Headline

Dangote’s 650, 000bpd Refinery: A Breath of Fresh Air

Published

2 years ago

May 20, 2023

Eric

By Eric Elezuo

All is set for the official unveiling for public use of the ambitious 650, 000 barrel per day refinery built by one of Africa’s finest, Alhaji Aliko Dangote. The refinery is in fulfillment of “Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products, according to presidency voice, Bashir Ahmad, who is a special assistant to the president on digital communications.

The Dangote Refinery, by every standard, is the world’s largest single-train refinery, and its inauguration is set for May 22nd, 2023, by President Muhammadu Buhari. This may be one of Buhari’s major official functions in his eightvyears of administration before he leaves office on May 29, 2023.

Gulping a tremendous $19 billion to build, the refinery is located in the Lekki free trade zone area of Lagos state, and for all intent and purpose, is Africa’s biggest oil refinery and the world’s biggest single-train facility. This opening of the refinery is a big kudos to Africa’s billionaire, Aliko Dangote, who milk of human sympathy runs through his veins.

The integrated refinery and petrochemical project, which is expected to generate 9,500 direct and 25,000 indirect jobs, will also have an output more than enough to meet Nigeria’s fuel demands, and turn Africa’s largest crude producer into an exporter of refined crude.

Note that in 2022, Dangote, chairman of Dangote Group, said his oil refinery would be commissioned before the end of Buhari’s tenure. The consistent billionaire, being a man of his words, has ensured that the promise is fulfilled even seven days to the expiration of the Buhari administration.

IN THE BEGINNING

Aliko Dangote alone knew where he was going when a few days after his 56th birthday in April, 2013, he told the world about his dream of building a refinery in Nigeria.

According to him, the Dangote Petroleum Refinery will be the largest single train petroleum refinery in the world with a capacity to refine 650,000 barrels of crude daily and employ thousands of Nigerians directly and indirectly.

Located in the Lekki Free Trade Zone, in Ibeju-Lekki, Lagos State, the facility covers a land area of approximately 2,635 hectares which is six times the size of the famous Victoria Island.

Every one knows that to finance this kind of project was not going to be easy, but Dangote’s track record of business excellence did the magic.

This much was revealed along with the financing model at the signing ceremony of the first tranche of loan secured for the Refinery. This was a $3.3 billion term loan facility supported by a consortium of 12 local and international banks. The loan facility was jointly coordinated by Standard Chartered Bank as the Global Coordinator, and Guaranty Trust Bank Plc as the Local Coordinator.

At the ceremony, President/Chief Executive of Dangote Group, Aliko Dangote said: “This plant will further entrench Africa’s role on the global map as not only a valued contributor for natural resources, but also a competent manufacturer of refined products and fertilizer. As a result, several African nations will be less reliant on importing fuel and fertilizer from foreign markets, reducing the negative impact of negotiating terms within increasingly turbulent international markets.”

“We will end up spending between $12 billion to $14 billion. The funding is going to come through equity, commercial bank loans, export credit agencies and developmental banks,” Dangote noted.

He added, “We have done the numbers and we are sure of numbers. This is a project that will redefine the sector”

Also speaking, CEO of Standard Chartered Bank in Nigeria, Ms. Bola Adesola, added: “Standard Chartered is proud to support the Dangote Group in a project which will significantly boost Nigeria’s economic productivity and create valuable jobs with specialist skills from key growth sectors. This project is an historic example of self-empowerment and leadership for the continent as a whole – and is made possible through effective partnerships between the Nigerian private sector, Government and international financial institutions. Standard Chartered remains committed to being here for good in Nigeria, and the region.”

And for Mr. Segun Agbaje, Managing Director of Guaranty Trust Bank Plc, “This landmark project reinforces Dangote’s commitment to the development of the Nigerian economy. We are proud to be associated with Dangote on this transaction and this demonstrates the bank’s commitment to supporting the development of the agriculture and oil and gas industries.”

That was not all, Dangote also signed a loan of $650 million from the African Export-Import Bank (Afreximbank), $300 million loan from the African Development Bank and $997.4 million in training grant from the United States Trade and Development Agency for 100 of its staff.

With the funds to kick off in place, Dangote then had to seek partners that will help the dream become a reality.

According to a report by Businessday, India state-owned firm, Engineers India Limited was contracted to provide project management consultancy (PMC) services, as well as engineering, procurement and construction management (EPCM) for the Nigerian refinery, US-based Honeywell UOP was contracted for the supply of catalyst regeneration and dryer regeneration control systems, column trays, heat exchanger tubes, a modular CCR unit, and catalyst coolers among other equipment, C&I Leasing was contracted to provide transportation and installation services for mooring systems and subsea pipelines of the refinery, Hang Xiao Steel Structure Company is to provide steel structure and Jan De Nul Group was engaged for carrying out land reclamation works.

Furthermore, MAN Diesel & Turbo was contracted for supplying two compressor trains, Air Liquide Engineering & Construction was contracted for supplying the SMR units.

Fabtech (18 columns), Schneider Electric (process automation systems), SOFEC (Catenary Anchor Leg Mooring buoys), and WABAG (raw water treatment plant) and Still Earth Construction were also part of the contractors on the project.

Thus, work began in earnest and so when the Publisher of The Boss, Dele Momodu, Billionaire businessman, Femi Otedola visited the Refinery sometimein 2021, they were astounded at the amount of work that had been done.

