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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.
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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Ajadi Visits Ilaji Resort, Commends Sanusi’s Vision for Oyo’s Economic Growth
Ajadi Visits Ilaji Resort, Commends Sanusi’s Vision for Oyo’s Economic Growth
The leading gubernatorial aspirant in Oyo State under the Peoples Democratic Party (PDP), Olufemi Ajadi Oguntoyinbo, has lauded the transformative impact of private-sector investment on the state’s economy, following a courtesy visit to Ilaji Hotels and Sports Resort in Akanran, Ibadan.
Ajadi, who was warmly received on Sunday by the resort’s founder, Chief Dr Dotun Sanusi, described the facility as a symbol of what visionary leadership and indigenous enterprise can achieve in driving rural development, job creation, and tourism growth.
Speaking during the visit, Ajadi commended Sanusi’s commitment to Oyo State’s economic advancement, noting that Ilaji Resort stands as a model for sustainable development outside urban centres.
“What I have seen here today is not just a business venture, but a bold statement of belief in Oyo State’s potential,” Ajadi said. “Chief Sanusi has demonstrated that with vision, dedication, and strategic investment, we can transform our rural communities into thriving economic hubs. This aligns perfectly with my agenda to expand opportunities, empower our people, and sustain development across the state.”
[4/13, 6:34 PM] johnsonakinpelu: The PDP gubernatorial aspirant emphasised that his governorship ambition is rooted in supporting initiatives that promote local enterprise, tourism, and youth employment, adding that partnerships between government and private investors would be a priority if elected.
In his remarks, Sanusi, popularly known as Ilaji, expressed delight at hosting Ajadi and his entourage, describing the visit as encouraging for investors in the state.
“I am honoured to receive Ambassador Ajadi here at Ilaji Resort,” Sanusi said. “This project was born out of a desire to give back to society, create jobs for our youths, and showcase the rich cultural and tourism potential of Oyo State. When leaders recognise and support such efforts, it strengthens our resolve to do more.”
Sanusi further stressed the importance of continuity in governance and policies that encourage investment, noting that consistent support from government actors is crucial for long-term economic growth.
The visit also attracted notable political stakeholders, including the former Ona-Ara Local Government Chairman, Hon. Taiwo Oke, Hon. Bass Oloko, and Ajadi’s personal assistant, Kilamuwaye Badmus, among others.
Observers at the event described the meeting as a convergence of political leadership and entrepreneurial vision, highlighting the growing importance of collaboration in addressing developmental challenges in Oyo State.
Analysts see Ajadi’s visit to Ilaji Resort as part of his broader engagement with key stakeholders across sectors, as he continues to build momentum ahead of the 2027 governorship race.
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FOPCHEN Calls for Dialogue as Court Fixes May 28 for Continuation
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
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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