Business
New WEF African Global Leaders to Get Aliko Dangote Fellowship
New WEF African Global Leaders to Get Aliko Dangote Fellowship
Eleven young enterprising Africans, among them two Nigerians, who have been named Young Global Leaders (YGL) by the World Economic Forum (WEF) for 2021, are to benefit from the Aliko Dangote Fellowship endowed to support African Young Global Leaders.
The beneficiaries are among 112 persons under 40 years of age, selected as Young Global Leaders by WEF, from across 56 countries.
The two Nigerians, Dr. Abasi Ene-Obong, founder, 54gene and Obi Ozor, the founder of Kobo360, joined the ranks of past Nigerian winners, Ambassador Debo Adesina, former Editor-in Chief of the Guardian Newspapers and current Nigerian Ambassador to Togo, and Mr. Simon Kolawole, CEO of Cable Newspapers Ltd.
While announcing the winners, the WEF confirmed that the African YGLs will benefit from the Aliko Dangote Fellowship, made possible by the Aliko Dangote Foundation (ADF). Till date, 73 Young Leaders from Africa have benefitted from the fellowship.
The aim of the fellowship is to increase the quality and quantity of young African leaders by supporting the engagement of African YGLs in the community, such as those from small enterprises or the non-business sector. The fellowship, WEF added, supports YGLs from Africa to participate in global YGL and Forum events.
The YGL award, according to WEF, “is to recognise and create a platform for a dynamic community of exceptional people with the vision, courage, and influence to drive positive change in the world.”
“We are excited to welcome 112 Young Global Leaders for the Class of 2021. From a gender justice and human rights activist to a multi-award winning artist and advocate for indigenous literacy, to a celebrated leader from the world’s youngest country as well as leaders from business, civil society, healthcare and government.”
Giving a breakdown analysis of the winners, the WEF said among the 56 countries represented in the award, eleven leaders hail from Africa and their work brings the promise of a brighter outlook at a difficult time. “They join a group of Nobel Prize recipients, Pulitzer winners, Heads of state and chief executive officers committed to improving the state of the world”, it noted.
Chief Executive of Aliko Dangote Foundation (ADF), Zouera Youssoufou, congratulated Ene-Obong and Ozor for this accomplishment and urged them to continue raising the Nigerian and African flags.
She said ADF was pleased to have worked with 54gene and Kobo360 at the peak of the COVID-19 pandemic in 2020, when CACOVID partnered various organisations for collaborative efforts to complement the government’s intervention to fight the pandemic.
“We are very pleased to see Dr. Abasi Ene-Obong and Obi Ozor recognised in this way given the remarkable work they and their young team have been able to accomplish recently and especially in this past year. 54Gene and Kobo360, have been integral part of the national rapid response to the COVID-19 pandemic displaying exemplary professionalism, efficiency, dedication, and patriotism. Truly inspirational and further proof that Nigerian and African youth are capable of anything given the right opportunities”, Zouera enthused.
Many of the past winners have gone ahead to prove their leadership and enterprising ability in their various fields of endeavour to justify the essence of the award and the genuineness of their nomination.
A past recipient, Ambassador Debo Adesina said, “I am delighted to have two more Nigerians on the Young Global Leaders list of the World Economic Forum. This is a great honour and I trust that my compatriots appreciate the responsibility this laurel carries as well as the duties that come with it. Of course, it is a recognition that challenges them to be better at whatever they do, given the illustrious cast of honourees before them.
“In my 2005/2006 class of YGLs were accomplished young men and women who, afterward, went to greater heights by expanding the frontiers of excellence in public service, academia, the professions, innovations and all sorts of fields. I was inducted on the same day with Daron Acemoglu, the cerebral economist-academic who co-wrote the best-selling book, ‘Why Nations are Poor,’ Sergei Brin and Larry Page who both founded Google, Ndidi Nwuneli of LEAP Africa, Brian Molefe in South Africa and Prince Harkon of Norway. Gavin Newsom was Mayor of San Francisco then. He went on to be Lieutenant Governor and is now Governor of the State of California in the USA. There were many more across the world in that class and in the years after who are still working hard to make our world a better place. I welcome the new inductees and urge them to keep the light shining for all.
“There is, indeed, no better time than now for all young men and women all over the world, especially these awardees, to commit themselves anew to the goal of charting a clear course of service to humanity and be veritable tools for global development.
Another recipient in 2012, Mr. Simon Kolawole while reacting to the latest list expressed happiness that more Nigerians are being recognised at the international level for good reason.
He stated; “I had a most rewarding experience as a Young Global Leader (YGL) in every sense of it. I gained incredible knowledge from attending short courses at topmost universities and participating in conferences. I interacted with YGLs from diverse cultures and professional backgrounds. The entire experience has helped in shaping my professional career.
To underscore his nomination, WEF said Dr. Abasi Ene-Obong, Chief Executive Officer and Founder, 54gene, has quietly been making waves at the head of one of Africa’s foremost health technology companies, working in the field of gene technology. 54gene was created in 2019 and its stated mission is to understand the genetic factors that lead to disease in Africa.
The African genome has been understudied and misunderstood, according to 54gene, which addresses a vital gap in research and new healthcare solutions. 54gene’s work is included in Time Magazine’s list of the 12 innovations that will change healthcare in 2020.
Ene-Obong was also listed as one of the 30 most innovative entrepreneurs on the African continent in 2019 by Quartz Africa. Prior to 54gene, he worked in a range of pharmaceutical companies and research organisations. He gained a doctorate from the University of London, holding a PhD in Cancer Biology. He also has a Master’s in human molecular genetics from Imperial College London and a Master’s in Business Management from Claremont Colleges, California. As Africa starts punching its weight in science and technology, Ene-Obong is sure to lead the charge for gene-based innovation.
On his own part, Kobo360 floated by Obi Ozor, is a logistic technology company that aggregates end-to-end haulage operations to help cargo owners, truck owners, drivers, and cargo recipients to achieve an efficient supply chain framework.
With only a click of a button, cargo owners can simply request for any truck of their choice and have their goods picked up and delivered to the required location through an all-in-one robust logistics ecosystem. Kobo360 raised $30 million USD in 2019, backed by Goldman Sachs, an impressive feat for a startup.
It would be recalled that the Forum of Young Global Leaders was founded in 2005 by Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, to create a world where leaders take responsibility for a sustainable future while meeting increasingly complex and interrelated challenges. There are 1,400 members and alumni from more than 120 countries till date.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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