I Provided All Infrastructure Needed for Construction of Lekki Refinery, Oil Mafia Tried to Stop Me – Dangote
Africa’s foremost industrialist, Aliko Dangote, has revealed that he had to provide the seaport, roads, water facilities, and electricity needed for the construction of the world’s largest single-train refinery in Lekki. He noted that “oil mafias” attempted to stop him from building the 650,000-capacity refinery to ensure they continued to profit from petroleum imports. The Infrastructure Gap and Engineering Feats In a recent interview with Norges Bank Investment Management, the Billionaire explained that no port in Nigeria was capable of handling the heavy equipment required for the $20 billion refinery’s operations. This forced the group to build its own specialized jetty to receive modular components. “One piece was 3,000 tonnes… the crude distillation unit weighed 2,700 tonnes, and we have over 30 of these equipments which were mostly imported in modular forms,” Dangote said. This Crude Distillation Unit (CDU) is currently the largest of its kind in the world, and its installation required specialized “self-propelled modular transporters” just to move it from the jetty to the site. To sustain the project, Dangote also highlighted the massive scale of utility requirements. The refinery’s water department occupies over 30 hectares of land and provides over 440,000,000 liters of treated water. During its peak construction phase, the project employed 65,000 technical workers, supported by the world’s largest granite quarry and a massive on-site ready-mix concrete capacity built specifically for the project. Sabotage and the “Oil Mafia” Although the project was launched in 2013, land allocation disputes lingered for five years. Originally, the refinery was planned for the Olokola Free Trade Zone in Ogun State, but the shift to the current 2,635-hectare site in Lekki only happened after a prolonged regulatory deadlock. Dangote alleged that the “oil mafia” was behind these delays, trying to sabotage the project at its early stage to protect the lucrative importation business. “One part of the land [took] three and a half years, the other one and a half years… all this was being blocked by what we call the mafia in the oil business, to make sure we don’t come and address these issues… but we were determined,” Dangote said. He noted that these entities have long benefited from the complex “swap” deals and fuel subsidies that have historically drained Nigeria’s foreign exchange. Economic Hurdles and Financing The project’s financial landscape shifted dramatically over the decade. At the time the project started in 2013, the Naira was 156 per dollar. However, the currency later devalued significantly, reaching 1,900 per U.S. dollar by 2024 following the foreign exchange (FX) unification by the Central Bank of Nigeria (CBN). While the refinery was originally intended to be funded through the Dangote Group’s internally generated funds, the devaluation of the Naira forced the group to seek external support to bridge the gap and ensure the refinery could begin breaking the import monopoly. “We had to rely on African Export-Import Bank (Afreximbank), Africa Finance Corporation, Zenith Bank, Access Bank, UBA, and a couple of local banks,” Dangote stated. For foreign support, he mentioned Standard Bank of South Africa and Standard Chartered Bank of the United Kingdom (UK). By refining crude locally, the facility is now positioned to provide high-quality Euro-V spec fuels, significantly reducing the sulfur content in regional fuel and securing energy independence for West Africa.
Global Cocoa Prices Surge 24% As West African Supply Strains Trigger May Rally
Cocoa futures surged 24% month-to-date in May, reclaiming the $4,400-per-tonne threshold. This rally effectively reverses the aggressive downturn recorded in January 2026, driven by renewed supply anxieties across West African corridors. The recovery marks a significant shift from the $2,888 lows seen earlier this year. Prices are now reacting to logistical bottlenecks in Ivory Coast and worsening weather forecasts threatening the mid-crop harvest stability. Supply chains are tightening as Ivorian farmer cooperatives stage protests over unpaid deliveries from the main-crop season. These blockades in key regions like Daloa have physically restricted bean movement to international export ports. Simultaneously, below-average rainfall in Ghana and Ivory Coast has fueled fears of a structural deficit. Analysts warn that dry conditions are undermining yield projections for the remainder of the 2025/26 cocoa cycle. Market volatility is further exacerbated by Ghana’s Cocobod seeking $1 billion in domestic financing. This move comes as debt restructuring continues to complicate the board’s traditional access to international credit for crop purchases. The $4,400 breach signals a technical breakout. After months of bearish sentiment following the January glut, speculators are returning to the market, viewing the current supply disruptions as a long-term price floor. This 24% jump highlights the fragility of global soft commodity markets in 2026. While early-year forecasts predicted a surplus, political and climatic variables in West Africa remain the primary arbiters of global pricing.
