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Tag: Dangote

Aliko Dangote Becomes First African To Reach $30 Billion Net Worth

Aliko Dangote Pledges 25% Of His Wealth To Foundation, With Family Approval If He Passes

Wale busari01 mins

Africa’s richest man, Aliko Dangote, has announced plans to donate 25% of his wealth to the Aliko Dangote Foundation, reinforcing his role as a leading philanthropist. The pledge was made during the launch of the Foundation’s new education initiative in Lagos. Dangote said his family, including his mother and three children, have approved the arrangement to ensure the commitment continues in the event of his passing. “My mother and my three children have already signed off on this deal should anything like death happen to me,” he stated. As part of the initiative, Dangote plans to invest ₦100 billion in 2026, supporting more than 155,000 learners across Nigeria. He will also provide ₦590 million annually to a school for orphaned girls in Maiduguri to guarantee its ongoing operation.

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Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices

Dangote Refinery Cuts Petrol Price To N699 Per Litre, Slashing N129 From Benchmark

Wale busari02 mins

The Dangote Petroleum Refinery has reduced its petrol gantry price again, bringing the ex-depot rate down from N828 to N699 per litre. Data from Petroleumprice.ng on Friday showed that the refinery cut the Premium Motor Spirit benchmark by N129 per litre, a 15.58 per cent reduction. An anonymous refinery official confirmed the move to PUNCH Online, saying, “The refinery has reduced petrol gantry price to N699 per litre.” The new rate, effective December 11, 2025, marks the 20th petrol price adjustment by the refinery this year. The reduction comes shortly after Chairman Aliko Dangote reaffirmed his commitment to keeping domestic fuel prices “reasonable and competitive,” despite global price fluctuations and ongoing smuggling along Nigeria’s borders. Dangote, speaking after a closed-door meeting with President Bola Tinubu on December 6, explained that the price drop is part of efforts to compete with imported fuel. He noted that while smuggling has lessened, it remains an issue because Nigerian fuel costs about 55 per cent less than in neighboring countries. He added that petroleum products would continue to be sold at fair prices, stressing that the $20 billion refinery is a long-term investment. Following the Dangote refinery’s adjustment, several private depots also lowered their prices. Sigmund Depot reduced its ex-depot price by N4 to N824 per litre, Bulk Strategic cut N3, and TechnoOil implemented a N15 drop. Other depots, including A.A. Rano, NIPCO, and Aiteo, made slight reductions in response to the new pricing benchmark.

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Hackers Breach Phones Of Aliko Dangote And Femi Otedola, Demand Ransom

Wale busari02 mins

The mobile phones of Aliko Dangote, CEO of Dangote Group, and Femi Otedola, chairman of First HoldCo Plc, have reportedly been hacked, TheCable can report. Sources close to both businessmen revealed that their devices were compromised over the past week. While Otedola’s phone was hacked once, Dangote’s device was reportedly breached twice within two days. It remains unclear whether both men have fully regained access to their phones, but insiders said the hackers have demanded money. “The hackers are asking for money from both men,” an insider told TheCable. Dangote and Otedola, who share a close friendship and often refer to each other as “brothers,” have been involved in various business engagements. Otedola attended the announcement of Dangote’s plan to expand his refinery’s capacity from 650,000 to 1.4 million barrels per day. Describing Dangote as “Africa’s pride,” Otedola praised his friend’s long-term investments. “Aliko’s relentless commitment to investing in Nigeria and Africa will outlive him, as these are legacy investments that will define generations,” he said. “Soon, Nigerians will own part of this refinery, a powerful reminder that this vision is not just for Dangote, but for all Nigerians and Africans.” Otedola, author of the bestselling book Making It Big, recently boosted his stake in First HoldCo Plc, acquiring 64.87 million shares valued at N2.01 billion.

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Court Dismisses ₦100bn Dangote Refinery Suit Against NNPCL

Fola Badmus03 mins

The Federal High Court in Abuja has struck out a ₦100 billion lawsuit filed by Dangote Petroleum Refinery and Petrochemicals FZE against the Nigerian National Petroleum Company Limited (NNPCL) and several others over the issuance of fuel import licences. Justice Mohammed Umar dismissed the case following an application for withdrawal filed by C.O. Adegbe, counsel to Dangote Refinery. After the withdrawal, lawyers representing the defendants made an oral application for the matter to be dismissed, which the court subsequently granted. The defendants in the suit included the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), NNPCL, AYM Shafa Limited, A.A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited. Dangote Refinery had sought to invalidate the import licences issued by the NMDPRA to NNPCL and the five other oil marketing companies, arguing that the practice undermined domestic refining capacity. The company also demanded ₦100 billion in damages, alleging that the regulatory agency’s actions were detrimental to the growth of Nigeria’s refining sector. NNPCL Eyes 20% Stake in Dangote Refinery Meanwhile, the Group Chief Executive Officer of NNPCL, Bayo Ojulari, has announced plans by the national oil company to increase its equity stake in the Dangote Refinery to 20 percent. Speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Ojulari said the move aligns with NNPCL’s broader strategy to enhance transparency and prepare for an eventual Initial Public Offering (IPO). “The IPO journey is by law. The PIA (Petroleum Industry Act) prescribes for NNPCL to journey towards achieving IPO. It’s not an option for us,” Ojulari stated. “We have begun to publish our monthly performance since May this year, and that has continued.” Ojulari, however, did not provide a specific timeline for when the IPO would take place. The Dangote Refinery, Africa’s largest single-train refinery, began partial operations earlier this year and is expected to play a critical role in ending Nigeria’s dependence on imported refined petroleum products.

