Africas richest man, Aliko ?angote, has seen his wealth more than double to $27.8 billion following the long-awaited opening of his Nigerian oil refinery, according to the Bloomberg Billionaires Index. The ?angote Refinery in Lagos is the biggest single-train oil refinery in the world and one of the most complex, capable of processing most global crude types. It has the potential to transform Nigerias economy by making the country self-reliant for fuel. The 67-year-old Nigerian industrialist now leads one of Africas most ambitious private enterprises: a refinery poised to transform…
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FloodDisaster: ?angote donates N2bntoMaiduguri victims
Urges Corporate Nigeria to support Borno The Chief Executive Officer of ?angote Industries, Aliko ?angote has announced the donation of N2 billion to assist those affected by the recent devastating flood in Maiduguri, the Borno State capital. ?angote explained that while the Presidential Committee on Flood and Disaster, which he chairs, has committed N1 billion, the ?angote Foundation will donate an additional 1 billion naira. We have a Presidential Committee on Flood and Disaster which I chair. They have already committed about 1 billion, and the Aliko Dangote Foundation will…
Read MoreHigh sulphur contents: “Oil & Gas Regulators undermining, instead of safeguarding the market” ?angote
President of ?angote Group of Industries, Aliko ?angote, has advised regulators of Petroleum Refinery & Petrochemical products to safeguard the market rather than undermining it. ?angote, who disclosed this during the weekend,stated that dubious certifications accompany the importation of high-sulphur diesel into Nigeria, causing both health risks and financial losses for Nigerians. Aliko, Africa’s richest man was reacting to the statement credited to the Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA), Engr. Farouk Ahmed, who had alleged that ?angote Refinery and other modular refineries such as…
Read More“Why I dont own houses outside Nigeria” ?angote
Africas richest man, Alhaji Aliko ?angote, has explained that his passion for an industrialized Nigeria is the sole reason he doesnt have houses outside Nigeria. Speaking during a media parley at the ?angote Petroleum Refinery, Ibeju-Lekki area of Lagos State, ?angote revealed that he once had a London house, which he sold in 1996. He added that the reason he doesn’t have a London or America house is solely because he wanted to focus on industrialization in Nigeria,as well as using his companies to provide a job opportunity for the…
Read More?angote faults CBNs 30% interest rate
Chairman and Chief Executive of the ?angote Group, Aliko ?angote, has criticised the latest increment of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN). While addressing the audience during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN) at the State House, Abuja, yesterday, ?angote said businesses could not cope with the current rate. Recall that in May, following a two-day meeting, CBNs Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate (MPR) for the third straight…
Read More??angote raises concern over workings of Africa Continental Free Trade Area agreement
President and Chief Executive of ??angote Industries Limited, and Africas richest man,Aliko ??angote, has expressed concern over workings of the Africa Continental Free Trade Area agreement, (AfCFTA), which Nigeria is a signatory. While speakingon Intra-Africa trade issues, during an interview on a CNN programme: Connecting Africa, ?angote argued that Nigeria is not against the AfCFTA, pointing out that the regional economic block needs to function properly before a continent-wide agreement can prosper.??The business mogul shared an experience, saying: ?I am going to Egypt tomorrow; but I need a visa. They…
Read More“Our refinery has slashed diesel price by over 60% in Nigeria” ?angote
Aliko ?angote, Africas richest individual, announced that the supply of diesel from his Dangote Refinery has caused a roughly 60% decrease in the commoditys price in the local market. ?angote made this statement on Wednesday, during his speech at the Afro-Caribbean Trade & Investment Forum in Nassau, The Bahamas. The business mogul stated that before the ?angote Refinery began operations, diesel was sold at around N1,700. However, the refinery reduced the price to about N1,000, marking a drop of approximately 60%. He also noted that despite the exchange rate rising…
Read More‘Naira’s devaluation from N460 to N1,400 was the biggest mess created for 2023 – ?angote
Chairman of ?angote Industries Limited, Aliko ?angote, has declared that the Naira devaluation had a significant negative impact on the company in the year 2023. ?angote, who addressed attendees on Tuesday at the yearly general assembly of ?angote Sugar Refinery Plc., conveyed that the company is diligently working towards delivering dividends this year. He stated that numerous companies, particularly those in the food and beverages sector, have also been impacted and may face challenges in distributing dividends. We are doing whatever it takes to make sure that at the end…
Read More?angote budgets N15bn for food intervention across Nigeria
The Aliko ?angote Foundation, (ADF) has flagged-off the distribution of over 1,000,000, (One million) bags of 10kg rice across all the 774 local governments in Nigeria in Kano and Lagos respectively. President of ?angote Group, Aliko ?angote, who is also the Chairman of ADF, was present at both the flagging-off ceremony in Kano and Lagos. At the flag-off ceremony in Kano, where 120,000 bags of 10kg rice were distributed, ?angote, said he has resolved to do all within his powers to assist the Government in alleviating poverty in Nigeria. Also,…
Read More?angote Refinery to commence fuel production, as 1st crude shipment arrives
The ?angote Oil Refinery is finally set to commence fuel production, as the first crude shipment arrives at the facility yesterday. This was confirmed in a report by S&P Global, which stated that the massive OTIS tanker, carrying 950,000 barrels of Nigerias Agbami crude, set sail on December 6. S&P Global added that the tanker is currently en route to Lekki, Lagos State, which is the nearest land port to ?angotes offshore crude receiving terminal. It pointed out that the arrival of the first crude shipment at the mammoth $19…
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