Business

DIVERSIFICATION OF ECONOMY: DANGOTE REFINERY, FERTILZER PROJECTS WILL REDUCE POVERTY

Published

9 years ago

June 27, 2016

With efforts being diverted towards the diversification of the nation’s ailing economy, the Federal Government has described Dangote Fertilizer and Petrochemical projects as credible industrials undertaken capable of reducing poverty through generation of foreign exchange.

Vice-President, Professor Yemi Osinbajo and President of Dangote Group, Aliko Dangote said the Dangote Refinery , Petrochemicals and fertilizers reputed to be the biggest in Africa when completed offered hopes in the quest for diversification of Nigeria’s economy from total dependence on oil to other areas like Agriculture and Solid minerals.

Osinbajo who was on working visit to the site of the projects at Lekki Free Trade Zone in Lagos in company with Ministers of Finance; Power, Works and Housing; Solid Minerals Development as well as the Minister of State for Trade and Investments expressed amazement at the size of the projects and reiterated government’s preparedness to provide enabling environment for businesses to thrive.

He commended the business acumen Aliko Dangote saying the projects remained the most important in the country presently and must be supported as it would help Nigeria’s economy when completed.

The Vice-President explained that the federal government would harness the potentials of the private sector to make the nation economy recover speedily.

Addressing newsmen on the visit by the Vice-President, Dangote explained that the diversification of Nigeria economy was long over due and that one sector that Nigeria can focuses on to rejuvenate the economy is agriculture.

He stated that his investment in fertilizer is one sure way the diversification into agriculture could succeeded because according to him, it will amount to little if focus is directed to agriculture and fertilizers would be imported.

Said he: It is agriculture is the way to go, but a critical component of that sector is fertilizers, Nigeria has more arable land than China which now is the biggest economy in the world, we can tap into our vast land and produce what we need and even export the remaining.

“By the time we complete this project, there will be opportunity to take on agriculture and say bye to poverty, because there will be jobs, no sector has more job potential than agriculture”

Dangote said the project was an ambitious one and that when completed it will give Nigeria a new economic direction in the quest for diversification of the economy, as excess products would be imported to give Nigeria the much needed foreign exchange. That is when diversification starts.

Earlier, Dangote told the Vice-President that the $12 billion refinery would have a capacity of 650,000 barrels a day. He assured that there will be market for the refined products because even in Africa, only three countries have effective functioning refinery with others importing from abroad.

Dangote named the countries with refinery as Egypt, South Africa and Cote ‘de Ivore saying our refinery be ready in the first quarter of 2019. Mechanical completion will be end of 2018 but we will start producing in 2019.”

When the projects fully take off in 2019, Dangote said it will effects help the country save $5 billion spent on the importation of oil into the country.

The Refinery, Petrochemicals and fertilizer in one spot according to him is the single largest stream in the world. “This site is the biggest site in the world, the refinery is the biggest single refinery in the world, the petrochemicals is 13 times bigger than Eleme petrochemicals while the fertilizer plant will be 10 times bugger than former National Fertilizer company .He explained that the project with the $2 billion fertilizer unit was the funded through loans, export credit agencies and our own equity.

Speaking on the forex situation and the purchase of dollar from the Central Bank, Dangote said the $161 million his companies bought during that period from the central bank merely reflected the size of his business and did not represent preferential treatment.

“We have been badly affected like any other company,” he said, arguing that operational costs totaled $100 million each month due to recurring expenses such as the purchase of parts for cement production and running a fleet of 9,000 trucks.

“When you are talking about 20 billion dollars worth of projects, what is 161 million? One-hundred-and-sixty-one million dollars is what I need in just six weeks,” he said.

“This week, the central bank removed the peg that has held the naira at the official rate of 197 for the last 16 months, leading to a 30 percent devaluation as the currency traded freely on the interbank market.

Dangote said the decline had pushed up costs.”This devaluation alone, we have lost over 50 billion naira ($176 million),” he said.

“The gas, which is our main source of power, is priced in dollars. If there is 40 percent devaluation, your price will go up by 40 percent. Every single aspect of the production will go up by that percentage,” he said.

Business

From Vision to Empire: How Mujahid Turajo Built Til Group into a Multisector Giant

Published

2 days ago

April 25, 2025

Sahara Weekly

From Vision to Empire: How Mujahid Turajo Built Til Group into a Multisector Giant

What started as a single company with a bold vision has grown into one of Nigeria’s most dynamic business conglomerates. Founded by the visionary Mujahid Turajo, Til Interiors began as a modest interior design company, bringing elegance and functionality to residential and commercial spaces.

Today, that vision has expanded far beyond design—Til Interiors has evolved into Til Group, a powerful conglomerate spanning food production, construction, global trade, and beyond.
With Til Foods, Til Interiors, Til Construction, and Til Global under its umbrella, Til Group is now a driving force in Nigeria’s economic landscape, fostering job creation, innovation, and industrial growth.

Til Interiors: The Foundation of an Empire
The journey of Til Group began with Til Interiors, a company that set out to revolutionise interior design and space transformation in Nigeria. Through innovative designs, premium materials, and expert craftsmanship, Til Interiors quickly gained a reputation for creating luxurious, functional, and aesthetically superior spaces for homes, offices, and commercial properties.

“Til Interiors was our foundation—it taught us the importance of detail, innovation, and excellence. Those same principles now define everything we do across all sectors,” says Mujahid Turajo.

Til Foods: Feeding Nations, Empowering Farmers
As Til Interiors flourished, Mujahid identified a critical need for self-sufficiency in food production and distribution, leading to the creation of Til Foods, which has now grown into a leader in Nigeria’s agribusiness and food industry.