Billionaire Otedola Buys N43B shares in First HoldCo, Consolidates Bank Control
Billionaire investor Femi Otedola has tightened his control of First HoldCo Plc, acquiring additional shares worth N43.1 billion in a massive off-market transaction on the Nigerian Exchange on Wednesday, May 13, 2026. The acquisition involved approximately 546 million units at an average price of N79 per share, significantly increasing Otedola’s direct and indirect holdings in the financial services group to nearly 20%. Consequently, Olufemi Otedola’s stake in First HoldCo Plc has climbed from 8,055,314,486 units reported in 2025 audited accounts to 8,604,850,139 following the latest acquisition. First HoldCo plc is the parent company of First Bank Nigeria, a commercial bank with branches across Africa. Market data confirms the trade accounted for over 85 percent of the day’s total turnover on the NGX. This move reinforces Otedola’s position as the group’s largest individual shareholder following his 2023 chairmanship Otedola’s recent accumulation follows a similar N18.9 billion purchase in early 2026. This trend highlights a growing consolidation of ownership among Nigeria’s Tier-1 banks as regulatory pressures reshape the domestic financial landscape. In July 2025, two key stakeholders including a former chairman of First bank sold off their significant shares and exited the company in July 2025 after a series of boardroom disputes, thereby increasing Otedola’s influence in the company. First Bank had suffered a significant setback in 2025 fiscal year, forcing Otedola to admit that the company lost 92% of its 2025 profit to bad loans, which were only discovered in the 4th quarter of 2025. First HoldCo’s stock reacted positively to the news, gaining 3.5% to close at N81.80.
99% OPEC Target: Nigeria oil revenue hits $2.87b as Production increases
LAGOS — Nigeria generated N3.94 trillion ($2.87 billion) in excess oil revenue this April, driven by a rare combination of rebounding production and a geopolitical price spike. According to data released on Tuesday by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) crude production rose to 1,488,540 barrels per day (bpd), reaching 99.2% of Nigeria’s 1.5 million bpd OPEC quota. Total liquids output, including condensates, hit 1,663,413 bpd. The revenue windfall was largely fueled by global Brent prices averaging $127 per barrel following the U.S.-Iran crisis. This significantly exceeded the $64.85 price peg in the 2026 national budget. Analysts estimate the daily revenue surplus at N131.42 billion ($95.7 million). Over the 30 days of April, this provided a critical fiscal buffer for a government managing high debt-servicing costs. The Upstream Regulator attributed the output growth to efficiency gains at the Bonga offshore terminal and the introduction of the new Cawthorne export grade. “This implies that Nigeria met 99.2% of its 1.5mbpd OPEC quota of crude oil.The figure also represents a 7.58% increase when compared to the month of March.The peak production in April was 1.85mbpd while the lowest production for the month was 1.46mbpd.” NUPRC said in a post on X (Twitter). While production is the highest in 2026, it still lags behind the 1.8 million bpd national budget target. This volume gap remains a key concern for long-term fiscal stability. However, crude oil supply to domestic refineries also improved in the first quarter of 2026, with the 650,000 bpd Dangote Refinery receiving 10 Cargoes (double of its monthly 5 cargoes supply) in March. Meanwhile, high global crude costs have simultaneously pushed local petrol prices to N1,400 per litre. The combined two-month windfall for March and April has now reached N5.13 trillion ($3.74 billion). Observers say sustaining production above 1.6 million bpd is essential to capitalize on the current price rally
South Africa’s Q1 2026 Jobless Rate Climbs to 32.7% Amid Mounting Economic Pressure
Despite hostility towards black foreigners, South Africa’s unemployment rate rose to 32.7% in the first quarter of 2026, up from 31.4% in late 2025, according to official data released Tuesday by Statistics South Africa. The 1.3 percentage point increase means the number of unemployed individuals rose by 301,000 to reach 8.1 million. Total employment fell by 345,000 to 16.8 million during the first three months of the year. The report highlights a deepening labor crisis, with youth unemployment for those aged 15 to 34 surging by 2.0 percentage points. Nearly half of the country’s young people are now officially without work. Sectoral data showed heavy losses in community and social services, which shed 206,000 jobs. The construction industry followed with a loss of 110,000 positions, while manufacturing and mining saw modest gains. The quarterly decline was most severe in the North West and Gauteng provinces. KwaZulu-Natal was the only region to report a slight increase in employment, adding 6,000 jobs during the period. This spike in joblessness follows recent anti-immigrant marches and “worker audits” by groups like Operation Dudula. These tensions have drawn condemnation from the United Nations and the African Commission on Human Rights. Ghana and Nigeria have recently expressed grave concerns over the safety of their nationals. Protesters in Johannesburg and Durban continue to blame foreign workers for the scarcity of business and employment opportunities. The data arrives as the Reserve Bank navigates sticky inflation and high fuel costs. Analysts suggest that the rising unemployment rate may complicate fiscal efforts to stabilize the economy through the remainder of 2026.
