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$14bn Refinery: CBN Assures Dangote Of Support

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Following its proposal to build a refinery worth $14 billion, the Central Bank of Nigeria (CBN) has said that it would assist the Dangote Group to access foreign exchange to facilitate the project.
This was disclosed by the Central Bank, CBN Governor, Mr. Godwin Emefiele during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.
Speaking during the tour of the facility at its location within the Lekki Free Trade Zone in Lagos, the CBN governor said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality.
Your ongoing 14 billion dollar refinery investment will enjoy our support, no doubt.
We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead,’’ Emefiele said.
According to him, the tour is necessary to lend our support to this laudable project that will transform Nigeria’s downstream oil sector.
The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrol-chemicals, fertiliser and fuel will be produced, about three years ago.
Today, the three projects, which are valued at 14 billion dollars (N2.8 trillion), are on course and this is highly commendable, ‘’ he said.
Emefiele said the CBN would continue to support tremendous and impactful projects that would improve the socio-economic profile of the country through such investments.
He said the diversification of the Dangote Group was worthy of emulation by other industrialists.
By the time this refinery is completed, it will not only service the needs of our domestic economy but shore up our international oil investments.
“Projects like this and our support will encourage more Nigerians to begin to think like the Dangote Group,’’ the CBN boss added.
Alhaji Aliko Dangote, Chairman, Dangote Group, said that the refinery would commence commercial operations at the early period of 2018.
We are set to unveil the world’s largest refinery which will make Nigeria self-sufficient in petroleum products refining and also become a major exporter of oil.
This project will mark a turning point in Nigeria’s search for local refining of crude oil.
We will ensure the value chain in crude oil production is uplifted and other facilitators properly integrated into our scheme,’’ he said.
The chairman said that the fertiliser production aspect of the refinery would be completed by 2017.
Dangote said: “This project is generally about saving foreign exchange and earning more for our nation through the diversification of the economy.
We started with local production of cement and today we export more than 12 tons of it.
We don’t need dollars now to continue to produce Dangote Cement and that is the same thing we will do with this refinery.
This refinery will have the capacity to serve this country optimally and it is part of our contribution in the vanguard to diversify our economy”, he added.

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Chief Ambassador Eka A’adu Dickson Extends Warm Felicitations to Igede Nation on Igede Agba Celebration

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Chief Ambassador Eka A’adu Dickson, Chairman and CEO of Ekason Group of Companies, has sent heartfelt greetings to the Igede Nation as the people prepare to celebrate the annual Igede Agba Festival today.The Igede Agba Celebration, observed every September, is one of the most significant cultural events of the Igede people. It marks the new yam harvest and symbolizes gratitude, unity, and continuity of tradition. For generations, the festival has been a rallying point for Igede sons and daughters at home and abroad, who gather to honor their heritage through dance, music, prayers, and communal feasting.Chief Dickson, who holds the traditional title of Ota-Okpenyi Ny’Igede, extended his felicitations to the Adirahu Ny’Igede, HRH Chief Oga Ero (Rtd), the Igede Intermediate Area Traditional Council, and the Chairmen of Oju and Obi Local Government Councils, alongside all Igede political, cultural, and religious leaders. He described the festival as a proud reminder of the resilience and cultural identity of the Igede people.He noted that Igede Agba is not only about celebrating the harvest but also about strengthening the bonds of kinship and reaffirming the collective pride of the Igede Nation. He emphasized that the festival serves as a beacon of unity, inspiring younger generations to embrace their roots and uphold the values of hard work, gratitude, and community spirit.“Igede Agba is more than a festival; it is a celebration of who we are as a people. It is a time to strengthen our bonds, honor our traditions, and inspire the younger generation to carry forward the pride of Igede,” he said.As a philanthropist and cultural advocate, Chief Dickson has consistently supported initiatives that uplift communities and promote Igede heritage. His leadership and goodwill have been instrumental in encouraging cultural preservation and fostering development across Igede land. He commended the traditional institutions for their steadfast role in sustaining cultural valuesHere’s the expanded, publication-ready version of the story with the traditional institution and leaders included, written in a straight, professional newspaper style:Chief Ambassador Eka A’adu Dickson Extends Warm Felicitations to Igede Nation on Igede Agba CelebrationChief Ambassador Eka A’adu Dickson, Chairman and CEO of Ekason Group of Companies, has sent heartfelt greetings to the Igede Nation as the people prepare to celebrate the annual Igede Agba Festival today.The Igede Agba Celebration, observed every September, is one of the most significant cultural events of the Igede people. It marks the new yam harvest and symbolizes gratitude, unity, and continuity of tradition. For generations, the festival has been a rallying point for Igede sons and daughters at home and abroad, who gather to honor their heritage through dance, music, prayers, and communal feasting.Chief Dickson, who holds the traditional title of Ota-Okpenyi Ny’Igede, extended his felicitations to the Adirahu Ny’Igede, HRH Chief Oga Ero (Rtd), the Igede Intermediate Area Traditional Council, and the Chairmen of Oju and Obi Local Government Councils, alongside all Igede political, cultural, and religious leaders. He described the festival as a proud reminder of the resilience and cultural identity of the Igede people.He noted that Igede Agba is not only about celebrating the harvest but also about strengthening the bonds of kinship and reaffirming the collective pride of the Igede Nation. He emphasized that the festival serves as a beacon of unity, inspiring younger generations to embrace their roots and uphold the values of hard work, gratitude, and community spirit.“Igede Agba is more than a festival; it is a celebration of who we are as a people. It is a time to strengthen our bonds, honor our traditions, and inspire the younger generation to carry forward the pride of Igede,” he said.As a philanthropist and cultural advocate, Chief Dickson has consistently supported initiatives that uplift communities and promote Igede heritage. His leadership and goodwill have been instrumental in encouraging cultural preservation and fostering development across Igede land. He commended the traditional institutions for their steadfast role in sustaining cultural values and guiding the people, while also praising the local government chairmen for their contributions to community progress.Today’s celebration is expected to be marked by colorful displays of tradition, with masquerades, traditional dances, and communal gatherings that highlight the rich cultural tapestry of the Igede people. It will also serve as a reminder that culture remains a vital force in shaping identity and unity.Chief Dickson’s message resonates with the broader vision of progress and solidarity that the festival embodies. His felicitations to the Igede Nation underscore the importance of cultural pride and the enduring spirit of togetherness that defines Igede Agba.As the Igede Nation celebrates today, the festival stands as a testament to the people’s resilience, their gratitude for the harvest, and their unwavering commitment to preserving their heritage for generations to come.God bless the Igede Nation.