BENEFITS OF THE REFINERY AT A GLANCE

The Dangote Petroleum Refinery has the capacity to meet 100% of the Nigerian requirement of all refined products (Gasoline, 57 million litres per day; Diesel, 27 litres per day; Kerosene, 11 million litres per day and Aviation Jet, 9 million litres per day) and also have surplus of each of these products for export.

The 400 MW Power Plant in the Refinery alone will be able to meet the total power requirement of Ibadan DisCo of 860,316 MWh covering five States including Oyo, Ogun, Osun, Kwara and Ekiti. A Captive Power plant comprising three Steam Turbine Generators of 40 MW capacity each, making a Total of 120 MW is also part of the package.

In addition, the Refinery will create market for $11 billion per annum of Nigerian Crude. Interestingly, the facility is designed for 100% Nigerian Crude with flexibility to process other crudes. Of course, its strategically located marine infrastructure for Crude receipts & product trade is an added advantage.

Also part of this humongous project is the Dangote Fertilizer Plant which will have two of the World’s Largest Fertilizer Trains – Three Million Tonnes per Annum capacity at 1.5m per train. It is bigger than the 1.4 million tonnes per annum of the former champion, Indorama Fertilizer Limited.

The Fertilizer Project is the largest Granulated Urea Fertilizer complex coming up in the entire fertilizer industry history in the world, with an investment of $2 Billion (Two billion US Dollars).

The Fertilizer from this plant will be channeled into growing the local agriculture sector which is essential in producing healthy crops and promoting Nigeria and West Africa’s agricultural development. The Petrochemical plant will also produce Polypropylene which is a common component of most plastic and fabric products.

In other to ensure that this facility is first-rate, the company has deployed the most advanced technology and bench marks itself with the best standards in the world.

For example, Dangote Refinery has the biggest single-train facility used for refining crude. The atmospheric equipment which was manufactured by Sinopec company in China, is the primary unit processor of crude oil into fuels.

Capt Rajen Sacher, Head, Maritime and Ports Infrastructure of Dangote said the equipment weighs 2250MT; Length, 112.5m; Width, 14.036m; and Height, 13.752m. The above-mentioned weight does not include the weight of the internal trays which is approx. 536 MT.”

He said that the crude oil processor took 14 months in construction by Sinopec company in China and eight weeks to be brought down to Nigeria.

“Dangote refinery also invested heavily in dredging the sea from the refinery to Apapa for easy passage of the vessel,” he said. The piece of equipment which has the length of a soccer field, has the weight of 320 large elephants.

It was because of this and other heavy duty equipment called Out of Dimension that the company had to construct a special jetty which has made its work easier.

Talking of construction of its structures, the concrete for piling, residual catalytic cracking sub-structure, pavement plant areas, building in plant and non-plant areas and roads and drains have been carefully crafted to ensure maximum fortification.

It currently has the largest ready mix concrete production facility in the world. At thickness of 9 inches, 16 metres wide, the concrete required for the Refinery project is enough to pave the entire Federal Roads in Lagos (720KM).

In terms of providing employment, the Dangote Refinery has employed over 10,000 Nigerian personnel on site, with employment by the various contractors and subcontractors at the site reaching 7,500. The current ratio of Nigerians to Expatriates is 93% Nigerians to 7% Expats.

Apart from creating employment, Dangote is also passionate about technology transfer to Nigerians.

In this regard, a total of 900 Nigerian Engineers are being trained in design, engineering and design of the refinery. There are currently other Engineers currently under-going training.

Furthermore, the company recently completed the training of 200 artisans selected from the host communities in the areas of Masonry, Carpentry, AC Electricians, Plumbing, Welders, Iron-benders and Auto Mechanics. This was achieved in collaboration with the Nigerian Directorate of Employment and Nigerian Content Development and Monitoring Board.

MORE FACT-CHECKS OF THE REFINERY

Now concluded and ready for commissioning, here are facts that bestrides the invincibility of the project