Til Foods is dedicated to sustainable agriculture, food processing, and distribution, ensuring that Nigerians have access to high-quality, locally produced food products. The company oversees the entire value chain, from farming and production to retail and exports.
Within Til Foods, two major brands stand out:
Tomatil – A multi-billion naira state-of-the-art tomato processing factory in Kano, transforming fresh tomatoes into premium tomato paste and products, reducing Nigeria’s reliance on imports.

Til Grills & Restaurant – A high-end restaurant located in Ahmadu Bello Way, Kado, offering a unique dining experience that blends traditional flavours with modern culinary expertise.

“Til Foods is not just a business—it’s a mission to achieve food security, support local farmers, and put Nigeria at the forefront of global agribusiness,” says Mujahid.
Til Construction: Building the Future, One Structure at a Time
Recognising the urgent need for quality infrastructure and housing solutions in Nigeria, Til Construction was established to provide innovative, durable, and sustainable building solutions.

Today, it stands as a major player in real estate development, civil engineering, and large-scale construction projects.

One of Til Construction’s flagship projects is Concord, a residential development located in Life Camp, Abuja. Designed to redefine modern living, Concord features premium residential blocks that blend contemporary architecture with luxury, comfort, and sustainability. The project is set to transform Abuja’s skyline, offering state-of-the-art amenities, top-tier security, and elegant living spaces tailored for families and professionals alike.
“We are not just building structures; we are creating communities where people can thrive. Concord is a testament to our commitment to quality and innovation in Nigeria’s real estate sector,” notes Mujahid.

Til Global: Connecting Nigeria to the World
To support the group’s expansion into international markets and cross-border trade, Til Global was established as the conglomerate’s trade and logistics arm. This division ensures that African goods, resources, and services reach the world stage efficiently and competitively, fostering stronger trade relationships and expanding market access for Nigerian products.

A Legacy of Growth, Excellence, and Impact
From a single interior design company to a multisector empire, Til Group’s journey is a testament to strategic vision, resilience, and a relentless pursuit of excellence. Under Mujahid’s leadership, the company continues to expand, innovate, and set new benchmarks in food production, design, construction, and global trade.
“Our story is about growth, impact, and transformation. We started with a passion for design, and today, we are shaping industries and changing lives across multiple sectors,” Mujahid affirms.
As Til Group enters its next phase of expansion, the company remains committed to its core values of innovation, sustainability, and economic empowerment, ensuring that its legacy continues for generations to come.

*About Til Group*
Til Group is a diversified Nigerian conglomerate with subsidiaries in food production (Til Foods), interior design (Til Interiors), construction (Til Construction), and global trade (Til Global). The group is dedicated to driving industrial and economic growth through innovation, sustainability, and excellence.

Business

TRANSCORP POWER RELEASES UNAUDITED RESULTS FOR THE Q1 ENDED 31 MARCH 2025

Published

2 days ago

April 25, 2025

Sahara Weekly

TRANSCORP POWER RELEASES UNAUDITED RESULTS FOR THE Q1 ENDED 31 MARCH 2025

Transcorp Power Plc (NGX: TRANSPOWER), one of the power subsidiaries of Africa’s leading and listed conglomerate, Transnational Corporation Plc (“Transcorp Group”), has announced its unaudited results for the first quarter ended March 31, 2025.

Key Highlights:

Robust Revenue Growth

o An impressive 55% year-on-year increase in revenue, rising from ₦67.9 billion to ₦105.4 billion.

o This strong performance was primarily driven by an increased available capacity of 625MW compared to 500MW in Q1, 2024. This growth has been achieved notwithstanding the liquidity challenges in the sector, showcasing our commitment to closing the power supply gap in the country.

Significant Growth in Profit Before Tax

o Profit before tax grew by 50%, from ₦28.8 billion in Q1, 2024 to ₦43.3 billion in Q1, 2025.

o This substantial growth reflects not only higher revenues but also continued improvements in cost efficiency and operational excellence.

MD/CEO of Transcorp Power Plc, Peter Ikenga, comments:

“We delivered a strong performance in Q1 2025, reflecting our disciplined execution, reliable operations, and unwavering focus on efficiency. Despite the challenges impacting the sector, we continue to optimise our generating capacity from 500MW in Q1 2024 to 625MW in Q1 2025. We remain firmly committed to delivering long-term value for our shareholders while powering progress across Africa”.

Business

Ogun State Governor Dapo Abiodun Salutes Aare Adetola EmmanuelKing at 50

Published

2 days ago

April 24, 2025

Sahara Weekly

Ogun State Governor Dapo Abiodun Salutes Aare Adetola EmmanuelKing at 50

The Governor of Ogun State, Prince Dapo Abiodun, CON, has congratulated real‑estate titan Aare Adetola EmmanuelKing, Chairman and CEO of ADRON Homes & Properties, on his 50th birthday.

“Reaching fifty in good health and remarkable professional standing is a testament to God’s grace,” the governor said.

Governor Abiodun lauded Aare Adetola’s “exceptional journey and unwavering commitment to excellence,” noting that ADRON Homes has expanded under his leadership from modest beginnings to a leading national developer that has broadened access to home-ownership for countless Nigerians.

“As governor of your home state, I am proud of your accomplishments,” Governor Abiodun added.

The Governor highlighted Aare Adetola’s deep‑rooted investment in people and the local economy, describing it as a reflection of faith in Nigeria’s limitless potential. He credited the celebrant’s “strategic foresight and community‑driven initiatives” with lifting the country’s real‑estate sector to new heights.

On behalf of his family and the people of Ogun State, Governor Abiodun wished EmmanuelKing continued health, wisdom, and impact, extending heartfelt congratulations to his family, friends, and associates on this golden jubilee milestone.