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Aliko Dangote allegedly broke, unable to complete refinery by 2023

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Aliko Dangote allegedly broke, unable to complete refinery by 2023

Aliko Dangote allegedly broke, unable to complete refinery by 2023

 

 

 

Sahara Weekly Reports That Fitch, the world’s biggest global rating agency has alleged that Africa’s wealthiest man, Aliko Dangote is broke.

 

Aliko Dangote allegedly broke, unable to complete refinery by 2023

 

 

It alleged that his company, Dangote Industries has limited financial flexibility with which to complete its refinery.

 

 

 

 

Fitch is basing its allegation on the timely completion or lack thereof of the project, adding that only limited delays or cost overruns may be tolerated in the current rating.

 

 

 

 

Fitch argues that Dangote Industries suffers from weak corporate governance.

 

 

 

 

It says that the existence of a “complex group structure with a large number of related-party transactions” has “a negative effect on operational and financial transparency.”

 

 

 

 

“We also think it’s a risk that Aliko Dangote, as CEO and main shareholder, has a lot of power over operations,” it added.

 

 

 

 

Aliko Dangote had promised to commission the $19 billion refinery project before President Muhammadu Buhari’s tenure ends next year.

 

 

 

 

Not only is the Dangote refinery very dear to Buhari’s government, but Fitch also claims that the government sees the project as the messiah that will solve Nigeria’s perennial fuel scarcity problem as it will end the country’s dependence on imported foreign fuel.

 

 

 

 

But as it turns out, Fitch seems to think that this dream and the timeline Aliko Dangote gave Buhari are not achievable.

 

 

 

 

And their reason is not far-fetched: Dangote requires an additional $1.1 billion (900 billion) naira to complete the refinery next year.

 

 

 

 

Unfortunately, Dangote does not have that kind of money now as he has invested all his cash and even borrowed from lenders to finance the refinery project.

 

 

 

 

Again, the lenders that borrowed Dangote’s loan for the financing of the project cannot give him the 900 billion nairas that Dangote needs to complete the project as they are already over-exposed to the project.

 

 

 

 

So the only way Dangote can raise money is through the sale of bonds by his cement company, Dangote Cement.

 

 

 

 

Dangote cement is already selling bonds this year.

 

 

 

 

If the money urgently needed by Dangote isn’t raised through the sale of bonds, he can sell some shares in his cement company (he owns over 86% of Dangote cement) or he can sell some refinery project stakes, which would be the likely option to plug the gap.

 

 

 

 

He has sold 20% of the refinery stake to NNPC at $2.5 billion, but he might be forced to dilute more stakes in the refinery if all the options to raise the $1.1 billion needed to complete the refinery fail him.

 

 

 

 

But if all these measures to raise money fail to see the light of the day, the only available option left for Aliko is to increase the price of his cement from what it is now to something higher.

 

 

 

 

Fitch concluded its report by saying that the earliest Dangote refinery can deliver its project is 2024 and not 2023 which Dangote promised Buhari.

 

 

 

 

The Dangote refinery project has gone too far and  Dangote is racing against time just to make sure that he delivers the project.

 

 

 

 

 

If not for anything, a lot of hopes are tied to the project, and its failure to deliver will be nothing but a catastrophe.

 

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CRG: Politicians Must Stop Witch-Hunting, Focus on Nation Building — Says NYSC Cleared Deputy Speaker Since 2023 

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CRG: Politicians Must Stop Witch-Hunting, Focus on Nation Building — Says NYSC Cleared Deputy Speaker Since 2023

By: Boye Ola 

 

The Centre for Responsible Governance (CRG) has called on political actors and interest groups to desist from what it described as needless witch-hunting of the Deputy Speaker of the House of Representatives, Benjamin Okezie Kalu, following renewed controversies surrounding his National Youth Service Corps records.

 

The organisation noted that the clarification by the National Youth Service Corps (NYSC) regarding the matter is not a recent development, as a formal verification letter had already been issued as far back as May 23, 2023.

 

 

The letter, referenced NYSC/CCD/VER/10/5.1/VOL1/02, had already addressed and cleared the questions surrounding the Deputy Speaker’s NYSC records.

Reacting to the renewed debate, the spokesman of the Centre,

 

Obande George, said it was troubling that issues which had already been clarified by a competent national institution were being resurrected for political purposes.

According to him, the time has come for political actors to move away from destructive engagements and concentrate on building the nation.

 

“It is important to note that the NYSC had already issued a verification letter dated May 23, 2023 addressing the matter.

Reopening issues that have already been clarified by a competent authority suggests that some individuals are more interested in political witch-hunting than in national progress,” George said.

 

The CRG stressed that democracy thrives when institutions are respected and their determinations are accepted in good faith rather than constantly questioned for political advantage.

George also commended the Deputy Speaker for demonstrating maturity and composure throughout the controversy, despite what he described as sustained provocations.

 

“Honourable Benjamin Kalu has shown remarkable calm and maturity in the face of intense public scrutiny and political provocation.

