Cheap Russian oil products threaten African refineries: Dangote
Dangote, who has been ramping up Africa's largest refinery — a $20bn (R351.27bn) facility with an initial capacity of 650,000 barrels per day on the outskirts of Lagos — has struggled to secure crude supplies locally even as he aims to expand the capacity to 700,000 bpd.
"We are now increasingly facing the dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America," Dangote said at an oil conference in Abuja.
He attributed this trend to Western sanctions on Russian oil, which have prompted Moscow to offer steep discounts to alternative markets, including Africa.
Russia's energy ministry did not immediately respond to a request for comment.
Dangote also expressed concern about the Lomé floating oil market off the coast of Togo, which is dominated by international traders. With over 2-million barrels of stored petroleum products, Lomé has become a key hub for fuel imports and Dangote warned it could undermine Africa's refining efforts.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TimesLIVE
5 hours ago
- TimesLIVE
Nedbank to sell Ecobank stake as focus shifts to Southern and East Africa
Nedbank Group posted a 6% rise in half-yearly headline earnings on Tuesday, while announcing its intentions to sell its 21.2% stake in Pan-African lender Ecobank to focus on Southern Africa and East Africa regions. Ecobank's operations in central and West Africa are exposed to some economies that have been pressured by unfavourable currency swings since Nedbank bought the stake in 2014. In Nigeria, where Ecobank has a large operation, various South African clients have exited from the region, which has limited cross-sell opportunities, while collaborative benefits have not been forthcoming, Nedbank said. Nedbank chief executive Jason Quinn said a review recognised the risks of continuing to hold onto the group's investment in Ecobank due to regulatory uncertainty and potential increase in capital requirements. "The board has approved a formal plan to dispose of the investment, and we are currently engaging interested parties and, if a sale is concluded, it will be a clean deal," Quinn said in a statement.
eNCA
8 hours ago
- eNCA
G20 South Africa 2025: A Defining Moment for the Nation and the Continent
South Africa is preparing to welcome the world in 2025 as it assumes (South Africa assumed the G20 Presidency from December 1, 2024, to November 2025) the presidency and hosts the G20 Summit in Johannesburg, a moment of national pride and continental significance. This milestone places South Africa, and by extension Africa, at the centre of global dialogue on economic growth, sustainable development, climate resilience, digital transformation, and multilateral cooperation. In the words of South African Deputy President Paul Mashatile, South Africa's goal is to promote mutually beneficial economic growth, create jobs and advance sustainable development for its partner nations. The Group of Twenty, commonly known as the G20, is the world's premier forum for economic cooperation. Representing more than 85% of global GDP, over 75% of world trade, and two-thirds of the planet's population, the G20 convenes the most powerful economies to address pressing global challenges. As the only African founding member of the G20, South Africa's presidency could not be more timely or symbolic. At a time when the world is redefining recovery and resilience in the wake of geopolitical tensions, economic uncertainty, and climate disasters, South Africa brings a grounded, inclusive voice to the table, one that reflects the aspirations of the Global South and the urgent developmental needs of the African continent. The G20 countries' ability to respond collectively to mounting challenges facing the multilateral system will determine both the speed of global recovery and the future of sustainable development. Under the banner of 'inclusive growth for a just world,' South Africa's leadership is expected to spotlight issues such as financing for sustainable infrastructure, the global energy transition, youth employment, food security, digital inclusion, and equitable access to global markets. These are not only global concerns, but they are also everyday realities for millions across Africa. The Summit will attract heads of state, finance ministers, central bank governors, and global institutions like the UN, World Bank, and International Monetary Fund. Beyond political leadership, the G20 also engages civil society, youth, women, labour, business, and think tanks through structured engagement groups—offering platforms for a wider range of voices to shape global policy. Johannesburg, as host city, will become a strategic hub of diplomacy, business exchange, and cultural showcase. While the summit itself is a high-level, closed-door affair, South Africans can expect a wave of public engagement, community-driven programmes, investment conversations, and national pride as the event draws near. 'The G20 presidency is a powerful opportunity for South Africa to place Africa's priorities at the heart of global decision-making. We are committed to driving an inclusive agenda that ensures no country, and no person, is left behind.' – President Cyril Ramaphosa. For the South African government, this is more than ceremonial. It is an opportunity for G20 members to transform commitments into lasting action. Key issues remain a challenge in the country and the continent, and there is a call for greater accountability to drive tangible progress in the global pursuit of gender equality SA's G20 presidency is also an opportunity to elevate African perspectives, strengthen international alliances, and advSouth Africa is preparing to welcome the world in 2025 as it assumes (South Africa assumed the G20 Presidency from December 1, 2024, to November 2025) the presidency and hosts the G20 Summit in Johannesburg, a moment of national pride and continental significance. This milestone places South Africa, and by extension Africa, at the centre of global dialogue on economic growth, sustainable development, climate resilience, digital transformation, and multilateral cooperation. In the words of South African Deputy President Paul Mashatile, South Africa's goal is to promote mutually beneficial economic growth, create jobs and advance sustainable development for its partner nations. The Group of Twenty, commonly known as the G20, is the world's premier forum for economic cooperation. Representing more than 85% of global GDP, over 75% of world trade, and