• World Class Project
• The Dangote Petroleum Refinery is located in the in Ibeju-Lekki, Lagos, covering a land area of approximately 2,635 hectares (seven times the size of Victoria Island.)
• World’s Largest Single-Train 650,000 barrels per day Petroleum Refinery with 900 KTPA Polypropylene Plant.
• The 435 MW Power Plant in the Refinery alone will be able to meet the total power requirement of Ibadan DisCo of 860,316 MWh covering five States including Oyo, Ogun, Osun, Kwara and Ekiti.
• Dangote Petroleum Refinery can meet 100% of the Nigerian requirement of all refined products (Gasoline, 53 million litres per day; Diesel, 34 litres per day; Kerosene, 10 million litres per day and Aviation Jet, 2 million litres per day) and also have surplus of each of these products for export.
• Designed for 100% Nigerian Crude with flexibility to process other crudes.
• Self-sufficient Marine facility with ability for freight optimization. Largest single order of 5 SPMs anywhere in the world.
• Diesel & Gasoline Products from the refinery will conform to Euro V specifications.
• The refinery design complies to World Bank, US EPA, European emission norms and Department of Petroleum Resources (DPR) emission / effluent norms.
• State- of- the- art technology.
• Designed to process large variety of crudes including many of the African Crudes, some of the Middle Eastern Crudes and the US Light Tight Oil.
• Dangote Petroleum Refinery can meet 100% of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene & Aviation Jet) and also would have surplus of each of these products for export.
• 65 Million Cubic Metres of Sand dredged costing approx. Euros 300 Million , using the world’s largest, the second largest and the tenth largest dredgers to elevate the height by 1.5 metres, to insure against any potential impact of increase in mean sea level due to global warming.
• Bought over 1,209 units of various equipment to enhance the local capacity for site works since even the biggest local civil contractors are unable to handle even small portions of our construction requirement.
• Bought 332 cranes to build up equipment installation capacity since the current capacity in Nigeria is extremely poor.
• Built the world’s largest granite quarry to supply coarse aggregate, stone column material, stone base, stone dust & material for break water. (10 million tonnes per year production capacity).
• Developed a port and constructed two quays with a load bearing capacity of 25 tonnes/ sq meter to bring Over Dimensional Cargoes close to the site directly.
• Constructed two more quays in the port with a capacity to handle up to Panamax vessels to export the fertiliser and the petrochemicals and two quays to handle liquid cargoes. The port will thus have 6 quays, including a Roll-on/Roll-off quay.
• In the course of the civil works, some days 700 piles were drilled daily, and the total number of piles came to 250,000.
• It has 177 tanks of 4.742 billion litre capacity.
• Total tanker loading of 2,900. This number is based on tanker capacity of 33KL.
• Dangote is one of the few companies in the world executing a Petroleum Refinery and a Petrochemical complex directly as an Engineering, Procurement, and Construction (EPC) Contractor. Globally, apart from three companies, no individual owner has done the complete EPC Contract for a Petroleum Refinery.
• Temporary housing units on the premises can house 33,000 persons.
• The project utilised the coordination of various local and international suppliers and the coordination of multi-cultural work teams.
• The Dangote Refinery Plant is a legacy project that will see Nigeria netting 21 billion dollars per annum.
• Training of 900 young engineers in refinery operations outside the country. Another six Mechanical Engineers trained in the GE University in Italy. 50 Process engineers trained by Honeywell/UOP for six months; 50 Management Trainees; secondment for succession.

ALIKO DANGOTE, BRAIN BEHIND THE PROJECT

For the President of the Dangote Group, Alhaji Aliko Dangote, and his multifaceted group, playing second fiddle has never been an option. Both the enterprise and the entrepreneur have maintained market leadership.

Since 2014, when Forbes magazine named him the world’s 23rd billionaire, jumping 20 spots on the scale from his previous 43rd position among the elite club of the world’s richest people. Aliko Dangote has not looked back, winning back to back the accolade among African billionaires, and never slipping from the world ranking.

The name Dangote is synonymous with consistency. He is a businessman, who understands that no man rest on his oars if turnovers have to continue to turn over. With mark differentiation, he has demystified the business terrain, and proved that if it can be done, then it must done. His establishment of the humongous fertilizer and sugar plants and the ambitious refinery in Lekki, Lagos, Nigeria, are testimonies of the trajectory of one who knows his onions.

Worth over $13.4 by the latest Forbes ranking, the entrepreneur extraordinaire has the following points to his name:

Aliko Dangote founded and chairs Dangote Cement, the continent’s largest cement producer.
He owns 85% of publicly-traded Dangote Cement through a holding company.
Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.
After many years in development, Dangote’s fertilizer plant in Nigeria began operations in mid-2021.
Dangote Refinery has been completed and is expected to be one of the world’s largest oil refineries once complete.

The above and many has remained the factors that have made it easy for the billionaire to remain among the world’s money men, and occupies a pride of place among African businessmen. Little wonder he is one of the few recipients of the GCON national honours reserved for top politicians of vice president ranking and top government appointees. He has never been any of the above.

In 2021, his 3.0 million metric tonnes of Urea per annum Dangote Fertiliser Plant, sited at the Dangote Industries Free Zone, Ibeju Lekki, was commissioned. During his speech, at The Fertiliser Complex, which occupies 500 hectares, and built at a cost of $2.5 Billion, Dangote had the following to say in his much sought after humility:

“The commissioning of this Fertiliser Plant is historic. It marks the official opening of the largest Granulated Urea Fertiliser Complex in Africa. The new plant will make Nigeria self-sufficient in fertiliser production, with excess capacity to export to other markets in Africa and the rest of the world. Our products have already reached the markets some African countries, the USA, Brazil, India and Mexico.

“It is an ambitious developmental project, which will drastically reduce the level of unemployment and youth restiveness in this country, through generation of direct and indirect employment. Agriculture accounts for over 20 per cent of Nigeria’s GDP, and the country is a leading producer of various agricultural commodities. The sector has the potential of becoming the biggest source of income for our Nation, providing employment and raw materials for industries. However, low fertilizer usage has been a major reason for low productivity in the sector.

Halimat , Zainab & Fatimah Dangote

“It is common knowledge that non-availability of the product, in quantity and quality, rather than affordability, is the primary constraint to the use of fertilizer.

“Our goal is to make fertiliser available in sufficient quantities and quality for our teeming farmers assuring greater agricultural output. To help realise this potential, we are rolling out initiatives that will transform the agricultural sector, including extension services for small and medium scale farmers. We have also established well-equipped soil-testing laboratories to ensure that the appropriate fertiliser blends are applied to specific soil and/or crop types. This will boost productivity, enhancing output across the Nation.