MTN Group Earnings Surge 27.9% as Nigeria and Ghana Drive Q1 Growth
MTN Group reported a 27.9% rise in first-quarter core earnings to R27.6 billion ($1.67 billion) on Tuesday, bolstered by a significant operational recovery and surging data demand in its key West African markets. The South African telecommunications giant saw constant-currency service revenue climb 21.1%, while its earnings before interest, tax, depreciation and amortization (EBITDA) for the three months ended March 31 expanded to 47.6%. This performance was primarily anchored by a 165.9% jump in profit from its Nigerian subsidiary. Strong results in Nigeria and Ghana offset a flatter trajectory in South Africa, where service revenue grew by just 1.2% amid intense prepaid competition and a challenging domestic macroeconomic environment. In Nigeria, the stabilization of the Naira and a net foreign exchange gain of N33.3 billion marked a sharp turnaround from the currency volatility that hampered the group’s 2025 fiscal performance. Data consumption remains the group’s primary engine, with average monthly usage per subscriber in Nigeria hitting 14.3 GB. Consequently, the company has nearly doubled its network investment in the region this year. This growth follows a strategic period of recapitalization for MTN Nigeria. Recent central bank policies and infrastructure master plans in major hubs like Abuja have further supported the digital economy’s expansion. “A more supportive macroeconomic and foreign exchange backdrop in key markets like Ghana, Nigeria and Uganda supported accelerated investment to meet robust demand and to capture the future opportunities we have identified,”Group President and CEO Ralph Mupita commented. Management confirmed it remains on track with its “Ambition 2025” strategy. This includes the structural separation of its fintech business and ongoing efforts to deleverage the group’s balance sheet.
Dangote Refinery Targets $50 Billion Valuation in Landmark 2026 IPO
LAGOS – Africa’s Foremost industrialist, Aliko Dangote is targeting a $50 billion valuation for his 650,000-barrel-per-day refinery in a planned 2026 listing, as high global oil prices and increased refining margins significantly bolster the facility’s financial outlook, Bloomberg reported on Monday citing source familiar with the matter. The IPO, expected to be Africa’s largest, involves selling a 10% stake to raise $5 billion. The refinery plans to list on the Nigerian Exchange with secondary listings in Johannesburg, Nairobi, and Accra. Market analysts suggest the valuation reflects the refinery’s strategic importance. Following its shift to full capacity in February 2026, the facility now generates an estimated $6.4 billion in annual export revenue for Nigeria. The move comes as the refinery negotiates dollar-denominated dividend payments to attract foreign investors. This strategy aims to mitigate currency volatility risks associated with the Nigerian Naira while rewarding high-net-worth institutional backers. Recently the refinery has successfully displaced European fuel imports in West Africa. By May 2026, the facility achieved 100% self-sufficiency for Nigeria’s petrol needs, drastically altering regional energy trade flows. The group has appointed Stanbic IBTC and Vetiva Capital to manage the offering. If successful, the $50 billion market cap would represent nearly half of the total value of the Nigerian Exchange. The IPO follows a period of robust growth. In early 2026, the refinery expanded its crude slate to include Brazilian and American grades, optimizing production costs despite fluctuations in local Nigerian crude supply. Proceeds from the listing will reportedly fund a second phase of expansion. Dangote intends to increase capacity to 1.4 million barrels per day, potentially creating the world’s largest single-train refining hub.
Ex-IMF Economist Lamido Yuguda Assumes Role as Nigeria Central Bank Deputy Governor
LAGOS — Nigeria Central bank announces the assumption of Lamido Yuguda as new CBN deputy governor, effective on Monday. The move signals a push for greater technical depth within the apex bank’s executive leadership team. Yuguda, a former IMF economist, transitions from his recent role as Director-General of the Securities and Exchange Commission. He replaces Bala Bello, who recently moved to the Presidency as a political economy advisor. The appointment follows Yuguda’s confirmation by the Nigerian Senate on April 29, 2026. Lawmakers fast-tracked his clearance, citing his thirty-year career at the bank where he previously managed external reserve portfolios.