 

Instead of engaging in unnecessary public confrontation, he allowed institutions to speak through their records.”

 

The Centre warned that Nigeria’s political culture must evolve beyond constant character attacks and sensational allegations, which often distract public officials from their responsibilities.

 

According to the organisation, the country’s development requires constructive engagement among political actors rather than continuous attempts to discredit opponents.

 

“Nigeria cannot move forward if political energy is constantly spent on digging up allegations and amplifying rumours. Our leaders and political actors must redirect their focus to governance, policy and nation building.”

 

CRG therefore urged Nigerians to rely on verified information from credible institutions and avoid spreading speculative claims that could damage reputations or destabilise public discourse.

 

The organisation reiterated that respect for due process and institutional integrity remains essential for strengthening Nigeria’s democracy.

 

@The Centre for Responsible Governance, Email: [email protected], Instagram: crgngo6, Twitter: crgng06, Threads: crgngo6

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IWD 2026: Ajadi Celebrates Women, Urges Them To Seek More Elective Positions In Future Elections

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IWD 2026: Ajadi Celebrates Women, Urges Them To Seek More Elective Positions In Future Elections

 

A Leading People’s Democratic Party, (PDP) Governorship Aspirant in Oyo State, Ambassador Olufemi Ajadi Oguntoyinbo has felicitates with women in the country on the occasion of this year’s International Women’s Day.

 

The international Women’s Day is celebrated on 8 March, commemorating women’s fight for equality and liberation along with the women right’s movement. It gives focus to issues such as gender equality and reproductive rights. International Women’s Day originated from labour movements in Europe and North America during the early 20th century.

 

In a statement issued on Sunday to commemorate this year’s edition of the International Women’s Day, Ajadi said the role of the women in nation building cannot be over emphasised.

 

He recalled the role played by prominent Nigerian women like Mrs Funmilayo Ransome- Kuti, Margaret Ekpo and Wuraola Esan towards the liberalization and the growth of the country and urges women to follow their footsteps by not only participate in the political process but seek more elective positions.

 

He urges the political leaders to encourage and give more chances to women for them to contest and occupy elective positions in the country.

 

Ajadi also called for more respect for women, saying they are definitely behind whatever success recorded by the menfolk.

 

He said domestic violence against women should be stopped, saying they deserves respect for their role in moulding the future leaders.

 

According to the statement, “I celebrate and congratulate our women on this year’s occasion of International Women’s Day. We cannot underestimate the role played by our women both at home, in the social circle and in politics. They deserve more respect.

 

“I equally called on them not only to be a passive participants in politics but to determine to seek more elected positions in future elections. They should aspire more from the position of dancing and singing at campaigns to seek more elective positions. The ratio of men to women in elective positions in the country is embarrassing. Women should stand up and fight for more elective positions.

 

“I also use the occasion of this year’s Women’s Day to appeal to Nigerians to stop domestic violence against the women. If we treat our women well, our country will witness unprecedented developments”.

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International Women’s Day 2026: Adron Homes Champions Women’s Leadership and Inclusive Growth

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International Women’s Day 2026: Adron Homes Champions Women’s Leadership and Inclusive Growth

 

As the world marks International Women’s Day 2026, Adron Homes and Properties has reaffirmed its commitment to empowering women with meaningful opportunities to serve, lead, and shape the future of Nigeria’s real estate landscape.

 

Observed globally on March 8, this year’s theme, “Give To Gain,” calls for intentional investment in women through access to resources, education, mentorship, and leadership platforms. The message is clear: when women are empowered, organizations prosper, communities flourish, and nations grow stronger.

 

In line with this vision, Adron Homes highlighted its people-first culture, which promotes gender inclusion at all operational levels. From executive management and regional administration to marketing leadership, client experience, and field operations, women continue to play strategic roles in driving the company’s growth and service excellence.

 

According to the company, creating pathways for women to lead is not just a policy direction but a proven strategy that fuels innovation, strengthens decision-making, and deepens stakeholder trust.

 

Adron Homes also highlighted its internal capacity-building initiatives designed to equip female professionals with the skills and confidence needed for greater responsibility. Through structured mentorship, leadership exposure, and performance-based advancement systems, the organization continues to raise a new generation of women leaders within the property sector.

 

Delivering a message to commemorate the day, the Executive Vice Chairman, Olori Aderonke Emmanuelking, emphasized the company’s enduring commitment to inclusive progress:

 

“The theme ‘Give To Gain’ speaks to a principle we strongly believe in at Adron Homes, empowering women is an investment with lasting returns. When women are supported to lead and succeed, the impact goes beyond the workplace; it transforms families, industries, and society at large. We remain committed to building systems that help women rise and thrive.”

 

The company noted that its celebration of International Women’s Day reflects a broader mission, developing not only thriving residential communities but also a workplace culture where talent is recognized without bias and leadership opportunities are accessible to all.

 

As Adron Homes continues its expansion drive, it remains steadfast in fostering an environment where women are encouraged to contribute meaningfully, lead confidently, and grow sustainably.

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