“Our continuous efforts to innovate, create value and invest in Nigeria are borne out of our firm belief in the vast economic potential of our dear country. This has also informed our desire to continue with our investment strategy, with a focus on driving import substitution, ensuring that we increase local production to achieve self-sufficiency, and even export excess production.”

He proved that his entrepreneurial skills are not just geared towards uplifting him as a person, but to create an enabling environment for the Nigeria youth and child to grow and development in an environment he can proudly co-own. His vision is practically for the greater good of the world, and Nigeria in particular.

Born in Kano in 1957, Dangote has paid his dues, and mankind is the better for it.

The ALIKO DANGOTE FOUNDATION AND IMPACTS

Aliko Dangote Foundation (ADF) is the private charitable foundation of Alhaji Aliko Dangote. Incorporated in 1994, as Dangote Foundation, with the mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities. 20 years later, the Foundation has become the largest private Foundation in sub-Saharan Africa, with the largest endowment by a single African donor.

The primary focus of ADF is child nutrition, with wraparound interventions centered on health, education and empowerment, and disaster relief. The Foundation also supports stand-alone projects with the potential for significant social impact.

The Foundation works with state and national governments and many highly reputable international and domestic charities, non-governmental organizations and international agencies to advance its humanitarian agenda.

In one of its biggest collaboration to date, Aliko Dangote Foundation started working in partnership with the Bill and Melinda Gates Foundation and key northern State Governments in Nigeria from 2013 to eradicate polio and strengthen routine immunization in Nigeria.

His commitment to the health and wellbeing of the world is second to none, and it is on record that his CSR in the health sector has transcended numerals. The ADF, beyond the health sector, has made landmark achievements in the field of education, where it has affected the development of educational infrastructures of many tertiatiary institutions including Ahmadu Bello University, Zaria; Bayero University Kano; Kano State University of Science & Technology, Wudil and University of Ibadan. The construction of a N1.2 Billion Dangote Business School, Bayero University Kano, Kano State, construction of a N1.2 Billion Dormitories in Ahmadu Bello University, Zaria, Kaduna State, construction of Dormitories and provision of power supply to Kano University of Science and Technology, Wudil, Kano State at the cost of N500 Million, construction of Dormitories in Crescent University, Abeokuta, Ogun State, and construction of Aliko Dangote Complex within the premises of University of Ibadan Business School, Ibadan, Oyo State, are just few examples.

Additionally, the ADF has engaged in Economic Empowerment at various levels through the Aliko Dangote Foundation Micro-grant programme, which is a N10 Billion national programme, launched in 2011, and designed to provide a N10,000 one-off grant to at least 1,000 vulnerable women, and in some cases, youths, in each of the 774 LGAs across Nigeria.

Worthy of praise is the fact that for the past seven years, the Foundation has spent over N7 Billion in the course of feeding, clothing and the general welfare of the Internally Displaced Persons in the Northeast. Dangote’s efforts at providing relief has drawn a lot of accolades.

Aliko Dangote Foundation was there in 2014 to help the government to contain the Ebola virus outbreak as well as when there ethnic crisis in Ife in 2017.

Rightly addressed as an international philanthropist, Dangote’s interventions are felt across the world. Some of the are building and equipping of Children’s hospital in Abidjan, Grand Heart Foundation – Chad, ONE Campaign, Emergency response to meningitis outbreak in Niger Republic, Donation of mobile clinics to serve 5 counties in Kenya, Emergency response to victims of earthquake in Nepal, Global Business Coalition for Education, and Sustainable Development Goal – Center for Africa – Rwanda.

MORE CSRs BY THE DANGOTE GROUP

To make his host communities feel at ease, and the impact of his presence, Dangote has embarked on an initiative to provide further support to improving educational systems in Ibeju-Lekki and Epe locality. The educational support initiative is a tripartite programme consisting of scholarship, capacity building for teachers and school infrastructure projects.

In addition, Scholarships have been awarded to 52 secondary school students whilst some financial support was provided to their parents and/or guardians. Tertiary students will be included in the next batch of the scheme.

Furthermore, about 100 teachers, principals and school administrators were trained in teaching techniques for the 21st century. After which they were monitored in class on how they were using the skills acquired.

Still on education, the company plans to renovate existing structures, building new schools, donating school furniture and equipment etc. This component of the education support initiative is on the verge of taking off.

Already, it has constructed a block of 6 classrooms with restroom facilities and staff rooms. This was handed over at a formal ceremony in December 2020.

Youth development was also an area it took seriously. 400 local youths have been trained in two batches of 200 beneficiaries per batch. They are being trained on acquiring vocational skills such as plumbing, masonry, welding, iron bending, auto mechanics and electrical works. First batch of trainees graduated in September 2020 and some of them have been engaged; 2nd batch of trainees will graduate in February 2021.

There is hardly any sector that has not felt the milk of human kindness running through Aliko Dangote; the military, media, politics, governments across boards and more.

As at today, there is no space for slowing down for Dangote as he continues to trudge on, creating firsts after first for himself and for humanity. He is blessed with three wonderful daughters, who have followed the rewarding footprints of entrepreneurship.

Headline

Bella Disu: The Rise and Rise of a Boardroom Guru

Published

4 days ago

March 9, 2025

Eric

By Eric Elezuo

Nigerian women have shown resilience, strength and character in administration, government and entrepreneurship, contributing more than their quota, and giving vent to the growth and development of the nation’s socio-economic sector. Among them is the Executive Vice Chairman of the A-list communications outfit, the Globacom Group, Mrs. Bella Disu.

