he wrote.

By Adedapo Adesanya

The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, on Tuesday reiterated efforts to remove Nigeria from the grey list of the Financial Action Task Force (FATF).

Nigeria was placed on the Grey List by the Financial Action Task Force (FATF) alongside 21 other countries, including South Africa, Burkina Faso, and Cameroon amongst others in 2023 due to failure to fully comply with its obligations to combat money laundering, terrorist financing, and the proliferation of weapons.

Speaking at the end of the 300th Monetary Policy Committee (MPC) meeting, Mr Cardoso said Nigeria was working towards fixing trust in its financial system, which would enable it exit the list.

“The trust deficit is real but so is our resolve. We’re making the system stronger, safer, and more accountable,” he said.

“Rebuilding trust also means securing our systems. We’ve implemented robust KYC and partnered with NIBSS to ensure safety, screen users, and stay off the FATF grey list,” the central banker added.

Since being put on the grey list, Nigeria has been placed under increased monitoring by the FATF, and this has had consequential effect on transactions involving the country, as well its international outlook for business.

For countries to be removed from the Grey List, the concerned countries must address the shortfalls identified in FATF’s recommendations by strengthening their Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT)/Countering Proliferation Financing (CPF) regimes.

The CBN governor, stated that the apex bank is working towards getting Nigeria out of the Grey List in order to foster the $1 billion monthly diaspora remittances, which the CBN is targeting.

Compliance with the FATF recommendations could therefore have far reaching implications on businesses, the financial sector in Nigeria, and the economy as a whole.

The country has recently intensified efforts to exit the list by this current quarter (Q2 2025), a move that will bolster investor confidence and unlock new economic opportunities.

Speaking during the first Capital Market Committee (CMC) meeting of 2025 held in Lagos this week, SEC Director General, Mr Emomotimi Agama, emphasized the far-reaching implications of such a move for Nigeria’s capital market and broader investment environment.

In March, the Minister of State for Finance, Mrs Doris Uzoka-Anite, emphasized the Government’s commitment to ensuring Nigeria’s removal from the grey list.

During a meeting with departments and agencies, she said the Bola Tinubu-led administration was working tirelessly to address the remaining deficiencies in Nigeria’s AML/CFT regime.

“We are confident that our efforts will yield positive results,” she added.

The successful removal of Nigeria from the grey list will not only bolster investor confidence and unlock new economic opportunities but also demonstrate the country’s dedication to upholding international standards and promoting a safer, more transparent global financial system.