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BAVCCA Collaborates With BPP On Strengthening Public Procurement, Hails DG Adedokun

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The Bloggers and Vloggers, Content Creators Association of Nigeria, BAVCCA, has lauded the Director General of the Bureau of Public Procurement (BPP), Dr. Adebowale Adedokun, for his remarkable achievements within a short period in office, while disclosing their resolve help strengthen government institution against corruption and foster national development.

President of BAVCCA, Ikechukwu Chukwunyere, disclosed this on Thursday at the 2026 BPP Procurement Reforms Conference held at the Women Development Centre, Abuja.

Chukwunyere described Adedokun’s achievements and commitment to repositioning the procurement system within a short period in office as exceptional, adding that. the reforms and institutional renewal efforts under Adedokun had attracted the association’s public commendation.

He also revealed BAVCCA will submit detailed letters and evidence of alleged corruption uncovered through its civic monitoring and digital investigations to the Economic and Financial Crimes Commission.

Chukwunyere said the association had uncovered what he described as “deeply troubling patterns of wrongdoing” within parts of the public system.

He said the documents to be submitted to the EFCC would identify implicated government institutions and draw attention to alleged acts of corruption observed by the association.

“ No institution is above scrutiny, and transparency must be matched with consequences where necessary,” he said.

The BAVCCA president spoke on the theme, “Celebrating Successes, Identifying Challenges, and Charting Solutions for Public Procurement Reforms,” at the conference organised in collaboration with stakeholders in the procurement sector.

He said public procurement was not merely about contracts and procedures but involved the responsible management of resources belonging to Nigerians.

According to him, every naira saved through efficient procurement could be redirected to critical sectors such as infrastructure, healthcare, education and security.

Chukwunyere called for stronger collaboration among the Bureau of Public Procurement, media organisations, civil society groups and digital content creators to promote transparency and public understanding of procurement reforms.

He said digital media practitioners had a responsibility to ensure that information published on their platforms was accurate, balanced and presented within the proper context.

“Responsible digital media can complement the work of institutions such as BPP by educating citizens, explaining procurement reforms, drawing attention to legitimate concerns and helping to counter misinformation,” he said.

While identifying capacity gaps, resistance to change, bid manipulation, data challenges and enforcement as some of the challenges confronting public procurement, Chukwunyere said addressing them would require more than government action.

He advocated stronger institutions, competent procurement professionals, technology, public awareness and responsible citizen participation.

On the 2027 general elections, the BAVCCA president announced plans by the association to organise governorship and presidential debates ahead of the polls.

He said the debates would provide candidates with platforms to present their manifestos and explain their plans directly to Nigerians.

Chukwunyere urged Nigerians to participate actively in the electoral process by registering, obtaining their Permanent Voter Cards and making informed choices based on competence, character, capacity and credible programmes.

He also appealed to politicians and their supporters to shun hate speech, incitement, violence and electoral malpractice.

He urged Nigerians not to sell their votes or allow themselves to be used to perpetrate violence, stressing that political disagreements should not destroy relationships among citizens.

“Let us disagree politically without becoming enemies. Let us campaign on issues and ideas, not hatred and violence,” he said.

He maintained that building a better Nigeria required not only political leadership but also an informed, active and responsible citizenry.

