Business

Dangote Refinery, a Business Inspiration to Private Sector Operators – Tinubu

Published

4 years ago

August 3, 2021

Eric

As efforts are being intensified for the imminent completion of the multi-billion dollars 650,000bpd Dangote Refinery in Lagos, the project has been described as an inspiration to private sector operators in the country.

Excited at the share humongous size of the refinery, Mr. Wale Tinubu, Chief Executive Officer of Oando Plc, leading oil and gas downstream sector operators who was on a guided tour of the project alongside members of the company’s senior management said “with what I have seen, this Dangote Refinery is for Nigeria and Africa.”

He stated that the President of Dangote Group, Aliko Dangote deserved all the commendations in the world for the courage to build the world’s largest single train refinery in one of the most challenging business environment in the world even as the risk premium being at the highest.

Mr. Tinubu noted that he harboured no doubt within him that the refinery, upon completion, will meet the yearnings of Nigerian for product availability and ultimately de-risk the petroleum sector.

The Oando Plc CEO, said he felt a sense of pride for being able to witness this feat in the history of Nigeria, noting “It is more than just a refinery, it is a revolution, it is about what is possible in Africa by an African, we are talking about a world class project being done a scale that the world is not used to.

“This is happening in an extremely challenging environment in which all of the infrastructure had to be built from the scratch with the attendant huge additional cost, the cost of capital being high, and the risk premium being highest and done with such spectacular precision. I think the world is not going to see many of these sort of projects. I call it the eighth wonder of my own time.

“It is inspirational and Alhaji Dangote deserves all the accolades. This project is of strategic importance to the nation and the continent. Nigeria has no functional refinery, and it has 200million people that consume 40million litres a day.
“There is nowhere in the world where you have a raw material for something and you do not beneficiate the product to a point where you can consume it in your country. We have been a complete and utter failure when it comes to that and it is taking a private individual to reverse that trend.

“It is an epoch for the country. I think what we should do is to encourage him to complete it. Success for him is a success for the country.”
In his remark, Aliko Dangote stated that the refinery is not only a project for Dangote, but also a project for Nigeria.

He said: “Nigeria should be a leader in building facilities like these, as a business initiative. This project will definitely put Nigeria on the map, and surely change the fortunes of Africa.”
He further disclosed that Dangote apart from building world class projects is also dedicated to building capacity by resuscitating failing industries such as it did in the cement industry, adding that this has set the precedence in Nigeria.

The Dangote Refinery upon completion, will refine 650,000 barrels of crude per day, making it the single largest train in the world. This in turn will enable the nation to generate and save foreign exchange, which has been blamed for the country’s current economic woes. The project will also provide 90 megawatts of electricity through its multi-million-dollar sub-sea pipeline project.

It will be recalled that Dangote Oil refinery recently emerged as most impactful local content company of the year for its strict adherence to the local content policy of the federal government.

The award was presented to the company virtually at the 2021 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) with the theme: “Leveraging Opportunities & Synergies for Post Pandemic Recovery of The Nigerian Oil & Gas Industry,” held in Yenagoa, Bayelsa State recently.
The NOGOF award is a confirmation of the efforts of Dangote Oil Refinery in local capacity development in the oil and gas industry.

According to the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, the 2021 NOGOF award is Local Content driven looking at how projects to date by related organizations, using the criteria per each award category to gauge contributions to the success of Local Content Development within the oil and gas sector being monitored by NCDMB as mandated by the Local Content Act of Nigeria, 2010.

Business

FirstBank, Subsidiary of FirstHoldCo, Meets ₦500bn Regulatory Capital Requirement

Published

6 days ago

January 6, 2026

Eric

First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion. This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

This successful capitalisation underscores strong market confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects. With a fortified capital base, FirstBank is positioned to accelerate its support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences.

The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.