A strong purpose-driven professional and boardroom guru, whose administrative skills, intellect, experience and academic trajectory have remained a subject of reference, Bella, as she is fondly called, is a woman, who though has a privileged background, carved a niche for herself, climbing through ladders and cadres to get to where she presently is, and more importantly, can boast of the desired leverage and ability to defend her position.

Born Belinda Ajoke Adenuga, on May 29, 1986 to the duo of Emelia Adefolake Marquis, a Nigerian entrepreneur, and the global phenomenon, Dr. Mike Adenuga Jr., Bella received her early education in Lagos, at the prestigious Corona School in Victoria Island before enrolling at Queen’s College for her secondary education. In 1998, she transferred to Vivian Fowler Memorial College for Girls, where she concluded her secondary education.

She proceeded to the University of Massachusetts, Boston, USA, where she obtained a Bachelor of Arts degree in International Relations, and later, a Master of Science degree in Leadership from the Northeastern University, also in Boston.

In 2004, Disu joined her father’s Globacom, and consistently rose through the ranks to become the Executive Vice Chairman of the company. She is also a non-executive director with the construction giant, Julius Berger Nigeria Plc.

In April 2010, Bella took a break to solemnize her romantic relationship with her heartthrob, Jameel Disu, a venture capitalist, and both formalized their union in a fairytale wedding that is still the talk of the town, almost 15 years after.

As phenomenal and weighty as her family name, Bella dropped, and picked up completely her husband’s name, signifying undying love and loyalty. That’s still the name she bears till date. Both are blessed three wonderful children.

In 2019, the French Government awarded Disu the Chevalier dans ‘l’Ordre des Arts et des Lettres in recognition of her efforts in promoting French culture.

In January, 2021, Abumet Nigeria Limited announced her appointment as Chairman of its Board of Directors. Abumet Nigeria Limited maintains worldwide partnerships with reputable manufactures and maintains a state-of-the-art production facility, located in FCT Abuja, fully equipped with cutting-edge machinery and technology.

Abumet is a subsidiary of Julius Berger Nigeria Plc, and a leading solutions provider for the planning, processing and installation of aluminium and glass products, from single standard windows to sophisticated facades and large-scale design masterpieces. She replaced Alhaji Bamanga Tukur, upon his resignation from the board. Bella is a Member of the Chartered Institute of Management of Nigeria (MNIM) and the Institute of Directors of Nigeria (MIOD).

In addition to her French National Honour if Chevalier dans l’ordre des Arts et des Lettres (“CAL”), and currently the Executive Vice- Chairman of Globacom Limited, she is also the Chief Executive Officer of Cobblestone Properties & Estates Limited, and a Director on the Board of Mike Adenuga Centre.

In less than four years of her leadership, Abumet’s profits, according to Billionaire Africa, surged 307% in 2024, marking a major turnaround from losses in 2021.

The paper reported of her exploits as follows: “As a Non-Executive Director, she helped boost Julius Berger’s revenue to N566.2 billion, pushing it into Nigeria’s top 50 listed firms.

“At Abumet, Disu is driving innovation in façade technology, deploying unitized curtain walls for improved insulation and energy efficiency in Nigeria’s construction sector.

“Nigerian business executive Bella Disu has led Abumet Nigeria Limited, an innovative glass and aluminum manufacturing company, to record-breaking earnings, with profits quadrupling at the end of the 2024 fiscal year. Her leadership has not only steered the company back to profitability but has also reinforced the business acumen that runs deep in the Adenuga family.

“In a LinkedIn post, Disu, who has served as chairman of Abumet since 2021, shared the company’s turnaround: “Abumet is reaching new heights, and I’m excited to share our latest achievements. I am especially proud of the remarkable turnaround we’ve achieved—transforming from a loss in 2021 to delivering a 307 percent increase in profit in 2024.

“At just 38, Disu has earned her place among Africa’s top executives under 40, proving her ability to drive business success while steadily stepping into the legacy of her father, billionaire Mike Adenuga, who ranks among the continent’s wealthiest individuals with a fortune of $6.8 billion. She took over as chairman of Abumet’s Board of Directors in January 2021, succeeding Bamanga Tukur at a time when the company was struggling with steep losses.

“Since then, Disu has orchestrated one of the most impressive corporate recoveries in Nigeria’s manufacturing sector. Under her leadership, Abumet returned to profitability by the end of the 2022 fiscal year, bouncing back from the impact of COVID-19 and the financial challenges of 2021. The company sustained its profit in 2023 before posting a fourfold increase in 2024.

“Reflecting on this achievement, Disu credited the success to strong leadership and teamwork: “This success is the result of strategic leadership at the Board level, the dedication of our management team, and the collective effort of every Abumet employee.”

“Bella Disu expands Abumet’s market reach
As a 90-percent subsidiary of Julius Berger Nigeria Plc, Abumet plays a key role in the construction giant’s success. Bella Disu, who also serves as a Non-Executive Director at Julius Berger, has played a ‘much more’ active role in driving growth in the building solutions sector. By the end of the 2024 fiscal year, Julius Berger’s revenue rose from N446.1 billion ($296.4 million) in 2023 to N566.2 billion ($376.2 million) in 2024.

