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OPEC Hinges Attainment of Global 6.9mbpd Refining Capacity Addition on Dangote Refinery

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Dangote ‘no longer’ richest investor on NGX, as Abdul Samad Rabiu leads in the latest ranking

OPEC Hinges Attainment of Global 6.9mbpd Refining Capacity Addition on Dangote Refinery

Dangote’s 650,000 barrels-per-day (bpd) oil refinery project has been identified as one of the oil distillation companies that would boost global refining capacity by 6.9 million barrels per day between 2021 and 2026.
OPEC Hinges Attainment of Global 6.9mbpd Refining Capacity Addition on Dangote Refinery
The Organisation of the Petroleum Exporting Countries (OPEC), which made this disclosure in its 2021 World Oil Outlook released recently, said Africa’s medium-term outlook appears more optimistic with 1.2 million barrels-per-day (mb/d) of new capacity expected by 2026; half of which is to be accounted for by the 650,000 bpd Dangote Oil Refinery project in Nigeria, which is likely to come on stream in 2022.
The oil cartel identified these projects, which are located mostly in Nigeria, Angola and Ghana, to include a number of pre-fabricated modular facilities. “Once commissioned, these projects will help to reduce product imports to Nigeria and West Africa and will, in turn, increase the use of local crude. In North Africa, refinery capacity expansions are likely in Algeria and Egypt,” it said.
Similar to previous outlooks, OPEC said refinery additions are concentrated in developing regions, such as the Asia-Pacific, the Middle East and Africa. OPEC added that the total medium-term capacity additions of 6.9 mb/d are composed of projects in different development stages.
“Around 3.5 mb/d of capacity is under construction or close to this stage; hence, these are the projects with the highest certainty to materialize in the medium-term. There are also projects totalling 3.4 mb/d that are mostly in early stages of development, but still advanced enough in terms of financing and engineering to be considered ‘firm’ medium-term additions,” the global organisation stated.
These regions, it noted, account for almost 90% of the additions in the period 2021–2026. “The medium-term outlook contains several large projects, many of which have petrochemical integration as well. These developments are in line with expected oil demand growth,” it added.
Speaking on investments in refinery projects, OPEC puts the total global estimated required investments at $1.5 trillion in the 2021-2045 period. It noted that these include investments of nearly $450 billion in new refinery projects and expansions of existing units located mostly in developing countries, including those in the Middle East, Asia-Pacific, Africa and Latin America.
OPEC stated, “Required investments in the midstream sector are estimated at around $1.1 billion in the same time horizon and are attributed to the expansion of the infrastructure for refining, storage and pipeline systems, predominantly in developing regions, but also in large oil exporting regions (e.g. the US & Canada and the Russia & Caspian). Thus, globally, oil-related investment needs in the long-term are estimated at $11.8 trillion.
“Long-term (2021–2045) capacity additions are expected at 14 mb/d, mostly in developing countries. However, the Reference Case projects a significant slowdown in the rate of additions. Africa and Other Asia-Pacific are the regions where significant incremental capacities are expected, even after 2030.
The report said, “The continent of Africa is home to an abundance of energy resources, including about 10 per cent of the world’s oil reserves; however, it still has difficulty in harnessing these precious resources to meet its energy demand. This, in turn, hinders efforts to provide affordable and reliable energy required for economic growth and development.
“Africa has yet to unlock its huge potential in the energy sector, although its ever-increasing population growth and economic prospects require more energy. This drawback is mostly due to regional uncertainties, as well as government policies and regulatory frameworks guiding the energy sector, and more recently, the efficiencies required to reduce CO2 emissions in exploration and production activities. These challenges have made it increasingly difficult to secure much-needed financing for E&P from foreign investors.”

On Dangote, The report noted that the impacts of the COVID-19 pandemic had also been a major setback, especially for those countries depending heavily on revenue from fossil fuels for their economic growth and development.

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ADVANS TRADING CONSULT EMPOWERS NIGERIAN YOUTH AND STUDENTS THROUGH FOREX TRADING EDUCATION

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ADVANS TRADING CONSULT EMPOWERS NIGERIAN YOUTH AND STUDENTS THROUGH FOREX TRADING EDUCATION

ADVANS TRADING CONSULT EMPOWERS NIGERIAN YOUTH AND STUDENTS THROUGH FOREX TRADING EDUCATION

In a bid to demystify Forex trading and empower Nigerian youth and students with financial knowledge, Advans Trading Consult, under the leadership of its CEO, Mr. Akano Samuel, has successfully concluded the FOREX TRADING CLASS 1.0 training program.