In March 2024, the CBN directed commercial banks to raise their capital base to a minimum of ₦500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity. FirstBank has now fulfilled this requirement well ahead of the regulatory deadline.

In a related development, FirstHoldCo have expressed its desire to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026. This forward-looking commitment is aimed at further enhancing service offerings and facilitating strategic expansion.

Commenting on the achievement, Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, said: “On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated resounding confidence in our strategic direction. Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”

Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, added: “This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core strategic priorities: driving innovation, delivering superior customer value, and enhancing sustainable profitability. With this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders.”

Business

Heirs Energies Executes $750m Afreximbank Financing to Drive Long-Term Growth

Published

3 weeks ago

December 22, 2025

Eric

Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has executed a USD 750 million financing with the African Export–Import Bank (Afreximbank).

The transaction was concluded at a signing ceremony in Abuja on Saturday 20th December 2025, attended by Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.

The transaction represents one of the largest financings secured by an indigenous African energy company and demonstrates lender confidence in Heirs Energies’ operating performance, governance standards, proprietary brownfield excellence capability, and long-term growth trajectory.

Since assuming operatorship of OML 17, Heirs Energies has delivered a disciplined transformation programme, focused on restoring production, strengthening asset integrity, and improving operational efficiency. Through targeted brownfield interventions and infrastructure optimisation, the Company has successfully transitioned from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves.

Oil and gas production has doubled, from an acquisition production level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d). Today, OML-17 produces over 50,000 bopd and 120 mmscf/d. All the gas production goes into the Nigerian domestic gas market and has been catalytic for power generation in Nigeria. Community relations have been transformed and the highest standards of health and safety implemented.

The Afreximbank facility will accelerate field development, optimise production, and allow Heirs Energies to pursue value-accretive growth opportunities, while maintaining disciplined capital management.

Speaking at the signing, Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, said:

“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital. It reflects the successful journey Heirs Energies has taken – from turnaround to growth – and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.”

Dr. George Elombi, President and Chairman of Afreximbank, stated:

“Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth. This financing reflects our confidence in the Company’s leadership, governance, and asset base, and aligns with our mandate to support African champions that are driving sustainable economic transformation across the continent.”

The transaction further reinforces Afreximbank’s role in enabling indigenous operators with the scale and capability to deliver sustainable energy development, energy security, and long-term economic value across Africa.

With this milestone achieved, Heirs Energies is firmly positioned to advance into its next phase of growth, focused on operational excellence, responsible resource development, and enduring value creation for stakeholders.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs, while aligning with global sustainability goals.  Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contribute to a more prosperous Africa.

The African Export-Import Bank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. The Bank plays a critical role in supporting Africa’s industrialisation, trade expansion, and economic transformation.

Picture: Chairman, Heirs Energies, Mr. Tony O. Elumelu CFR and President and Chairman of the African Export-Import Bank (Afreximbank), Dr. George Elombi, during the signing ceremony to mark the execution of a USD 750 million Financing Transaction between Heirs Energies and the Afreximbank in Abuja on Saturday

Business

NNPCL Slashes Fuel Price by N80

Published

3 weeks ago

December 19, 2025

Eric

The Nigerian National Petroleum Company Limited (NNPCL) has effected another reduction in the pump price of petrol, marking the third cut this December.

A survey of filling stations in Abuja on Thursday showed that the state-owned oil company lowered the price to N835 per litre from N915, reflecting a N80 reduction.

The latest adjustment follows similar moves by independent marketers, including MRS, BOVAS and AA Rano, which recently reviewed their pump prices to between N739 and N865 per litre across the Federal Capital Territory.

Findings indicate that the downward review by NNPCL and other marketers was triggered by a drop in ex-depot prices, after Dangote Refinery and depot owners reduced rates to between N699 and N800 per litre.

NNPCL and several filling stations had earlier reduced fuel prices on December 4 and December 10, 2025, as competition and supply dynamics continued to influence pricing in the downstream sector.