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After 47 Years of Failure: Minister Blames Cabal, Funding Gap as FG Eyes China to Revive Ajaokuta Steel Dream

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Minister for Steel Development, Mr. Shuaibu Abubakar Audu, says a huge funding gap of about N3 trillion and a cabal working against Nigeria’s dream have been holding back Nigeria’s steel development.

For 47 years, the Ajaokuta Steel Company has stood as Nigeria’s abandoned industrial dream. Billions of naira have been sunk into it, yet the plant has yet to produce a single sheet of steel.

The Minister made a startling admission: a powerful “cabal” is actively holding back the project, working in concert with years of poor funding from successive governments to keep the dream in limbo.

Asked to explain how the cabal is being dealt with, the Minister explained that those involved in the importation of steel into Nigeria are doing everything to frustrate the government including blocking moves to amend relevant laws in the National Assembly.

The Minister, who spoke on a Podcast interview, Deep Insight with Agbonsuremi, said the lack of political will and consistent low budgetary allocation have been as damaging as the sabotage by vested interests who benefit from Nigeria’s continued dependence on imported steel.

Ajaokuta was conceived in the 1970s to drive industrialization and steel sufficiency, but decades of neglect, contract disputes, and alleged sabotage have left it at less than 10% completion. The result: Nigeria imports over $4 billion worth of steel annually.

In what may signal a new chapter, Shuaibu Abubakar Audu said it is now “hopeful” of sealing a deal with China to revive and complete the plant. He believes a partnership with Chinese investors and technical partners could unlock funding, technology, and the political backing needed to finally deliver on the promise of Ajaokuta.

The Minister said the Ajaokuta Steel Complex will commence commercial production by 2028 if the Federal Government concludes its ongoing negotiations with a Chinese investor this year; arguing the company can be fully revived if President Bola Tinubu is re-elected.

Audu disclosed that the Chinese investor was considering committing between $1.5bn and $2bn to revive the long-abandoned steel complex in Kogi State.

According to him, the investment will come through a combination of cash and equipment, while the Federal Government is considering a production-sharing arrangement that would allow the investor to recover its investment before ownership eventually reverts to the government.

The minister said the government had decided against injecting public funds into Ajaokuta because about N3tn is required to revive the complex, while its 2025 budgetary allocation was only N500m, with N50m earmarked for capital expenditure.

Ajaokuta Steel Complex, which was about 98 percent complete in the early 1980s, has suffered decades of neglect, abandoned contracts, legal disputes and alleged asset stripping.

Audu revealed that “an ongoing technical and financial audit would determine the exact state of the complex, but estimated that about 70 percent remains useful, with the remaining 30 percent requiring significant upgrading”.

He explained that the Federal Government initially negotiated with Russian equipment manufacturers but had to shift its focus to China following the Russia-Ukraine war.

The minister also disclosed that the government had signed a 20-year gas supply agreement with the Nigerian National Petroleum Company Limited to provide gas to Ajaokuta, making the project more attractive to investors.

He said the government had also signed an agreement with the Ministry of Defence and Defence Industries Corporation of Nigeria to use part of the Ajaokuta complex for the production of military hardware, including helmets, bulletproof vests and ammunition.

Audu also argued that President Tinubu would require a second term to consolidate the reforms and achieve the administration’s long-term economic objectives.

“We are hoping, praying, that the President gets a second term so that we can have a 2030 $1tn economy,” he said.

He urged Nigerians to support Tinubu’s re-election, saying continuity was necessary to consolidate the reforms and complete major projects such as Ajaokuta.

$4bn steel imports
Audu said Nigeria currently imports about $4bn worth of steel annually, warning that beneficiaries of the import business could resist efforts to establish a strong domestic steel industry.

“The people that are benefiting from imports of $4bn in terms of iron and steel annually would fight tooth and nail to prevent the local industry from kick-starting”.

Asked whether such interests had attempted to frustrate his ministry, he said there had been constant efforts to make the government’s work difficult.

He said the steel sector could contribute about $100bn to Nigeria’s economy if Ajaokuta and other major steel facilities operate at full capacity.

According to him, the revival of Ajaokuta, Delta Steel and other facilities could create between 500,000 and one million jobs, while Nigeria’s estimated three billion metric tonnes of iron ore deposits in Kogi State provide a strong foundation for local steel production.

The minister expressed confidence that President Bola Tinubu’s $1tn economy target by 2030 is achievable, but argued that the administration would require a second term to consolidate its economic reforms.

He said Nigerians should expect three major outcomes from his ministry: the signing of an agreement to revive Ajaokuta, the revival of Delta Steel, and implementation of a 10-year blueprint for the wider development of Nigeria’s steel industry.

Audu said he remained confident of delivering on the assignment, adding, “Absolutely, I believe I can do it. And I believe that I will do it.”

Deep Insight With Agbonsuremi is a Podcast anchored by veteran journalist and broadcaster, Augustine Okhiria Agbonsuremi.

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