Business
PMB Lauds Dangote, LADOL, Others as Most Strategic Investors
President Muhammadu Buhari has called on investors in the country to emulate the strategic nature of investments made by the African foremost business conglomerate such as the Dangote Group; the Lagos Deep Offshore Logistics base (LADOL), and General Electric (GE), among others, as one of the strategic investments in the country that currently drives the nation’s economy.
Buhari made the statement when he opened proceedings at the recent sixth African Petroleum Congress and Exhibition (CAPE VI) held recently in Abuja by the African Petroleum Producers Association (APPA).
While lauded the efforts of the indigenous organization in building economic growth, the President who was represented at the event by Vice-President Yemi Osinbajo (SAN), identified some of the companies adding the most value to the Nigerian economy through their ingenious investment as Dangote Group, GE, LADOL Shipyard.
Buhari also identified with Samsung Heavy Industries (SHI), which is currently building one of the world’s largest oil platforms at the LADOL base in Tarkwa Bay, Lagos. The LADOL/SHI project commonly referred to as Egina Floating Production Storage and Offloading (FPSO) platform valued at $3.8billion, is said to be first of its kind to be built in the sub-Saharan Africa.
He noted, that African countries should develop ingenious ways of promoting value addition and investments through sustainable policies in local content, adding that a company such as LADOL, which has invested over $600million in private investment, as one of the companies that currently adding the most value to the Nigerian economy through their ingenious investments; the ongoing mega projects like the General Electric service centre for manufacturing rotating equipment in Calabar as well as the Dangote Refinery in Lagos; and the Samsung FPSO integration yard in Lagos, are some of the most strategic investment to an emancipated African economy.
He stressed that the continent must recognise that the development of domestic refining capacity in the oil and gas sector would remain critical to sustainable economic growth.
“A common approach to local content will ensure that the whole of Africa benefits from economies of scale associated with our vast resources.”
Appraising the local content achievements of LADOL, the President urged other investors to emulate the LADOL example, saying African countries should develop ingenious ways of promoting value addition and investments through sustainable policies in local content.
This is coming as the Managing Director of LADOL, Dr. Amy Jadesimi, outlines plans to further attract $5billion investments into the country through the LADOL Industrial Free Zone located in Lagos within the next few years. Dr. Jadesimi gave the indication, while delivering a presentation at the event under the topic: Driving Economic Growth Through Local Private Sector Investments in Nigeria.
She noted that given the spate of growth at the zone, “the success of LADOL has attracted new investors to Nigeria who partner with credible Nigerian investors leading to the creation of dozens of similar facilities”. She noted that in 2010 alone, 130 oil rigs were towed from West Africa past the tip of Africa across the Indian Ocean to the Far East for repair adding that “with LADOL and similar facilities now on ground, more of such ventures would be done in Nigeria.”
The Ladol industrial free zone in Lagos is a wholly indigenous, privately developed and hosting the largest shipyard in West Africa; the 650,000 barrels per day (bpd)
Business
Umahi Inspects Lekki Corridor’s 7th Axial Road Project, Expresses Confidence in CHEC
Minister of Works Senator Dave Umahi over the weekend inspected the progress of the 7th Axial Road project in the Lekki Corridor of Lagos.
The project, located behind the Dangote Refinery, is a crucial cargo handling route for the Lekki Deepwater Port and connects the Lekki Corridor with the Sagamu route.
The Minister expressed confidence in China Harbour Engineering Company Limited (CHEC), the project’s contractor, citing its successful delivery of the Lekki Deepwater Port and high-quality progress on the Makurdi-Enugu road reconstruction and expansion project. Umahi instructed that the roadbed filling work for Project LOT1 be completed by the end of April and directed the project team to accelerate resource input and tangible works to meet the deadline.
The 7th Axial Highway is expected to synergize with key infrastructure projects like the Coastal Road, Dangote Road, and Lekki Port, creating a comprehensive transportation hub model and boosting Nigeria’s port economy and industrial corridor. Umahi emphasized the need for environmental protection agencies to ensure efficient construction and steady progress while maintaining ecological safety.