two-thirds of the planet's population, the G20 convenes the most powerful economies to address pressing global challenges. As the only African founding member of the G20, South Africa's presidency could not be more timely or symbolic. At a time when the world is redefining recovery and resilience in the wake of geopolitical tensions, economic uncertainty, and climate disasters, South Africa brings a grounded, inclusive voice to the table, one that reflects the aspirations of the Global South and the urgent developmental needs of the African continent. The G20 countries' ability to respond collectively to mounting challenges facing the multilateral system will determine both the speed of global recovery and the future of sustainable development. Under the banner of 'inclusive growth for a just world,' South Africa's leadership is expected to spotlight issues such as financing for sustainable infrastructure, the global energy transition, youth employment, food security, digital inclusion, and equitable access to global markets. These are not only global concerns, but they are also everyday realities for millions across Africa. The Summit will attract heads of state, finance ministers, central bank governors, and global institutions like the UN, World Bank, and International Monetary Fund. Beyond political leadership, the G20 also engages civil society, youth, women, labour, business, and think tanks through structured engagement groups—offering platforms for a wider range of voices to shape global policy. Johannesburg, as host city, will become a strategic hub of diplomacy, business exchange, and cultural showcase. While the summit itself is a high-level, closed-door affair, South Africans can expect a wave of public engagement, community-driven programmes, investment conversations, and national pride as the event draws near. 'The G20 presidency is a powerful opportunity for South Africa to place Africa's priorities at the heart of global decision-making. We are committed to driving an inclusive agenda that ensures no country, and no person, is left behind.' – President Cyril Ramaphosa. For the South African government, this is more than ceremonial. It is an opportunity for G20 members to transform commitments into lasting action. Key issues remain a challenge in the country and the continent, and there is a call for greater accountability to drive tangible progress in the global pursuit of gender equality SA's G20 presidency is also an opportunity to elevate African perspectives, strengthen international alliances, and advance sustainable development goals. It is a chance to reinforce South Africa's commitment to multilateralism and global cooperation at a time when unity is more important than ever. As preparations intensify in the coming months, all eyes will be on South Africa not just as a host, but as a bridge between developed and developing economies. The 2025 G20 Summit is more than just a gathering of nations. It is a moment for South Africa to lead with purpose, to shape global consensus, and to drive transformation that begins on the continent but resonates across the globe. Stay updated by visiting or follow #G20SouthAfrica2025 for news, opportunities, and ways to engage. ance sustainable development goals. It is a chance to reinforce South Africa's commitment to multilateralism and global cooperation at a time when unity is more important than ever. As preparations intensify in the coming months, all eyes will be on South Africa not just as a host, but as a bridge between developed and developing economies. The 2025 G20 Summit is more than just a gathering of nations. It is a moment for South Africa to lead with purpose, to shape global consensus, and to drive transformation that begins on the continent but resonates across the globe.
IOL News
9 hours ago
- IOL News
Geraldine Lerena on pioneering the future of South African boxing
Seen here (l-r): Kevin and Geraldine Lerena, and Chief Operations Officer (COO) of Boxing South Africa (BSA) is Mandla Ntlanganiso. Picture: Alexius van der Westhuizen Image: Alexius van der Westhuizen As co-founder and chief executive of Aquila Boxing Promotions, Geraldine Lerena is one of the pioneering female promoters in South African boxing, and for her it's all about growing the sport in the country. Together with her husband and WBC bridgerweight champion Kevin Lerena, Geraldine founded Aquila Boxing Promotions (ABP). ABP says in its mission statement: 'Aquila combines grassroots development with high-calibre professional showcases, giving fighters a platform to rise and fans a reason to rally. 'With a growing reputation for quality matchmaking and production, Aquila is shaping the future of African boxing — one fight at a time.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Geraldine's Impact on Shaping the Sport: Providing a Platform for Young Fighters and Promoting Female Bouts For Geraldine, the opportunity to give back to the sport that has given her family so much is fulfilling. 'It's incredibly exciting what we're able to do. I just feel extremely privileged to be able to provide a platform for young fighters to showcase their talents and to build their records and just to show us what they can do. So I think it's a really exciting time,' Geraldine told IOL Sports in an exclusive interview. In ABP's most recent event last week, a rare female bout was included on the fight card. Ensuring the fight between Keabetso Mathane and Abigail Gabonewe happened was an example of how Geraldine is helping shape the sport in the country. 'It's really, really great. It's obviously difficult to put female fights on just because the divisions are really, really thin. So to be able to put a fight on for Women's Month is really, really great.' Geraldine's Support and Kevin's Journey as ABP Ambassador As for Geraldine's support of 33-year-old Kevin, who has now fought 35 times in his career, it's been a whirlwind journey. 'It's amazing. He's such a terrific fighter and just such a role model to so many. I'm just always so proud of him.' With Kevin working as the ambassador for ABP since the company was founded in November last year, it's given the dynamic duo a chance to experience a new challenge. 'It's really rewarding. I mean, he's just so hard-working, so to be able to work with him alongside him is really fantastic,' said Geraldine. 'It's really great. Just to be able to listen to all the fighters, how grateful they are that we are able to provide a platform, is just really rewarding.' @Michael_Sherman IOL Sport