“Profit after tax also increased from N12.74 billion ($8.5 million) to N14.97 billion ($10 million), boosting the company’s market capitalization on the Nigerian Exchange (NGX) to N202.1 billion ($134.3 million). This has placed Julius Berger among Nigeria’s top 50 publicly listed firms, ranking 35th on the NGX.

“Under Disu’s leadership, Abumet has strengthened its market position by expanding its sales and marketing efforts. The launch of its Lagos sales office has helped grow its market share for made-in-Nigeria window and door solutions, while its EVONIGGLASS insulated glass brand has gained wider recognition. Despite market challenges, the company has posted record-high revenue and profits, exceeding expectations.

Abumet deploys energy-efficient curtain walls

Looking ahead, Disu is focused on pushing innovation in advanced façade solutions, leading Abumet’s efforts in glass and aluminum manufacturing.

“Abumet is deploying unitized curtain walls that will completely envelop the façade, ensuring not just aesthetic excellence but also enhanced energy efficiency through modern insulation technologies,” she said.

With a strong record of turning businesses around and driving growth, Disu is cementing her leadership in Nigeria’s business world. Her influence now extends beyond construction, telecommunications, and real estate into the country’s broader manufacturing sector, where she continues to make a lasting impact.”

Bella’s trajectory in the world of enterprise is a clear case of the demystification of the proverbial a tree cannot make a forest’, as she has conscientiously turned tables around wherever she found herself, bring in new ideas, new innovations and structural discipline that completely overhauls a system for all the positive outcomes.

Hers, is a case of continuous rise in the business world, and the home front. She is a better definition of a virtuous woman, and at less than 40 in age, the sky holds no barrier to how much more Belinda Ajoke Olubunmi Disu nee Adenuga could achieve in the coming months.

Congratulations ma!

Headline

Nigeria’s Who’s Who Joins Otedola to Turn Sod for FirstBank’s 43-Storey New Headquarters

Published

1 week ago

March 6, 2025

Eric

By Eric Elezuo

Conducted in an atmosphere of class, beauty and wholesome networking, the event drew the likes of the Vice President of Nigeria, Senator Kashim Shettima, who represented President Bola Tinubu, as the special guest of honour.

Other dignitaries that graced the occasion were the governors of Lagos State, Mr. Babajide Sanwo-Olu; Ogun State, Prince Dapo Abiodun; Ondo State, Mr. Lucky Aiyedatiwa; and former governor of Delta State, Mr. James Ibori.

Also joining the retinue of the first class citizens were the Ghagoury brothers; Gilbert and Roland, Senator Daisy Danjuma, Mr. Deji Adeleke, Mustapha Ndimi, Alhaji Aliko Dangote, Mr. Tunde Folawiyo, Dr. Bukola Saraki, Mr. Ben Murray-Bruce, Chief Dele Momodu and a host of white cap chiefs, who represented the Oba of Lagos, Rilwan Akiotu.

Known for its penchant for creating firsts, the Nigeria’s premier and leading money deposit bank, as well as financial institution of choice, the bank is set to deliver a state-of-the-art edifice, described as the first of its kind in Nigeria, the West African subregion, and by hindsight, in the entire African continent.

It is also reported that on completion, the edifice will house a variety of facilities that will buttress, and toe the line of the Eko Atlantic City original manuscript, and lend candour to the skyline and nightlife of the exclusive city.

Earlier, the Managing Director and Chief Executive Officer of FirstBank Nigeria, Mr. Segun Alebiosu, had remarked in a statement that the building is a significant milestone and an ambitious project set to be an engineering and environmental delight due to its technologically advanced, eco-friendly and sophisticated construction that would set a new standard for the financial services sector in Africa.

“The groundbreaking ceremony signifies the beginning of a transformative journey that reinforces FirstBank’s commitment to excellence, innovation, and customer satisfaction.

“We are proud to mark this significant milestone in our journey towards excellence. Our new Head Office is envisioned as a world-class structure that represents our dedication to innovation, customer satisfaction, and sustainability.

“We believe that this development will play a crucial role in fostering economic growth and development across Africa, creating long-term value for all our stakeholders,” Alebiosu said.

The statement by the bank further revealed that the new headquarters is designed with sustainability in mind, featuring a green-certified building that reduces operational costs, and positions the bank as a leader in sustainable banking practices.

In his welcome address however, Alebiosu said that “The groundbreaking ceremony is a momentous occasion for us to redefine our commitment to position solidly as the bank for the future. Therefore, this new headquarters is not just about a modern architectural masterpiece; it is reimagining banking for generations yet unborn. It will serve as a hub for financial innovation, digital transformation, and operational excellence, ensuring that FirstBank remains ahead in an era where technology is reshaping activities.

“Situated in the heart of Eko Atlantic City, the iconic FirstBank headquarters complex, a 43-story edifice, will become the tallest building in Nigeria upon its completion.”

In his speech, the chief host, who is also the Chairman FirstHoldCo, Mr. Femi Otedola, praised the resilience of his FirstBank team, the Chagoury brothers for ‘creating land’ for Nigerians, stakeholders and the banking community, who have supported the FirstBank brand in 131 years of existence.

He noted that the gathering highlights the importance of collaboration and support from various sectors in bringing ambitious plans for the new headquarters to life.