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Aliko Dangote Becomes First African To Reach $30 Billion Net Worth

Dangote Exposes Fake Linkedln Account

Wale busari01 mins

Africa’s richest man and President Dangote Group, Alhaji Aliko Dangote has drawn the attention of the general public a fake Linkedln account in his name and profile. Dangote Group on behave of their President on Monday made this disclosure on Twitter now X. “This LinkedIn handle “Aliko Dangote (PDG chez Dangote Cement)” is not in any way connected with the President/CE Dangote Industries Limited, Aliko Dangote, Dangote Cement, Aliko Dangote Foundation and other Business Units. “We strongly advise the public to ignore and report this fake profile. For verified information and updates, please refer only to the official pages.”

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Aliko Dangote Becomes First African To Reach $30 Billion Net Worth

Aliko Dangote Becomes First African To Reach $30 Billion Net Worth

Wale busari03 mins

Aliko Dangote, Africa’s richest man, has officially reached a net worth of $30 billion as of October 23, 2025, according to Bloomberg’s Billionaire Index. The milestone reflects a $2.16 billion increase in his wealth this year, including a recent $430 million valuation gain. Just days earlier, Dangote’s fortune stood at $29.8 billion, only $200 million shy of the $30 billion mark. The surge is largely driven by the expansion of his industrial ventures, particularly the completion of a $160 million cement plant in Attingué, about 30 km north of Abidjan, Côte d’Ivoire. Spanning 50 hectares with an annual production capacity of three million metric tonnes, the facility is one of Dangote Cement’s largest outside Nigeria. With this addition, the company’s total installed capacity across Africa now reaches approximately 55 million tonnes per year across 11 countries. Dangote is also focusing on the oil sector, planning to more than double refining capacity to 1.4 million barrels per day, which would surpass the output of the world’s largest refinery in Jamnagar, India. Reports indicate that Dangote Refinery may sell 5–10% of its shares on the Nigerian Exchange (NGX) within the next year. Since the launch of the $20 billion Dangote Oil Refinery in May 2023—which began operations in October 2023 with a daily production capacity of 370,000 barrels of diesel and jet fuel—Dangote’s fortune has seen significant growth. Shortly after the refinery’s commissioning, Bloomberg ranked him the 81st richest person globally with a net worth of $20.4 billion. Although he briefly lost the title of Africa’s richest person to South African billionaire Johann Rupert in early 2024, Dangote quickly reclaimed the top spot, surpassing $20 billion by late January 2024. Despite mid-2024 fluctuations, his net worth climbed to $27.8 billion by year-end and $29.3 billion by August 2025, before finally crossing the $30 billion threshold this October. Dangote’s rise highlights his growing influence across Africa’s industrial sector—from cement to oil refining—solidifying his position as the continent’s wealthiest individual and one of its most transformative business leaders.

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Dangote Group Denies Involvement In Fatal Akungba-Akoko Truck Crash

Dangote Group Denies Involvement In Fatal Akungba-Akoko Truck Crash

Wale busari03 mins

The Dangote Group has denied claims that one of its trucks was involved in the fatal accident in Akungba-Akoko, Ondo State, which claimed eight lives. The crash, confirmed by the Federal Road Safety Corps (FRSC), involved a truck and a commercial bus in Akoko South-West Local Government Area. FRSC’s Public Education Officer in Ondo, Abiola Fadumo, stated that the collision led to multiple fatalities. In a statement on Thursday via its official X (formerly Twitter) account, Dangote Group clarified that the truck with Plate No. JJJ 365 XB is not owned by the company or any of its subsidiaries. The company said registration records show the vehicle belongs to an independent logistics firm unconnected to Dangote Group. The truck was reportedly carrying crushed stones packed in reused sacks with various brand names, and not any Dangote products. “For the avoidance of doubt, the truck was not conveying any Dangote products but was transporting crushed stones in reused sacks bearing various brand names,” the statement read. Dangote Group emphasized that its trucks are easily identifiable with distinct company markings and fleet numbers and are operated only by trained personnel under strict safety and regulatory compliance protocols. While expressing condolences to the victims and their families, the company urged the public and media to verify information before linking any accident or vehicle to Dangote. It also warned against using images of Dangote-branded trucks in unrelated news reports. “Dangote Industries remains steadfast in its commitment to road safety, regulatory compliance, and responsible corporate citizenship across all its operations in Nigeria and beyond,” the statement concluded.

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Eight Confirmed Dead As Dangote Truck Loses Control in Ondo State

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A tragic accident on Wednesday night claimed the lives of eight people, including five men, two women, and a young boy, in Akungba-Akoko, Ondo State. The crash occurred near Adekunle Ajasin University in the Akoko South West area of the state. The Ondo State Sector Commander of the Federal Road Safety Corps (FRSC) confirmed the incident, stating that it happened around 7:30 p.m. and involved a truck loaded with stone dust and a motorcycle. The truck reportedly lost control and rammed into a barricade situated in front of the university. He urged motorists to always exercise caution, especially during the “ember months,” and to ensure their vehicles are in good condition before any trip. The bodies of the victims have been taken to a nearby hospital morgue. According to Mosadoluwa Ajidagba, the Public Relations Officer of the Adekunle Ajasin University Students’ Union Government, the truck belonged to Dangote Cement. Ajidagba explained that the vehicle was coming from Ikare towards Akungba when its brakes failed, causing it to crash into the barricade at the university gate. He said about ten people died in the crash and noted that the Students’ Union had long appealed for a ban on heavy-duty trucks passing through the area. He urged students to remain calm, avoid the accident scene, and stay away from the main highway for safety reasons. In his reaction, the Executive Chairman of Akoko South West Local Government, Ayo Ajana, described the incident as heartbreaking and extended condolences to the victims’ families and the entire community. Ajana promised to work with relevant agencies and authorities to implement lasting safety measures at the accident-prone location and other high-risk areas across the council.

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