Business
Dangote Refinery, a Game Changer that’ll drive Africa’s Refining Revolution, says FG
Dangote Refinery, a Game Changer that’ll drive Africa’s Refining Revolution, says FG
The Federal Government has described the 650,000 barrels-per-day Dangote Petroleum Refinery as a game-changer that is capable of driving refining revolution in Africa.
Nigeria’s Minister of Information and Culture, Alhaji Lai Mohammed, who made this declaration during a media tour of the $19 billion Dangote Petroleum Refinery and Petrochemicals Plant at Ibeju-Lekki, Lagos, said the project would be a game-changer once it comes on stream.
The Minister, who also went on tour of the $2.5 billion Dangote Fertiliser Plant, listed the benefits of the Refinery to include huge value addition that will contribute to increase in Nigeria’s Gross Domestic Product (GDP); conservation of foreign exchange as importation of petroleum products would be eradicated; generation of forex through export of finished product; availability of petroleum products thus ending petrol queues, and attraction of foreign capital investment.
He stated, “After visiting the facilities, one can conveniently say that Dangote is leading Nigeria’s industrial revolution. The coming into being of such huge industrial complex as the Dangote Fertiliser Company and the Refinery were made possible by the enabling environment provided by the administration of President Muhammadu Buhari.
“Today, businesses are springing up in all sectors, thanks to a conducive business environment. Under this Administration, the Presidential Enabling Business Environment Council (PEBEC) has implemented over 150 reforms, moving Nigeria up 39 places on the World Bank Doing Business index since 2016. Mr. President also signed the Companies and Allied Matters Act, 2020 (CAMA 2020) – Nigeria’s most significant business legislation in three decades.
“The result of this favourable business environment is the birth of new businesses such as the $2.5 billion Dangote Fertiliser Plant that will produce 3 million metric tonnes of Urea every year; the 650,000 barrels-per-day oil refinery due to open later this year; Lekki Deep Sea Port, one of the most modern sea ports in West Africa; the 5,000 barrels-per-day Modular Refinery in Ibigwe, Imo State, and three more modular refineries to be commissioned before May 2023 in Edo and Bayelsa states just to mention a few.”
Speaking on the benefits of Dangote Fertiliser to the economy, Lai Mohammed said prior to the inauguration of the present administration, Nigeria had a fertiliser shortfall of about 3.5 million tonnes per annum.
According to him, with the coming on stream of the Dangote Fertiliser Plant, Nigeria is now self-sufficient in the production of urea. “In fact, Nigeria is now the leading producer of Urea in Africa. The Dangote Fertiliser plant is already exporting to the US, India, Brazil, Mexico and Argentina. We were fortunate to witness a ship being loaded with urea for export to Argentina,” he added.
Mohammed said the conducive business environment created by the government and its support had enabled the coming on stream of the $2.5 billion Dangote Fertiliser Plant which was inaugurated recently by the president. He said the 650,000 barrels-per-day refinery was due for opening later this year, adding that both projects would guarantee food and energy security for Nigerians.
On his part, Group Executive Director, Strategy, Capital Projects and Portfolio Development, Dangote Industries Ltd., Mr. Devakumar Edwin, thanked the government for the support towards the completion of the projects.
Edwin said the refinery was the world’s largest single train petroleum refinery and was designed to maximise production of Premium Motor Spirit (PMS) with a capacity of about 53 per cent compared to 20 per cent by other refineries. He said: The petroleum refinery can meet 100 per cent of the requirements of Nigeria, of all the liquid products – Gasoline (PMS), Diesel (AGO), Kerosene (DPK) and Aviation Jet Fuel (Jet A-1).
“While 60 per cent of the production of this petroleum refinery can meet the entire requirement of Nigeria, the rest 40 per cent will go for export, generating huge amount of foreign exchange”, he added.
Justifying the government’s decision to acquire a 20 per cent stake in the refinery, Edwin noted that the project was of strategic national importance and a win-win for the nation and the Dangote Group.
*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.
UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.
In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.
Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.
We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.
Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.
Thank you.
Business
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”
Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.
The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.
This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.
Speaking on the collaboration, the Laffmattazz team stated:
“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”
As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.
With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.
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About Laffmattazz
Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.
Business
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.
Now, FirstBank is making homeownership more attractive.
FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.
You are one quick decision away from being a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.
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