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Dangote Announces Massive Refinery Expansion, Targets Global Supremacy

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By Salihu Mohammed

 

The Dangote Petroleum Refinery, already recognized as the world’s largest single-train facility, is set for a massive expansion that will nearly double its capacity to 1.4 million barrels per day (bpd) within the next three years.

Alhaji Aliko Dangote, President of Dangote Industries Limited, made the ambitious announcement at a media briefing in Lagos, explaining that the decision is fueled by emerging opportunities across Africa, the growing regional demand for cleaner fuels, and Nigeria’s supportive policy environment.

“This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential, and our commitment to building energy independence for our continent and the world,” Dangote stated. He noted that the move aligns with President Bola Ahmed Tinubu’s dream for Nigeria to become a major global supplier of petroleum products.

Vision for African Energy Security
The expansion, which will cement Nigeria’s position as a global refining hub and surpass India’s Jamnagar Refinery, is backed by a financial strategy combining cash flow, public listing, and strategic investors.

Dangote emphasized that the project is a transformational step towards achieving energy security for Africa and transforming the continent from an exporter of raw crude to a hub for refined products.

Key highlights of the expansion include:

Fuel Standards: The refinery will transition from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks for cleaner energy.

Polypropylene Boost: Polypropylene production capacity will surge from 900,000 metric tonnes to 2.4 million metric tonnes per annum.

Manufacturing Inputs: The facility will boost the output of linear alkylbenzene (a key ingredient in detergent manufacturing) and additional base oils.

Power Self-Sufficiency: Power generation capacity will be expanded to 1,000 megawatts, ensuring complete operational self-sufficiency.

Economic and Local Impact
Dangote projected that the expanded refinery’s annual revenue could exceed $55 billion, making it one of Africa’s most valuable industrial assets.

He underscored the profound economic benefits for Nigeria, including further strengthening energy security, drastically reducing foreign exchange outflows, and saving the country billions of dollars annually that would otherwise be spent on importing refined products.

On local participation, Dangote affirmed: “More than 85% of our workforce will be Nigerians, with continuous investment in skills development and technology transfer.” He concluded that the commitment to safety, sustainability, and local participation remains unwavering throughout every phase of the expansion.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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