Latest news with #Aliko Dangote
Zawya
01-08-2025
- Business
- Zawya
Nigerians will soon own shares in my refinery, Dangote declares
Africa's richest man, Aliko Dangote, has announced that Nigerians will soon have the opportunity to own shares in his multibillion-dollar refinery, a move aimed at expanding local participation in the country's oil sector. Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights, Dangote revealed that plans are already in motion to list the Dangote Refinery on the stock exchange. 'Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders. We are open to partnerships with African governments, private investors, and regional institutions. Our vision is simple but ambitious,' Dangote declared. 'Africa should refine all the petroleum products it consumes right here on the soil of Africa,' he added. He also highlighted the company's efforts to promote clean energy through the production of liquefied petroleum gas (LPG). 'With our LPG production of 2,500 tons per day, we're working to encourage more homes to increase the LPG consumption or utilization, and we're just getting started,' he said. The billionaire's announcement comes amid recent criticisms surrounding his refinery's operations. Nigerian shipowners have expressed concern that the refinery has been using Angolan vessels to transport crude oil and refined products, bypassing local maritime operators. There have also been complaints from local players in the downstream sector over the refinery's sales methods. Olufemi Adewole, Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), argued that Dangote's sales approach does not benefit smaller local marketers who rely on flexible coastal distribution networks. In response, Dangote defended his operations and criticized wealthy Nigerians who invest abroad rather than contribute to the country's economic development. 'Let me take this opportunity to address concerns around monopoly and dominance. The reality is that too many people who have the means and the opportunity to contribute meaningfully to our nation's growth choose instead to criticize from the sidelines while investing their wealth abroad. Adding little to Nigeria's real economy or Africa's economy,' he said. 'We have chosen to bet on Nigeria and will continue to do so. So, we should not allow dumping to destroy our manufacturing base like what it did in so many other industries, like textiles and others,' he added. Dangote also encouraged more investment in local refining. 'Others should be encouraged to build refineries if they are serious. I think encouraging other people to build refineries is the job of the NMDPRA and also the government,' he concluded.
Times
10-07-2025
- Business
- Times
Africa's four richest men wealthier than half the continent combined
Africa's four richest people hold more wealth than half the continent's population combined, the charity Oxfam reported, warning that skewed policies are fuelling deepening poverty and the soaring fortunes of a few. Africa had no billionaires in 2000, but now it has 23 with an estimated shared wealth that has rocketed by 56 per cent in the last five years, with the richest recording even bigger gains, Oxfam said. 'Africa's wealth is not missing. It's being siphoned off by a rigged system that allows a small elite to amass vast fortunes while denying hundreds of millions even the most basic services,' said Fati N'Zi-Hassane, the director of Oxfam in Africa, adding that policy failures were 'unjust, avoidable and entirely reversible.'' Of the top 50 'most unequal countries' in the world, 23 are in Africa. In 1990, one in ten Africans was living in extreme poverty, but today it is seven in ten. Even so, Oxfam reported, African governments were cutting budgets for basic services to keep up with debt repayments while imposing some of the world's lowest wealth taxes on the very rich. Between them, the four richest Africans are worth $57.4 billion (£42.3 billion) — equivalent to the wealth of half of the continent's population of 1.5 billion people. The Nigerian Aliko Dangote, the wealthiest, who is known as Africa's 'cement king', has a fortune estimated at $23.4 billion. Behind him are two South Africans — Johann Rupert, who heads the luxury goods empire Richemont, with $14.6 billion, and Nicky Oppenheimer, a scion of the De Beers diamond empire ($10.5 billion). The Egyptian businessman Nassef Sawiris is the fourth-richest person on the continent with a fortune that Forbes estimates at $9.6 billion. Oxfam also blamed rising inequality on 'regressive' International Monetary Fund (IMF) policies. An earlier report by the charity Development Finance International found that 94 per cent of African countries with active World Bank and IMF loans (44 out of 47 countries) had cut spending on education, health and social protection in 2023-24 to repay those debts. Taxation systems in Africa have also hit the poor harder. A review of 151 countries found that the continent 'was the only region in which countries have not increased effective tax rates since 1980', the charity said. For each dollar that African countries raise from personal income and wealth taxes, they collect nearly three dollars from indirect taxes such as value-added tax (VAT), which deepens inequality. The Oxfam Africa head said the solution to bridging the gap between the extremes was 'not far-fetched', though it required ending the 'political capture' of policies and state institutions by the wealthy elite. Failing to act would further hinder democracy in Africa and increase poverty. 'Tax the rich and invest in the majority. Anything less is a betrayal. If African leaders are serious about their commitments they must stop rewarding the few and start building economies that work for everyone,' N'Zi-Hassane said. There are an estimated 3,000 billionaires in the world, and nearly all of them are men and have the power to shape political and economic decision-making in ways that will increase their fortunes, Oxfam reported. The charity estimated that 60 per cent of billionaire wealth came from inheritance, cronyism and corruption, or monopoly power. The fortunes of Africa's richest men are comparatively modest — Dangote was 89th on the Forbes list of billionaires, which is updated daily. The Oxfam report uses figures from the Forbes list as of May. With his fortune, however, Dangote is wealthier than the entire economy of 30 African countries, as measured by their GDP. His wealth exceeds the GDP of countries such as Mali, Botswana, Rwanda, Namibia, Mozambique, Liberia and Sierra Leone, among others. Rupert, 75, was among the successful white South Africans who accompanied President Ramaphosa during his fractious meeting with President Trump at the White House in May. Rupert's individual wealth means he alone matches the GDP of Rwanda. His fortune exceeds that of 19 other African nations by GDP. Elon Musk, the wealthiest man in the world, was born and grew up in South Africa, though he is now an American citizen. He is on track to become the world's first trillionaire in 2027.
