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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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FOPCHEN Calls for Dialogue as Court Fixes May 28 for Continuation

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FOPCHEN Calls for Dialogue as Court Fixes May 28 for Continuation

OTA, OGUN STATE — Proceedings in a widely followed legal case resumed on March 24, 2026, at the High Court of Ogun State, Ota Division, ending with a fresh adjournment as the court fixed May 28, 2026, for continuation.

During the session, legal representatives for all parties restated their positions and addressed preliminary matters, laying the groundwork for more substantive arguments at the next hearing. Observers noted that the case continues to attract significant public attention due to its perceived implications for law, culture, and societal values.

The Foundation for the Protection of Cultural Heritage in Nigeria (FOPCHEN) used the occasion to reiterate its call for constructive national dialogue. The group emphasized that while the judicial process must be respected, broader societal engagement remains essential.

 

According to the organization, issues relating to values, responsibility, and cultural identity should not be confined solely to courtroom deliberations but should involve active participation from various sectors of society.
Legal analysts present at the proceedings described the matter as one with far-reaching implications, noting that arguments advanced in court could shape future interpretations surrounding sensitive cultural and moral questions.

 

The presiding judge subsequently adjourned the case to May 28, granting all parties time to refine their submissions and respond to issues raised during the hearing.

 

As anticipation builds ahead of the next court date, Nigerians across different sectors continue to monitor developments closely, keen to see how the judiciary navigates the delicate balance between constitutional rights and cultural expectations.

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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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