African Leaders Demand Credit Rating Overhaul at Nairobi Summit
African heads of state and French President Emmanuel Macron launched a high-stakes summit in Nairobi on to demand an immediate readjustment of how international agencies assign credit ratings to African sovereign debt. Kenya’s Foreign Minister Musalia Mudavadi confirmed that the two-day African Forward Summit centers on “risk mispricing,” arguing that biased ratings artificially inflate interest rates and drain billions from the continent’s development budgets. The push for financial sovereignty comes as African nations seek to establish a continental credit ratings agency. This body would provide alternative assessments to the “Big Three” agencies based in the West. President William Ruto and President Macron are framing the dialogue as a necessary evolution of the global financial architecture, aimed at unlocking capital for critical infrastructure and the green energy transition. The summit follows recent shifts in the geopolitical landscape, where African leaders have become increasingly vocal about the “poverty trap” created by high-cost debt and the need for more equitable IMF reforms. In January, African Export-Import Bank (Afreximbank), terminated its relationship with Fitch credit Rating agency after a long-simmering dispute, were the continental lender accused Fitch agency of miscalculating its Non-performing-Loans (NPLs). However, the big three have always maintained natural stance stating that all rating methodology were public and according to global standard. Beyond policy, the meeting has already catalyzed commercial action. French logistics giant CMA CGM announced a major investment in the Port of Mombasa, signaling a shift toward direct industrial partnership over aid. Leaders expect to conclude the summit with a unified Nairobi Declaration. The document will formalize the demand for G7 support in restructuring the global risk assessment framework before the next fiscal cycle.
How Nigeria’s New Refinery Partnership deal Will Redraw the African Energy Market
For many years, West Africa has been trapped in a circular trade: exporting high-quality crude oil to Europe only to buy it back as expensive, refined gasoline. This dependency has drained foreign exchange reserves and left the region vulnerable to global price shocks. However, the recent technical equity partnership between Nigerian National Petroleum Company Limited (NNPCL) and Chinese firms Sanjiang Chemical and Xinganchen Industrial Park is an opportunity to break this cycle, creating a massive refining corridor in Nigeria that will likely alter energy flows across the continent. Dangote monopoly The most immediate impact is the end of the single-source era. While the Dangote Refinery reached full capacity in early 2026, its position as Nigeria’s sole gasoline provider —though currently supporting the economy measurably—has created a fragile market equilibrium. The March 2026 price hikes by Dangote, attributed to global crude volatility, underscored the risks of a private-sector monopoly. The phased return of the Port Harcourt Refinery, reaching 30% of its capacity —60,000 barrels per day (bpd)—in early 2026 and the expected restart of Warri and Kaduna by late 2027 introduce vital competition. Analyst noted that if the NNPCL deal with the Chinese technical management succeeds it’ll create: • Drive Down Ex-Depot Prices: Competition for market share among local refiners will likely force more aggressive pricing. • Stabilize the Naira: Domestic refining has already slashed Nigeria’s fuel import bill from $8.2 billion to $4.7 billion in just two years, providing a floor for the currency to recover. Nigeria as Africa’s “Gas Station” The newly signed Technical Equity Partnership targets the rehabilitation and restart of the Port Harcourt (210,000 bpd) and Warri (125,000 bpd) plants. These two together with the Dangote (650,000bpd) plant will increase Nigeria’s refining capacity to approximately 1million bpd by 2027. Meanwhile, the Dangote refinery plans expansion to 1.4 million bpd by 2028, making it the world’s largest single-train refinery, and potentially making Nigeria a net exporter of refined petroleum products. The ripples of this capacity surge will cross borders. Nigeria will no longer just solve its own fuel queues; it is positioning itself to be the energy hub for the ECOWAS region and beyond. Countries like South Africa, Ghana, and Senegal are already pivoting their procurement strategies toward Lagos. For West Africa, this means: • Shorter Supply Chains: Replacing a 20-day voyage from Europe with a 3-day transit from Lekki or Port Harcourt. • Regional Price Parity: As Nigeria exports its surplus, the “Nigeria Price” will become the benchmark for the African continent, potentially lowering energy costs for manufacturing across West Africa. The Modular Surge and Regional Competitors Nigeria isn’t alone in this race, though it is the undisputed leader. Smaller, agile modular refineries like Aradel (11,000 bpd), Edo refinery (6,000 bpd) and Waltersmith (10,000 bpd) are already in local diesel, petrochemical and kerosene markets, providing a shadow blueprint for decentralized energy security. Meanwhile, Ghana’s Tema Oil Refinery (TOR) and Senegal’s SAR refinery are watching closely. While Nigeria’s sheer scale threatens to overshadow these smaller national plants, the overall effect is a continent-wide shift toward self-sufficiency. Analyst expressed that If the NNPCL and its Chinese partners succeed in rehabilitating the Portharcourt and Warri plants, Africa will be moving away from being a mere exporter of raw materials to becoming a high-value industrial processor, fundamentally altering its trade balance with the rest of the world.