“I appreciate the CBN for its efforts in sustaining the stability of the Nigerian financial services industry. I commend the Chagoury Group for their commitment to the infrastructural growth of the Nigerian economy. Worthy of note is that Chagoury has always been an inspiration and business model to me. I have personally felt that the creation of Eko Atlantic City is the ninth wonder of the world, coming after the eighth wonder, which is the Dangote Petrochemical City. These two wonders continue to reaffirm that Nigeria is indeed a great nation.

“To our customers and stakeholders of the bank, we must constantly be reminded that FirstBank is and will continue to be a legacy to behold. We shall continue to invest in cutting-edge technology, vibrant human capital, strategic partnerships, and customer-centric innovation that will define banking globally even as we detail our footprint across Nigeria, Africa, and the world. Thank you all for being a part of our rich heritage as we unveil this iconic building that will serve as the engine room of the bank’s next phase of dominance in the financial services sector and efforts to contribute our quota to the financial inclusion,” Otedola said.

The gathering was boosted by goodwill messages from stakeholders present including governors Sanwo-Olu, Abiodun and Aiyedatiwa. Other goodwill messages were delivered by Senator Danjuma, Mr Folawiyo, Alhaji Dangote, Mr. Adeleke and others.

In his charge, Sanwo-Olu ssaid, “First Bank, as usual, has led the way. I want to thank the visionaries who created a new city that will be Africa’s model city that all of us will be proud of. Mr. Femi Otedola, well done, well done to your board, well done to your management, and CBN Governor, thank you for the approval. We want you to give other financial institutions approval as well. There is space for them as well.”

One of the hallmarks of the event was the presentation of certificate to the FirstBank group by the Governor Sanwo-Olu, on behalf of the Lagos State government, to authorize commencement of construction.

In his keynote address however, the special guest of honour, President Bola Tinubu, who was represented by Vice President Kashim Shettima, lauded the building as representing and symbolising Nigeria’s ambition and progress.

“Today we lay the foundation for a monumental structure in Nigeria’s financial landscape, the First Bank iconic tower, a symbol of our nation’s progress and ambition. This tower will stand as a testament to our economic strength and vitality. The tower, which will be the tallest building in West Africa at 40 stories upon completion, is a symbol of confidence in our country’s future. For 130 years, FirstBank has been a pillar of our economy, empowering businesses, supporting families, and driving financial innovation. FirstBank has extended its reach from Lagos to London and all around major financial centres worldwide, proudly flying Nigeria’s flag on the global stage.

tower will symbolise ambition and excellence in Eko Atlantic, an investment that consolidates Lagos as a leading financial hub and showcases the dynamism of Nigeria’s private sector.

“As president, I reaffirm our unwavering commitment to fostering an environment where significant investment and transformative projects like this can thrive through bold economic reforms, strategic public-private partnerships, and infrastructure development. We are ensuring that Nigeria once again becomes the top destination for investment,” Shettima said on behalf of President Tinubu.

The event of the day was concluded with the turning of the sod to signify commencement of building activities for the 43-storey ambitious project, which will change the landscape of the Eko Atlantic City, banking industry and architectural intelligence.

Headline

Olusegun Obasanjo: Celebrating Africa’s Influential Leader at 88

Published

1 week ago

March 4, 2025

Eric

By Eric Elezuo

Chief Olusegun Obasanjo, arguably, is the most influential African alive. He would have been the second most influential if the Madiba Nelson Mandele still lives.

Obasanjo has transcended generations of greatness ever since he joined the army as a career soldier, fighting in the Nigeria/Biafra Civil War before testing political power as the Chief of Staff Supreme Headquarters to the then Head of State, General Murtala Mohammed, and then becoming the Head of State in 1976 following the assassination of General Mohammed. He was in charge between 1976 and 1979 when he handed over to Alhaji Shehu Shagari.

Obasanjo has been described as one of the great figures of the second generation of post-colonial African leaders, and has received praise both for overseeing Nigeria’s transition to representative democracy in the 1970s and for his Pan-African efforts to encourage cooperation across the continent. He however, remains the most senior in Nigeria’s political leadership, behind General Yakubu Gowon.

A two-terms civilian president and former military head of state, Olusegun Obasanjo, has celebrated his 88th birthday, looking fit as a fiddle, and throwing banters among protégé, associates and leaders of thought, whobare his mentees.

As usual, Obasanjo’s birthday celebration was multi-faceted, and like every other year, accommodated praises and worship, get-together and sumptuous dinner among others, thereby igniting the Obasanjo Farm home of the former leader, located in Abeokuta, Ogun State, and the awesome The Delborough in Victoria Island, Lagos.

The birthday celebrations kickstarted with a special Global Breakfast Prayer session, which was in its 61st edition, on Saturday, March 1, 2025. It was a time of spiritual renewal and upliftment with representatives from about 29 countries in attendance both on ground and virtually.

The prayer session was facilitated by the Chairman of Christian Association of Nigeria, South West Zone, Bishop T. Akin-Akinsanya, and moderated by Rev. (Engr.) A. Ojeshina, with prayer and worship sessionsed by the Gatekeepers Worship Team.

Much as it was a spiritual exercise, the aura of greatness Obasanjo is known for was visible as ministers of God from different nations participated in the prayers, reflecting Chief Obasanjo’s far-reaching influence and the deep respect he commands across the globe, and well as the awesome glory to God for sparing his life for 88 eventful years.