The intensive three-day event, which took place from March 20 to March 22, 2025, at Federal Cooperative College, Eleyele, Ibadan, Oyo State, provided participants with in-depth insights into the opportunities within the Forex market.

Recognizing the widespread misconceptions that have discouraged many Nigerians from embracing Forex trading, the National Youth and Students Enterprise Group (NASEG), in collaboration with Advans Trading Consult, launched this initiative to educate and equip young people with the right skills to navigate the market effectively.

Speaking at the closing session, Olalere Benedict Adetunji, National President of NASEG, emphasized the need for financial literacy among youth, stating:

“Financial freedom does not answer to mere wishes or prayers but to knowledge, diligence, and strategic investments. For too long, Forex trading has been misrepresented, preventing many from leveraging its wealth-building potential. Through this training, we are changing that narrative and ensuring that Nigerian youth have access to legitimate opportunities for financial independence.”

Special appreciation was extended to Mr. Akano Samuel, CEO of Advans Trading Consult, for his unwavering commitment to empowering the next generation of traders. His dedication, expertise, and resources have played a crucial role in making this training a success.

The program witnessed active participation from youth and students eager to harness the potential of Forex trading. With this success, plans are already underway to expand the training to other states, ensuring that more young Nigerians can benefit from this initiative.

NASEG and Advans Trading Consult remain committed to equipping Nigerian youth with the tools they need for financial breakthrough. The journey has just begun, and we will not relent until young Nigerians fully harness the power of Forex trading for economic empowerment.

Olalere Benedict Adetunji
National President, National Youth and Students Enterprise Group (NASEG)
07061830662

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Nothing Is Impossible, Dangote Tells Harvard Scholars

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…Dangote, an Entrepreneurial Genius, Providing Innovative Solutions’

 

The President/Chief ExecutiveDangote Industries Limited, Aliko Dangote, has urged young entrepreneurs and scholars to rise above limitations and push their ambitions to help transform the world into a better place.

 

The prominent industrialist made this call on Wednesday when a delegation of Harvard Kennedy School scholars visited the Dangote Petroleum Refinery & Petrochemicals complex and Dangote Fertiliser Limited in Ibeju Lekki, Lagos.

 

Addressing the 50 scholars, representing 18 different nationalities from across the globe, Dangote emphasised the importance of being driven by ambition and a ‘can-do’ spirit, as exemplified by the Dangote Group in constructing the world’s largest single-train refinery.

 

He stressed that ambition should be paired with a desire to create a legacy and make an impact, not simply for profit. 

“Life is not worth living without ambition. In this life, nothing is impossible. Don’t allow fear to hold you back. Be knowledgeable about the business you want to pursue. I am not an engineer, but I don’t engage in any business I don’t understand,” he said.

 

Dangote, who spent over 40 minutes answering questions from the scholars, recalled being advised against building the refinery, as many argued that such mega projects were only feasible for sovereign nations, not individuals. He shared that, during the COVID-19 pandemic, the company had to find ways to sustain the project. He also noted that the ingenuity involved in constructing a world-class refinery, which meets global best practices, produces Euro V products, and is capable of processing over 100 different types of crude oil, has kept it running despite shortage of Nigerian crude oil.

 

Vice President, Oil & Gas, Dangote Group, Edwin Devakumar,  explained that building the 650,000-barrel-per-day refinery was a monumental feat that required immense courage, vision, and determination. He pointed out that the group acted as its own Engineering, Procurement, and Construction (EPC) contractor for the project – a refinery with a capacity of 650,000 barrels per day – a feat that had never been attempted before.

 

“Our Group President has a plaque in his office that reads, ‘nothing is impossible.’ This is the mindset he instilled in us when faced with challenges. He does not accept impossibilities and always aims for excellence. This approach was the same when we revolutionised the cement industry in Nigeria. We turned the country from one of the largest importers of cement into a net exporter. Today, after decades of depending on imported refined products, we now have the capacity to meet all of Nigeria’s refined product demands, with surplus supplies of jet A1, gasoline, and diesel for export. Other products from the refinery include polypropylene, carbon black feedstock, and sulphur,” he said.