A representative of CHEC who spoke during the inspection stated that the company would maintain a high level of resource input, implement the Minister’s directives, and coordinate safety, quality, and environmental protection to ensure the project’s timely and high-quality completion in other to unluck its port relief and regional economic benefits.
Business
Nestoil: Lagos CP dragged to court for contempt, risks imprisonment
This is certainly not a good time for the Lagos State Police Commissioner, Mr. Moshood Jimoh as he has been dragged to court for commiting contempt by defying a clear court order that he and his men must not go near the business premises of Nestoil Group which belongs to Drawcok Estates LTD.
The fresh suit by Drawcok Estates LTD followed Monday’s deployment of over fifty armed police officers by Mr. Moshood Jimoh to seal off the business premises of Nestoil Group which belongs to Drawcok Estates LTD despite an order by Justice Ofili Ajumogobia.
Also, despite a directive by the federal government that police escorts be withdrawn from VIPs, Mr. Moshood Jimoh illegally allocated several police officers to be guarding Mr. Sulu Gambari, the self-acclaimed Receiver Manager which was appointed by a former judge that was handling the case, Justice Isaac Dipeolu.
Recall that Justice Daniel Osiagor of the Federal High Court in Ikoyi vacated all the orders made by Justice Isaac Deinde Dipeolu who wrongly appointed the Receiver Manager.
Meanwhile, dissatisfied with the action of the Lagos Police Commissioner, Drawcok Estates LTD yesterday filed a case of contempt against the Lagos State Commissioner of Police, Mr. Olohundare Jimoh Moshood (Contemnor) before a Federal High Court in Abuja.
In Suit No: FHC/ABJ/CS/2385/2025, the applicant wants Police Commissioner Moshood Jimoh to be found guilty of contempt of court and also be committed to prison unless he obeys the directives contained in Justice Ofili Ajumogobia’s Order of November 24, 2025.
Recall that Justice Ofili Ajumogobia had on November 24, 2025 ordered that the building in question belongs to Drawcok Estates LTD, adding that no police officer must be seen carrying out orders of the Lagos State Police Commissioner around the premises.
The Orders made by Justice Ofili Ajumogobia on November 24, 2025 in suit number FHC/ABJ/CS/2385/2025 were that:
The applicant has a right to own and possess her properties as mentioned in the addresses above as guaranteed by the 34 Constitution of the Federal Republic of Nigeria, 1999 as amended and the African Charter on Human and People’s Rights..
That the sealing-off and occupation of the applicant’s properties on the addresses mentioned above by the Respondents constitute an infringement on the right of the applicant to own property, as guaranteed by Sections 43 and 44 of the he Constitution of the Federal Republic of Nigeria, 1999 as amended.
That the Respondents, whether by themselves , their agents, agencies and servants, acting for it through them or any other person(s) howsoever described or claiming through them, to vacate the applicant’s properties on the addresses mentioned above, and deliver possession over to the applicant forthwith.
That the Respondents, whether by themselves, their agents, agencies, and servants, acting for or through them or any other person(s) howsoever described or claiming through them, to provide security for the applicant to take back possession of her properties on the addresses mentioned above.
That the Respondents is restrain, whether by themselves, their agents, agencies and servants, acting for or through them or any other person(s) howsoever described or claiming through them, from harassing the applicant and refusing her access to her properties on the addresses mentioned above.
Nigerian Concord Newspapers reporters that visited the business premises yesterday reported that pollice officers have been denying workers of several companies access to their offices located within the Nestoil building in Lagos on the order of Moshood Jimoh, despite a subsisting court order directing that they be allowed into the premises.
The affected workers had resumed duties following a court order delivered by Hon. Justice Ofili Ajumogobia of the Federal High Court, Abuja on November 24, which directed that they be granted access to their offices.
Business
Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down
By: Fabian Apechihin
The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.
A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.
The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.
According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.
While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.
“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.
Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.
Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?
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