Everyone, who was given an opportunity to share his thoughts about the African leader spoke glowingly, acknowledging Obasanjo’s role in fostering diplomacy, African development, and visionary leadership. Notable among these ministers that attended were Ven. O. Ogunremi from Kenya, Pastor M. Nwanegbo from Belgium, Bishop Francis Wale Oke, Bishop E. Adekunle, Rev. Mother Esther Ajayi, Apostle M. Oluwajoba from the United States of America, Dr. Juliet Hammond from the United Kingdom, and Bishop David Bakare.

The following day, the party shifted to Chief Stanley Ugochukwu’s The Delborough on Victoria Island where the creme de la creme of the society gathered to fete the octogenarian. They young entrepreneur was also present at the event.

Dignitaries at the dinner included former President Goodluck Jonathan, former Vice President Atiku Abubakar, former Senate President, Bukola Saraki, former President of Sierra Leone, Ernest Koroma, Anambra State Governor, Chukwuma Soludo and Ooni of Ife, Oba Enitan Adeyeye Ogunwusi.

The event also drew an impressive lineup of business heavyweights, including Chairman of Ovation Media Group, Chief Dele Momodu; the CEO of Air Peace, Dr. Allen Onyema; E-Money and his brother, Kcee, and Obi Cubana, Cubana Chief Priest and renowned entrepreneur, Chief Rasaq Okoya.

The occasion underscored Obasanjo’s lasting influence in Africa, especially Nigeria’s political and economic landscape. Dignitaries, who took turns to extol the respected leader, harped on his leadership, contributions to national development, and his roles as a statesman.

Beyond speaches on the night, the event created an atmosphere of conviviality, camaraderie, networking and catching up, as distinguished guests shared fond memories, banters and experiences of working with the elder statesman. The birthday proper is scheduled for March 5.

It would be recalled that in 2024 in commemoration of the 87th birthday, Obasanjo unveiled a new book, titled: “The Art of Leading: Unconventional Wisdom from Biblical Leaders.”

In his tribute to the former president, Atiku took to his X account to share moments from the occasion, and expressed appreciation for Obasanjo, who is his former boss, and described the gathering as a momentous celebration.

“I joined others at the dinner hosted by my former boss, former President Olusegun Obasanjo, at The Delborough Hotel, Victoria Island, in Lagos,” he wrote.

Born on March 5, 1937, in Abeokuta, Obasanjo, who is arguably Nigeria and Africa’s biggest political brand, served as President of Nigeria from 1999 to 2007, during which time he played an instrumental role in bringing democracy back to the Nigeria.

His political and economic sagacity within the period has remained a reference point for subsequent administrations both in Nigeria and the African continent.

He was Chairperson of the African Union from July 2004 to January 2006, and was inducted by the UN as Special Envoy for Africa in 2008. Since then, he has overseen elections in countries across the African continent on behalf of the African Union and ECOWAS.

A man, who draws accolades, and sometimes criticisms as result of his fearless position on issues of both continental, regional and national importance, Obasanjo has received praise both for overseeing Nigeria’s transition to representative democracy in the 1970s and for his Pan-African efforts to encourage cooperation across the continent.

The Wikipedia captures Obasanjo’s personal life as follows:

Ethnically, Obasanjo is Yoruba, a cultural identification he reflected in his speech and choice of clothing. However, he always foregrounded his Nigerian identity above his Yoruba one, repeatedly stating that “I am a Nigerian who happens to be a Yoruba man. I am not a Yoruba man who happens to be a Nigerian.”

Throughout his life he expressed a preference for rural over urban life. He has been a lifelong teetotaller. He has been characterised as having a sense of discipline and duty, and emphasised what he saw as the importance of leadership. He was meticulous at planning, and Iliffe called him an “instinctively cautious man”. Obasanjo always emphasised the importance of deferring to seniority, a value he had learned in childhood. Iliffe described Obasanjo as a man with “great physical and intellectual energy” who “exercised power with skill and ruthlessness, sometimes unscrupulously but seldom cruelly”. Derfler similarly stated that, although Obasanjo could appear “boorish and dull”, he had a “sharply perceptive mind” and the capacity to be “tough and ruthless”. He had, according to Iliffe, a “remarkable capacity for work”. He was cautious with money, living modestly and seeking financial security by investing in property. He is softly-spoken.

In his sixties, Obasanjo would regularly work 18 to 20 hour days, getting very little sleep. He would start each day with prayers. Obasanjo suffers from diabetes and high blood-pressure. He enjoyed playing squash.

Obasanjo’s writings after his imprisonment reflected his commitment to Biblical literalism. He called the Darwinian theory of evolution a “debasing, devaluing and dehumanising” idea. After his release from prison his writings placed far less emphasis on traditional culture as a guide to morality, calling on fellow Nigerians to reject much of their pre-Christian “way of life”. Iliffe noted that Obasanjo’s born-again Christianity was “strikingly orthodox” and was aligned with Orthodox Pentecostal teaching. He rejected the prosperity gospel that was taught by some Pentecostalists in Nigeria.

Providentialism also became a key part of his worldview after his imprisonment.

In addition to a variety of other chieftaincy titles, Chief Obasanjo is the holder of the title of the Olori Omo Ilu of Ibogun-Olaogun.

A prolific writer and author of many books, Obasanjo is not a stranger to awards and honours as he has them in endless list.

A father to many children, including Iyabo Obasanjo, one of his children, Adeboye Obasanjo, took after him, and is presently a Brigadier General in the Nigerian Army.