 

Devakumar highlighted the significant investments made to realise the project, including dredging 65 million cubic metres of sand to raise the height of the site by 1.5 metres to safeguard against potential sea level rises due to global warming. The group also procured 330 cranes and lifting equipment due to the lack of local capacity, built the world’s largest granite quarry to supply materials such as coarse aggregates, stone columns, and stone dust, and constructed the refinery on 250,000 piles – potentially the largest number ever used for a single project.

 

The scholars, who toured the magnificent complexes, were in awe and praised Dangote for his ambitious vision, which seeks to address global needs. They commended him as an inspiration and entrepreneurial genius, with many describing the visit to the refinery as the highlight of their tour, which also included stops in Ghana and Abuja.

 

Sheffy Kolade, leader of the Harvard Kennedy School student-led Nigeria-Ghana Trek and global advisor for the Women for Prosperity project with the Atlantic Council’s Freedom and Prosperity Center, said that the Dangote Group symbolises Nigeria’s resilience and economic transformation.

 

“I want to start by saying that the Dangote Group is not just a business. It is a symbol of Nigeria’s resilience. It is a symbol of the bright future that lies ahead for us. It represents the extraordinary achievements possible when we put our minds to something. I am happy that we are here to witness the economic progress happening in Nigeria. We’ve seen the largest single-train refinery in the world, and we’ve visited a fertiliser plant that exports to South America and the US,” she said.

 

A social entrepreneur and a member of the Forbes Business Council, Kolade added, “From where we are standing, thousands of people earn their daily livelihood. This business has created numerous jobs and energy security for our country. It has reduced our reliance on imported petroleum products, and, of course, it is increasing our foreign reserves. I want to thank you, sir, for everything you’re doing for our country and for Africa. We appreciate it. It’s truly inspiring for us.”

 

Speaking about her team and their mission at the refinery, Kolade noted, “My team consists of 50 people from 18 different nationalities. We have people from nearly every continent. We are a blend of policy, business, sustainability, and development-minded individuals, most of whom are from the Harvard Kennedy School. There’s one from the Harvard Business School, one from Harvard Public Health, and others pursuing joint degrees with Harvard, Stanford, and MIT. We are all curious-minded people who value impact, sustainability, and progress.”

 

Another member of the team, Darrow Merton, a Foreign Service Officer with the United States, described Dangote’s vision and resilience as an inspiration to entrepreneurs. He praised Dangote for not only breaking barriers to build the refinery but also for his ability to provide innovative solutions in the face of adversity.

 

Nothing Is Impossible, Dangote Tells Harvard Scholars

 

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Heirs Holdings Partners with GIVO Africa to Tackle Plastic Waste for a Sustainable Future

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Heirs Holdings deepens commitment to sustainability, environmental stewardship, and community engagement.

Lagos, March 21, 2025 – Heirs Holdings, a leading pan-African investment company with a portfolio spanning the power, energy, financial services, hospitality, real estate, healthcare and technology sectors, has announced its strategic partnership with GIVO Africa, a climate technology and recycling company, reinforcing the company’s deep commitment to driving initiatives that deliver meaningful impact.
This initiative will advance Heirs Holdings’ efforts in promoting a circular economy in Africa; fostering sustainable practices that minimise waste and maximise resource efficiency.
Over the past 15 years, Heirs Holdings’ impact-driven approach has been instrumental in shaping Africa’s business landscape, underscoring its commitment to long-term, sustainable development. Guided by its Africapitalism philosophy, Heirs Holdings has championed inclusive growth by investing in businesses that drive economic transformation, generate employment, and uplift communities across the continent.
Speaking on the partnership, Group Sustainability Officer at Heirs Holdings, Clari Green said: “At Heirs Holdings, we believe in a shared destiny with our local communities—businesses have a responsibility to drive sustainable solutions that create lasting economic and environmental impact. This initiative reinforces our commitment improving lives and driving meaningful transformation across our continent.”
Similarly, CEO of GIVO Africa, Victor Boyle-Komolafe remarked: “We are excited to join forces with Heirs Holdings in tackling plastic waste and promoting a circular economy in Africa. By leveraging our expertise in climate technology and community engagement, we are confident that this partnership will contribute significantly to environmental conservation while fostering economic opportunities.”
Heirs Holdings continues to lead in sustainable business practices, integrating sustainability into its corporate strategy to tackle environmental challenges while fostering meaningful social impact.

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